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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-Term Debt | At September 30, 2024, scheduled maturities of our long-term debt and finance lease obligations were as follows (in millions):
Year | Total
Remainder of 2024 | $ | 111 |
2025 | 341 |
2026 | 663 |
2027 | 344 |
2028 | 444 |
Thereafter | 6,328 |
Total | $ | 8,231 |
Schedule of long term debt | The carrying amounts and estimated fair values of our long-term debt, net of debt issuance costs, at September 30, 2024 and December 31, 2023 were as follows (in millions):
| September 30, 2024 |  | December 31, 2023
| 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 2032 | 463 |  |  | 464 |  |  | 476 |  |  | 474 |
2019-1 Series A, due through 2028 | 144 |  |  | 146 |  |  | 149 |  |  | 150 |
2019-1 Series B, due through 2027 | 63 |  |  | 76 |  |  | 70 |  |  | 86 |
2020-1 Series A, due through 2032 | 486 |  |  | 575 |  |  | 506 |  |  | 597 |
2020-1 Series B, due through 2028 | 108 |  |  | 136 |  |  | 117 |  |  | 150 |
Non-Public Debt |  |  |  |  |  |  |
Fixed rate equipment notes, due through 2028 | 239 |  |  | 233 |  |  | 322 |  |  | 305 |
Floating rate equipment notes, due through 2036 (2) | 434 |  |  | 496 |  |  | 109 |  |  | 113 |
Aircraft sale-leaseback transactions, due through 2036 (2) | 2,186 |  |  | 2,455 |  |  | 1,648 |  |  | 1,738 |
TrueBlue® senior secured notes, due through 2031 | 1,954 |  |  | 2,095 |  |  | — |  |  | — |
TrueBlue® senior secured term loan facility, due through 2029 (2) | 737 |  |  | 911 |  |  | — |  |  | — |
Unsecured CARES Act Payroll Support Program loan, due through 2030 | 259 |  |  | 201 |  |  | 259 |  |  | 184 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 | 144 |  |  | 110 |  |  | 144 |  |  | 101 |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 | 132 |  |  | 101 |  |  | 132 |  |  | 93 |
0.50% convertible senior notes due through 2026 | 323 |  |  | 301 |  |  | 742 |  |  | 657 |
2.50% convertible senior notes, due through 2029 | 450 |  |  | 401 |  |  | — |  |  | — |
Total (3) | $ | 8,164 |  |  | $ | 8,744 |  |  | $ | 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) Certain debt bears interest at a floating rate equal to Secured Overnight Financing Rate ("SOFR"), plus a margin. (3) Total excludes finance lease obligations of $67 million at September 30, 2024 and an immaterial amount at December 31, 2023.

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