v3.25.2
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-Term Debt
At June 30, 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):
YearTotal
Remainder of 2025$192 
2026700 
2027398 
2028502 
20291,753 
Thereafter4,906 
Total$8,451 
Schedule of Debt
Long-term debt and finance lease obligations at June 30, 2025 and December 31, 2024 consisted of the following (in millions):
 
June 30, 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 2032438 452 
2019-1 Series A, due through 2028137 141 
2019-1 Series B, due through 202751 58 
2020-1 Series A, due through 2032448 469 
2020-1 Series B, due through 202891 100 
Fixed rate equipment notes, due through 2028152 219 
Floating rate equipment notes, due through 2036 (1)
706 742 
Aircraft failed sale-leaseback transactions, due through 2036 (1)
2,163 2,221 
TrueBlue® senior secured notes, due through 2031
1,989 1,988 
TrueBlue® senior secured term loan facility, due through 2029 (1)
747 749 
Finance leases236 116 
Unsecured Debt
Unsecured CARES Act Payroll Support Program loan, due through 2030259 259 
Unsecured Consolidated Appropriations Act Payroll Support Program Extension loan, due through 2031144 144 
Unsecured American Rescue Plan Act of 2021 Payroll Support loan, due through 2031132 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$8,521 $8,618 
Less: Debt issuance costs(70)(79)
Less: Current maturities(711)(392)
Long-term debt and finance lease obligations$7,740 $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 June 30, 2025 and December 31, 2024 were as follows (in millions):
June 30, 2025December 31, 2024
Carrying Value
Estimated Fair Value (1)
Carrying Value
Estimated Fair Value (1)
Total Debt$8,451 $7,496 $8,539 $8,337 
(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.