Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

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, 2023. 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 2023	$	88	$	104,765	$	1,792	$	177	$	106,822
2024	252		410,295		6,624		176		417,347
2025	154		395,582		4,143		—		399,879
2026	76		369,269		3,994		—		373,339
2027	27		353,560		3,166		—		356,753
2028 and thereafter	—		3,568,211		145,094		—		3,713,305
Total minimum lease payments	$	597	$	5,201,682	$	164,813	$	353	$	5,367,445
Less amount representing interest	34		1,913,165		134,284		6		2,047,489
Present value of minimum lease payments	$	563	$	3,288,517	$	30,529	$	347	$	3,319,956
Less current portion	283		205,497		5,150		347		211,277
Long-term portion	$	280	$	3,083,020	$	25,379	$	—	$	3,108,679

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, 2023. 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 2023	$	88	$	104,765	$	1,792	$	177	$	106,822
2024	252		410,295		6,624		176		417,347
2025	154		395,582		4,143		—		399,879
2026	76		369,269		3,994		—		373,339
2027	27		353,560		3,166		—		356,753
2028 and thereafter	—		3,568,211		145,094		—		3,713,305
Total minimum lease payments	$	597	$	5,201,682	$	164,813	$	353	$	5,367,445
Less amount representing interest	34		1,913,165		134,284		6		2,047,489
Present value of minimum lease payments	$	563	$	3,288,517	$	30,529	$	347	$	3,319,956
Less current portion	283		205,497		5,150		347		211,277
Long-term portion	$	280	$	3,083,020	$	25,379	$	—	$	3,108,679

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,
	2023		2022		2023		2022
	(in thousands)
Finance lease cost
Amortization of leased assets	$	102	$	188	$	362	$	563
Interest of lease liabilities	7		13		25		47
Operating lease cost
Operating lease cost (1)	95,798		66,241		271,159		194,922
Short-term lease cost (1)	7,411		10,451		29,780		30,259
Variable lease cost (1)	61,170		54,711		168,071		153,433
Total lease cost	$	164,488	$	131,604	$	469,397	$	379,224

(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, 2023		September 30, 2022
Weighted-average remaining lease term
Operating leases	15.1 years		14.5 years
Finance leases	2.4 years		2.1 years
Weighted-average discount rate
Operating leases	6.66	%	5.94	%
Finance leases	4.27	%	4.45	%