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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of outstanding debt by category | The following table summarizes our debt as of the dates indicated below:
Summary of outstanding debt by category |  |  |  |  |  |  |  |
| Maturity | Interest Rate(s) Per Annum at | December 31,
(in millions) | Dates | December 31, 2022 | 2022 | 2021
Unsecured Payroll Support Program Loans | 2030 | to | 2031 | 1.00% | $ | 3,496 |  | $ | 3,496 |
Unsecured notes | 2023 | to | 2029 | 2.90% | to | 7.38% | 2,997 |  | 4,354 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(1) | 2023 | to | 2028 | 4.50% | and | 4.75% | 5,144 |  | 6,000 |
SkyMiles Term Loan(1)(2) | 2023 | to | 2027 | 7.99% | 2,820 |  | 2,820 |
Financing arrangements secured by aircraft: |  |  |  |  |  |  |  |
Certificates(1) | 2023 | to | 2028 | 2.00% | to | 8.00% | 1,802 |  | 1,932 |
Notes(1)(2) | 2023 | to | 2033 | 2.08% | to | 6.85% | 813 |  | 1,139 |
NYTDC Special Facilities Revenue Bonds(1) | 2023 | to | 2045 | 4.00% | to | 5.00% | 2,838 |  | 2,894 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |
2020 Senior Secured Notes | 2025 | 7.00% | 1,542 |  | 2,589 |
2018 Revolving Credit Facility(2) | 2024 | to | 2025 | Undrawn | — |  | — |
Other financings(1)(2) | 2023 | to | 2030 | 2.51% | to | 5.00% | 67 |  | 68 |
Other revolving credit facilities(2) | 2023 | to | 2025 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | 21,519 |  | 25,292 |
Unamortized (discount)/premium and debt issuance cost, net and other |  |  |  | (138) |  | (208) |
Total debt |  |  |  |  |  |  | 21,381 |  | 25,084 |
Less: current maturities |  |  |  |  |  |  | (2,055) |  | (1,502) |
Total long-term debt |  |  |  |  |  |  | $ | 19,326 |  | $ | 23,582 |
(1)Due in installments. (2)Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate plus a specified margin.
Schedule of debt instrument, repurchase amount | As a result of the tender offer, we repurchased the following notes:
Notes Repurchased in Tender Offer |  |  |  |
(in millions) | Location in debt table |  | Principal Repurchased | Amount Paid
4.500% Senior Secured Notes due 2025 | SkyMiles Notes |  | $ | 856 |  | $ | 850 |
7.000% Senior Secured Notes due 2025 | 2020 Senior Secured Notes |  | 478 |  | 498 |
7.375% Notes due 2026 | Unsecured Notes |  | 84 |  | 87 |
3.800% Notes due 2023 | Unsecured Notes |  | 65 |  | 65 |
Total Notes Repurchased |  |  | $ | 1,483 |  | $ | 1,500 |
Schedule of fair value of outstanding debt | The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 2 within the fair value hierarchy.
Fair value of outstanding debt |  |
(in millions) | December 31, 2022 | December 31, 2021
Net carrying amount | $ | 21,381 |  | $ | 25,084 |
Fair value | $ | 20,700 |  | $ | 26,900 |
Schedule of future debt maturities | The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2022:
Future debt maturities |  |  |
(in millions) | Total Debt |  | Amortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other |  |
2023 | $ | 2,058 |  |  | $ | (54) |  |  |
2024 | 2,809 |  |  | (54) |  |  |
2025 | 2,882 |  |  | (36) |  |  |
2026 | 2,838 |  |  | (8) |  |  |
2027 | 2,493 |  |  | (1) |  |  |
Thereafter | 8,439 |  |  | 15 |  |  |
Total | $ | 21,519 |  |  | $ | (138) |  |  | $ | 21,381 |

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