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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 consisted of the following (in millions):
|  | December 31, 2023 |  | December 31, 2022
Secured Debt |  |  |  |  |  |  |  |
Fixed rate specialty bonds, due through 2036 |  | $ | 43 |  |  | 5.0 | % |  | $ | 43 |  |  | 4.9 | %
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 |  | 481 |  |  | 2.8 | % |  | 510 |  |  | 2.8 | %
2019-1 Series A, due through 2028 |  | 150 |  |  | 3.0 | % |  | 159 |  |  | 3.0 | %
2019-1 Series B, due through 2027 |  | 71 |  |  | 8.1 | % |  | 83 |  |  | 8.1 | %
2020-1 Series A, due through 2032 |  | 511 |  |  | 4.1 | % |  | 552 |  |  | 4.1 | %
2020-1 Series B, due through 2028 |  | 118 |  |  | 7.8 | % |  | 136 |  |  | 7.8 | %
Fixed rate enhanced equipment notes, due through 2023 |  | — |  |  | — | % |  | 61 |  |  | 4.4 | %
Fixed rate equipment notes, due through 2028 |  | 323 |  |  | 4.3 | % |  | 448 |  |  | 4.2 | %
Floating rate equipment notes, due through 2030 |  | 109 |  |  | 7.4 | % |  | 56 |  |  | 6.9 | %
Aircraft sale-leaseback transactions, due through 2035 |  | 1,649 |  |  | 7.0 | % |  | 341 |  |  | 7.3 | %
Finance leases |  | — |  |  | — | % |  | 2 |  |  | 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 |  | $ | 4,740 |  |  |  |  | $ | 3,676 |  |  |
Less: Debt acquisition cost |  | (24) |  |  |  |  | (29) |  |  |
Less: Current maturities |  | (307) |  |  |  |  | (554) |  |  |
Long-term debt and finance lease obligations |  | $ | 4,409 |  |  |  |  | $ | 3,093 |  |  |
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
2024 |  | $ | 301 |
2025 |  | 273 |
2026 |  | 1,017 |
2027 |  | 269 |
2028 |  | 374 |
Thereafter |  | 2,482 |
Schedule of 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, 2023 and 2022 were as follows (in millions):
|  | December 31, 2023 |  | December 31, 2022
|  | Carrying Value |  | Estimated Fair Value (1) |  | Carrying Value |  | Estimated Fair Value
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 2032 |  | 476 |  |  | 474 |  |  | 504 |  |  | 345 |
2019-1 Series A, due through 2028 |  | 149 |  |  | 150 |  |  | 157 |  |  | 124 |
2019-1 Series B, due through 2027 |  | 70 |  |  | 86 |  |  | 82 |  |  | 87 |
2020-1 Series A, due through 2032 |  | 506 |  |  | 597 |  |  | 546 |  |  | 457 |
2020-1 Series B, due through 2028 |  | 117 |  |  | 150 |  |  | 135 |  |  | 142 |
Non-Public Debt |  |  |  |  |  |  |  |
Fixed rate enhanced equipment notes, due through 2023 |  | — |  |  | — |  |  | 61 |  |  | 60 |
Fixed rate equipment notes, due through 2028 |  | 322 |  |  | 305 |  |  | 447 |  |  | 422 |
Floating rate equipment notes, due through 2030 |  | 109 |  |  | 113 |  |  | 56 |  |  | 49 |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 184 |  |  | 259 |  |  | 126 |
Aircraft sale-leaseback transactions, due through 2035 |  | 1,648 |  |  | 1,738 |  |  | 341 |  |  | 329 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 |  | 144 |  |  | 101 |  |  | 144 |  |  | 68 |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 |  | 132 |  |  | 93 |  |  | 132 |  |  | 62 |
0.50% convertible senior notes, due through 2026 |  | 742 |  |  | 657 |  |  | 739 |  |  | 534 |
Total (2) |  | $ | 4,716 |  |  | $ | 4,691 |  |  | $ | 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. The fair values of our other financial instruments approximate their carrying values. Refer to Note 13 for an explanation of the fair value hierarchy structure. (2) Total excludes finance lease obligations of $2 million at December 31, 2022, and an immaterial amount at December 31, 2023.

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