Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

6. Debt

Long-Term Debt

Long-term debt consists of the following (with interest rates, as of the dates presented):

	September 30, 2022		December 31, 2021
Aircraft Notes, due December 31, 2025 (4.0%)	$	65,313	$	67,550
Less: current maturities		9,224		5,880
Total Long-Term Debt	$	56,089	$	61,670

Maturities of long-term debt for the periods subsequent to September 30, 2022, are as follows:

Fiscal Year	Amount
October 2022 through December 2022	$	4,091
2023		9,154
2024		8,874
2025		43,194
Total	$	65,313

As of September 30, 2022, all of the Company’s long-term debt was subject to fixed interest rates. As of September 30, 2022 and September 30, 2021, Air Wisconsin was in compliance with the covenants included in each of its debt agreements.

For additional information regarding Long-Term Debt, refer to Note 6, Debt, in the audited consolidated financial statements within the 2021 Annual Report.

Long-Term Promissory Note

In July 2003, Air Wisconsin financed a hangar through the issuance of $4,275 City of Milwaukee, Wisconsin variable rate Industrial Development Bonds. The bonds mature November 1, 2033. Prior to May 1, 2006, the bonds were secured by a guaranteed investment contract, which was collateralized with cash, and interest was payable semiannually on each May 1 and November 1. In May 2006, Air Wisconsin acquired the bonds using the cash collateral. The bonds are reported as long-term investments on the consolidated balance sheets. The hangar is accounted for as a right-of-use asset with a value of $2,605 as of September 30 2022. For additional information, refer to Note 1, Fair Value of Financial Instruments.