LONG-TERM DEBT

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



	2012			2011
Fixed-rate notes payable due through 2024	$	844		$	1,003
Variable-rate notes payable due through 2023	188			304
Long-term debt	1,032			1,307
Less current portion	161			208
	$	871		$	1,099

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

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

During 2012, the Company made scheduled debt payments of $172 million. The Company also prepaid the full debt balance on seven outstanding aircraft debt agreements totaling $103 million. In 2011, the Company borrowed approximately $107 million for six of the Q400 aircraft delivered in 2011. As of December 31, 2012, none of the Company's borrowings were restricted by covenants.

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



	Total
2013	$	161
2014	117
2015	113
2016	111
2017	116
Thereafter	414
Total principal payments	$	1,032

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 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. The Company modified the first facility in 2012 by extending the term from March 2013 to August 2015 and the second facility in 2011 by extending the term from March 2014 to March 2016, and reduced the commitment fee for both facilities. 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 was in compliance with this covenant at December 31, 2012.