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Long-term Debt, Short-term Borrowings, and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of debt | Long-term debt and finance lease obligations and the related weighted average interest rate at December 31, 2020 and 2019 consisted of the following (in millions):
|  | December 31, 2020 |  | December 31, 2019
Secured Debt |  |  |  |  |  |  |  |
Fixed rate specialty bonds, due through 2036 |  | 43 |  |  | 4.9 | % |  | 43 |  |  | 4.9 | %
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 |  | 567 |  |  | 2.8 | % |  | 589 |  |  | 2.8 | %
2019-1 Series A, due through 2028 |  | 176 |  |  | 3.0 | % |  | 183 |  |  | 3.0 | %
2019-1 Series B, due through 2027 |  | 109 |  |  | 8.2 | % |  | — |  |  | — | %
2020-1 Series A, due through 2032 |  | 635 |  |  | 4.1 | % |  | — |  |  | — | %
2020-1 Series B, due through 2028 |  | 172 |  |  | 7.8 | % |  | — |  |  | — | %
Fixed rate enhanced equipment notes, due through 2023 |  | 115 |  |  | 4.5 | % |  | 134 |  |  | 4.5 | %
Fixed rate equipment notes, due through 2028 |  | 895 |  |  | 4.2 | % |  | 1,113 |  |  | 4.2 | %
Floating rate equipment notes, due through 2028 |  | 153 |  |  | 2.6 | % |  | 201 |  |  | 4.3 | %
Floating rate term loan credit facility, due through 2024 |  | 712 |  |  | 6.4 | % |  | — |  |  | — | %
Secured CARES Act Loan, due through 2025 |  | 106 |  |  | 3.2 | % |  | — |  |  | — | %
Citibank line of credit, due through 2023 |  | 550 |  |  | 2.2 | % |  | — |  |  | — | %
2020 sale-leaseback transactions, due through 2024 |  | 352 |  |  | 7.6 | % |  | — |  |  | — | %
Finance Leases |  | 63 |  |  | 4.6 | % |  | 89 |  |  | 4.8 | %
Unsecured Debt |  |  |  |  |  |  |  |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 2.0 | % |  | — |  |  | — | %
Total debt and finance lease obligations |  | 4,907 |  |  |  |  | 2,352 |  |  |
Less: Current maturities |  | (450) |  |  |  |  | (344) |  |  |
Less: Debt acquisition cost |  | (44) |  |  |  |  | (18) |  |  |
Long-term debt and finance lease obligations |  | $ | 4,413 |  |  |  |  | $ | 1,990 |  |  |
Schedule of maturities of long-term debt | Maturities of our debt and finance leases, net of debt acquisition costs, for the next five years are as follows (in millions):
|  | Maturities
2021 |  | $ | 440 |
2022 |  | 421 |
2023 |  | 1,181 |
2024 |  | 962 |
2025 |  | 308 |
Thereafter |  | 1,551 |
Carrying amounts and estimated fair values of long-term debt | The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at December 31, 2020 and 2019 were as follows (in millions):
|  | December 31, 2020 |  | December 31, 2019
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Public Debt |  |  |  |  |  |  |  |
Fixed rate special facility bonds, due through 2036 |  | $ | 42 |  |  | $ | 45 |  |  | $ | 42 |  |  | $ | 46 |
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 |  | 560 |  |  | 440 |  |  | 581 |  |  | 586 |
2019-1 Series A, due through 2028 |  | 174 |  |  | 152 |  |  | 181 |  |  | 186 |
2019-1 Series B, due through 2027 |  | 107 |  |  | 139 |  |  | — |  |  | — |
2020-1 Series A, due through 2032 |  | 627 |  |  | 658 |  |  | — |  |  | — |
2020-1 Series B, due through 2028 |  | 170 |  |  | 223 |  |  | — |  |  | — |
Non-Public Debt |  |  |  |  |  |  |  |
Fixed rate enhanced equipment notes, due through 2023 |  | 114 |  |  | 116 |  |  | 133 |  |  | 141 |
Fixed rate equipment notes, due through 2028 |  | 891 |  |  | 1,017 |  |  | 1,107 |  |  | 1,201 |
Floating rate equipment notes, due through 2028 |  | 152 |  |  | 144 |  |  | 201 |  |  | 207 |
Floating rate term loan credit facility, due through 2024 |  | 702 |  |  | 759 |  |  | — |  |  | — |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 207 |  |  | — |  |  | — |
Secured CARES Act loan, due through 2025 |  | 104 |  |  | 104 |  |  | — |  |  | — |
Citibank line of credit, due through 2023 |  | 546 |  |  | 533 |  |  | — |  |  | — |
2020 sale-leaseback transactions, due through 2024 |  | 352 |  |  | 393 |  |  | — |  |  | — |
Total(1) |  | $ | 4,800 |  |  | $ | 4,930 |  |  | $ | 2,245 |  |  | $ | 2,367 |
(1) Total excludes finance lease obligations of $63 million and $89 million at December 31, 2020 and 2019, respectively.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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