LONG-TERM DEBT

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



	2013			2012
Fixed-rate notes payable due through 2024	$	703		$	844
Variable-rate notes payable due through 2023	168			188
Long-term debt	871			1,032
Less current portion	117			161
	$	754		$	871

Weighted-average fixed-interest rate	5.7		%	5.8		%
Weighted-average variable-interest rate	1.7		%	2.0		%

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

During 2013, the Company made debt payments of $161 million. As of December 31, 2013, none of the Company's borrowings were restricted by financial covenants.

At December 31, 2013, long-term debt principal payments for the next five years and thereafter are as follows (in millions):



	Total
2014	$	117
2015	113
2016	111
2017	116
2018	147
Thereafter	267
Total principal payments	$	871

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 2013 by extending the term from March 2016 to March 2017, 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, 2013.