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Debt
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt DEBT
The following table summarizes our debt:
MaturityInterest Rate(s) Per Annum atJune 30,December 31,
(in millions)DatesJune 30, 202020202019
Unsecured notes2020to20292.60%to7.38%$5,800  $5,550  
Unsecured CARES Act Payroll Support Program Loan20301.00%1,438  —  
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%3,500  —  
2020 Term Loan(1)(2)
2020to20235.75%1,500  —  
2018 Revolving Credit Facility(1)
2021to20233.75%2,650  —  
2020 Secured Term Loan Facility(1)
20212.43%to2.44%2,950  —  
Financing arrangements secured by aircraft:
Certificates(2)
2021to20282.00%to8.02%2,731  1,669  
Notes(1)(2)
2020to20250.91%to5.75%1,146  1,193  
NYTDC Special Facilities Revenue Bonds, Series 2018(2)
2022to20364.00%to5.00%1,383  1,383  
Other financings(1)(2)(3)
2021to20301.16%to8.75%214  196  
Other revolving credit facilities(1)
20211.93%to3.36%270  —  
Total secured and unsecured debt23,582  9,991  
Unamortized (discount)/premium and debt issue cost, net and other(89) 115  
Total debt23,493  10,106  
Less: current maturities(4,954) (2,054) 
Total long-term debt$18,539  $8,052  
(1)Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin.
(2)Due in installments.
(3)Primarily includes unsecured bonds and debt secured by certain accounts receivable and real estate.

2020 Unsecured Notes

In June 2020, we issued $1.3 billion in aggregate principal amount of 7.375% unsecured notes due 2026. The unsecured notes are equal in right of payment with our other unsubordinated indebtedness and senior in right of payment to future subordinated debt. The unsecured notes are subject to covenants that, among other things, limit our ability to incur liens securing indebtedness for borrowed money or finance leases and engage in mergers and consolidations or transfer all or substantially all of our assets, in each case subject to certain exceptions. The unsecured notes also contain event of default provisions consistent with those in our recent unsecured debt offerings.

Unsecured CARES Act Payroll Support Program Loan

In the June 2020 quarter, we entered into a promissory note for $1.4 billion of the CARES Act payroll support program loan and issued warrants to acquire more than 5.9 million shares of Delta common stock under the program. We have recorded the value of the promissory note and warrants on a relative fair value basis as $1.3 billion of noncurrent debt and $100 million in additional paid in capital, respectively. We expect to enter into the final $163 million installment of the promissory note and issue the related warrants in July 2020 in connection with receipt of the final payment under the payroll support program. See Note 2, "Impact of the COVID-19 Pandemic," for further discussion of the terms of the payroll support program loan.
2020 Senior Secured Notes and Term Loan

In April 2020, we issued $3.5 billion of senior secured notes and entered into a $1.5 billion term loan secured by certain slots, gates and routes. The senior secured notes bear interest at an annual rate of 7.00% and mature in May 2025. The term loan bears interest at a variable rate equal to LIBOR plus a specified margin and is subject to payments of 1% per year, payable quarterly beginning in September 2020, with the balance due in April 2023.

2020 Secured Term Loan Facility

In March 2020, we entered into a $2.7 billion 364-day secured term loan facility ("the facility"), and we increased the borrowings thereunder to $3.0 billion in April 2020. Borrowings under the facility are secured by certain aircraft. The facility also contains an accordion feature under which the aggregate commitment can be increased to $4.0 billion upon our request, provided that the new lenders agree to the existing terms of the facility.

In the June 2020 quarter, the facility was amended to include a minimum liquidity covenant, as discussed further below.

2020-1 EETC

We completed a $1.0 billion offering of Class AA and A Pass Through Certificates, Series 2020-1 ("2020-1 EETC") utilizing a pass through trust during March 2020. The proceeds of this issuance were used to pay the unsecured notes that matured in the March 2020 quarter. In April 2020, we issued an additional $135 million of Class B certificates. The amounts of all 2020-1 EETC are included in Certificates in the table above. The details of the 2020-1 EETC, which is secured by 33 aircraft, are shown in the table below:

(in millions)Total PrincipalFixed Interest RateIssuance DateFinal Maturity Date
2020-1 Class AA Certificates$796  2.00%March 2020June 2028
2020-1 Class A Certificates204  2.50%March 2020June 2028
2020-1 Class B Certificates135  8.00%April 2020June 2027
Total$1,135  

2019-1 EETC

In April 2020, we issued an additional $108 million of certificates under the 2019-1 EETC offering initially completed in March 2019. The additional certificates were issued as 2019-1 Class B Certificates with a fixed interest rate of 8.00% and mature in April 2023.

2018 Revolving Credit Facility

In June 2020, we amended the 2018 revolving credit facility agreement ("Amended Revolving Credit Facility") to be secured by our Pacific route authorities and certain related assets. Additionally, the revolving credit facility was amended to extend the maturities of $1.3 billion of the revolver previously due in April 2021 to April 2022 and to include a minimum liquidity covenant, as discussed further below.

Availability Under Revolving Facilities

During the March 2020 quarter, we drew $3.0 billion on our revolving credit facilities. We have approximately $39 million undrawn as of June 30, 2020. The amounts drawn are spread across several lines within the debt summary table above.
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 2 within the fair value hierarchy. 
(in millions)June 30,
2020		December 31,
2019
Net carrying amount$23,493  $10,106  
Fair value$22,900  $10,400  

Covenants

Our credit facilities contain affirmative, negative and financial covenants that, among other things, may restrict our ability to place liens on collateral, sell or otherwise dispose of assets if we are not in compliance with a collateral coverage ratio, and pay dividends or repurchase stock. These covenants also require us to maintain $2.0 billion of minimum liquidity (defined as cash, cash equivalents, short-term investments and aggregate principal amount committed and available to be drawn under our revolving credit facilities).
We were in compliance with the covenants in our financing agreements at June 30, 2020.