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DEBT | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
DEBT | DEBT
Summary of outstanding debt by category
| Maturity | Interest Rate(s) Per Annum at | March 31, | December 31,
(in millions) | Dates | March 31, 2023 | 2023 | 2022
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 |  | 2,997 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(1) | 2023 | to | 2028 | 4.50% | and | 4.75% | 5,007 |  | 5,144 |
SkyMiles Term Loan(1)(2) | 2023 | to | 2027 | 8.56% | 2,478 |  | 2,820 |
NYTDC Special Facilities Revenue Bonds(1) | 2024 | to | 2045 | 4.00% | to | 5.00% | 2,778 |  | 2,838 |
Financing arrangements secured by aircraft: |  |  |  |
Certificates(1) | 2023 | to | 2028 | 2.00% | to | 8.00% | 1,790 |  | 1,802 |
Notes(1)(2) | 2023 | to | 2033 | 6.11% | to | 7.22% | 553 |  | 813 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |  |  |  |
2020 Senior Secured Notes | 2025 | 7.00% | 1,274 |  | 1,542 |
2018 Revolving Credit Facility(2) | 2024 | to | 2025 | Undrawn | — |  | — |
Other financings(1)(2) | 2023 | to | 2030 | 2.51% | to | 5.00% | 67 |  | 67 |
Other revolving credit facilities(2) | 2023 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | $ | 20,440 |  | $ | 21,519 |
Unamortized (discount)/premium and debt issue cost, net and other |  |  |  | (120) |  | (138) |
Total debt |  |  |  |  |  |  | $ | 20,320 |  | $ | 21,381 |
Less: current maturities |  |  |  |  |  |  | (1,830) |  | (2,055) |
Total long-term debt |  |  |  |  |  |  | $ | 18,490 |  | $ | 19,326 |
(1)Due in installments during the years shown above. (2)Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor), Secured Overnight Financing Rate ("SOFR") or another index rate plus a specified margin. Availability Under Revolving Credit Facilities As of March 31, 2023, we had approximately $2.9 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of March 31, 2023 that did not affect the availability of our revolving credit facilities. Early Settlement of Outstanding Notes In the March 2023 quarter, we repurchased a principal amount of $468 million of various secured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $227 million on various notes secured by aircraft. These payments resulted in a $22 million loss on extinguishment of debt recorded in non-operating expense in our income statement. Fair Value of Debt Market risk associated with our fixed- and variable-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. 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) | March 31, 2023 | December 31, 2022
Net carrying amount | $ | 20,320 |  | $ | 21,381 |
Fair value | $ | 19,900 |  | $ | 20,700 |
Covenants Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at March 31, 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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