LONG-TERM DEBT

6 Months Ended

Jun. 30, 2019

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



	June 30, 2019			December 31, 2018
Fixed-rate notes payable due through 2028	$	582		$	642
Variable-rate notes payable due through 2028	1,255			1,473
Less debt issuance costs	(11		)	(12		)
Total debt	1,826			2,103
Less current portion	288			486
Long-term debt, less current portion	$	1,538		$	1,617

Weighted-average fixed-interest rate	3.6		%	4.1		%
Weighted-average variable-interest rate	3.6		%	3.9		%

During the six months ended June 30, 2019 the Company made debt payments of $532 million, including the prepayment of $392 million of debt. During the six months ended June 30, 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 June 30, 2019 long-term debt principal payments for the next five years and thereafter are as follows (in millions):



	Total
Remainder of 2019	$	146
2020	287
2021	314
2022	275
2023	235
Thereafter	578
Total	$	1,835

Bank Lines of Credit

The Company has three credit facilities with availability totaling $516 million as of June 30, 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 2020, 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 June 30, 2019.