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DEBT
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Summary of outstanding debt by category
(in millions)Maturity Dates
Interest Rate(s) Per
Annum at
September 30, 2024
September 30,
2024
December 31,
2023
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2024to20292.90%to7.38%2,575 2,590 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2024to20284.50%and4.75%4,107 4,518 
SkyMiles Term Loan(1)(2)
2024to20279.03%850 1,772 
NYTDC Special Facilities Revenue Bonds(1)
2025to20454.00%to6.00%3,591 3,656 
Financing arrangements secured by aircraft:
Certificates(1)
2024to20282.00%to8.00%1,033 1,591 
Notes(1)(2)
2024to20337.20%to7.52%89 165 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes20257.00%812 838 
Other financings(1)(2)
2024to20302.51%to5.00%66 67 
Corporate Revolving Credit Facility(2)
2026to2028Undrawn— — 
Other revolving credit facilities(2)
2025to2026Undrawn— — 
Total secured and unsecured debt$16,619 $18,693 
Unamortized (discount)/premium and debt issue cost, net and other(38)(83)
Total debt$16,581 $18,610 
Less: current maturities(2,700)(2,625)
Total long-term debt$13,881 $15,985 
(1)Due in installments during the years shown above.
(2)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin.

Availability Under Revolving Credit Facilities

As of September 30, 2024, we had approximately $2.9 billion undrawn and available under our revolving credit facilities.

Early Settlement of Outstanding Notes

During the nine months ended September 30, 2024, through early principal repayments and open market repurchases, we extinguished an aggregate principal amount of $744 million related to a portion of the SkyMiles Term Loan and various secured and unsecured notes. These payments resulted in a $36 million loss on extinguishment of debt recorded in non-operating expense in our income statement.

Corporate Revolving Credit Facility

In July 2024, Fitch upgraded Delta's credit rating to BBB-, an investment grade metric, which satisfied the collateral release conditions under the Corporate Revolving Credit Facility. As a result, the liens on collateral, including our Pacific route authorities and certain related other assets, were released in the September 2024 quarter. Additionally, the minimum collateral coverage ratio and minimum liquidity covenants were replaced by minimum fixed charge coverage ratio and minimum asset coverage ratio covenants.
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 1 or 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)September 30,
2024		December 31,
2023
Net carrying amount$16,581 $18,610 
Fair value$16,600 $18,400 

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, 2024.