v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Summary of outstanding debt by category
(in millions)Maturity Dates
Interest Rate(s) Per
Annum at
June 30, 2026
June 30,
2026
December 31,
2025
Unsecured Notes2028to20303.75%to5.25%$2,884 $2,884 
Unsecured Payroll Support Program Loans(1)
20315.62%891 1,848 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%2,852 3,422 
SkyMiles Term Loan(1)(2)
2026to20284.93%585 588 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,448 3,522 
2026 Term Loan20264.76%1,250 — 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%845 894 
Notes(1)(2)
2026to20335.91%to5.93%72 78 
Other financings20305.00%66 66 
2026 Corporate Revolving Credit Facility(2)
2029to2031Undrawn— — 
Other revolving credit facilities(2)
2026to2027Undrawn— — 
Total secured and unsecured debt$12,893 $13,302 
Unamortized (discount)/premium and debt issue cost, net and other12 6 
Total debt$12,905 $13,308 
Less: current maturities(2,804)(1,372)
Total long-term debt$10,101 $11,936 
(1)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.
(2)Due in installments during the years shown above.

2026 Term Loan

In January 2026, we entered into a $1.25 billion term loan issued by a group of lenders due December 2026. The proceeds of the term loan were used to repay $957 million of Payroll Support Program loans due 2031 (included in Unsecured Payroll Support Program Loans in the table above) and for general corporate purposes.

SkyMiles Credit Facility

In April 2026, 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") with Barclays Bank PLC as lender and administrative agent. This amendment 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 margin of 1.25% per annum, and 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 April 23, 2026.

2026 Corporate Revolving Credit Facility

In June 2026, we entered into a new $2.650 billion revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto to refinance and replace the existing Corporate Revolving Credit Facility (the "2026 Corporate Revolving Credit Facility"). The 2026 Corporate Revolving Credit Facility effectively extends the maturity of the $1.325 billion three-year tranche to 2029 and the $1.325 billion five-year tranche to 2031. Borrowings under the three-year and five-year tranches bear interest at a variable rate equal to an adjusted term SOFR, or another index rate, in each case plus a specified margin.
Availability Under Revolving Credit Facilities

As of June 30, 2026, 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,
2026		December 31,
2025
Net carrying amount$12,905 $13,308 
Fair value$13,000 $13,400 

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, 2026.