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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-Term Debt
At June 30, 2023, scheduled maturities of our long-term debt and finance lease obligations were as follows (in millions):
YearTotal
Remainder of 2023$134 
2024251 
2025220 
2026959 
2027207 
2028 and thereafter1,986 
Total$3,757 
Schedule of long term debt
The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at June 30, 2023 and December 31, 2022 were as follows (in millions):
June 30, 2023December 31, 2022
Carrying Value
Estimated Fair Value (1)
Carrying Value
Estimated Fair Value (1)
Public Debt
Fixed rate special facility bonds, due through 2036$42 $43 $42 $43 
Fixed rate enhanced equipment notes:
  2019-1 Series AA, due through 2032490 352 504 345 
  2019-1 Series A, due through 2028153 126 157 124 
2019-1 Series B, due through 202776 81 82 87 
2020-1 Series A, due through 2032527 455 546 457 
2020-1 Series B, due through 2028126 134 135 142 
Non-Public Debt
Fixed rate enhanced equipment notes, due through 2023— — 61 60 
Fixed rate equipment notes, due through 2028381 320 447 422 
Floating rate equipment notes, due through 2030 (2)
120 100 56 49 
Sale-leaseback transactions, due through 2035565 419 341 329 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 130 259 126 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 70 144 68 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 65 132 62 
Convertible senior notes due 2026741 560 739 534 
Total (3)
$3,756 $2,855 $3,645 $2,848 
(1) 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 non-public debt are 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. Refer to Note 7 for an explanation of the fair value hierarchy structure.
(2) Floating rate debt is equal to Secured Overnight Financing Rate (“SOFR”), plus an applicable margin.
(3) Total excludes finance lease obligations of $1 million and $2 million at June 30, 2023 and December 31, 2022, respectively.