LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Long-term debt obligations (in millions):


	2019			2018
Fixed-rate notes payable due through 2029	$	475		$	642
Variable-rate notes payable due through 2029	1,032			1,473
Less debt issuance costs	(8)			(12)
Total debt	1,499			2,103
Less current portion	235			486
Long-term debt, less current portion	$	1,264		$	1,617

Weighted-average fixed-interest rate	3.3		%	4.1		%
Weighted-average variable-interest rate	2.9		%	3.9		%

Approximately $717 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at December 31, 2019, bringing the weighted-average interest rate for the full debt portfolio to 3%.

During 2019, the Company's total debt decreased $604 million, primarily due to payments of $1.1 billion, including the prepayment of $779 million of debt. These reductions in debt were offset by the addition of secured debt financing from multiple lenders of $450 million. All outstanding debt is secured by aircraft.

The Company's variable-rate debt bears interest at a floating rate per annum equal to a margin plus the three or six-month LIBOR in effect at the commencement of each three or six-month period, as applicable. As of December 31, 2019, 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
2020	$	235
2021	281
2022	243
2023	173
2024	153
Thereafter	420
Total principal payments	$	1,505

Bank Line of Credit

The Company has three credit facilities with availability totaling $516 million. 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. A 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 December 31, 2019.