Delta Airlines 2015 Annual Report Download - page 82
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Availability Under Revolving Credit Facilities
Thetablebelowshowsavailabilityunderrevolvingcreditfacilities,allofwhichwereundrawn,asofDecember31,2015:
(inmillions)
RevolvingCreditFacility $ 1,500
PacificRevolvingCreditFacility 450
Otherrevolvingcreditfacilities 257
Totalavailabilityunderrevolvingcreditfacilities $ 2,207
Future Maturities
ThefollowingtablesummarizesscheduledmaturitiesofourdebtfortheyearssucceedingDecember31,2015:
(inmillions) TotalDebt
Amortizationof
DebtDiscountandDebt
IssueCost,net
2016 $ 1,442
$ (40)
2017 869
(39)
2018 2,061
(35)
2019 1,189
(22)
2020 456
(4)
Thereafter 2,081
(12)
Total $ 8,098
$ (152)
$ 7,946
Fair Value of Debt
Marketriskassociatedwithourfixed-andvariable-ratelong-termdebtrelatestothepotentialreductioninfairvalueandnegativeimpacttofutureearnings,
respectively,fromanincreaseininterestrates.Thefairvalueofdebt,shownbelow,isbasedprimarilyonreportedmarketvalues,recentlycompletedmarket
transactionsandestimatesbasedoninterestrates,maturities,creditriskandunderlyingcollateral.Long-termdebtisprincipallyclassifiedasLevel2withinthefair
valuehierarchy.
December31,
(inmillions) 2015 2014
Totaldebtatparvalue $ 8,098 $ 9,469
Unamortizeddiscountanddebtissuecost,net (152) (206)
Netcarryingamount $ 7,946 $ 9,263
Fairvalue $ 8,400 $ 9,800
NOTE7.LEASEOBLIGATIONS
Weleaseaircraft,airportterminals,maintenancefacilities,ticketofficesandotherpropertyandequipmentfromthirdparties.Rentalexpenseforoperating
leases,whichisrecordedonastraight-linebasisoverthelifeoftheleaseterm,totaled$1.2billionfortheyearsendedDecember31,2015and2014and$1.1
billionfortheyearendedDecember31,2013.Amountsdueundercapitalleasesarerecordedasliabilities,whileassetsacquiredundercapitalleasesarerecorded
aspropertyandequipment.Amortizationofassetsrecordedundercapitalleasesisincludedindepreciationandamortizationexpense.Ourairportterminalleases
includecontingentrents,whichvarybaseduponfacilityusage,enplanements,aircraftweightandotherfactors.Manyofouraircraft,facilityandequipmentleases
includerentalescalationclausesand/orrenewaloptions.Ourleasesdonotincluderesidualvalueguaranteesandwearenottheprimarybeneficiaryinorhaveother
formsofvariableinterestwiththelessoroftheleasedassets.Asaresult,wehavenotconsolidatedanyoftheentitiesthatleasetous.
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