Leases, Commitments, Guarantees and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Leases, Commitments, Guarantees and Contingencies

Summary of related terms and discount rates

Weighted-average remaining lease term for operating leases	11.5 years
Weighted-average discount rate for operating leases	6.2%

Summary of lease costs

Weighted-average remaining lease term for operating leases	11.5 years
Weighted-average discount rate for operating leases	6.2%

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

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	6,658	$	7,857	$	13,917	$	32,805
Variable and short-term lease cost		543		534		1,576		1,337
Sublease income		(1,268)		(1,351)		(2,514)		(2,701)
Total lease cost	$	5,933	$	7,040	$	12,979	$	31,441

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 June 30, 2024 (in thousands):

July 2024 through December 2024	$	10,419
2025		17,895
2026		15,427
2027		13,052
2028		9,976
Thereafter		56,617
Total future minimum operating lease payments	$	123,386

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		Jul- Dec 2024		2025		2026		2027		2028		Thereafter
Operating lease payments for aircraft and facility obligations	$	123,386	$	10,419	$	17,895	$	15,427	$	13,052	$	9,976	$	56,617
Firm aircraft and spare engine commitments		610,945		143,810		230,725		236,410		—		—		—
Interest commitments (1)		414,657		56,799		97,933		78,149		56,289		40,947		84,540
Principal maturities on long-term debt		2,804,058		224,243		532,255		510,598		464,289		292,862		779,811
Total commitments and obligations	$	3,953,046	$	435,271	$	878,808	$	840,584	$	533,630	$	343,785	$	920,968

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