Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of operating lease maturities

The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of September 30, 2020. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

		Finance Leases		Operating Leases
				Aircraft and Spare Engine Leases		Property Facility Leases		Other		Total Operating and Finance Lease Obligations
	(in thousands)
remainder of 2020		$	190	$	34,027	$	1,124	$	83	$	35,424
2021 (1)		753		230,825		4,598		—		236,176
2022		725		206,199		4,309		—		211,233
2023		349		193,554		3,308		—		197,211
2024		98		171,492		2,772		—		174,362
2025 and thereafter		—		1,075,999		144,153		—		1,220,152
Total minimum lease payments		$	2,115	$	1,912,096	$	160,264	$	83	$	2,074,558
Less amount representing interest		164		555,428		134,986		1		690,579
Present value of minimum lease payments		$	1,951	$	1,356,668	$	25,278	$	82	$	1,383,979
Less current portion		666		127,533		3,178		82		131,459
Long-term portion		$	1,285	$	1,229,135	$	22,100	$	—	$	1,252,520

(1) Includes $8.4 million of aircraft and spare engine rent payment deferrals due to COVID-19 which are recorded in other current liabilities within the Company's condensed consolidated balance sheets.

Schedule of finance lease maturities

The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of September 30, 2020. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

		Finance Leases		Operating Leases
				Aircraft and Spare Engine Leases		Property Facility Leases		Other		Total Operating and Finance Lease Obligations
	(in thousands)
remainder of 2020		$	190	$	34,027	$	1,124	$	83	$	35,424
2021 (1)		753		230,825		4,598		—		236,176
2022		725		206,199		4,309		—		211,233
2023		349		193,554		3,308		—		197,211
2024		98		171,492		2,772		—		174,362
2025 and thereafter		—		1,075,999		144,153		—		1,220,152
Total minimum lease payments		$	2,115	$	1,912,096	$	160,264	$	83	$	2,074,558
Less amount representing interest		164		555,428		134,986		1		690,579
Present value of minimum lease payments		$	1,951	$	1,356,668	$	25,278	$	82	$	1,383,979
Less current portion		666		127,533		3,178		82		131,459
Long-term portion		$	1,285	$	1,229,135	$	22,100	$	—	$	1,252,520

(1) Includes $8.4 million of aircraft and spare engine rent payment deferrals due to COVID-19 which are recorded in other current liabilities within the Company's condensed consolidated balance sheets.

Schedule of lease cost

The table below presents information for lease costs related to the Company's finance and operating leases:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Finance lease cost
Amortization of leased assets	$	169	$	135	$	439	$	863
Interest of lease liabilities	29		302		167		641
Operating lease cost
Operating lease cost (1)	51,122		39,590		149,345		137,943
Short-term lease cost (1)	7,181		4,218		20,779		11,176
Variable lease cost (1)	32,895		29,260		88,278		89,030
Total lease cost	$	91,396	$	73,505	$	259,008	$	239,653

(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.

The table below presents lease terms and discount rates related to the Company's finance and operating leases:

	September 30, 2020		September 30, 2019
Weighted-average remaining lease term
Operating leases	12.9 years		9.7 years
Finance leases	2.9 years		3.2 years
Weighted-average discount rate
Operating leases	6.07	%	6.48	%
Finance leases	5.55	%	6.14	%