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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations on the condensed consolidated balance sheets (in millions):
| March 31, 2024 |  | December 31, 2023
Fixed-rate notes payable due through 2029 | $ | 73 |  |  | $ | 80 |
Fixed-rate PSP notes payable due through 2031 | 600 |  |  | 600 |
Fixed-rate EETC payable due through 2025 & 2027 | 779 |  |  | 835 |
Variable-rate notes payable due through 2036 | 1,128 |  |  | 971 |
Less debt issuance costs | (15) |  |  | (15) |
Total debt | 2,565 |  |  | 2,471 |
Less current portion(a) | 301 |  |  | 289 |
Long-term debt, less current portion | $ | 2,264 |  |  | $ | 2,182 |
Weighted-average fixed-interest rate | 3.3 | % |  | 3.4 | %
Weighted-average variable-interest rate | 6.8 | % |  | 6.8 | %
(a) Excludes finance lease liabilities recognized within Current portion of long-term debt and finance leases in the condensed consolidated balance sheets as of December 31, 2023. Approximately $240 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at March 31, 2024, resulting in an effective weighted-average interest rate for the full debt portfolio of 4.6%. During the three months ended March 31, 2024, the Company incurred debt of $195 million from multiple lenders and sources. New debt includes proceeds of $150 million which is secured by aircraft. Additionally, $45 million of debt was incurred as part of an agreement to finance certain E175 deliveries. Debt from this agreement is reflected as a non-cash transaction within the supplemental disclosures in the condensed consolidated statements of cash flows. During the three months ended March 31, 2024, the Company made debt payments of $102 million. Debt Maturity At March 31, 2024, long-term debt principal payments for the next five years and thereafter are as follows (in millions):
| Total
Remainder of 2024 | $ | 201 |
2025 | 365 |
2026 | 322 |
2027 | 646 |
2028 | 131 |
Thereafter | 915 |
Total Principal Payments | $ | 2,580 |
Bank Lines of Credit Alaska has three credit facilities totaling $626 million as of March 31, 2024. One credit facility is for $150 million, expires in March 2025, and is secured by certain accounts receivable, spare engines, spare parts, and ground service equipment. A second credit facility is for $400 million, expires in June 2026, and is secured by aircraft. Both facilities have variable interest rates based on SOFR plus a specified margin. A third credit facility is for $76 million, expires in June 2024, and is secured by aircraft. Alaska 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. Alaska was in compliance with this covenant at March 31, 2024. Subsequent to quarter end, the Company executed an amendment to extend the term of the $150 million credit facility from March 2025 to April 2028.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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