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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 consisted of the following (in millions):
|  | December 31, 2024 |  | December 31, 2023
Secured Debt |  |  |  |  |  |  |  |
Fixed rate special facility bonds, due through 2036 |  | $ | 43 |  |  | 5.0 | % |  | $ | 43 |  |  | 5.0 | %
Fixed rate enhanced equipment notes: |  |  |  |  |  |  |  |
2019-1 Series AA, due through 2032 |  | 452 |  |  | 2.8 | % |  | 481 |  |  | 2.8 | %
2019-1 Series A, due through 2028 |  | 141 |  |  | 3.0 | % |  | 150 |  |  | 3.0 | %
2019-1 Series B, due through 2027 |  | 58 |  |  | 8.1 | % |  | 71 |  |  | 8.1 | %
2020-1 Series A, due through 2032 |  | 469 |  |  | 4.1 | % |  | 511 |  |  | 4.1 | %
2020-1 Series B, due through 2028 |  | 100 |  |  | 7.8 | % |  | 118 |  |  | 7.8 | %
Fixed rate equipment notes, due through 2028 |  | 219 |  |  | 4.3 | % |  | 323 |  |  | 4.3 | %
Floating rate equipment notes, due through 2036 (1) |  | 742 |  |  | 7.4 | % |  | 109 |  |  | 7.4 | %
Aircraft failed sale-leaseback trans actions, due through 2036 (1) |  | 2,221 |  |  | 7.0 | % |  | 1,649 |  |  | 7.0 | %
TrueBlue® senior secured notes, due through 2031 |  | 1,988 |  |  | 9.9 | % |  | — |  |  | — | %
TrueBlue® senior secured term loan facility, due through 2029 (1) |  | 749 |  |  | 9.9 | % |  | — |  |  | — | %
Finance leases |  | 116 |  |  | 5.8 | % |  | — |  |  | — | %
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 |  | 325 |  |  | 0.5 | % |  | 750 |  |  | 0.5 | %
2.50% convertible senior notes, due through 2029 |  | 460 |  |  | 2.5 | % |  | — |  |  | — | %
Total debt and finance lease obligations |  | $ | 8,618 |  |  |  |  | $ | 4,740 |  |  |
Less: Debt issuance costs |  | (79) |  |  |  |  | (24) |  |  |
Less: Current maturities |  | (392) |  |  |  |  | (307) |  |  |
Long-term debt and finance lease obligations |  | $ | 8,147 |  |  |  |  | $ | 4,409 |  |  |
(1) Certain debt bears interest at a floating rate equal to Secured Overnight Financing Rate ("SOFR"), plus a margin.
Schedule of maturities of long-term debt | Maturities of our debt and finance leases, net of debt issuance costs, for the next five years are as follows (in millions):
|  | Maturities
2025 |  | $ | 376 |
2026 |  | 705 |
2027 |  | 389 |
2028 |  | 492 |
2029 |  | 1,744 |
Thereafter |  | 4,833 |
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 issuance costs, at December 31, 2024 and 2023 were as follows (in millions):
|  | December 31, 2024 |  | December 31, 2023
|  | Carrying Value |  | Estimated Fair Value (1) |  | Carrying Value |  | Estimated Fair Value (1)
Total Debt |  | $ | 8,539 |  |  | $ | 8,337 |  |  | $ | 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 13 for an explanation of the fair value hierarchy structure.
Convertible Debt | The following table provides information relating to the principal amount and unamortized debt issuance costs of the 0.50% Convertible Senior Notes (in millions):
|  | December 31, 2024 |  | December 31, 2023
Principal amount |  | $ | 325 |  |  | $ | 750 |
Less: Unamortized debt issuance costs |  | 2 |  |  | 8 |
Net carrying amount |  | 323 |  |  | 742 |
The following table provides information relating to the principal amount and unamortized debt issuance costs of the 2.50% Convertible Senior Notes (in millions):
|  | December 31, 2024 |  |
Principal amount |  | $ | 460 |  |  |
Less: Unamortized debt issuance costs |  | 10 |  |  |
Net carrying amount |  | $ | 450 |  |  |

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