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Long-term Debt | 12 Months Ended
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Dec. 31, 2015
Long-term Debt |
Long-term Debt | (3) Long‑term Debt Long‑term debt consisted of the following as of December 31, 2015 and 2014 (in thousands):
|  | December 31, |  | December 31, |
|  | 2015 |  | 2014 |
Notes payable to banks, due in semi-annual installments, variable interest based on LIBOR, or with interest rates ranging from 1.29% to 2.22% through 2016 to 2020, secured by aircraft |  | $ | 108,348 |  | $ | 174,159 |
Notes payable to a financing company, due in semi-annual installments, variable interest based on LIBOR, or with interest rates ranging from 1.76% to 3.25% through 2017 to 2021, secured by aircraft |  |  | 217,341 |  |  | 350,177 |
Notes payable to banks, due in semi-annual installments plus interest at 6.06% to 6.51% through 2021, secured by aircraft |  |  | 108,069 |  |  | 129,201 |
Notes payable to a financing company, due in semi-annual installments plus interest at 5.78% to 6.23% through 2017, secured by aircraft |  |  | 17,208 |  |  | 25,090 |
Notes payable to banks, due in monthly installments plus interest of 2.68% to 6.86% through 2025, secured by aircraft |  |  | 479,170 |  |  | 572,446 |
Notes payable to banks, due in monthly installments, plus interest at 6.05% through 2020, secured by aircraft |  |  | 11,304 |  |  | 13,551 |
Notes payable to banks, due in monthly installments, plus interest at 3.10% through 2019, secured by aircraft |  |  | 4,615 |  |  | 5,909 |
Notes payable to banks, due in quarterly installments plus interest at 3.39% to 4.02% through 2027, secured by aircraft |  |  | 966,156 |  |  | 446,724 |
Notes payable to banks, due in monthly installments, plus interest based on LIBOR at 3.21% to 3.33% through 2017, secured by aircraft |  |  | 14,538 |  |  | 28,554 |
Notes payable to banks due in monthly installments, interest at 3.30% through 2019, secured by spare engines |  |  | 22,054 |  |  | — |
Long-term debt |  | $ | 1,948,803 |  | $ | 1,745,811 |
Less current maturities |  |  | (272,027) |  |  | (211,821) |
Long-term debt, net of current maturities |  | $ | 1,676,776 |  | $ | 1,533,990 |
During the year ended December 31, 2015, the Company acquired 25 new E175 aircraft. Approximately 85% of the aircraft purchase price was financed through the issuance of debt and 15% of the aircraft purchase price was paid with cash. As of December 31, 2015, the Company had $1.9 billion of long‑term debt obligations primarily related to the acquisition of CRJ200, CRJ700, CRJ900 and E175 aircraft. The average effective interest rate on the debt related to those long-term debt obligations was approximately 3.7% at December 31, 2015. During the year ended December 31, 2015, the Company used $110.8 million in cash to pay off $145.4 million in debt. The payment resulted in a pre-tax gain of $33.7 million, net of the write off of deferred loan costs associated with the debt, reflected as other income in the consolidated statements of comprehensive income (loss), of which the Company used $94 million in cash to pay off $128 million in debt, resulting in a pre-tax gain of $33 million during the fourth quarter of 2015. The aggregate amounts of principal maturities of long‑term debt as of December 31, 2015 were as follows (in thousands):
2016 |  | $ | 272,027 |
2017 |  |  | 248,629 |
2018 |  |  | 230,681 |
2019 |  |  | 223,898 |
2020 |  |  | 183,620 |
Thereafter |  |  | 789,948 |
|  | $ | 1,948,803 |
As of December 31, 2015 and 2014, SkyWest Airlines had a $25 million line of credit. As of December 31, 2015 and 2014, SkyWest Airlines had no amount outstanding under the facility. However, at December 31, 2015 and 2014 the Company had $6 million and $5 million, respectively, in letters of credit issued under the facility which reduced the amount available under the facility to $19 million and $20 million, respectively. The facility expires on April 19, 2016 and has a variable interest rate of Libor plus 3.0%. As of December 31, 2015 and 2014, the Company had $88.9 million and $79.9 million, respectively, in letters of credit and surety bonds outstanding with various banks and surety institutions.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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