Leases, Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Leases, Commitments and Contingencies

The table below presents lease related terms and discount rates as of March 31, 2019.



	March 31, 2019
Weighted-average remaining lease term
Operating leases		7.0 years
Weighted-average discount rate
Operating leases		6.4%

Summary of lease costs

The Company’s lease costs for the periods indicated included the following components (in thousands):


	For the three months ended March 31,
	2019		2018		$ Change		% Change
Operating lease cost	$	27,221	$	52,833	$	(25,612)	(48.5)	%
Variable and short-term lease cost		1,475		1,419		56	3.9	%
Total lease cost	$	28,696	$	54,252	$	(25,556)	(47.1)	%

Schedule of future minimum rental payments for operating leases

The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of March 31, 2019 (in thousands):


April 2019 through December 2019	$	54,799
2020		93,640
2021		75,898
2022		67,668
2023		62,498
Thereafter		87,591
	$	442,094

Summary of commitments and obligations

The following table summarizes the Company’s commitments and obligations as noted for each of the next five years and thereafter (in thousands):


	Total		Apr - Dec 2019		2020		2021		2022		2023		Thereafter
Operating lease payments for aircraft and facility obligations	$	442,094	$	54,799	$	93,640	$	75,898	$	67,668	$	62,498	$	87,591
Firm aircraft and spare engine commitments		329,327		139,974		131,657		57,696		—		—		—
Interest commitments (1)		628,528		95,377		114,048		98,884		84,754		68,950		166,515
Principal maturities on long-term debt		3,121,661		279,873		357,228		339,297		352,717		361,215		1,431,331
Total commitments and obligations	$	4,521,610	$	570,023	$	696,573	$	571,775	$	505,139	$	492,663	$	1,685,437

(1)

At March 31, 2019, the Company had variable rate notes representing only 0.2% of its total long-term debt.