Leases (Tables)

9 Months Ended

Sep. 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 September 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	$	55	$	140,665	$	1,635	$	142,355
2025	219		551,446		5,061		556,726
2026	141		525,132		4,939		530,212
2027	93		509,172		4,140		513,405
2028	67		488,406		2,757		491,230
2029 and thereafter	6		5,137,395		143,766		5,281,167
Total minimum lease payments	$	581	$	7,352,216	$	162,298	$	7,515,095
Less amount representing interest	57		2,857,923		133,072		2,991,052
Present value of minimum lease payments	$	524	$	4,494,293	$	29,226	$	4,524,043
Less current portion	193		252,290		3,652		256,135
Long-term portion	$	331	$	4,242,003	$	25,574	$	4,267,908

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, 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	$	55	$	140,665	$	1,635	$	142,355
2025	219		551,446		5,061		556,726
2026	141		525,132		4,939		530,212
2027	93		509,172		4,140		513,405
2028	67		488,406		2,757		491,230
2029 and thereafter	6		5,137,395		143,766		5,281,167
Total minimum lease payments	$	581	$	7,352,216	$	162,298	$	7,515,095
Less amount representing interest	57		2,857,923		133,072		2,991,052
Present value of minimum lease payments	$	524	$	4,494,293	$	29,226	$	4,524,043
Less current portion	193		252,290		3,652		256,135
Long-term portion	$	331	$	4,242,003	$	25,574	$	4,267,908

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,
	2024		2023		2024		2023
	(in thousands)
Finance lease cost
Amortization of leased assets	$	77	$	102	$	229	$	362
Interest of lease liabilities	8		7		25		25
Operating lease cost
Operating lease cost (1)	133,321		95,798		375,187		271,159
Short-term lease cost (1)	8,156		7,411		29,293		29,780
Variable lease cost (1)	81,597		61,170		195,126		168,071
Total lease cost	$	223,159	$	164,488	$	599,860	$	469,397

(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, 2024		September 30, 2023
Weighted-average remaining lease term
Operating leases	15.2 years		15.1 years
Finance leases	3.1 years		2.4 years
Weighted-average discount rate
Operating leases	7.08	%	6.66	%
Finance leases	5.81	%	4.27	%