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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)20242023
Unsecured Payroll Support Program Loans(1)
2030to 20311.00%$3,496 $3,496 
Unsecured notes2026to20293.75%to7.38%1,575 2,590 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2025to20284.50%and 4.75%3,970 4,518 
SkyMiles Term Loan(2)(3)
2025to20278.37%784 1,772 
NYTDC Special Facilities Revenue Bonds(2)
2025to20454.00%to6.00%3,591 3,656 
Financing arrangements secured by aircraft:
Certificates(2)
2025to20282.00%to8.00%992 1,591 
Notes(2)(3)
2025to20336.62%to6.86%87 165 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes20257.00%812 838 
Other financings(2)
2025to20302.51%to5.00%66 67 
Corporate Revolving Credit Facility2026to2028Undrawn— — 
Other revolving credit facilities(3)
2025to2026Undrawn— — 
Total secured and unsecured debt15,373 18,693 
Unamortized (discount)/premium and debt issuance cost, net and other(26)(83)
Total debt15,347 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, 2024December 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 DebtAmortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2025$1,798 $(29)
20262,313 (3)
20272,133 2 
20281,884 — 
2029621 2 
Thereafter6,624 2 
Total$15,373 $(26)$15,347