Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-term Debt

Schedule of long-term debt

Long-term debt consisted of the following as of December 31, 2022 and 2021 (in thousands):

	December 31,		December 31,
	2022		2021
Notes payable to banks, due in quarterly installments, plus interest at 2.33% to 5.95% through 2034, secured by aircraft	$	2,604,058	$	2,535,827
Notes payable to banks, due in monthly or semi-annual installments, plus interest at 2.68% to 5.66% through 2032, secured by aircraft and engines		604,613		404,471
Notes payable to U.S. Government, interest due quarterly at 1.00% through 2025 and based on SOFR plus spread from 2025 through 2031, unsecured		200,640		200,640
Long-term debt	$	3,409,311	$	3,140,938
Current portion of long-term debt		(442,360)		(395,371)
Less long-term portion of unamortized debt issue cost, net		(25,179)		(28,147)
Long-term debt, net of current maturities and debt issue costs	$	2,941,772	$	2,717,420
Current portion of long-term debt		442,360		395,371
Less current portion of unamortized debt issue cost, net		(3,858)		(3,573)
Current portion of long-term debt, net of debt issue costs	$	438,502	$	391,798

Schedule of maturities of long-term debt

The aggregate amounts of principal maturities of long-term debt as of December 31, 2022 were as follows (in thousands):

2023	$	442,360
2024		443,642
2025		527,564
2026		504,269
2027		457,326
Thereafter		1,034,150
	$	3,409,311

Carrying value and fair value of long-term debt

	December 31, 2022		December 31, 2021
Carrying value	$	3,409,311	$	3,140,938
Fair value	$	3,264,704	$	3,132,072