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DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Summary of outstanding debt by category
(in millions)Maturity Dates
Interest Rate(s) Per
Annum at
September 30, 2025
September 30,
2025
December 31,
2024
Unsecured Notes2026to20303.75%to7.38%$3,575 $1,575 
Unsecured Payroll Support Program Loans(1)
20311.00%1,848 3,496 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2025to20284.50%and4.75%3,559 3,970 
SkyMiles Term Loan(2)(3)
2026to20285.83%588 784 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,522 3,591 
Financing arrangements secured by aircraft:
Certificates(2)
2025to20282.00%to8.00%935 992 
Notes(2)(3)
2025to20336.28%to6.57%80 87 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes2025—%— 812 
Other financings20305.00%66 66 
Corporate Revolving Credit Facility(3)
2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt$14,173 $15,373 
Unamortized (discount)/premium and debt issue cost, net and other1 (26)
Total debt$14,174 $15,347 
Less: current maturities(1,875)(1,801)
Total long-term debt$12,299 $13,546 
(1)Interest rates on the Payroll Support Program ("PSP") 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 the outstanding loans in 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.

2025 Unsecured Notes

In June 2025, we issued $2.0 billion in aggregate principal amounts of unsecured notes, consisting of $1.0 billion of 4.95% Notes due 2028 and $1.0 billion of 5.25% Notes due 2030 (collectively, the "Notes"). The Notes are included in Unsecured Notes in the table above. The net proceeds from the offering of the Notes were used to repay the PSP loan due 2030 included in Unsecured Payroll Support Program Loans in the table above and for general corporate purposes.

SkyMiles Credit Facility

In September 2025, we and our indirect wholly-owned subsidiary SkyMiles IP Ltd. entered into an amendment to the SkyMiles term loan credit and guaranty agreement (the "SkyMiles Credit Facility"). This amendment, among other things, (i) refinanced the existing term loans with the proceeds of replacement term loans bearing interest at a variable rate equal to an adjusted term SOFR, plus a reduced margin of 1.50% per annum, payable quarterly; (ii) extended the scheduled maturity from October 2027 to October 2028; (iii) reduced the principal amortization payments from 20% to 1% per year, payable quarterly; and (iv) added a prepayment premium of 1.00% payable in connection with a Repricing Event (as defined in the amended SkyMiles Credit Facility) occurring within six months following September 30, 2025.

Availability Under Revolving Credit Facilities

As of September 30, 2025, we had approximately $3.1 billion undrawn and available under our revolving credit facilities.
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 2 within the fair value hierarchy.

Fair value of outstanding debt
(in millions)September 30,
2025		December 31,
2024
Net carrying amount$14,174 $15,347 
Fair value$14,200 $15,300 

Covenants

Our debt agreements contain various affirmative, negative and financial covenants. We were in compliance with the covenants in our debt agreements at September 30, 2025.