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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 12 Months Ended
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, 2024December 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 2032452 2.8 %481 2.8 %
2019-1 Series A, due through 2028141 3.0 %150 3.0 %
2019-1 Series B, due through 202758 8.1 %71 8.1 %
2020-1 Series A, due through 2032469 4.1 %511 4.1 %
2020-1 Series B, due through 2028100 7.8 %118 7.8 %
Fixed rate equipment notes, due through 2028219 4.3 %323 4.3 %
Floating rate equipment notes, due through 2036 (1)
742 7.4 %109 7.4 %
Aircraft failed sale-leaseback transactions, 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 leases116 5.8 %— — %
Unsecured Debt
Unsecured CARES Act Payroll Support Program loan, due through 2030259 2.0 %259 2.0 %
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 2.0 %144 2.0 %
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 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 
2026705 
2027389 
2028492 
20291,744 
Thereafter4,833 
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, 2024December 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, 2024December 31, 2023
Principal amount$325 $750 
Less: Unamortized debt issuance costs2 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 costs10 
Net carrying amount $450