DEBT

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

DEBT

DEBT

Summary of outstanding debt by category
(in millions)	Maturity Dates			Interest Rate(s) Per Annum at June 30, 2025			June 30, 2025		December 31, 2024
Unsecured Notes	2026	to	2030	3.75%	to	7.38%	$	3,575	$	1,575
Unsecured Payroll Support Program Loans(1)	2031			1.00%			1,848		3,496
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)	2025	to	2028	4.50%	and	4.75%	3,696		3,970
SkyMiles Term Loan(2)(3)	2025	to	2027	8.02%			654		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%	943		992
Notes(2)(3)	2025	to	2033	6.53%	to	6.58%	82		87
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes	2025			—%			—		812
Other financings	2030			5.00%			66		66
Corporate Revolving Credit Facility(3)	2026	to	2028	Undrawn			—		—
Other revolving credit facilities(3)	2026			Undrawn			—		—
Total secured and unsecured debt							$	14,386	$	15,373
Unamortized (discount)/premium and debt issue cost, net and other							(5)		(26)
Total debt							$	14,381	$	15,347
Less: current maturities							(1,981)		(1,801)
Total long-term debt							$	12,400	$	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.

Availability Under Revolving Credit Facilities

As of June 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)	June 30, 2025		December 31, 2024
Net carrying amount	$	14,381	$	15,347
Fair value	$	14,300	$	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 June 30, 2025.