Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Finance Lease Maturities

The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of March 31, 2025. 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 2025	$	164	$	429,375	$	3,642	$	433,181
2026	141		548,939		4,939		554,019
2027	93		532,986		4,140		537,219
2028	67		512,213		2,757		515,037
2029	5		497,001		2,132		499,138
2030 and thereafter	—		4,977,974		141,637		5,119,611
Total minimum lease payments	$	470	$	7,498,488	$	159,247	$	7,658,205
Less amount representing interest	43		3,083,794		135,243		3,219,080
Present value of minimum lease payments	$	427	$	4,414,694	$	24,004	$	4,439,125
Less current portion	196		234,560		4,125		238,881
Long-term portion	$	231	$	4,180,134	$	19,879	$	4,200,244

Schedule of Operating Lease Maturities

The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of March 31, 2025. 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 2025	$	164	$	429,375	$	3,642	$	433,181
2026	141		548,939		4,939		554,019
2027	93		532,986		4,140		537,219
2028	67		512,213		2,757		515,037
2029	5		497,001		2,132		499,138
2030 and thereafter	—		4,977,974		141,637		5,119,611
Total minimum lease payments	$	470	$	7,498,488	$	159,247	$	7,658,205
Less amount representing interest	43		3,083,794		135,243		3,219,080
Present value of minimum lease payments	$	427	$	4,414,694	$	24,004	$	4,439,125
Less current portion	196		234,560		4,125		238,881
Long-term portion	$	231	$	4,180,134	$	19,879	$	4,200,244

Schedule of Lease Cost

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

	Successor		Predecessor
	Period from March 13, 2025 through March 31, 2025		Period from January 1, 2025 through March 12, 2025		Three Months Ended March 31, 2024
	(in thousands)
Finance lease cost
Amortization of leased assets	$	10	$	38	$	75
Interest of lease liabilities	2		5		8
Operating lease cost
Operating lease cost (1)	29,670		114,508		117,163
Short-term lease cost (1)	1,457		5,574		10,162
Variable lease cost (1)	15,428		55,750		54,900
Total lease cost	$	46,567	$	175,875	$	182,308

(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:

	Successor		Predecessor
	March 31, 2025		March 31, 2024
Weighted-average remaining lease term
Operating leases	15.0 years		14.9 years
Finance leases	2.8 years		3.2 years
Weighted-average discount rate
Operating leases	7.55	%	6.98	%
Finance leases	6.00	%	5.49	%