v3.24.0.1
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 consisted of the following (in millions):
 December 31, 2023December 31, 2022
Secured Debt
Fixed rate specialty bonds, due through 2036$43 5.0 %$43 4.9 %
Fixed rate enhanced equipment notes:
2019-1 Series AA, due through 2032481 2.8 %510 2.8 %
2019-1 Series A, due through 2028150 3.0 %159 3.0 %
2019-1 Series B, due through 202771 8.1 %83 8.1 %
2020-1 Series A, due through 2032511 4.1 %552 4.1 %
2020-1 Series B, due through 2028118 7.8 %136 7.8 %
Fixed rate enhanced equipment notes, due through 2023— — %61 4.4 %
Fixed rate equipment notes, due through 2028323 4.3 %448 4.2 %
Floating rate equipment notes, due through 2030109 7.4 %56 6.9 %
Aircraft sale-leaseback transactions, due through 20351,649 7.0 %341 7.3 %
Finance leases— — %6.1 %
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
750 0.5 %750 0.5 %
Total debt and finance lease obligations$4,740 $3,676 
Less: Debt acquisition cost(24)(29)
Less: Current maturities(307)(554)
Long-term debt and finance lease obligations$4,409 $3,093 
Schedule of maturities of long-term debt
Maturities of our debt and finance leases, net of debt acquisition costs, for the next five years are as follows (in millions):
Maturities
2024$301 
2025273 
20261,017 
2027269 
2028374 
Thereafter2,482 
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 acquisition costs, at December 31, 2023 and 2022 were as follows (in millions):
December 31, 2023December 31, 2022
Carrying Value
Estimated Fair Value (1)
Carrying ValueEstimated Fair Value
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 2032476 474 504 345 
2019-1 Series A, due through 2028149 150 157 124 
2019-1 Series B, due through 202770 86 82 87 
2020-1 Series A, due through 2032506 597 546 457 
2020-1 Series B, due through 2028117 150 135 142 
Non-Public Debt
Fixed rate enhanced equipment notes, due through 2023— — 61 60 
Fixed rate equipment notes, due through 2028322 305 447 422 
Floating rate equipment notes, due through 2030109 113 56 49 
Unsecured CARES Act Payroll Support Program loan, due through 2030259 184 259 126 
Aircraft sale-leaseback transactions, due through 20351,648 1,738 341 329 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 101 144 68 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 93 132 62 
0.50% convertible senior notes, due through 2026
742 657 739 534 
Total (2)
$4,716 $4,691 $3,645 $2,848 
(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.
(2) Total excludes finance lease obligations of $2 million at December 31, 2022, and an immaterial amount at December 31, 2023.