Summary of Financial Statement Preparation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Depreciable Lives

Property and equipment, to be held and used, is summarized as follows (in thousands):

	March 31, 2023		December 31, 2022
Flight equipment	$	3,609,393	$	3,506,134
Ground equipment	71,018		70,092
Leasehold improvements, facilities and office equipment	40,826		40,183
Aircraft modifications and projects in progress	565,638		445,633
	4,286,875		4,062,042
Accumulated depreciation	(1,733,201)		(1,659,634)
Property and equipment, net	$	2,553,674	$	2,402,408

Accounting Standards Update and Change in Accounting Principle

The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective approach which resulted in the following adjustments:

(in thousands)	December 31, 2021		Adoption of ASU 2020-06		January 1, 2022
Balance Sheet line item:
Principal value	$	(258,750)	$	—	$	(258,750)
Unamortized issuance cost	$	2,889	$	—	$	2,889
Unamortized discount	$	24,215	$	(24,215)	$	—
Convertible Debt	$	(231,646)	$	(24,215)	$	(255,861)
Net deferred tax liability	$	(217,291)	$	5,527	$	(211,764)
Additional paid-in capital	$	(1,074,286)	$	39,559	$	(1,034,727)
Retained earnings	$	(309,430)	$	(20,871)	$	(330,301)