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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 3 Months Ended
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):
YearTotal
Remainder of 2024$265 
2025302 
20261,044 
2027297 
2028 403 
Thereafter2,701 
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, 2024December 31, 2023
Carrying Value
Estimated Fair Value (1)
Carrying ValueEstimated 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 2032477 483 476 474 
  2019-1 Series A, due through 2028149 151 149 150 
2019-1 Series B, due through 202770 86 70 86 
2020-1 Series A, due through 2032506 606 506 597 
2020-1 Series B, due through 2028117 150 117 150 
Non-Public Debt
Fixed rate equipment notes, due through 2028290 278 322 305 
Floating rate equipment notes, due through 2030 (2)
101 106 109 113 
Aircraft sale-leaseback transactions, due through 20361,962 2,121 1,648 1,738 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 190 259 184 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 104 144 101 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 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 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 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.