NOTE 6. LONG-TERM DEBT

Long-term debt obligations (in millions):



	2014			2013
Fixed-rate notes payable due through 2024	$	614		$	703
Variable-rate notes payable due through 2025	189			168
Long-term debt	803			871
Less current portion	117			117
	$	686		$	754

Weighted-average fixed-interest rate	5.7		%	5.7		%
Weighted-average variable-interest rate	1.6		%	1.7		%

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

During 2014, the Company issued $51 million in debt and made debt payments of $119 million. As of December 31, 2014, none of the Company's borrowings were restricted by financial covenants.

Long-term debt principal payments for the next five years and thereafter (in millions):



	Total
2015	$	117
2016	115
2017	121
2018	151
2019	114
Thereafter	185
Total principal payments	$	803

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. One of the $100 million facilities, which expires in September 2017, is secured by aircraft. The other $100 million facility, which expires in March 2017, is 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 was in compliance with this covenant at December 31, 2014.