Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies

Commitments and Contingencies

Note F — Commitments and Contingencies

As of September 30, 2014, the Company leased 544 aircraft, as well as airport facilities, office space and various other property and equipment under non-cancelable operating leases which are generally on a long-term net rent basis where the Company pays taxes, maintenance, insurance and certain other operating expenses applicable to the leased property.  The Company expects that, in the normal course of business, such operating leases that expire may be renewed or replaced by other leases.  The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2014 (in thousands):

September through December 2014	$	96,439
2015	341,184
2016	267,626
2017	197,709
2018	153,301
Thereafter	571,781
	$	1,628,040

During the nine months ended September 30, 2014, the Company took delivery of fourteen Embraer E175 dual-class jet aircraft (“E175s”) and initially financed the aircraft through the issuance of $323.7 million of long-term debt.  The debt associated with the E175 aircraft has a fifteen year term with a variable interest rate and is secured by the E175 aircraft.