XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 9 Months Ended
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, 2021December 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 2032547 464 560 440 
  2019-1 Series A, due through 2028170 157 174 152 
2019-1 Series B, due through 2027101 132 107 139 
2020-1 Series A, due through 2032607 675 627 658 
2020-1 Series B, due through 2028161 215 170 223 
Non-Public Debt
Fixed rate enhanced equipment notes, due through 202388 89 114 116 
Fixed rate equipment notes, due through 2028675 680 891 1,017 
Floating rate equipment notes, due through 2028115 111 152 144 
Floating rate term loan credit facility, due through 2024— — 702 759 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 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 2024348 382 352 393 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 124 — — 
0.50% convertible senior notes due 2026735 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 values 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.