LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of lease-related assets and liabilities

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:

		December 31,
	Classification	2025		2024
Assets
Finance lease assets, net	Property and Equipment, net	$	213,108	$	234,960
Operating lease assets	Operating Lease Right-of-use Assets	14,257		16,896
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	54,388		113,535
Total lease assets		$	281,753	$	365,391
Liabilities
Current:
Finance lease liabilities	Current Finance Lease Obligations	$	61,616	$	20,175
Operating lease liabilities	Current Operating Lease Obligations	3,601		3,281
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	189,471		251,087
Operating lease liabilities	Long-term Operating Lease Obligations	13,792		17,369
Total lease liabilities		$	268,480	$	291,912

Summary of obligations under finance leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2025:

	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2026	$	76,132	$	1,773	$	77,905		$	4,827
2027	26,724		1,773		28,497			4,815
2028	44,232		1,773		46,005			4,853
2029	87,153		1,404		88,557			2,922
2030	56,256		—		56,256			1,181
Thereafter	2,162		—		2,162			2,248
Total Minimum Lease Payments	292,659		6,723		299,382			20,846
Less: Amount Representing Interest	(47,118)		(1,177)		(48,295)			(3,453)
Present Value of Minimum Lease Payments	245,541		5,546		251,087			17,393
Less: Short-term Obligations	(60,356)		(1,260)		(61,616)			(3,601)
Long-term Lease Obligations	$	185,185	$	4,286	$	189,471		$	13,792

Summary of obligations under operating leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2025:

	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2026	$	76,132	$	1,773	$	77,905		$	4,827
2027	26,724		1,773		28,497			4,815
2028	44,232		1,773		46,005			4,853
2029	87,153		1,404		88,557			2,922
2030	56,256		—		56,256			1,181
Thereafter	2,162		—		2,162			2,248
Total Minimum Lease Payments	292,659		6,723		299,382			20,846
Less: Amount Representing Interest	(47,118)		(1,177)		(48,295)			(3,453)
Present Value of Minimum Lease Payments	245,541		5,546		251,087			17,393
Less: Short-term Obligations	(60,356)		(1,260)		(61,616)			(3,601)
Long-term Lease Obligations	$	185,185	$	4,286	$	189,471		$	13,792

Summary of lease costs related to the finance and operating leases

The following table presents lease costs related to the Company’s Finance and Operating Leases:

		Year Ended December 31,
	Classification	2025		2024		2023
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,852	$	23,108	$	21,150
Interest on lease liabilities	Interest Expense	17,652		19,568		16,325
Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	—		—		2,210
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,689		4,644		4,438
Short-term lease cost	Aircraft Rent	—		—		396
Variable - Aircraft	Aircraft Rent (1)	—		—		(325)
Variable - Other	Landing Fees & Airport Rentals	3,123		2,691		2,212
Sublease Income	Other Revenue	(14,771)		(16,091)		(768)
Total Lease cost		$	32,545	$	33,920	$	45,638

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1) The year ended December 31, 2023 included credits of $723 for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves. As of December 31, 2023, the balance of Over-market liabilities was $0.

Summary of supplemental cash flow information related to leases

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:

	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	4,771	$	3,888	$	5,971
Operating Cash Flows for Finance Leases	$	17,652	$	19,568	$	16,325
Financing Cash Flows for Finance Leases	$	20,175	$	45,942	$	21,883

Summary of lease-related terms and discount rates

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:

	Year Ended December 31,
	2025	2024	2023
Weighted-average remaining lease term
Operating Leases	4.8 years	5.6 years	6.8 years
Finance Leases	3.4 years	4.4 years	4.9 years
Weighted-average discount rates
Operating Leases	7.8%	7.8%	6.5%
Finance Leases	6.8%	6.8%	6.6%