v3.26.1
DEBT (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of 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 
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.
Schedule of Estimated Fair Value of Debt Instruments 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