Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Long-term Debt

Schedule of long-term debt

Long-term debt consisted of the following as of December 31, 2025 and 2024 (in thousands):

	December 31,		December 31,
	2025		2024
Notes payable to banks, due in quarterly installments, plus interest at 2.33% to 5.95% through 2037, secured by aircraft	$	1,834,813	$	2,055,330
Notes payable to banks, due in monthly or semi-annual installments, plus interest at 2.90% to 5.94% through 2032, secured by aircraft and engines		372,916		436,649
Notes payable to U.S. Government, interest due semi-annually and based on SOFR plus 2.0% through 2030, unsecured		105,210		—
Notes payable to U.S. Government, interest due semi-annually at 1.00% as of December 31, 2025 and 2024 and based on SOFR plus 2.0% from 2026 through 2031, unsecured		95,430		200,640
Long-term debt		2,408,369		2,692,619
Current portion of long-term debt		(550,028)		(539,061)
Less long-term portion of unamortized debt issue cost, net		(13,069)		(16,772)
Long-term debt, net of current maturities and debt issue costs	$	1,845,272	$	2,136,786
Current portion of long-term debt	$	550,028	$	539,061
Less current portion of unamortized debt issue cost, net		(3,216)		(3,472)
Current portion of long-term debt, net of debt issue costs	$	546,812	$	535,589

Schedule of maturities of long-term debt

The aggregate amounts of principal maturities of long-term debt as of December 31, 2025 were as follows (in thousands):

2026	$	550,028
2027		505,986
2028		336,930
2029		234,322
2030		279,818
Thereafter		501,285
	$	2,408,369

Carrying value and fair value of long-term debt

The carrying value and fair value of the Company’s long-term debt as of December 31, 2025 and 2024, were as follows (in thousands):

	December 31, 2025		December 31, 2024
Carrying value	$	2,408,369	$	2,692,619
Fair value	$	2,376,943	$	2,612,838