v3.22.2.2
Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt DEBT
Summary of outstanding debt by category
MaturityInterest Rate(s) Per Annum atSeptember 30,December 31,
(in millions)DatesSeptember 30, 202220222021
Unsecured Payroll Support Program Loans2030to20311.00%$3,496 $3,496 
Unsecured notes2023to20292.90%to7.38%2,997 4,354 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(1)
2023to20284.50%and4.75%5,144 6,000 
SkyMiles Term Loan(1)(2)
2023to20276.46%2,820 2,820 
Financing arrangements secured by aircraft:
Certificates(1)
2022to20282.00%to8.00%1,855 1,932 
Notes(1)(2)
2022to20331.99%to5.75%915 1,139 
NYTDC Special Facilities Revenue Bonds(1)
2023to20454.00%to5.00%2,838 2,894 
Financing arrangements secured by slots, gates and/or routes:
2020 Senior Secured Notes20257.00%1,542 2,589 
2018 Revolving Credit Facility(2)
2023to2024Undrawn— — 
Other financings(1)(2)
2022to20302.51%to5.00%67 68 
Other revolving credit facilities(2)
2023to 2024Undrawn— — 
Total secured and unsecured debt$21,674 $25,292 
Unamortized (discount)/premium and debt issue cost, net and other(151)(208)
Total debt$21,523 $25,084 
Less: current maturities(1,723)(1,502)
Total long-term debt$19,800 $23,582 
(1)Due in installments during the years shown above.
(2)Certain financings are comprised of variable rate debt. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate plus a specified margin.

Availability Under Revolving Credit Facilities

As of September 30, 2022, we had approximately $2.8 billion undrawn and available under our revolving credit facilities. In addition, we had approximately $300 million outstanding letters of credit as of September 30, 2022 that did not affect the availability of our revolving credit facilities.

Early Settlement of Outstanding Notes

In August 2022, we completed a cash tender offer for an aggregate purchase price of $1.5 billion, excluding accrued and unpaid interest, of certain of our outstanding debt securities. As a result of the tender offer, we repurchased the following notes:

Notes Repurchased in Tender Offer
(in millions)Location in debt tablePrincipal RepurchasedAmount Paid
4.500% Senior Secured Notes due 2025
SkyMiles Notes$856 $850 
7.000% Senior Secured Notes due 2025
2020 Senior Secured Notes478 498 
7.375% Notes due 2026
Unsecured Notes84 87 
3.800% Notes due 2023
Unsecured Notes65 65 
Total Notes Repurchased$1,483 $1,500 

In addition to the early settlement of the principal amount of the purchased notes, we recorded a loss of $34 million on extinguishment of debt in non-operating expense in our income statement.
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.
    
Fair value of outstanding debt
(in millions)September 30,
2022		December 31,
2021
Net carrying amount$21,523 $25,084 
Fair value$20,500 $26,900 

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, 2022.