v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts and estimated fair values of the Company’s debt are as follows (in millions):
September 30, 2026December 31, 2025
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Secured debt:
Pre-delivery Credit Facilities$180 $182 $348 $352 
2025-1 EETCs100 100 105 109 
Unsecured debt:
Affinity card advance purchase of miles140 125 101 100 
PSP Promissory Notes66 65 66 65 
Total debt$486 $472 $620 $626 
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below present disclosures about the fair value of assets and liabilities measured at fair value on a recurring basis on the Company’s condensed consolidated balance sheets (in millions):
Fair Value Measurements as of September 30, 2026
DescriptionBalance Sheet
Classification
TotalLevel 1Level 2Level 3
Cash, cash equivalents and restricted cashCash and cash equivalents$976 $976 $— $— 
Fair Value Measurements as of December 31, 2025
DescriptionBalance Sheet
Classification
TotalLevel 1Level 2Level 3
Cash, cash equivalents and restricted cashCash and cash equivalents$671 $671 $— $—