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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
LONG-TERM DEBT | NOTE 5. LONG-TERM DEBT Long-term debt obligations (in millions):
| 2015 |  | 2014
Fixed-rate notes payable due through 2024 | $ | 520 |  |  | $ | 614 |
Variable-rate notes payable due through 2025 | 166 |  |  | 189 |
Long-term debt | 686 |  |  | 803 |
Less current portion | 115 |  |  | 117 |
| $ | 571 |  |  | $ | 686 |
Weighted-average fixed-interest rate | 5.7 | % |  | 5.7 | %
Weighted-average variable-interest rate | 1.8 | % |  | 1.6 | %
All of the Company’s borrowings are secured by aircraft. During 2015, the Company issued no new debt and made scheduled debt payments of $116 million. As of December 31, 2015, 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
2016 | $ | 115 |
2017 | 121 |
2018 | 151 |
2019 | 114 |
2020 | 116 |
Thereafter | 69 |
Total principal payments | $ | 686 |
Bank Line of Credit The Company has two $100 million credit facilities and one $52 million credit facility. All three 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 $52 million facility expires in October 2016 with a mechanism for annual renewal and is secured by two 737-800 aircraft. The Company has no immediate plans to borrow using any of these 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, 2015.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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