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DEBT | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
DEBT | DEBT
Summary of outstanding debt by category
| Maturity | Interest Rate(s) Per Annum at | September 30, | December 31,
(in millions) | Dates | September 30, 2023 | 2023 | 2022
Unsecured Payroll Support Program Loans | 2030 | to | 2031 | 1.00% | $ | 3,496 |  | $ | 3,496 |
Unsecured notes | 2024 | to | 2029 | 2.90% | to | 7.38% | 2,590 |  | 2,997 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(1) | 2023 | to | 2028 | 4.50% | and | 4.75% | 4,655 |  | 5,144 |
SkyMiles Term Loan(1)(2) | 2023 | to | 2027 | 9.08% | 1,882 |  | 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% | 1,632 |  | 1,802 |
Notes(1)(2) | 2023 | to | 2033 | 6.76% | to | 8.00% | 173 |  | 813 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |  |  |  |
2020 Senior Secured Notes | 2025 | 7.00% | 838 |  | 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 | to | 2024 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | $ | 18,111 |  | $ | 21,519 |
Unamortized (discount)/premium and debt issue cost, net and other |  |  |  | (83) |  | (138) |
Total debt |  |  |  |  |  |  | $ | 18,028 |  | $ | 21,381 |
Less: current maturities |  |  |  |  |  |  | (1,681) |  | (2,055) |
Total long-term debt |  |  |  |  |  |  | $ | 16,347 |  | $ | 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 Secured Overnight Financing Rate ("SOFR") (generally subject to a floor) or another index rate, plus a specified margin. Availability Under Revolving Credit Facilities As of September 30, 2023, we had approximately $2.8 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $400 million outstanding letters of credit as of September 30, 2023 that did not affect the availability of our revolving credit facilities. Early Settlement of Outstanding Notes During the nine months ended September 30, 2023, we repurchased a principal amount of $1.4 billion of various secured and unsecured notes and a portion of the SkyMiles Term Loan on the open market and made early principal repayments of $585 million on various notes secured by aircraft. These payments resulted in a $63 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) | September 30, 2023 | December 31, 2022
Net carrying amount | $ | 18,028 |  | $ | 21,381 |
Fair value | $ | 17,300 |  | $ | 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 September 30, 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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