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Long-term Debt, Short-term Borrowings, and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt | Long-term debt and finance lease obligations and the related weighted average interest rate at December 31, 2021 and 2020 consisted of the following (in millions):
|  | December 31, 2021 |  | December 31, 2020
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 |  | 538 |  |  | 2.8 | % |  | 567 |  |  | 2.8 | %
2019-1 Series A, due through 2028 |  | 168 |  |  | 3.0 | % |  | 176 |  |  | 3.0 | %
2019-1 Series B, due through 2027 |  | 96 |  |  | 8.2 | % |  | 109 |  |  | 8.2 | %
2020-1 Series A, due through 2032 |  | 594 |  |  | 4.1 | % |  | 635 |  |  | 4.1 | %
2020-1 Series B, due through 2028 |  | 155 |  |  | 7.8 | % |  | 172 |  |  | 7.8 | %
Fixed rate enhanced equipment notes, due through 2023 |  | 88 |  |  | 4.5 | % |  | 115 |  |  | 4.5 | %
Fixed rate equipment notes, due through 2028 |  | 622 |  |  | 4.2 | % |  | 895 |  |  | 4.2 | %
Floating rate equipment notes, due through 2028 |  | 103 |  |  | 2.7 | % |  | 153 |  |  | 2.6 | %
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 aircraft sale-leaseback transactions, due through 2024 |  | 347 |  |  | 7.4 | % |  | 352 |  |  | 7.6 | %
Finance Leases |  | 3 |  |  | 6.1 | % |  | 63 |  |  | 4.6 | %
Unsecured Debt |  |  |  |  |  |  |  |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 2.0 | % |  | 259 |  |  | 2.0 | %
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 |  | 144 |  |  | 2.0 | % |  | — |  |  | — | %
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 |  | 132 |  |  | 2.0 | % |  | — |  |  | — | %
0.50% convertible senior notes, due through 2026 |  | 750 |  |  | 0.5 | % |  | — |  |  | — | %
Total debt and finance lease obligations |  | $ | 4,042 |  |  |  |  | $ | 4,907 |  |  |
Less: Debt acquisition cost |  | (36) |  |  |  |  | (44) |  |  |
Less: Current maturities |  | (355) |  |  |  |  | (450) |  |  |
Long-term debt and finance lease obligations |  | $ | 3,651 |  |  |  |  | $ | 4,413 |  |  |
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
2022 |  | $ | 347 |
2023 |  | 557 |
2024 |  | 332 |
2025 |  | 192 |
2026 |  | 929 |
Thereafter |  | 1,649 |
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, 2021 and 2020 were as follows (in millions):
|  | December 31, 2021 |  | December 31, 2020
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Public Debt |  |  |  |  |  |  |  |
Fixed rate special facility bonds, due through 2036 |  | $ | 42 |  |  | $ | 45 |  |  | $ | 42 |  |  | $ | 45 |
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 |  | 532 |  |  | 442 |  |  | 560 |  |  | 440 |
2019-1 Series A, due through 2028 |  | 166 |  |  | 150 |  |  | 174 |  |  | 152 |
2019-1 Series B, due through 2027 |  | 94 |  |  | 121 |  |  | 107 |  |  | 139 |
2020-1 Series A, due through 2032 |  | 587 |  |  | 634 |  |  | 627 |  |  | 658 |
2020-1 Series B, due through 2028 |  | 153 |  |  | 199 |  |  | 170 |  |  | 223 |
Non-Public Debt |  |  |  |  |  |  |  |
Fixed rate enhanced equipment notes, due through 2023 |  | 88 |  |  | 88 |  |  | 114 |  |  | 116 |
Fixed rate equipment notes, due through 2028 |  | 620 |  |  | 706 |  |  | 891 |  |  | 1,017 |
Floating rate equipment notes, due through 2028 |  | 103 |  |  | 99 |  |  | 152 |  |  | 144 |
Floating rate term loan credit facility, due through 2024 |  | — |  |  | — |  |  | 702 |  |  | 759 |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 219 |  |  | 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 |  | 347 |  |  | 374 |  |  | 352 |  |  | 393 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 |  | 144 |  |  | 121 |  |  | — |  |  | — |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 |  | 132 |  |  | 111 |  |  | — |  |  | — |
0.50% convertible senior notes, due through 2026 |  | 736 |  |  | 673 |  |  | — |  |  | — |
Total(1) |  | $ | 4,003 |  |  | $ | 3,982 |  |  | $ | 4,800 |  |  | $ | 4,930 |
(1) Total excludes finance lease obligations of $3 million and $63 million at December 31, 2021 and 2020, respectively.

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