LONG-TERM DEBT

3 Months Ended

Mar. 31, 2023

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


	March 31, 2023			December 31, 2022
Fixed-rate notes payable due through 2029	$	100		$	113
Fixed-rate PSP notes payable due through 2031	600			600
Fixed-rate EETC payable due through 2025 & 2027	891			947
Variable-rate notes payable due through 2029	487			514
Less debt issuance costs	(15)			(15)
Total debt	2,063			2,159
Less current portion	268			276
Long-term debt, less current portion	$	1,795		$	1,883

Weighted-average fixed-interest rate	3.5		%	3.5		%
Weighted-average variable-interest rate	6.1		%	5.8		%

Approximately $286 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at March 31, 2023, resulting in an effective weighted-average interest rate for the full debt portfolio of 3.7%.

During the three months ended March 31, 2023, the Company made scheduled debt payments of $94 million and prepayments of $2 million.

Debt Maturity

At March 31, 2023, long-term debt principal payments for the next five years and thereafter are as follows (in millions):


	Total
Remainder of 2023	$	185
2024	243
2025	296
2026	176
2027	535
Thereafter	643
Total Principal Payments	$	2,078

Bank Lines of Credit

Alaska has three credit facilities totaling $486 million as of March 31, 2023. One of the credit facilities for $150 million expires in March 2025 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. A second credit facility for $250 million expires in June 2024 and is secured by aircraft. Both facilities have variable interest rates based on LIBOR plus a specified margin. A third credit facility for $86 million expires in June 2023 and is secured by aircraft.

Alaska has secured letters of credit against the third facility, but has no plans to borrow using either of the other two facilities. All credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. Alaska was in compliance with this covenant at March 31, 2023.