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DEBT AND FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT AND FINANCING ARRANGEMENTS DEBT AND FINANCING ARRANGEMENTS
The carrying value of our outstanding debt obligations as of March 31, 2025 and December 31, 2024 consisted of the following (in millions):
Principal
Amount		Carrying Value
Maturity20252024
Commercial paper$— $— $— 
Fixed-rate senior notes:
3.900% senior notes
1,000 20251,000 1,000 
2.400% senior notes
500 2026499 499 
3.050% senior notes
1,000 2027997 997 
3.400% senior notes
750 2029748 748 
2.500% senior notes
400 2029398 398 
4.450% senior notes
750 2030746 746 
4.875% senior notes
900 2033895 895 
5.150% senior notes
900 2034894 894 
6.200% senior notes
1,500 20381,486 1,486 
5.200% senior notes
500 2040494 495 
4.875% senior notes
500 2040492 492 
3.625% senior notes
375 2042369 369 
3.400% senior notes
500 2046492 492 
3.750% senior notes
1,150 20471,138 1,138 
4.250% senior notes
750 2049743 743 
3.400% senior notes
700 2049689 689 
5.300% senior notes
1,250 20501,232 1,232 
5.050% senior notes
1,100 20531,083 1,083 
5.500% senior notes
1,100 20541,087 1,087 
5.600% senior notes
600 2064590 590 
Floating-rate senior notes:
Floating-rate senior notes1,773 2049-20741,753 1,755 
Debentures:
7.620% debentures
276 2030279 279 
Pound Sterling notes:
5.500% notes
86 203186 83 
5.125% notes
588 2050560 544 
Euro senior notes:
1.625% senior notes
757 2025757 731 
1.000% senior notes
541 2028540 521 
1.500% senior notes
541 2032540 521 
Finance lease obligations (see note 10)
459 2025-2118459 455 
Facility notes and bonds320 2029-2045320 320 
Other debt3 2025-20283 2 
Total debt$21,569 21,369 21,284 
Less: current maturities(1,858)(1,838)
Long-term debt$19,511 $19,446 
    
Commercial Paper
We are authorized to borrow up to $10.0 billion under a U.S. commercial paper program and €5.0 billion (in a variety of currencies) under a European commercial paper program. There was no commercial paper outstanding as of March 31, 2025. The amount of commercial paper outstanding under these programs in 2025 is expected to fluctuate.
Debt Classification
We have classified certain floating-rate senior notes that are redeemable at the option of the note holder as long-term debt in our consolidated balance sheets, due to our intent and ability to refinance the debt if the put option is exercised.
Debt Repayments
On April 1, 2025, our 3.900% Senior Notes with a principal balance of $1.0 billion matured and were repaid in full.
Other Arrangements
Subsequent to March 31, 2025, we entered into six new aircraft leases which we expect to be treated as finance leases. The structure of this arrangement requires a parent company guarantee of approximately $430 million and will be accounted for under ASC Topic 460.
Sources of Credit
We maintain two credit agreements with a consortium of banks. The first of these agreements provides revolving credit facilities of $1.0 billion, and expires on November 24, 2025. Amounts outstanding under this agreement bear interest at a periodic fixed rate equal to the term SOFR rate, plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of March 31, 2025 was 0.70%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, may be used at our discretion.
The second agreement provides revolving credit facilities of $2.0 billion, and expires on November 25, 2029. Amounts outstanding under this facility bear interest at a periodic fixed rate equal to the term SOFR rate plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of March 31, 2025 was 0.70%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, plus an applicable margin, may be used at our discretion.
If the credit ratings established by Standard & Poor's and Moody's differ, the higher rating will be used, except in cases where the lower rating is two or more levels lower. In these circumstances, the rating one step below the higher rating will be used. We are also able to request advances under these facilities based on competitive bids for the applicable interest rate.
There were no amounts outstanding under these facilities as of March 31, 2025.
Debt Covenants
Our existing debt instruments and credit facilities subject us to certain financial covenants. As of March 31, 2025, and for all prior periods presented, we have satisfied these financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to 10% of net tangible assets. As of March 31, 2025, 10% of net tangible assets was equivalent to $4.5 billion and we had $40 million in covered sale-leaseback transactions and no secured indebtedness outstanding. We do not expect these covenants to have a material impact on our liquidity.
Fair Value of Debt    
Based on the borrowing rates currently available to us for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities, was approximately $20.4 and $20.3 billion as of March 31, 2025 and December 31, 2024, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments.