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Long-Term Debt | 12 Months Ended
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Dec. 31, 2018
Long-Term Debt |
Long-Term Debt | (3) Long‑term Debt Long‑term debt consisted of the following as of December 31, 2018 and 2017 (in thousands):
|  | December 31, |  | December 31, |
|  | 2018 |  | 2017 |
Notes payable to banks, due in semi-annual installments, variable interest based on LIBOR, or with an interest rate of 4.00% through 2019, secured by aircraft |  | $ | 6,429 |  | $ | 34,905 |
Notes payable to a financing company, due in semi-annual installments, variable interest based on LIBOR, or with an interest rate of 3.25% through 2021, secured by aircraft |  |  | 36,324 |  |  | 97,612 |
Notes payable to banks, due in semi-annual installments plus interest at 6.10% to 6.51% through 2021, secured by aircraft |  |  | 41,592 |  |  | 63,090 |
Notes payable to banks, due in monthly installments plus interest of 2.68% to 6.86% through 2025, secured by aircraft |  |  | 371,300 |  |  | 372,157 |
Notes payable to banks, due in monthly installments, plus interest at 4.07% to 6.05% through 2029, secured by aircraft |  |  | 105,069 |  |  | 49,001 |
Notes payable to banks, due in quarterly installments, plus interest at 3.39% to 5.08% through 2030, secured by aircraft |  |  | 2,621,416 |  |  | 2,085,822 |
Notes payable to banks due in monthly installments, interest at 3.30% through 2019, secured by spare engines |  |  | 3,308 |  |  | 9,763 |
Long-term debt |  | $ | 3,185,438 |  | $ | 2,712,350 |
Current portion of long-term debt |  |  | (354,072) |  |  | (313,243) |
Less long-term portion of unamortized debt issue cost, net |  |  | (21,598) |  |  | (21,761) |
Long-term debt, net of current maturities and debt issue costs |  | $ | 2,809,768 |  | $ | 2,377,346 |
Current portion of long-term debt |  |  | 354,072 |  |  | 313,243 |
Less current portion of unamortized debt issue cost, net |  |  | (3,866) |  |  | (3,565) |
Current portion of long-term debt, net of debt issue costs |  | $ | 350,206 |  | $ | 309,678 |
During the year ended December 31, 2018, the Company acquired 39 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, 2018 and 2017, the Company had $3.2 billion and $2.7 billion, respectively, of long‑term debt obligations primarily related to the acquisition of aircraft and certain spare engines. The average effective interest rate on the debt related to those long-term debt obligations at December 31, 2018 and 2017, was approximately 4.2% and 3.9%, respectively. During the year ended December 31, 2018, the Company used $43.5 million in cash to extinguish $43.5 million in debt early. The payment did not result in a pre-tax gain or loss in the consolidated statements of comprehensive income (loss). The Company did not extinguish any debt early during 2017. During the year ended December 31, 2016, the Company used $16.5 million in cash to extinguish $18.4 million in debt early. The payment resulted in a pre-tax gain of $1.3 million, reflected as other income in the consolidated statements of comprehensive income (loss). The aggregate amounts of principal maturities of long‑term debt as of December 31, 2018 were as follows (in thousands):
2019 |  | $ | 354,072 |
2020 |  |  | 351,738 |
2021 |  |  | 347,835 |
2022 |  |  | 353,935 |
2023 |  |  | 359,677 |
Thereafter |  |  | 1,418,181 |
|  | $ | 3,185,438 |
As of December 31, 2018 and 2017, SkyWest Airlines had a $75 million line of credit. The line of credit includes minimum liquidity and profitability covenants and is secured by certain assets. As of December 31, 2018 and 2017, SkyWest Airlines had no amount outstanding under the facility. However, at December 31, 2018 and 2017 the Company had $9.7 million and $14.8 million, respectively, in letters of credit issued under the facility which reduced the amount available under the facility to $65.3 million and $60.2 million, respectively. The facility expires on September 1, 2021 and has a variable interest rate of LIBOR plus 2.5% at December 31, 2018. As of December 31, 2018 and 2017, the Company had $78.7 million and $87.4 million, respectively, in letters of credit and surety bonds outstanding with various banks and surety institutions in addition to the letters of credit outstanding under the line of credit.

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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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