XML 57 R39.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt is comprised of the following:
As of
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
(in millions)(weighted-average interest rates)
8.00% senior secured notes due in 2025
$510.0 $850.0 8.00 %8.00 %
Fixed-rate term loans due through 2039 (1)
1,223.5 1,301.9 3.52 %3.36 %
Unsecured term loans due through 2031136.3 73.3 1.00 %1.00 %
Fixed-rate class A 2015-1 EETC due through 2028
300.6 322.6 4.10 %4.10 %
Fixed-rate class B 2015-1 EETC due through 2024
56.0 64.0 4.45 %4.45 %
Fixed-rate class C 2015-1 EETC due through 2023
75.2 86.6 4.93 %4.93 %
Fixed-rate class AA 2017-1 EETC due through 2030
200.3 214.4 3.38 %3.38 %
Fixed-rate class A 2017-1 EETC due through 2030
66.8 71.5 3.65 %3.65 %
Fixed-rate class B 2017-1 EETC due through 2026
55.8 60.6 3.80 %3.80 %
Fixed-rate class C 2017-1 EETC due through 2023
85.5 85.5 5.11 %5.11 %
Convertible notes due in 202528.2 175.0 4.75 %4.75 %
Convertible notes due in 2026500.0 — 1.00 %N/A
Revolving credit facility due in 2021— 95.1 N/A1.55 %
Revolving credit facility due in 2024— 180.0 N/A2.15 %
Long-term debt$3,238.2 $3,580.5 
Less current maturities208.2 383.5 
Less unamortized discount, net
54.9 131.4 
Total$2,975.1 $3,065.6 
(1) Includes obligations related to one aircraft recorded as a failed sale-leaseback. Refer to Note 15, Leases and Aircraft Maintenance Deposits for additional information.
Schedule of Maturities of Long-term Debt At December 31, 2021, long-term debt principal payments for the next five years and thereafter are as follows:
December 31, 2021
(in millions)
2022$193.0 
2023336.6 
2024222.2 
2025726.6 
2026731.2 
2027 and beyond1,028.6 
Total debt principal payments$3,238.2 
Schedule of Interest Expense on Long-term Debt and Capital Leases
Interest expense related to long-term debt and finance leases consists of the following:
 Twelve Months Ended December 31,
20212020
(in thousands)
8.00% senior secured notes (1)
$51,897 $19,953 
Fixed-rate term loans42,765 43,591 
Unsecured term loans1,168 409 
Class A 2015-1 EETC12,781 13,730 
Class B 2015-1 EETC2,669 3,027 
Class C 2015-1 EETC3,988 4,565 
Class AA 2017-1 EETC6,938 7,412 
Class A 2017-1 EETC2,501 2,672 
Class B 2017-1 EETC2,189 2,445 
Class C 2017-1 EETC4,367 4,379 
Convertible debt (2)
6,997 14,905 
Revolving credit facilities1,733 5,380 
Finance leases93 195 
Commitment and other fees2,243 1,106 
Amortization of deferred financing costs13,282 10,751 
Total$155,611 $134,520 
(1) Includes $1.3 million and $0.5 million of accretion and $50.6 million and $19.5 million of interest expense for the twelve months ended December 31, 2021 and 2020, respectively.
(2) Includes $9.6 million of accretion and $5.3 million of interest expense for the twelve months ended December 31, 2020. In connection with the adoption of ASU 2020-06, effective January 1, 2021, the Company derecognized the interest expense related to the accretion of the debt discount recorded in prior periods. Refer to Note 3, Recent Accounting Developments, for further information on the adoption of ASU No. 2020-06.