XML 49 R34.htm IDEA: XBRL DOCUMENT v3.22.4
Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt is comprised of the following:
As of
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
(in millions)(weighted-average interest rates)
8.00% senior secured notes due in 2025
$1,110.0 $510.0 8.00 %8.00 %
Fixed-rate term loans due through 2039 (1)
1,094.7 1,223.5 3.52 %3.52 %
Unsecured term loans due through 2031136.3 136.3 1.00 %1.00 %
Fixed-rate class A 2015-1 EETC due through 2028
278.6 300.6 4.10 %4.10 %
Fixed-rate class B 2015-1 EETC due through 2024
48.0 56.0 4.45 %4.45 %
Fixed-rate class C 2015-1 EETC due through 2023
63.8 75.2 4.93 %4.93 %
Fixed-rate class AA 2017-1 EETC due through 2030
186.3 200.3 3.38 %3.38 %
Fixed-rate class A 2017-1 EETC due through 2030
62.1 66.8 3.65 %3.65 %
Fixed-rate class B 2017-1 EETC due through 2026
51.7 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 in 202525.4 28.2 4.75 %4.75 %
Convertible notes due in 2026500.0 500.0 1.00 %1.00 %
Long-term debt$3,642.4 $3,238.2 
Less current maturities346.4 208.2 
Less unamortized discount, net
95.8 54.9 
Total$3,200.2 $2,975.1 
(1) Includes obligations related to one aircraft recorded as a failed sale-leaseback. Refer to Note 13, Leases for additional information.
Schedule of Maturities of Long-term Debt
At December 31, 2022, long-term debt principal payments for the next five years and thereafter are as follows:
December 31, 2022
(in millions)
2023$336.6 
2024222.1 
20251,324.0 
2026731.1 
2027197.3 
2028 and beyond831.3 
Total debt principal payments$3,642.4 
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,
20222021
(in thousands)
8.00% senior secured notes (1)
$47,954 $51,897 
Fixed-rate term loans41,446 42,765 
Unsecured term loans1,363 1,168 
Class A 2015-1 EETC11,874 12,781 
Class B 2015-1 EETC2,312 2,669 
Class C 2015-1 EETC3,424 3,988 
Class AA 2017-1 EETC6,464 6,938 
Class A 2017-1 EETC2,330 2,501 
Class B 2017-1 EETC2,016 2,189 
Class C 2017-1 EETC4,367 4,367 
Convertible notes (2)
(68)6,997 
Revolving credit facilities— 1,733 
Finance leases57 93 
Commitment and other fees2,162 2,243 
Amortization of deferred financing costs14,204 13,282 
Total$139,905 $155,611 
(1) Includes $1.4 million and $1.3 million of accretion and $46.5 million and $50.6 million of interest expense for the twelve months ended December 31, 2022 and 2021, respectively.
(2) Includes $14.0 million of amortization of the discount for the convertible notes due 2026, $6.3 million of interest expense for the convertible notes due 2025 and convertible notes due 2026, offset by $20.3 million of favorable mark to market adjustments for the convertible notes due 2026 for the twelve months ended December 31, 2022. Includes $7.0 million of interest expense for the convertible notes due 2025 and convertible notes due 2026 for the twelve months ended December 31, 2021.