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DEBT | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
DEBT | DEBT Debt obligations on the condensed consolidated balance sheets:
(in millions) | March 31, 2026 |  | December 31, 2025
Fixed-rate notes payable due through 2038 | $ | 220 |  |  | $ | 115 |
Fixed-rate PSP notes payable due through 2031 | 161 |  |  | 630 |
Fixed-rate EETCs payable due through 2027 | 549 |  |  | 715 |
Fixed-rate Japanese Yen denominated notes payable due through 2031 | 47 |  |  | 51 |
Variable-rate Japanese Yen denominated notes payable due through 2033 | 143 |  |  | 149 |
Variable-rate PSP notes payable due through 2031 | 521 |  |  | 62 |
Variable-rate notes payable due through 2037 | 1,490 |  |  | 1,639 |
Loyalty financing, variable-rate term loan facility due through 2031 | 741 |  |  | 743 |
Loyalty financing, fixed-rate notes due through 2031 | 1,250 |  |  | 1,250 |
Less debt issuance costs | (43) |  |  | (45) |
Total debt | 5,079 |  |  | 5,309 |
Less current portion | 319 |  |  | 540 |
Long-term debt, less current portion | $ | 4,760 |  |  | $ | 4,769 |
Weighted-average fixed-interest rate | 4.6 | % |  | 3.9 | %
Weighted-average variable-interest rate | 5.2 | % |  | 5.2 | %
In the first quarter, interest rates on certain PSP debt were adjusted from a fixed-rate to a variable-rate, in accordance with the terms of the loan agreement. Approximately $633 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at March 31, 2026, resulting in an effective weighted-average interest rate for the full debt portfolio of 4.9%. During the three months ended March 31, 2026, the Company incurred debt of $111 million, secured by aircraft. During the three months ended March 31, 2026, the Company made scheduled debt payments of $227 million and prepayments of $113 million. Debt maturity At March 31, 2026, debt principal payments for the next five years and thereafter are as follows:
(in millions) | Total
Remainder of 2026 | $ | 230 |
2027 | 773 |
2028 | 337 |
2029 | 886 |
2030 | 276 |
Thereafter | 2,641 |
Total Principal Payments(a) | $ | 5,143 |
(a) The Company recognized the long-term debt assumed in the Hawaiian acquisition at fair value as of the acquisition date. As a result, the amount in the condensed consolidated balance sheets will not equal the total balance of remaining principal payments presented in this table. Bank lines of credit Alaska has a revolving credit facility for $850 million, expiring in September 2029, which is secured by a combination of Alaska and Hawaiian aircraft, slots, gates, routes, and other eligible assets. The facility has a variable interest rate based on SOFR plus a specified margin. As of March 31, 2026, the Company had no outstanding borrowing under this facility. Subsequent to quarter end, the Company exercised the facility's accordion feature, increasing the aggregate commitment amount to $1.1 billion. Alaska has a second credit facility for $106 million, expiring in June 2027, which is secured by aircraft. Alaska has secured letters of credit against this facility. Covenants Certain debt agreements and credit facilities contain customary financial covenants, including compliance with certain debt service coverage ratios and minimum liquidity requirements. The Company and its subsidiaries were in compliance with these covenants as of March 31, 2026.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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