v3.26.3
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Maturities of Long-Term Debt
At September 30, 2026, scheduled maturities of our long-term debt and finance lease obligations, net of debt issuance costs, for the next five years were as follows (in millions):
YearTotal
Remainder of 2026$152 
2027477 
2028582 
20291,835 
2030656 
Thereafter4,691 
Total$8,393 
Schedule of Debt
Long-term debt and finance lease obligations at September 30, 2026 and December 31, 2025 consisted of the following (in millions):
September 30, 2026
December 31, 2025
Secured Debt
Fixed rate special facility bonds, due through 2036$43 $43 
Fixed rate enhanced equipment notes:
2019-1 Series AA, due through 2032409 424 
2019-1 Series A, due through 2028128 132 
2019-1 Series B, due through 202738 45 
2020-1 Series A, due through 2032407 428 
2020-1 Series B, due through 202873 82 
Fixed rate equipment notes, due through 2036573 127 
Floating rate equipment notes, due through 2036 (1)
619 673 
Aircraft failed sale-leaseback transactions, due through 2036 (1)
2,011 2,103 
TrueBlue® senior secured notes, due through 2031
1,991 1,990 
TrueBlue® senior secured term loan facility, due through 2029 (1)
742 744 
Finance leases421 449 
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 
2.50% convertible senior notes, due through 2029
460 460 
Total debt and finance lease obligations$8,450 $8,560 
Less: Debt issuance costs(57)(62)
Less: Current maturities(482)(769)
Long-term debt and finance lease obligations$7,911 $7,729 
(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 September 30, 2026 and December 31, 2025 were as follows (in millions):
September 30, 2026December 31, 2025
Carrying Value
Estimated Fair Value (1)
Carrying Value
Estimated Fair Value (1)
Total Debt$8,393 $7,620 $8,498 $7,829 
(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 8 for an explanation of the fair value hierarchy structure.