LONG-TERM DEBT

Long-term debt obligations on the consolidated balance sheet (in millions):



	March 31, 2012			December 31, 2011
Fixed-rate notes payable due through 2024	$	971.0		$	1,002.5
Variable-rate notes payable due through 2024	276.0			304.4
Long-term debt	1,247.0			1,306.9
Less current portion	210.1			207.9
	$	1,036.9		$	1,099.0

Weighted-average fixed-interest rate	5.9		%	5.8		%
Weighted-average variable-interest rate	2.0		%	1.9		%

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

During the three months ended March 31, 2012, the Company made scheduled debt payments of $37.0 million and prepaid the full debt balance on an outstanding aircraft debt agreement of $22.1 million.

At March 31, 2012, long-term debt principal payments for the next five years and thereafter are as follows (in millions):



	Total
Remainder of 2012	$	168.9
2013	163.8
2014	120.1
2015	116.6
2016	113.9
Thereafter	563.7
Total principal payments	$	1,247.0

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, which expires in March 2016, are secured by certain accounts receivable, spare engines, spare parts and ground service equipment. 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 March 31, 2012.