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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations on the condensed consolidated balance sheet (in millions):
| March 31, 2020 |  | December 31, 2019
Fixed-rate notes payable due through 2029 | $ | 457 |  |  | $ | 475 |
Variable-rate notes payable due through 2029 | 1,816 |  |  | 1,032 |
Less debt issuance costs | (11) |  |  | (8) |
Total debt | 2,262 |  |  | 1,499 |
Less current portion | 1,059 |  |  | 235 |
Long-term debt, less current portion | $ | 1,203 |  |  | $ | 1,264 |
Weighted-average fixed-interest rate | 3.3 | % |  | 3.3 | %
Weighted-average variable-interest rate | 2.4 | % |  | 2.9 | %
Approximately $694 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at March 31, 2020. During the three months ended March 31, 2020, the Company obtained additional secured debt financing of $425 million from multiple lenders. The new debt is secured by a total of 25 aircraft. The Company also made scheduled debt payments of $60 million during the three months ended March 31, 2020. At March 31, 2020 long-term debt principal payments for the next five years and thereafter are as follows (in millions):
| Total
Remainder of 2020 | $ | 577 |
2021 | 706 |
2022 | 243 |
2023 | 173 |
2024 | 153 |
Thereafter | 418 |
Total | $ | 2,270 |
Subsequent to quarter end, the Company obtained additional secured debt financing of $50 million. The new debt is secured by 2 aircraft. Bank Lines of Credit The Company has three credit facilities with capacity totaling $516 million as of March 31, 2020. 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 $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The third credit facility for $116 million expires in July 2020, with a mechanism for annual renewal, and is secured by aircraft. During the three months ended March 31, 2020, the Company drew $400 million on the first two existing facilities. The outstanding amount on both facilities is classified as short-term on the condensed consolidated balance sheet. The Company also has secured letters of credit against the $116 million facility. 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 March 31, 2020.

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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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