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DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Summary of outstanding debt by category
(in millions)			Maturity Dates									Interest Rate(s) Per Annum at March 31, 2025									March 31, 2025			December 31, 2024
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			1,575
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)			2025			to			2028			4.50%			and			4.75%			3,833			3,970
SkyMiles Term Loan(2)(3)			2025			to			2027			8.04%									719			784
NYTDC Special Facilities Revenue Bonds(2)			2026			to			2045			4.00%			to			6.00%			3,522			3,591
Financing arrangements secured by aircraft:
Certificates(2)			2025			to			2028			2.00%			to			8.00%			984			992
Notes(2)(3)			2025			to			2033			6.55%			to			6.61%			85			87
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes			2025									7.00%									812			812
Other financings			2030									5.00%									66			66
Corporate Revolving Credit Facility(3)			2026			to			2028			Undrawn									—			—
Other revolving credit facilities(3)			2025			to			2026			Undrawn									—			—
Total secured and unsecured debt																					$	15,092		$	15,373
Unamortized (discount)/premium and debt issue cost, net and other																					(16)			(26)
Total debt																					$	15,076		$	15,347
Less: current maturities																					(2,644)			(1,801)
Total long-term debt																					$	12,432		$	13,546

(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 during the years shown above.

(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 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)			March 31, 2025			December 31, 2024
Net carrying amount			$	15,076		$	15,347
Fair value			$	15,100		$	15,300

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