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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of long term debt | The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at September 30, 2021 and December 31, 2020 were as follows (in millions):
| September 30, 2021 |  | December 31, 2020
| Carrying Value |  | Estimated Fair Value(2) |  | Carrying Value |  | Estimated Fair Value(2)
Public Debt |  |  |  |  |  |  |
Fixed rate special facility bonds, due through 2036 | $ | 42 |  |  | $ | 46 |  |  | $ | 42 |  |  | $ | 45 |
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 | 547 |  |  | 464 |  |  | 560 |  |  | 440 |
2019-1 Series A, due through 2028 | 170 |  |  | 157 |  |  | 174 |  |  | 152 |
2019-1 Series B, due through 2027 | 101 |  |  | 132 |  |  | 107 |  |  | 139 |
2020-1 Series A, due through 2032 | 607 |  |  | 675 |  |  | 627 |  |  | 658 |
2020-1 Series B, due through 2028 | 161 |  |  | 215 |  |  | 170 |  |  | 223 |
Non-Public Debt |  |  |  |  |  |  |
Fixed rate enhanced equipment notes, due through 2023 | 88 |  |  | 89 |  |  | 114 |  |  | 116 |
Fixed rate equipment notes, due through 2028 | 675 |  |  | 680 |  |  | 891 |  |  | 1,017 |
Floating rate equipment notes, due through 2028 | 115 |  |  | 111 |  |  | 152 |  |  | 144 |
Floating rate term loan credit facility, due through 2024 | — |  |  | — |  |  | 702 |  |  | 759 |
Unsecured CARES Act Payroll Support Program loan, due through 2030 | 259 |  |  | 224 |  |  | 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 | 348 |  |  | 382 |  |  | 352 |  |  | 393 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 | 144 |  |  | 124 |  |  | — |  |  | — |
0.50% convertible senior notes due 2026 | 735 |  |  | 680 |  |  | — |  |  | — |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 | 132 |  |  | 114 |  |  | — |  |  | — |
Total(1) | $ | 4,124 |  |  | $ | 4,093 |  |  | $ | 4,800 |  |  | $ | 4,930 |
(1) Total excludes finance lease obligations of $27 million and $63 million at September 30, 2021 and December 31, 2020, respectively. (2) The estimated fair va lues of our publicly held long-term debt are classified as Level 2 in the fair value hierarchy. The fair values of our enhanced equipment notes and our special facility bonds were based on quoted market prices in markets with low trading volumes. The fair value of our non-public debt was estimated using a discounted cash flow analysis based on our borrowing rates for instruments with similar terms and therefore classified as Level 3 in the fair value hierarchy. The fair values of our other financial instruments approximate their carrying values. Refer to Note 8 to our condensed consolidated financial statements for an explanation of the fair value hierarchy structure.

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