Debt and Other Obligations (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is comprised of the following:

	As of				As of
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
	(in millions)				(weighted-average interest rates)
8.00% senior secured notes due 2025	$	510.0	$	510.0	8.00	%	8.00	%
Fixed-rate loans due through 2039 (1)	1,159.1		1,223.5		3.52	%	3.52	%
Unsecured term loans due in 2031	136.3		136.3		1.00	%	1.00	%
Fixed-rate class A 2015-1 EETC due through 2028	289.6		300.6		4.10	%	4.10	%
Fixed-rate class B 2015-1 EETC due through 2024	52.0		56.0		4.45	%	4.45	%
Fixed-rate class C 2015-1 EETC due through 2023	69.5		75.2		4.93	%	4.93	%
Fixed-rate class AA 2017-1 EETC due through 2030	193.3		200.3		3.38	%	3.38	%
Fixed-rate class A 2017-1 EETC due through 2030	64.4		66.8		3.65	%	3.65	%
Fixed-rate class B 2017-1 EETC due through 2026	53.4		55.8		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 2025	25.4		28.2		4.75	%	4.75	%
Convertible notes due 2026	500.0		500.0		1.00	%	1.00	%
Long-term debt	$	3,138.5	$	3,238.2
Less current maturities	350.9		208.2
Less unamortized discounts, net	92.1		54.9
Total	$	2,695.5	$	2,975.1

(1) Includes obligations related to one aircraft recorded as a failed sale leaseback. Refer to Note 9, Leases for additional information.

Schedule of Maturities of Long-term Debt

At June 30, 2022, long-term debt principal payments for the next five years and thereafter are as follows:

	June 30, 2022
	(in millions)
remainder of 2022	$	96.2
2023	336.6
2024	222.1
2025	723.8
2026	731.1
2027 and beyond	1,028.7
Total debt principal payments	$	3,138.5

Schedule of Interest Expense, Long-term Debt

Interest expense related to long-term debt and finance leases consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
8.00% senior secured notes (1)	$	10,461	$	13,541	20,921		$	30,975
Fixed-rate term loans	10,485		10,746		21,169		21,649
Unsecured term loans	340		282		676		481
Class A 2015-1 EETC	2,954		3,178		6,001		6,453
Class B 2015-1 EETC	575		664		1,191		1,369
Class C 2015-1 EETC	856		997		1,773		2,053
Class AA 2017-1 EETC	1,640		1,759		3,278		3,514
Class A 2017-1 EETC	591		634		1,182		1,267
Class B 2017-1 EETC	510		556		1,022		1,113
Class C 2017-1 EETC	1,092		1,092		2,171		2,171
Convertible notes (2)	(3,024)		1,749		199		3,827
Revolving credit facilities	—		562		—		1,733
Finance leases	16		24		34		48
Commitment and other fees	418		604		955		1,032
Amortization of deferred financing costs	3,210		3,274		7,432		6,783
Total	$	30,124	$	39,662	$	68,004	$	84,468

(1) Includes $0.3 million and $0.5 million of accretion and $10.2 million and $20.4 million of interest expense for the three and six months ended June 30, 2022, respectively. Includes $0.3 million and $0.8 million of accretion and $13.2 million and $30.2 million of interest expense for the three and six months ended June 30, 2021, respectively.

(2) Includes $3.8 million and $6.3 million of amortization of the discount for the convertible notes due 2026, $1.6 million and $3.2 million of interest expense for the convertible notes due 2025 and 2026 offset by $8.4 million and $9.3 million of favorable mark to market adjustments for the convertible notes due 2026 for the three and six months ended June 30, 2022, respectively. Includes $1.7 million and $3.8 million of interest expense for the convertible notes due 2025 and 2026 for the three and six months ended June 30, 2021, respectively.