LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

Long-term debt obligations on the consolidated balance sheet (in millions):


	2021			2020
Fixed-rate notes payable due through 2029	$	163		$	198
Fixed-rate PSP note payable due through 2031	600			290
Fixed-rate EETC payable due through 2025 & 2027	1,058			1,174
Variable-rate notes payable due through 2029	738			1,866
Less debt issuance costs and unamortized debt discount	(20)			(33)
Total debt	2,539			3,495
Less current portion	366			1,138
Long-term debt, less current portion	$	2,173		$	2,357

Weighted-average fixed-interest rate	3.7		%	4.3		%
Weighted-average variable-interest rate	1.3		%	1.9		%

Approximately $469 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at December 31, 2021, bringing the weighted-average interest rate for the full debt portfolio to 3.3%.

During 2021, the Company's total debt decreased $956 million, the result of payments of $1.3 billion, including $923 million in prepayments. Payments were offset by issuances of $363 million, including $311 million of unsecured loans from the PSP and $54 million in proceeds from issuance of debt.

CARES Act Loan

In 2020, the Company finalized an agreement with the Treasury to obtain up to $1.9 billion via a secured term loan facility. In 2020, the Company drew $135 million under the agreement, which was used for general corporate purposes and certain operating expenses in accordance with the terms and conditions of the loan agreement and the applicable provisions of the CARES Act. The full balance was repaid in the second quarter of 2021. In accordance with the related agreement, the facility terminated at the time of repayment.

Debt Maturity

At December 31, 2021, long-term debt principal payments for the next five years and thereafter are as follows (in millions):


	Total
2022	$	371
2023	334
2024	240
2025	261
2026	176
Thereafter	1,177
Total principal payments	$	2,559

Bank Lines of Credit

Alaska has three credit facilities totaling $486 million as of December 31, 2021. One of the credit facilities for $150 million expires in March 2025 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. A second credit facility for $250 million expires in June 2024 and is secured by aircraft. Both facilities have variable interest rates based on LIBOR plus a specified margin. A third credit facility for $86 million expires in June 2022 and is secured by aircraft.

Alaska has secured letters of credit against the third facility, but has no plans to borrow using either of the two facilities. All credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. Alaska was in compliance with this covenant at December 31, 2021.