NOTE 5. LONG-TERM DEBT

Long-term debt obligations (in millions):



	2015			2014
Fixed-rate notes payable due through 2024	$	520		$	614
Variable-rate notes payable due through 2025	166			189
Long-term debt	686			803
Less current portion	115			117
	$	571		$	686

Weighted-average fixed-interest rate	5.7		%	5.7		%
Weighted-average variable-interest rate	1.8		%	1.6		%

All of the Company’s borrowings are secured by aircraft.

During 2015, the Company issued no new debt and made scheduled debt payments of $116 million. As of December 31, 2015, none of the Company's borrowings were restricted by financial covenants.

Long-term debt principal payments for the next five years and thereafter (in millions):



	Total
2016	$	115
2017	121
2018	151
2019	114
2020	116
Thereafter	69
Total principal payments	$	686

Bank Line of Credit

The Company has two $100 million credit facilities and one $52 million credit facility. All three facilities have variable interest rates based on LIBOR plus a specified margin. One of the $100 million facilities, which expires in September 2017, is secured by aircraft. The other $100 million facility, which expires in March 2017, is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The $52 million facility expires in October 2016 with a mechanism for annual renewal and is secured by two 737-800 aircraft. The Company has no immediate plans to borrow using any of these facilities. All three credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. The Company was in compliance with this covenant at December 31, 2015.