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Long-term Debt, Short-term Borrowings, and Finance Lease Obligations (Tables)
 12 Months Ended
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, 2021December 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 2032538 2.8 %567 2.8 %
2019-1 Series A, due through 2028168 3.0 %176 3.0 %
2019-1 Series B, due through 202796 8.2 %109 8.2 %
2020-1 Series A, due through 2032594 4.1 %635 4.1 %
2020-1 Series B, due through 2028155 7.8 %172 7.8 %
Fixed rate enhanced equipment notes, due through 202388 4.5 %115 4.5 %
Fixed rate equipment notes, due through 2028622 4.2 %895 4.2 %
Floating rate equipment notes, due through 2028103 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 2024347 7.4 %352 7.6 %
Finance Leases3 6.1 %63 4.6 %
Unsecured Debt
Unsecured CARES Act Payroll Support Program loan, due through 2030259 2.0 %259 2.0 %
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 2.0 %— — %
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 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 
2023557 
2024332 
2025192 
2026929 
Thereafter1,649 
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, 2021December 31, 2020
Carrying ValueEstimated Fair ValueCarrying ValueEstimated 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 2032532 442 560 440 
2019-1 Series A, due through 2028166 150 174 152 
2019-1 Series B, due through 202794 121 107 139 
2020-1 Series A, due through 2032587 634 627 658 
2020-1 Series B, due through 2028153 199 170 223 
Non-Public Debt
Fixed rate enhanced equipment notes, due through 202388 88 114 116 
Fixed rate equipment notes, due through 2028620 706 891 1,017 
Floating rate equipment notes, due through 2028103 99 152 144 
Floating rate term loan credit facility, due through 2024— — 702 759 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 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 2024347 374 352 393 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 121 — — 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 111 — — 
0.50% convertible senior notes, due through 2026736 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.