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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT 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.

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- 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
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