Leases (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	110	$	290,154	$	2,420	$	292,684
2026	141		558,340		4,939		563,420
2027	93		542,387		4,140		546,620
2028	67		521,615		2,757		524,439
2029	5		506,403		2,132		508,540
2030 and thereafter	—		5,103,074		141,637		5,244,711
Total minimum lease payments	$	416	$	7,521,973	$	158,025	$	7,680,414
Less amount representing interest	37		3,077,031		134,502		3,211,570
Present value of minimum lease payments	$	379	$	4,444,942	$	23,523	$	4,468,844
Less current portion	181		235,446		4,187		239,814
Long-term portion	$	198	$	4,209,496	$	19,336	$	4,229,030

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 June 30, 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	$	110	$	290,154	$	2,420	$	292,684
2026	141		558,340		4,939		563,420
2027	93		542,387		4,140		546,620
2028	67		521,615		2,757		524,439
2029	5		506,403		2,132		508,540
2030 and thereafter	—		5,103,074		141,637		5,244,711
Total minimum lease payments	$	416	$	7,521,973	$	158,025	$	7,680,414
Less amount representing interest	37		3,077,031		134,502		3,211,570
Present value of minimum lease payments	$	379	$	4,444,942	$	23,523	$	4,468,844
Less current portion	181		235,446		4,187		239,814
Long-term portion	$	198	$	4,209,496	$	19,336	$	4,229,030

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
	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024
	(in thousands)
Finance lease cost
Amortization of leased assets	$	48	$	78
Interest of lease liabilities	6		9
Operating lease cost
Operating lease cost (1)	141,964		124,703
Short-term lease cost (1)	1,410		10,975
Variable lease cost (1)	61,735		58,629
Total lease cost	$	205,163	$	194,394

(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.

	Successor		Predecessor		Predecessor
	Period from March 13, 2025 through June 30, 2025		Period from January 1, 2025 through March 12, 2025		Six Months Ended June 30, 2024
	(in thousands)
Finance lease cost
Amortization of leased assets	$	58	$	38	$	152
Interest of lease liabilities	8		5		17
Operating lease cost
Operating lease cost (1)	171,634		114,508		241,866
Short-term lease cost (1)	8,441		5,574		21,137
Variable lease cost (1)	77,163		55,750		113,529
Total lease cost	$	257,304	$	175,875	$	376,701

(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
	June 30, 2025		June 30, 2024
Weighted-average remaining lease term
Operating leases	14.8 years		15.0 years
Finance leases	2.6 years		3.2 years
Weighted-average discount rate
Operating leases	7.83	%	7.05	%
Finance leases	6.18	%	5.65	%