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Long-term Debt | 6 Months Ended
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Jun. 30, 2023
Long-term Debt |
Long-term Debt | (9) Long-term Debt Long-term debt consisted of the following as of June 30, 2023, and December 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | ​ | December 31, 2022
Current portion of long-term debt | $ | 445,946 | ​ | $ | 442,360
Current portion of unamortized debt issue cost, net | ​ | (3,791) | ​ | ​ | (3,858)
Current portion of long-term debt, net of debt issue costs | $ | 442,155 | ​ | $ | 438,502
​ | ​ | ​ | ​ | ​ | ​
Long-term debt, net of current maturities | $ | 2,766,676 | ​ | $ | 2,966,951
Long-term portion of unamortized debt issue cost, net | ​ | (22,872) | ​ | ​ | (25,179)
Long-term debt, net of current maturities and debt issue costs | $ | 2,743,804 | ​ | $ | 2,941,772
​ | ​ | ​ | ​ | ​ | ​
Total long-term debt (including current portion) | $ | 3,212,622 | ​ | $ | 3,409,311
Total unamortized debt issue cost, net | ​ | (26,663) | ​ | ​ | (29,037)
Total long-term debt, net of debt issue costs | $ | 3,185,959 | ​ | $ | 3,380,274
​ As of June 30, 2023, the Company had $3.2 billion of total long-term debt, which consisted of $3.0 billion of debt used to finance aircraft and spare engines and $200.6 million of unsecured debt payable to U.S. Treasury. The average effective interest rate on the Company’s debt was approximately 4.1% at June 30, 2023. During six months ended June 30, 2023, the Company executed a promissory note for $25.0 million. The promissory note has an eight-year term, is due in monthly installments, has a fixed annual interest rate of 5.6% and is secured by spare engines. As of June 30, 2023 and December 31, 2022, the Company had $59.6 million and $59.2 million, respectively, in letters of credit and surety bonds outstanding with various banks and surety institutions. As of June 30, 2023, SkyWest Airlines had a $100.0 million line of credit. The line of credit includes minimum liquidity and profitability covenants and is secured by certain assets. As of June 30, 2023, SkyWest Airlines had no amounts outstanding under the facility. However, at June 30, 2023, SkyWest Airlines had $29.9 million in letters of credit issued under the facility, which reduced the amount available under the facility to $70.1 million. The line of credit expires March 25, 2025 and has a variable interest rate of 3.5% plus the one month SOFR rate. The Company’s debt agreements are not traded on an active market and are recorded at carrying value on the Company’s consolidated balance sheet. The fair value of the Company’s long-term debt is estimated based on current rates offered to the Company for similar debt. Debt is primarily classified as Level 2 within the fair value hierarchy. The carrying value and fair value of the Company’s long-term debt as of June 30, 2023 and December 31, 2022, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
Carrying value | ​ | $ | 3,212,622 | ​ | $ | 3,409,311
Fair value | ​ | $ | 3,103,757 | ​ | $ | 3,264,704
​

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