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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 428,334 $ 322,962 $ 34,342
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 364,497 383,880 383,115
Stock based compensation expense 18,729 19,864 17,125
Increase (decrease) in credit loss reserves 7,520 (3,628) (185)
Gain on disposal of fixed assets (8,077) (8,245) (14,295)
Loss on investments in other companies 1,051 6,815 479
Net increase in deferred income taxes 122,763 100,368 539
Impairment (gain) on assets held for sale   (4,157) 2,318
Changes in operating assets and liabilities:      
Decrease (increase) in receivables (52,480) (41,171) 19,818
Decrease (increase) in income tax receivable (2,249) (7,504) 997
Increase in inventories (29,545) (11,888) (3,905)
Decrease (increase) in other current assets (21) (13,813) 1,593
Decrease (increase) in operating lease right-of-use assets 5,788 (1,004) 25,954
Increase (decrease) in operating lease liabilities (5,788) 1,004 (54,984)
Increase (decrease) in deferred revenue (48,467) (40,012) 229,862
Decrease (increase) in unbilled revenue (13,772) (7,871) 12,601
Increase (decrease) in accounts payable and other current liabilities 152,081 (3,138) 80,960
NET CASH PROVIDED BY OPERATING ACTIVITIES 940,364 692,462 736,334
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of marketable securities (1,113,292) (1,430,733) (1,339,465)
Sales of marketable securities 1,103,432 1,543,256 1,600,877
Acquisition of property and equipment:      
Aircraft and rotable spare parts (546,040) (265,854) (238,068)
Buildings and ground equipment (32,023) (44,895) (13,258)
Proceeds from the sale of property and equipment 15,588 5,154 15,879
Deposits on aircraft (75,303) (17,535) (65,000)
Aircraft deposits applied towards acquired aircraft     11,649
Decrease (increase) in other assets, net (4,196) (18,020) 4,158
NET CASH USED IN INVESTING ACTIVITIES (651,834) (228,627) (23,228)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of long-term debt 208,839 116,165 69,689
Principal payments on long-term debt (491,903) (452,855) (447,604)
Payment of debt issuance cost (634) (670) (175)
Net proceeds from issuance of common stock 2,651 2,864 2,811
Employee income tax paid on vested equity awards (27,242) (6,930) (585)
Purchase of treasury stock and related excise tax (84,930) (43,324) (291,949)
NET CASH USED IN FINANCING ACTIVITIES (393,219) (384,750) (667,813)
Increase (decrease) in cash and cash equivalents (104,689) 79,085 45,293
Cash and cash equivalents at beginning of period 227,362 148,277 102,984
CASH AND CASH EQUIVALENTS AT END OF PERIOD 122,673 227,362 148,277
Non-cash investing and financing activities:      
Change in accrued capital expenditures for the period (29,079) 99,266 12,583
Derecognition of right of use assets     (39,247)
Derecognition of operating lease liabilities     39,247
Cash paid during the period for:      
Interest, net of capitalized amounts 105,882 113,571 128,288
Income taxes, net of refunds $ 16,863 $ 18,588 $ 13,610