XML 19 R12.htm IDEA: XBRL DOCUMENT
v3.19.3

LONG-TERM DEBT | 9 Months Ended
--- | ---
Sep. 30, 2019
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations on the consolidated balance sheet (in millions):
| September 30, 2019 |  | December 31, 2018
Fixed-rate notes payable due through 2029 | $ | 569 |  |  | $ | 642 |
Variable-rate notes payable due through 2029 | 1,150 |  |  | 1,473 |
Less debt issuance costs | (10 | ) |  | (12 | )
Total debt | 1,709 |  |  | 2,103 |
Less current portion | 265 |  |  | 486 |
Long-term debt, less current portion | $ | 1,444 |  |  | $ | 1,617 |
Weighted-average fixed-interest rate | 3.4 | % |  | 4.1 | %
Weighted-average variable-interest rate | 3.2 | % |  | 3.9 | %
Approximately $745 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at September 30, 2019. During the nine months ended September 30, 2019, the Company made debt payments of $752 million, including the prepayment of $532 million of debt. During the nine months ended September 30, 2019, the Company obtained additional secured debt financing of $356 million from multiple lenders. The new debt is secured by a total of 12 aircraft. At September 30, 2019 long-term debt principal payments for the next five years and thereafter are as follows (in millions):
| Total
Remainder of 2019 | $ | 63 |
2020 | 268 |
2021 | 313 |
2022 | 274 |
2023 | 234 |
Thereafter | 565 |
Total | $ | 1,717 |
Bank Lines of Credit The Company has three credit facilities with availability totaling $516 million as of September 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 September 30, 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration