Leases, Commitments, Guarantees and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Leases, Commitments, Guarantees and Contingencies

Summary of related terms and discount rates

Weighted-average remaining lease term for operating leases	11.4 years
Weighted-average discount rate for operating leases	6.3%

Summary of lease costs

The Company’s lease costs for the three and nine months ended September 30, 2024 and 2023 included the following components (in thousands):

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	6,583	$	7,959	$	20,500	$	40,764
Variable and short-term lease cost		453		868		2,029		2,205
Sublease income		(1,268)		(1,350)		(3,782)		(4,051)
Total lease cost	$	5,768	$	7,477	$	18,747	$	38,918

Schedule of future minimum rental income under operating leases

The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms as of September 30, 2024 (in thousands):

October 2024 through December 2024	$	5,272
2025		18,356
2026		16,545
2027		14,002
2028		11,012
Thereafter		62,392
Total future minimum operating lease payments	$	127,579

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		Oct- Dec 2024		2025		2026		2027		2028		Thereafter
Operating lease payments for aircraft and facility obligations	$	127,579	$	5,272	$	18,356	$	16,545	$	14,002	$	11,012	$	62,392
Firm aircraft and spare engine commitments		610,752		135,217		239,125		236,410		—		—		—
Interest commitments (1)		389,176		26,093		98,184		78,324		56,382		40,955		89,238
Principal maturities on long-term debt		2,714,421		114,907		534,315		512,046		465,695		294,352		793,106
Total commitments and obligations	$	3,841,928	$	281,489	$	889,980	$	843,325	$	536,079	$	346,319	$	944,736

(1) At September 30, 2024, the Company’s long-term debt had fixed interest rates.