Leases, Commitments, Guarantees and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Leases, Commitments, Guarantees and Contingencies

Summary of related terms and discount rates

Weighted-average remaining lease term for operating leases	11.0 years
Weighted-average discount rate for operating leases	6.2%

Summary of lease costs

Weighted-average remaining lease term for operating leases	11.0 years
Weighted-average discount rate for operating leases	6.2%

The Company’s lease costs for the three months ended March 31, 2025 and 2024 included the following components (in thousands):

	For the three months ended March 31,
	2025		2024
Operating lease cost	$	8,250	$	7,259
Variable and short-term lease cost		489		1,033
Sublease income		(1,115)		(1,246)
Total lease cost	$	7,624	$	7,046

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 March 31, 2025 (in thousands):

April 2025 through December 2025	$	15,897
2026		18,463
2027		15,871
2028		11,165
2029		9,461
Thereafter		53,083
Total	$	123,940

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 2025		2026		2027		2028		2029		Thereafter
Operating lease payments for aircraft and facility obligations	$	123,940	$	15,897	$	18,463	$	15,871	$	11,165	$	9,461	$	53,083
Firm aircraft and spare engine commitments		489,499		260,330		229,169		—		—		—		—
Interest commitments (1)		387,111		76,599		86,937		63,831		47,172		35,026		77,546
Principal maturities on long-term debt		2,578,587		376,557		532,131		487,090		316,979		213,257		652,573
Total commitments and obligations	$	3,579,137	$	729,383	$	866,700	$	566,792	$	375,316	$	257,744	$	783,202

(1) At March 31, 2025, the Company’s long-term debt had fixed interest rates.