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DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of 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.

Schedule of Fair Value of Outstanding Debt

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

Schedule of Future Debt 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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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