| Schedule of debt |
The following table summarizes our debt as of the dates noted in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maturity | Interest Rate(s) Per Annum at | September 30, | December 31, | | (in millions) | Dates | September 30, 2020 | 2020 | 2019 | | Unsecured notes | 2020 | to | 2029 | 2.60% | to | 7.38% | $ | 5,800 | | $ | 5,550 | | | Unsecured CARES Act Payroll Support Program Loan | 2030 | 1.00% | 1,648 | | — | | | Financing arrangements secured by SkyMiles assets: | | | | | | | | | SkyMiles Notes(1) | 2023 | to | 2028 | 4.50% | and | 4.75% | 6,000 | | — | | SkyMiles Term Loan(1)(2) | 2023 | to | 2027 | 4.75% | 3,000 | | — | | | Financing arrangements secured by slots, gates and/or routes: | | | | | 2020 Senior Secured Notes | 2025 | 7.00% | 3,500 | | — | | 2020 Term Loan(1)(2) | 2020 | to | 2023 | 5.75% | 1,496 | | — | | 2018 Revolving Credit Facility(2) | 2021 | to | 2023 | 3.75% | 2,350 | | — | | 2020 Secured Term Loan Facility(2) | 2021 | 2.39% | to | 2.41% | 2,950 | | — | | | Financing arrangements secured by aircraft: | | | | | Certificates(1) | 2020 | to | 2028 | 2.00% | to | 8.02% | 2,686 | | 1,669 | | Notes(1)(2) | 2020 | to | 2032 | 0.84% | to | 5.75% | 1,068 | | 1,193 | | NYTDC Special Facilities Revenue Bonds, Series 2020(1) | 2026 | to | 2045 | 4.00% | to | 5.00% | 1,511 | | — | | NYTDC Special Facilities Revenue Bonds, Series 2018(1) | 2022 | to | 2036 | 4.00% | to | 5.00% | 1,383 | | 1,383 | | Other financings(1)(2)(3) | 2020 | to | 2030 | 2.51% | to | 8.75% | 241 | | 196 | | Other revolving credit facilities(2) | 2021 | to | 2022 | 3.35% | to | 3.75% | 267 | | — | | | Total secured and unsecured debt | | | | | | | 33,900 | | 9,991 | | | Unamortized (discount)/premium and debt issue cost, net and other | | | | (252) | | 115 | | | Total debt | | | | | | | 33,648 | | 10,106 | | | Less: current maturities | | | | | | | (4,738) | | (2,054) | | | Total long-term debt | | | | | | | $ | 28,910 | | $ | 8,052 | |
(1)Due in installments. (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, in each case plus a specified margin. (3)Primarily includes unsecured bonds and debt secured by certain real estate.
|
| Schedule of pass through certificates |
The proceeds of this issuance were used to repay unsecured notes that matured in the March 2020 quarter. In the June 2020 quarter, we issued an additional $135 million of Class B certificates. The amounts of all 2020-1 EETC issuances are included in Certificates in the table above. The details of the 2020-1 EETC issuances, which are secured by 33 aircraft, are shown in the table below: | | | | | | | | | | | | | | | | (in millions) | Total Principal | Fixed Interest Rate | Issuance Date | Final Maturity Date | | 2020-1 Class AA Certificates | $ | 796 | | 2.00% | March 2020 | June 2028 | | 2020-1 Class A Certificates | 204 | | 2.50% | March 2020 | June 2028 | | 2020-1 Class B Certificates | 135 | | 8.00% | April 2020 | June 2027 | | Total | $ | 1,135 | | | | |
|
| 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. | | | | | | | | | | (in millions) | September 30,
2020 | December 31,
2019 | | Net carrying amount | $ | 33,648 | | $ | 10,106 | | | Fair value | $ | 33,900 | | $ | 10,400 | |
|