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Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-Term Debt | At March 31, 2025, scheduled maturities of our long-term debt and finance lease obligations, net of debt issuance costs, for the next five years are as follows (in millions):
Year | Total
Remainder of 2025 | $ | 302 |
2026 | 706 |
2027 | 390 |
2028 | 494 |
2029 | 1,746 |
Thereafter | 4,836 |
Total | $ | 8,474 |
Schedule of Debt | Long-term debt and finance lease obligations at March 31, 2025 and December 31, 2024 consisted of the following (in millions):
|  | March 31, 2025 |  | December 31, 2024
Secured Debt |  |  |  |
Fixed rate special facility bonds, due through 2036 |  | $ | 43 |  |  | $ | 43 |
Fixed rate enhanced equipment notes: |  |  |  |
2019-1 Series AA, due through 2032 |  | 452 |  |  | 452 |
2019-1 Series A, due through 2028 |  | 141 |  |  | 141 |
2019-1 Series B, due through 2027 |  | 58 |  |  | 58 |
2020-1 Series A, due through 2032 |  | 469 |  |  | 469 |
2020-1 Series B, due through 2028 |  | 100 |  |  | 100 |
Fixed rate equipment notes, due through 2028 |  | 190 |  |  | 219 |
Floating rate equipment notes, due through 2036 (1) |  | 725 |  |  | 742 |
Aircraft failed sale-leaseback trans actions, due through 2036 (1) |  | 2,192 |  |  | 2,221 |
TrueBlue® senior secured notes, due through 2031 |  | 1,988 |  |  | 1,988 |
TrueBlue® senior secured term loan facility, due through 2029 (1) |  | 748 |  |  | 749 |
Finance leases |  | 122 |  |  | 116 |
Unsecured Debt |  |  |  |
Unsecured CARES Act Payroll Support Program loan, due through 2030 |  | 259 |  |  | 259 |
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031 |  | 144 |  |  | 144 |
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031 |  | 132 |  |  | 132 |
0.50% convertible senior notes, due through 2026 |  | 325 |  |  | 325 |
2.50% convertible senior notes, due through 2029 |  | 460 |  |  | 460 |
Total debt and finance lease obligations |  | $ | 8,548 |  |  | $ | 8,618 |
Less: Debt issuance costs |  | (74) |  |  | (79) |
Less: Current maturities |  | (384) |  |  | (392) |
Long-term debt and finance lease obligations |  | $ | 8,090 |  |  | $ | 8,147 |
(1) Certain debt bears interest at a floating rate equal to Secured Overnight Financing Rate ("SOFR"), plus a margin.
Schedule of long term debt | The carrying amounts and estimated fair values of our long-term debt and finance lease obligations, net of debt issuance costs, at March 31, 2025 and December 31, 2024 were as follows (in millions):
| March 31, 2025 |  | December 31, 2024
| Carrying Value |  | Estimated Fair Value (1) |  | Carrying Value |  | Estimated Fair Value (1)
Total Debt | $ | 8,474 |  |  | $ | 7,641 |  |  | $ | 8,539 |  |  | $ | 8,337 |
(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.

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