Leases (Tables)

9 Months Ended

Sep. 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 September 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	$	55	$	151,961	$	1,213	$	153,229
2026	141		587,658		4,939		592,738
2027	93		571,139		4,140		575,372
2028	67		551,275		2,757		554,099
2029	5		535,243		2,132		537,380
2030 and thereafter	—		5,376,976		141,637		5,518,613
Total minimum lease payments	$	361	$	7,774,252	$	156,818	$	7,931,431
Less amount representing interest	31		3,139,278		134,071		3,273,380
Present value of minimum lease payments	$	330	$	4,634,974	$	22,747	$	4,658,051
Less current portion (1)	154		244,664		4,261		249,079
Long-term portion (1)	$	176	$	4,390,310	$	18,486	$	4,408,972

(1) Certain of the Company's lease obligations are included within liabilities subject to compromise on the Company's condensed consolidated balance sheets and may be settled at an amount lower than the contractually future minimum lease payments; therefore, operating lease liability balances included within this table will differ from the operating lease liability balances included within the Company's condensed consolidated balance sheets.

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 September 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	$	55	$	151,961	$	1,213	$	153,229
2026	141		587,658		4,939		592,738
2027	93		571,139		4,140		575,372
2028	67		551,275		2,757		554,099
2029	5		535,243		2,132		537,380
2030 and thereafter	—		5,376,976		141,637		5,518,613
Total minimum lease payments	$	361	$	7,774,252	$	156,818	$	7,931,431
Less amount representing interest	31		3,139,278		134,071		3,273,380
Present value of minimum lease payments	$	330	$	4,634,974	$	22,747	$	4,658,051
Less current portion (1)	154		244,664		4,261		249,079
Long-term portion (1)	$	176	$	4,390,310	$	18,486	$	4,408,972

(1) Certain of the Company's lease obligations are included within liabilities subject to compromise on the Company's condensed consolidated balance sheets and may be settled at an amount lower than the contractually future minimum lease payments; therefore, operating lease liability balances included within this table will differ from the operating lease liability balances included within the Company's condensed consolidated balance sheets.

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 September 30, 2025		Three Months Ended September 30, 2024
	(in thousands)
Finance lease cost
Amortization of leased assets	$	58	$	77
Interest of lease liabilities	6		8
Operating lease cost
Operating lease cost (1)	150,785		133,321
Short-term lease cost (1)	6,978		8,156
Variable lease cost (1)	60,282		81,597
Total lease cost	$	218,109	$	223,159

(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 September 30, 2025		Period from January 1, 2025 through March 12, 2025		Nine Months Ended September 30, 2024
	(in thousands)
Finance lease cost
Amortization of leased assets	$	125	$	38	$	229
Interest of lease liabilities	14		5		25
Operating lease cost
Operating lease cost (1)	322,419		114,508		375,187
Short-term lease cost (1)	15,419		5,574		29,293
Variable lease cost (1)	137,445		55,750		195,126
Total lease cost	$	475,422	$	175,875	$	599,860

(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
	September 30, 2025		September 30, 2024
Weighted-average remaining lease term
Operating leases	14.6 years		15.2 years
Finance leases	2.4 years		3.1 years
Weighted-average discount rate
Operating leases	7.81	%	7.08	%
Finance leases	6.37	%	5.81	%