Debt (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Debt Disclosure [Abstract] |
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| Schedule of debt |
The following table summarizes our debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maturity | Interest Rate(s)(1) Per Annum at | December 31, | | (in millions) | Dates | December 31, 2019 | 2019 | 2018 | | Unsecured notes | 2020 | to | 2029 | 2.60% | | to | 4.38% | | $ | 5,550 | | $ | 4,050 | | | Financing arrangements secured by aircraft: | | | | | | | | | Certificates(2) | 2020 | to | 2027 | 3.20% | | to | 8.02% | | 1,669 | | 1,837 | | Notes(2) | 2020 | to | 2025 | 1.99% | | to | 6.08% | | 1,193 | | 1,787 | | NYTDC Special Facilities Revenue Bonds, Series 2018(2) | 2022 | to | 2036 | 4.00% | | to | 5.00% | | 1,383 | | 1,383 | | Other financings(2)(3) | 2021 | to | 2030 | 2.51% | | to | 8.75% | | 196 | | 251 | | | 2018 Unsecured Revolving Credit Facility | 2021 | to | 2023 | undrawn | | variable | — | | — | | | Other revolving credit facilities | 2020 | to | 2021 | undrawn | | variable | — | | — | | | Total secured and unsecured debt | | | | | | | 9,991 | | 9,308 | | | Unamortized premium and debt issuance cost, net and other | | | | | | | 115 | | 60 | | | Total debt | | | | | | | 10,106 | | 9,368 | | | Less: current maturities | | | | | | | (2,054) | | (1,409) | | | Total long-term debt | | | | | | | $ | 8,052 | | $ | 7,959 | |
(1)Certain aircraft and other 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.
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| Schedule of Pass Through Certificates |
The details of the 2019-1 EETC, which is secured by 14 aircraft, are shown in the table below: | | | | | | | | | | | | | | | | (in millions) | Total Principal | Fixed Interest Rate | Issuance Date | Final Maturity Date | | 2019-1 Class AA Certificates | $ | 425 | | 3.204 | % | March 2019 | April 2024 | | 2019-1 Class A Certificates | 75 | | 3.404 | % | March 2019 | April 2024 | | Total | $ | 500 | | | | |
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| Schedule of line of credit facilities |
The table below shows availability under revolving credit facilities, all of which were undrawn, as of December 31, 2019:
| | | | | | | (in millions) | | | 2018 Unsecured Revolving Credit Facility | $ | 2,650 | | | Other revolving credit facilities | 459 | | | Total availability under revolving credit facilities | $ | 3,109 | |
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| Summary of scheduled maturities of debt |
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2019:
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(in millions) | Total Debt | | Amortization of
Debt Premium and Debt Issuance Cost, net and other | | | | 2020 | $ | 2,060 | | | $ | 13 | | | | | 2021 | 1,094 | | | 15 | | | | | 2022 | 1,708 | | | 16 | | | | | 2023 | 932 | | | 11 | | | | | 2024 | 1,508 | | | 10 | | | | | Thereafter | 2,689 | | | 50 | | | | | Total | $ | 9,991 | | | $ | 115 | | | $ | 10,106 | |
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| 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 2 within the fair value hierarchy. | | | | | | | | | | December 31, | | (in millions) | 2019 | 2018 | | Net carrying amount | $ | 10,106 | | $ | 9,368 | | | Fair value | $ | 10,400 | | $ | 9,400 | |
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