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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations on the condensed consolidated balance sheet (in millions):
| June 30, 2021 |  | December 31, 2020
Fixed-rate notes payable due through 2029 | $ | 180 |  |  | $ | 198 |
Fixed-rate PSP notes payable due through 2031 | 600 |  |  | 290 |
Fixed-rate EETC payable due through 2025 & 2027 | 1,116 |  |  | 1,174 |
Variable-rate notes payable due through 2029 | 1,315 |  |  | 1,866 |
Less debt issuance costs and unamortized debt discount | (23) |  |  | (33) |
Total debt | 3,188 |  |  | 3,495 |
Less current portion | 869 |  |  | 1,138 |
Long-term debt, less current portion | $ | 2,319 |  |  | $ | 2,357 |
Weighted-average fixed-interest rate | 3.7 | % |  | 4.3 | %
Weighted-average variable-interest rate | 1.6 | % |  | 1.9 | %
Approximately $562 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at June 30, 2021, resulting in an effective weighted-average interest rate for the full debt portfolio of 3.1%. During the six months ended June 30, 2021, the Company issued $363 million of debt, comprised of $311 million of unsecured loans from the PSP and $54 million in proceeds from issuance of debt. Debt proceeds were offset by $681 million in debt payments. Included within total debt payments is the full repayment of the $135 million loan from the U.S. Treasury made available under the CARES Act and the $363 million outstanding balance on two credit facilities. The $600 million PSP notes are unsecured senior term loans with a 10-year term, bearing an interest rate of 1% in years 1 through 5, and an interest rate equal to the Secured Overnight Financing Rate (SOFR) plus 2% in years 6 through 10. The PSP notes are prepayable at par without penalty. CARES Act In 2020, the Company finalized an agreement with the Treasury to obtain up to $1.9 billion via a secured term loan facility. Obligations under the loan agreement were secured by assets related to, and revenues generated by, Alaska's Mileage Plan TM frequent flyer program, as well as by 30 aircraft and 15 spare engines. In 2020, the Company drew $135 million under the agreement, which was used for certain general corporate purposes and operating expenses in accordance with the terms and conditions of the loan agreement and the applicable provisions of the CARES Act. The full balance was repaid in the second quarter of 2021. In accordance with the related agreement, the facility terminated at the time of payment. Debt Maturity At June 30, 2021 long-term debt principal payments for the next five years and thereafter are as follows (in millions):
| Total
Remainder of 2021 | $ | 227 |
2022 | 796 |
2023 | 334 |
2024 | 240 |
2025 | 261 |
Thereafter | 1,353 |
Total | $ | 3,211 |
Bank Lines of Credit The Company has three credit facilities with availability totaling $486 million as of June 30, 2021, resulting from the second quarter 2021 repayment of $363 million. One of the credit facilities for $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The second credit facility for $250 million expires in June 2024 and is secured by aircraft. These two facilities have variable interest rates based on LIBOR plus a specified margin. A third credit facility for $86 million expires in June 2022 and is secured by aircraft. The Company has secured letters of credit against the third facility, but has no plans to borrow using either of the other two facilities. All 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 June 30, 2021.

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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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