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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations on the consolidated balance sheet (in millions):
| March 31, 2016 |  | December 31, 2015
Fixed-rate notes payable due through 2024 | $ | 491 |  |  | $ | 520 |
Variable-rate notes payable due through 2025 | 159 |  |  | 166 |
Less debt issuance costs | (3 | ) |  | (3 | )
Total debt | 647 |  |  | 683 |
Less current portion | 116 |  |  | 114 |
Long-term debt, less current portion | $ | 531 |  |  | $ | 569 |
Weighted-average fixed-interest rate | 5.7 | % |  | 5.7 | %
Weighted-average variable-interest rate | 2.1 | % |  | 1.8 | %
During the three months ended March 31, 2016, the Company made debt payments of $36 million. As discussed in Note 1, the Company adopted ASU 2015-03 which resulted in a reclassification of debt issuance costs as an offset to debt in the consolidated balance sheet. At March 31, 2016, long-term debt principal payments for the next five years and thereafter are as follows (in millions):
| Total
Remainder of 2016 | $ | 79 |
2017 | 121 |
2018 | 151 |
2019 | 114 |
2020 | 116 |
Thereafter | 69 |
Total | $ | 650 |
Bank Lines 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 is in compliance with this covenant at March 31, 2016.

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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 + Details
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