Assets Held for Sale	6 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	5. Assets Held for Sale During 2022, our management committed to a formal plan to sell certain of our CRJ-900, CRJ-200, and CRJ-700 aircraft. Accordingly, we determined the aircraft met the criteria to be classified as assets held for sale and have separately presented them in our condensed consolidated balance sheet at the lower of their current carrying value or their fair market value less costs to sell. The fair values are based upon observable and unobservable inputs, including recent purchase offers and market trends and conditions. The assumptions used to determine the fair value of our assets held for sale are subject to inherent uncertainty and could produce a wide range of outcomes which we will continue to monitor in future periods as new information becomes available. Prior to the ultimate sale of the assets, subsequent changes in our estimate of the fair value of our assets held for sale will be recorded as a gain or loss with a corresponding adjustment to the assets’ carrying value. As of December 31, 2023, the Company had 15 CRJ-900 aircraft, 11 CRJ-900 airframes (without engines), and 48 engines classified as held for sale. During the three months ended March 31, 2024, the Company closed the sale of 12 engines to a third party for gross proceeds of $54.2 million. Net proceeds from the sale of all 12 engines was $15.9 million after the retirement of debt. As of March 31, 2024, the Company has 15 CRJ-900 aircraft, 11 CRJ-900 airframes (without engines), and 36 engines that are classified as assets held for sale with a net book value of $80.3 million, $38.3 million of which is classified as current assets on our condensed consolidated balance sheet and $42.0 million of which is classified as noncurrent assets on our condensed consolidated balance sheet.

Assets Held for Sale

6 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

During 2022, our management committed to a formal plan to sell certain of our CRJ-900, CRJ-200, and CRJ-700 aircraft. Accordingly, we determined the aircraft met the criteria to be classified as assets held for sale and have separately

presented them in our condensed consolidated balance sheet at the lower of their current carrying value or their fair market value less costs to sell. The fair values are based upon observable and unobservable inputs, including recent purchase offers and market trends and conditions. The assumptions used to determine the fair value of our assets held for sale are subject to inherent uncertainty and could produce a wide range of outcomes which we will continue to monitor in future periods as new information becomes available. Prior to the ultimate sale of the assets, subsequent changes in our estimate of the fair value of our assets held for sale will be recorded as a gain or loss with a corresponding adjustment to the assets’ carrying value.

As of December 31, 2023, the Company had 15 CRJ-900 aircraft, 11 CRJ-900 airframes (without engines), and 48 engines classified as held for sale. During the three months ended March 31, 2024, the Company closed the sale of 12 engines to a third party for gross proceeds of $54.2 million. Net proceeds from the sale of all 12 engines was $15.9 million after the retirement of debt.

As of March 31, 2024, the Company has 15 CRJ-900 aircraft, 11 CRJ-900 airframes (without engines), and 36 engines that are classified as assets held for sale with a net book value of $80.3 million, $38.3 million of which is classified as current assets on our condensed consolidated balance sheet and $42.0 million of which is classified as noncurrent assets on our condensed consolidated balance sheet.