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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of long term debt | Long-term debt and finance lease obligations and the related weighted average contractual interest rate at December 31, 2022 and 2021 consisted of the following (in millions):
|  | December 31, 2022 |  | December 31, 2021
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 |  | 510 |  |  | 2.8 | % |  | 538 |  |  | 2.8 | %
2019-1 Series A, due through 2028 |  | 159 |  |  | 3.0 | % |  | 168 |  |  | 3.0 | %
2019-1 Series B, due through 2027 |  | 83 |  |  | 8.1 | % |  | 96 |  |  | 8.2 | %
2020-1 Series A, due through 2032 |  | 552 |  |  | 4.1 | % |  | 594 |  |  | 4.1 | %
2020-1 Series B, due through 2028 |  | 136 |  |  | 7.8 | % |  | 155 |  |  | 7.8 | %
Fixed rate enhanced equipment notes, due through 2023 |  | 61 |  |  | 4.4 | % |  | 88 |  |  | 4.5 | %
Fixed rate equipment notes, due through 2028 |  | 448 |  |  | 4.2 | % |  | 622 |  |  | 4.2 | %
Floating rate equipment notes, due through 2028 |  | 56 |  |  | 6.9 | % |  | 103 |  |  | 2.7 | %
2020 aircraft sale-leaseback transactions, due through 2024 |  | 341 |  |  | 7.3 | % |  | 347 |  |  | 7.4 | %
Finance Leases |  | 2 |  |  | 6.1 | % |  | 3 |  |  | 6.1 | %
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 | % |  | 144 |  |  | 2.0 | %
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 |  | 132 |  |  | 2.0 | % |  | 132 |  |  | 2.0 | %
0.50% convertible senior notes, due through 2026 |  | 750 |  |  | 0.5 | % |  | 750 |  |  | 0.5 | %
Total debt and finance lease obligations |  | $ | 3,676 |  |  |  |  | $ | 4,042 |  |  |
Less: Debt acquisition cost |  | (29) |  |  |  |  | (36) |  |  |
Less: Current maturities |  | (554) |  |  |  |  | (355) |  |  |
Long-term debt and finance lease obligations |  | $ | 3,093 |  |  |  |  | $ | 3,651 |  |  |
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
2023 |  | $ | 547 |
2024 |  | 330 |
2025 |  | 192 |
2026 |  | 929 |
2027 |  | 174 |
Thereafter |  | 1,475 |
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, 2022 and 2021 were as follows (in millions):
|  | December 31, 2022 |  | December 31, 2021
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Public Debt |  |  |  |  |  |  |  |
Fixed rate special facility bonds, due through 2036 |  | $ | 42 |  |  | $ | 43 |  |  | $ | 42 |  |  | $ | 45 |
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 |  | 504 |  |  | 345 |  |  | 532 |  |  | 442 |
2019-1 Series A, due through 2028 |  | 157 |  |  | 124 |  |  | 166 |  |  | 150 |
2019-1 Series B, due through 2027 |  | 82 |  |  | 87 |  |  | 94 |  |  | 121 |
2020-1 Series A, due through 2032 |  | 546 |  |  | 457 |  |  | 587 |  |  | 634 |
2020-1 Series B, due through 2028 |  | 135 |  |  | 142 |  |  | 153 |  |  | 199 |
Non-Public Debt |  |  |  |  |  |  |  |
Fixed rate enhanced equipment notes, due through 2023 |  | 61 |  |  | 60 |  |  | 88 |  |  | 88 |
Fixed rate equipment notes, due through 2028 |  | 447 |  |  | 422 |  |  | 620 |  |  | 706 |
Floating rate equipment notes, due through 2028 |  | 56 |  |  | 49 |  |  | 103 |  |  | 99 |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 126 |  |  | 259 |  |  | 219 |
2020 sale-leaseback transactions, due through 2024 |  | 341 |  |  | 329 |  |  | 347 |  |  | 374 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 |  | 144 |  |  | 68 |  |  | 144 |  |  | 121 |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 |  | 132 |  |  | 62 |  |  | 132 |  |  | 111 |
0.50% convertible senior notes, due through 2026 |  | 739 |  |  | 534 |  |  | 736 |  |  | 673 |
Total(1) |  | $ | 3,645 |  |  | $ | 2,848 |  |  | $ | 4,003 |  |  | $ | 3,982 |
(1) Total excludes finance lease obligations of $2 million and $3 million at December 31, 2022 and 2021, respectively.

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