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DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of 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 Loans			2030			to			2031			1.00%									$	3,496		$	3,496
Unsecured notes			2024			to			2029			2.90%			to			7.38%			2,575			2,590
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)			2024			to			2028			4.50%			and			4.75%			4,107			4,518
SkyMiles Term Loan(1)(2)			2024			to			2027			9.03%									850			1,772
NYTDC Special Facilities Revenue Bonds(1)			2025			to			2045			4.00%			to			6.00%			3,591			3,656
Financing arrangements secured by aircraft:
Certificates(1)			2024			to			2028			2.00%			to			8.00%			1,033			1,591
Notes(1)(2)			2024			to			2033			7.20%			to			7.52%			89			165
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes			2025									7.00%									812			838
Other financings(1)(2)			2024			to			2030			2.51%			to			5.00%			66			67
Corporate Revolving Credit Facility(2)			2026			to			2028			Undrawn									—			—
Other revolving credit facilities(2)			2025			to			2026			Undrawn									—			—
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.

Schedule of Estimated Fair Value of Debt Instruments

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

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