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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT The following table summarizes our debt as of the dates indicated below:
Summary of outstanding debt by category |  |  |  |  |  |  |  |
| Maturity Dates | Interest Rate(s) Per Annum at December 31, 2024 | December 31,
(in millions) | 2024 | 2023
Unsecured Payroll Support Program Loans(1) | 2030 | to | 2031 | 1.00% | $ | 3,496 |  | $ | 3,496 |
Unsecured notes | 2026 | to | 2029 | 3.75% | to | 7.38% | 1,575 |  | 2,590 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(2) | 2025 | to | 2028 | 4.50% | and | 4.75% | 3,970 |  | 4,518 |
SkyMiles Term Loan(2)(3) | 2025 | to | 2027 | 8.37% | 784 |  | 1,772 |
NYTDC Special Facilities Revenue Bonds(2) | 2025 | to | 2045 | 4.00% | to | 6.00% | 3,591 |  | 3,656 |
Financing arrangements secured by aircraft: |  |  |  |  |  |  |  |
Certificates(2) | 2025 | to | 2028 | 2.00% | to | 8.00% | 992 |  | 1,591 |
Notes(2)(3) | 2025 | to | 2033 | 6.62% | to | 6.86% | 87 |  | 165 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |
Senior Secured Notes | 2025 | 7.00% | 812 |  | 838 |
Other financings(2) | 2025 | to | 2030 | 2.51% | to | 5.00% | 66 |  | 67 |
Corporate Revolving Credit Facility | 2026 | to | 2028 | Undrawn | — |  | — |
Other revolving credit facilities(3) | 2025 | to | 2026 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | 15,373 |  | 18,693 |
Unamortized (discount)/premium and debt issuance cost, net and other |  |  |  | (26) |  | (83) |
Total debt |  |  |  |  |  |  | 15,347 |  | 18,610 |
Less: current maturities |  |  |  |  |  |  | (1,801) |  | (2,625) |
Total long-term debt |  |  |  |  |  |  | $ | 13,546 |  | $ | 15,985 |
(1)Interest rates on the Payroll Support Program loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in April 2025, January 2026 and April 2026. (2)Due in installments. (3)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. Early Settlement of Outstanding Loans and Notes During 2024, through early principal repayments and open market repurchases, we extinguished an aggregate principal amount of $844 million related to a portion of the SkyMiles Term Loan and various secured and unsecured notes. Collectively, these payments resulted in a $39 million loss on extinguishment of debt, which is recorded in non-operating expense in our income statement. Availability Under Revolving Facilities As of December 31, 2024, we had approximately $3.1 billion undrawn and available under our revolving credit facilities. Corporate Revolving Credit Facility During the September 2024 quarter, Delta received a second investment grade credit rating, 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 during 2024. 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 Level 2 within the fair value hierarchy.
Fair value of outstanding debt |  |
(in millions) | December 31, 2024 | December 31, 2023
Net carrying amount | $ | 15,347 |  | $ | 18,610 |
Fair value | $ | 15,300 |  | $ | 18,400 |
Covenants Our debt agreements contain various affirmative, negative and financial covenants. For example, certain credit facilities, including our SkyMiles financing agreements, contain, among other things, a minimum liquidity covenant. The minimum liquidity covenant requires us to maintain at least $2.0 billion of liquidity (defined as cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under our revolving credit facilities). Our SkyMiles financing agreements include a debt service coverage ratio and also restrict our ability to, among other things, (1) modify the terms of the SkyMiles program, or otherwise change the policies and procedures of the SkyMiles program, in a manner that would reasonably be expected to materially impair repayment of the SkyMiles Debt, (2) sell pre-paid miles in excess of $550 million in the aggregate and (3) terminate or materially modify the intercompany arrangements governing the relationship between Delta and SkyMiles IP Ltd. with respect to the SkyMiles program. Certain of our debt agreements limit our ability to (1) incur liens under certain circumstances, (2) dispose of collateral and (3) engage in mergers and consolidations or transfer all or substantially all of our assets. The notes secured by our non-Pacific slots, gates and routes are also subject to a collateral coverage ratio. Each of these restrictions is subject to certain exceptions and qualifications that are set forth in these debt agreements. We were in compliance with the covenants in our debt agreements at December 31, 2024. Future Maturities The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2024:
Future debt maturities |  |  |
(in millions) | Total Debt |  | Amortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other |  |
2025 | $ | 1,798 |  |  | $ | (29) |  |  |
2026 | 2,313 |  |  | (3) |  |  |
2027 | 2,133 |  |  | 2 |  |  |
2028 | 1,884 |  |  | — |  |  |
2029 | 621 |  |  | 2 |  |  |
Thereafter | 6,624 |  |  | 2 |  |  |
Total | $ | 15,373 |  |  | $ | (26) |  |  | $ | 15,347 |

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