Leases (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024. 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		Total Operating and Finance Lease Obligations
	(in thousands)
Remainder of 2024	$	134	$	259,723	$	3,021	$	262,878
2025	219		507,170		4,143		511,532
2026	141		480,856		3,994		484,991
2027	93		464,897		3,166		468,156
2028	67		444,130		1,754		445,951
2029 and thereafter	6		4,531,217		143,341		4,674,564
Total minimum lease payments	$	660	$	6,687,993	$	159,419	$	6,848,072
Less amount representing interest	65		2,575,753		132,862		2,708,680
Present value of minimum lease payments	$	595	$	4,112,240	$	26,557	$	4,139,392
Less current portion	215		239,973		3,555		243,743
Long-term portion	$	380	$	3,872,267	$	23,002	$	3,895,649

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 June 30, 2024. 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		Total Operating and Finance Lease Obligations
	(in thousands)
Remainder of 2024	$	134	$	259,723	$	3,021	$	262,878
2025	219		507,170		4,143		511,532
2026	141		480,856		3,994		484,991
2027	93		464,897		3,166		468,156
2028	67		444,130		1,754		445,951
2029 and thereafter	6		4,531,217		143,341		4,674,564
Total minimum lease payments	$	660	$	6,687,993	$	159,419	$	6,848,072
Less amount representing interest	65		2,575,753		132,862		2,708,680
Present value of minimum lease payments	$	595	$	4,112,240	$	26,557	$	4,139,392
Less current portion	215		239,973		3,555		243,743
Long-term portion	$	380	$	3,872,267	$	23,002	$	3,895,649

Schedule of Lease Cost

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Finance lease cost
Amortization of leased assets	$	78	$	102	$	152	$	261
Interest of lease liabilities	9		8		17		18
Operating lease cost
Operating lease cost (1)	124,703		91,146		241,866		175,361
Short-term lease cost (1)	10,975		11,464		21,137		22,369
Variable lease cost (1)	58,629		54,246		113,529		106,901
Total lease cost	$	194,394	$	156,966	$	376,701	$	304,910

(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:

	June 30, 2024		June 30, 2023
Weighted-average remaining lease term
Operating leases	15.0 years		15.0 years
Finance leases	3.2 years		2.5 years
Weighted-average discount rate
Operating leases	7.05	%	6.50	%
Finance leases	5.65	%	4.38	%