LONG-TERM DEBT

Long-term debt obligations were as follows at December 31 (in millions):



	2011			2010
Fixed-rate notes payable due through 2024	$	1,002.5		$	1,233.6
Variable-rate notes payable due through 2024	304.4			300.6
Long-term debt	1,306.9			1,534.2
Less current portion	207.9			221.2
	$	1,099.0		$	1,313.0

Weighted-average fixed-interest rate	5.8		%	6.0		%
Weighted-average variable-interest rate	1.9		%	1.8		%

All of the Company’s borrowings were secured by aircraft.

During 2011, the Company made scheduled debt payments of $168.8 million. The Company also prepaid the full debt balance on seven outstanding aircraft debt agreements and the partial debt balance on four outstanding aircraft debt agreements totaling $164.7 million. In addition, the Company borrowed approximately $106.5 million for six of the Q400 aircraft delivered in 2011.

At December 31, 2011, long-term debt principal payments for the next five years and thereafter are as follows (in millions):



	Total
2012	$	207.9
2013	165.9
2014	122.3
2015	118.9
2016	116.5
Thereafter	575.4
Total principal payments	$	1,306.9

Bank Line of Credit

The Company has two $100 million credit facilities. Both facilities have variable interest rates based on LIBOR plus a specified margin. Borrowings on one of the $100 million facilities, which expires in March 2013, are secured by aircraft. Borrowings on the other $100 million facility are secured by certain accounts receivable, spare engines, spare parts and ground service equipment. During 2011, we modified the second facility by extending the term from March 2014 to March 2016 and reduced the commitment fee. The Company has no immediate plans to borrow using either of these facilities. These facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. The Company is in compliance with this covenant at December 31, 2011.