XML 61 R46.htm IDEA: XBRL DOCUMENT v3.25.1
Fresh Start Accounting - Schedule of Consolidated Successor Balance Sheet (Details) - USD ($)
$ / shares in Units, $ in Thousands
Mar. 31, 2025
Mar. 13, 2025
Mar. 12, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Current assets:            
Cash and cash equivalents $ 487,535 $ 388,607   $ 902,057    
Restricted cash   176,618        
Short-term investment securities   119,315        
Accounts receivable, net   201,681        
Prepaid expenses and other current assets 242,527 257,294   278,366    
Assets held for sale 447,558 447,271   463,020    
Total current assets 1,779,649 1,590,787   2,109,122    
Property and equipment:            
Flight equipment 1,890,021 1,888,698   2,736,461    
Ground property and equipment 443,629 441,866   783,645    
Less accumulated depreciation (7,685) 0   (1,027,872)    
Total property and equipment, net 2,325,965 2,330,564   2,492,234    
Operating lease right-of-use assets 4,425,872 4,436,918   4,583,734    
Intangible assets 83,482 83,482   550    
Pre-delivery deposits on flight equipment 86,319 85,495   113,493    
Deferred heavy maintenance, net 132,889 125,705   241,094    
Other long-term assets 75,942 67,043   54,951    
Total assets 8,910,118 8,719,994 $ 8,720,000 9,595,178    
Current liabilities:            
Accounts payable 101,213 46,676   32,385    
Air traffic liability 454,521 518,668   436,813    
Current maturities of long-term debt, net, and finance leases 191,572 165,689   436,532    
Current maturities of operating leases 238,685 242,230   257,796    
Other current liabilities 591,357 582,249   605,839    
Total current liabilities 1,577,348 1,555,512   1,769,365    
Long-term debt, net and finance leases, less current maturities 2,231,335 2,054,124   1,761,215    
Operating leases, less current maturities 4,200,013 4,208,781   4,335,106    
Deferred income taxes 69,305 69,408   51,927    
Deferred gains and other long-term liabilities 108,704 97,799   122,595    
Total liabilities not subject to compromise   7,985,623        
Liabilities subject to compromise 0   1,600,000 1,635,104    
Shareholders’ equity:            
Predecessor common stock 2 2   11    
Predecessor Additional paid-in capital 734,368 734,368   1,173,692    
Predecessor Treasury stock at cost 0     (81,285)    
Retained Earnings (Accumulated Deficit) (10,936)     (1,172,740)    
Accumulated other comprehensive income (loss) (21)     188    
Total shareholders’ equity (deficit) 723,413 734,370 $ 734,370 (80,134) $ 1,002,257 $ 1,134,342
Total liabilities and shareholders’ equity (deficit) $ 8,910,118 8,719,994   $ 9,595,178    
Common stock, par value (in dollars per share) $ 0.0001   $ 0.0001      
Predecessor            
Current assets:            
Cash and cash equivalents     $ 678,382      
Restricted cash     171,325      
Short-term investment securities     119,315      
Accounts receivable, net     201,681      
Prepaid expenses and other current assets     259,522      
Assets held for sale     447,271      
Total current assets     1,877,498      
Property and equipment:            
Flight equipment     2,739,143      
Ground property and equipment     787,057      
Less accumulated depreciation     (1,062,116)      
Total property and equipment, net     2,464,084      
Operating lease right-of-use assets     4,631,428      
Intangible assets     550      
Pre-delivery deposits on flight equipment     85,495      
Deferred heavy maintenance, net     246,576      
Other long-term assets     67,043      
Total assets     9,372,673      
Current liabilities:            
Accounts payable     52,242      
Air traffic liability     518,668      
Current maturities of long-term debt, net, and finance leases     471,698      
Current maturities of operating leases     259,713      
Other current liabilities     623,035      
Total current liabilities     1,925,357      
Long-term debt, net and finance leases, less current maturities     1,704,517      
Operating leases, less current maturities     4,380,845      
Deferred income taxes     52,556      
Deferred gains and other long-term liabilities     120,795      
Total liabilities not subject to compromise     8,184,070      
Liabilities subject to compromise     1,635,104      
Shareholders’ equity:            
Predecessor common stock     11      
Predecessor Additional paid-in capital     1,174,925      
Predecessor Treasury stock at cost     (81,285)      
Retained Earnings (Accumulated Deficit)     (1,540,278)      
Accumulated other comprehensive income (loss)     127      
Total shareholders’ equity (deficit)     (446,501)      
Total liabilities and shareholders’ equity (deficit)     9,372,673      
Reorganization Items            
Current assets:            
Cash and cash equivalents     (289,775)      
Restricted cash     5,293      
Prepaid expenses and other current assets     (2,229)      
Total current assets     (286,711)      
Property and equipment:            
Total assets     (286,711)      
Current liabilities:            
Accounts payable     (5,566)      
Current maturities of long-term debt, net, and finance leases     (309,000)      
Other current liabilities     (39,250)      
Total current liabilities     (353,816)      
Long-term debt, net and finance leases, less current maturities     526,841      
Deferred income taxes     16,900      
Total liabilities not subject to compromise     173,025      
Liabilities subject to compromise     (1,635,104)      
Shareholders’ equity:            
Predecessor common stock   2 (11)      
Predecessor Additional paid-in capital   $ 734,368 (1,174,925)      
Predecessor Treasury stock at cost     81,285      
Retained Earnings (Accumulated Deficit)     1,534,648      
Total shareholders’ equity (deficit)     1,175,368      
Total liabilities and shareholders’ equity (deficit)     (286,711)      
Fresh Start Adjustment            
Current assets:            
Total current assets     0      
Property and equipment:            
Flight equipment     (850,445)      
Ground property and equipment     (345,190)      
Less accumulated depreciation     1,062,116      
Total property and equipment, net     (133,520)      
Operating lease right-of-use assets     (194,510)      
Intangible assets     82,932      
Deferred heavy maintenance, net     (120,871)      
Total assets     (365,969)      
Current liabilities:            
Current maturities of long-term debt, net, and finance leases     2,991      
Current maturities of operating leases     (17,483)      
Other current liabilities     (1,536)      
Total current liabilities     (16,029)      
Long-term debt, net and finance leases, less current maturities     (177,234)      
Operating leases, less current maturities     (172,065)      
Deferred income taxes     16,852      
Deferred gains and other long-term liabilities     (22,996)      
Total liabilities not subject to compromise     (371,472)      
Shareholders’ equity:            
Retained Earnings (Accumulated Deficit)     5,630      
Accumulated other comprehensive income (loss)     (127)      
Total shareholders’ equity (deficit)     5,503      
Total liabilities and shareholders’ equity (deficit)     $ (365,969)