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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 9 Months Ended
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):
YearTotal
Remainder of 2024$111 
2025341 
2026663 
2027344 
2028 444 
Thereafter6,328 
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, 2024December 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 2032463 464 476 474 
  2019-1 Series A, due through 2028144 146 149 150 
2019-1 Series B, due through 202763 76 70 86 
2020-1 Series A, due through 2032486 575 506 597 
2020-1 Series B, due through 2028108 136 117 150 
Non-Public Debt
Fixed rate equipment notes, due through 2028239 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 20311,954 2,095 — — 
TrueBlue® senior secured term loan facility, due through 2029 (2)
737 911 — — 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 201 259 184 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 110 144 101 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 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 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) 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.