Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Long-term Debt

Schedule of long-term debt

Long-term debt consisted of the following as of December 31, 2023 and 2022 (in thousands):

	December 31,		December 31,
	2023		2022
Notes payable to banks, due in quarterly installments, plus interest at 2.33% to 5.95% through 2035, secured by aircraft	$	2,302,578	$	2,604,058
Notes payable to banks, due in monthly or semi-annual installments, plus interest at 2.68% to 5.94% through 2032, secured by aircraft and engines		527,092		604,613
Notes payable to U.S. Government, interest due quarterly at 1.00% through 2025 and based on SOFR plus 2.0% from 2025 through 2031, unsecured		200,640		200,640
Long-term debt	$	3,030,310	$	3,409,311
Current portion of long-term debt		(447,534)		(442,360)
Less long-term portion of unamortized debt issue cost, net		(20,593)		(25,179)
Long-term debt, net of current maturities and debt issue costs	$	2,562,183	$	2,941,772
Current portion of long-term debt	$	447,534	$	442,360
Less current portion of unamortized debt issue cost, net		(3,665)		(3,858)
Current portion of long-term debt, net of debt issue costs	$	443,869	$	438,502

Schedule of maturities of long-term debt

The aggregate amounts of principal maturities of long-term debt as of December 31, 2023 were as follows (in thousands):

2024	$	447,534
2025		532,314
2026		510,625
2027		464,280
2028		292,812
Thereafter		782,745
	$	3,030,310

Carrying value and fair value of long-term debt

	December 31, 2023		December 31, 2022
Carrying value	$	3,030,310	$	3,409,311
Fair value	$	2,918,012	$	3,264,704