LONG-TERM DEBT

3 Months Ended

Mar. 31, 2019

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



	March 31, 2019			December 31, 2018
Fixed-rate notes payable due through 2028	$	515		$	642
Variable-rate notes payable due through 2028	1,461			1,473
Less debt issuance costs	(12		)	(12		)
Total debt	1,964			2,103
Less current portion	300			486
Long-term debt, less current portion	$	1,664		$	1,617

Weighted-average fixed-interest rate	3.8		%	4.1		%
Weighted-average variable-interest rate	3.8		%	3.9		%

During the three months ended March 31, 2019 the Company made debt payments of $393 million, including the prepayment of $320 million of debt. During the three months ended March 31, 2019, the Company obtained additional secured debt financing of $254 million from multiple lenders. The new debt is secured by a total of nine aircraft.

At March 31, 2019 long-term debt principal payments for the next five years and thereafter are as follows (in millions):



	Total
Remainder of 2019	$	220
2020	300
2021	327
2022	288
2023	261
Thereafter	577
Total	$	1,973

Bank Lines of Credit

The Company has three credit facilities with availability totaling $516 million as of March 31, 2019. All three facilities have variable interest rates based on LIBOR plus a specified margin. One credit facility for $250 million expires in June 2021 and is secured by aircraft. The second credit facility for $116 million expires in July 2019, with a mechanism for annual renewal, and is secured by aircraft. A third credit facility for $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The Company has secured letters of credit against the $116 million facility, but has no plans to borrow using either of the two other facilities. All three credit 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 March 31, 2019.