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Long-term Debt, Short-term Borrowings, and Finance Lease Obligations (Tables)
 12 Months Ended
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, 2020December 31, 2019
Secured Debt
Fixed rate specialty bonds, due through 203643 4.9 %43 4.9 %
Fixed rate enhanced equipment notes:
2019-1 Series AA, due through 2032567 2.8 %589 2.8 %
2019-1 Series A, due through 2028176 3.0 %183 3.0 %
2019-1 Series B, due through 2027109 8.2 %— — %
2020-1 Series A, due through 2032635 4.1 %— — %
2020-1 Series B, due through 2028172 7.8 %— — %
Fixed rate enhanced equipment notes, due through 2023115 4.5 %134 4.5 %
Fixed rate equipment notes, due through 2028895 4.2 %1,113 4.2 %
Floating rate equipment notes, due through 2028153 2.6 %201 4.3 %
Floating rate term loan credit facility, due through 2024712 6.4 %— — %
Secured CARES Act Loan, due through 2025106 3.2 %— — %
Citibank line of credit, due through 2023550 2.2 %— — %
2020 sale-leaseback transactions, due through 2024352 7.6 %— — %
Finance Leases63 4.6 %89 4.8 %
Unsecured Debt
Unsecured CARES Act Payroll Support Program loan, due through 2030259 2.0 %— — %
Total debt and finance lease obligations4,907 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 
2022421 
20231,181 
2024962 
2025308 
Thereafter1,551 
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, 2020December 31, 2019
Carrying ValueEstimated Fair ValueCarrying ValueEstimated 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 2032560 440 581 586 
2019-1 Series A, due through 2028174 152 181 186 
2019-1 Series B, due through 2027107 139 — — 
2020-1 Series A, due through 2032627 658 — — 
2020-1 Series B, due through 2028170 223 — — 
Non-Public Debt
Fixed rate enhanced equipment notes, due through 2023114 116 133 141 
Fixed rate equipment notes, due through 2028891 1,017 1,107 1,201 
Floating rate equipment notes, due through 2028152 144 201 207 
Floating rate term loan credit facility, due through 2024702 759 — — 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 207 — — 
Secured CARES Act loan, due through 2025104 104 — — 
Citibank line of credit, due through 2023546 533 — — 
2020 sale-leaseback transactions, due through 2024352 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.