Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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):


	June 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Secured debt:
Pre-delivery credit facility	$	221	$	219	$	174	$	175
Treasury Loan	—		—		150		156
Floating rate building note	18		18		18		19
Unsecured debt:
PSP Promissory Notes	66		47		66		58
Affinity card advance purchase of mileage credits	71		61		15		14
Total debt	$	376	$	345	$	423	$	422

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 in the Company’s condensed consolidated financial statements (in millions):



		Fair Value Measurements as of June 30, 2022
Description	Balance Sheet Classification	Total		Level 1		Level 2		Level 3
Cash	Cash and cash equivalents	$	766	$	766	$	—	$	—
Interest rate derivative contracts	Other current assets	$	8	$	—	$	8	$	—


		Fair Value Measurements as of December 31, 2021
Description	Balance Sheet Classification	Total		Level 1		Level 2		Level 3
Cash	Cash and cash equivalents	$	918	$	918	$	—	$	—