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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-Term Debt | At March 31, 2024, scheduled maturities of our long-term debt and finance lease obligations were as follows (in millions):
Year | Total
Remainder of 2024 | $ | 265 |
2025 | 302 |
2026 | 1,044 |
2027 | 297 |
2028 | 403 |
Thereafter | 2,701 |
Total | $ | 5,012 |
Schedule of long term debt | The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at March 31, 2024 and December 31, 2023 were as follows (in millions):
| March 31, 2024 |  | December 31, 2023
| 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 | 477 |  |  | 483 |  |  | 476 |  |  | 474 |
2019-1 Series A, due through 2028 | 149 |  |  | 151 |  |  | 149 |  |  | 150 |
2019-1 Series B, due through 2027 | 70 |  |  | 86 |  |  | 70 |  |  | 86 |
2020-1 Series A, due through 2032 | 506 |  |  | 606 |  |  | 506 |  |  | 597 |
2020-1 Series B, due through 2028 | 117 |  |  | 150 |  |  | 117 |  |  | 150 |
Non-Public Debt |  |  |  |  |  |  |
Fixed rate equipment notes, due through 2028 | 290 |  |  | 278 |  |  | 322 |  |  | 305 |
Floating rate equipment notes, due through 2030 (2) | 101 |  |  | 106 |  |  | 109 |  |  | 113 |
Aircraft sale-leaseback transactions, due through 2036 | 1,962 |  |  | 2,121 |  |  | 1,648 |  |  | 1,738 |
Unsecured CARES Act Payroll Support Program loan, due through 2030 | 259 |  |  | 190 |  |  | 259 |  |  | 184 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 | 144 |  |  | 104 |  |  | 144 |  |  | 101 |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 | 132 |  |  | 96 |  |  | 132 |  |  | 93 |
0.50% convertible senior notes due through 2026 | 743 |  |  | 671 |  |  | 742 |  |  | 657 |
Total (3) | $ | 4,992 |  |  | $ | 5,085 |  |  | $ | 4,716 |  |  | $ | 4,691 |
(1) The estimated fair va lues 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 7 for an explanation of the fair value hierarchy structure. (2) Floating rate debt is equal to Secured Overnight Financing Rate ("SOFR"), plus a margin. (3) Total excludes finance lease obligations of $20 million at March 31, 2024 and an immaterial amount at December 31, 2023.

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