v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Finance Lease Maturities
The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Finance LeasesOperating Leases
Aircraft and Spare Engine LeasesProperty Facility LeasesTotal
Operating and Finance Lease Obligations
(in thousands)
Remainder of 2025$110 $290,154 $2,420 $292,684 
2026141 558,340 4,939 563,420 
202793 542,387 4,140 546,620 
202867 521,615 2,757 524,439 
20295 506,403 2,132 508,540 
2030 and thereafter— 5,103,074 141,637 5,244,711 
Total minimum lease payments$416 $7,521,973 $158,025 $7,680,414 
Less amount representing interest37 3,077,031 134,502 3,211,570 
Present value of minimum lease payments$379 $4,444,942 $23,523 $4,468,844 
Less current portion181 235,446 4,187 239,814 
Long-term portion$198 $4,209,496 $19,336 $4,229,030 
Schedule of Operating Lease Maturities
The following table provides details of the Successor's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Finance LeasesOperating Leases
Aircraft and Spare Engine LeasesProperty Facility LeasesTotal
Operating and Finance Lease Obligations
(in thousands)
Remainder of 2025$110 $290,154 $2,420 $292,684 
2026141 558,340 4,939 563,420 
202793 542,387 4,140 546,620 
202867 521,615 2,757 524,439 
20295 506,403 2,132 508,540 
2030 and thereafter— 5,103,074 141,637 5,244,711 
Total minimum lease payments$416 $7,521,973 $158,025 $7,680,414 
Less amount representing interest37 3,077,031 134,502 3,211,570 
Present value of minimum lease payments$379 $4,444,942 $23,523 $4,468,844 
Less current portion181 235,446 4,187 239,814 
Long-term portion$198 $4,209,496 $19,336 $4,229,030 
Schedule of Lease Cost
The table below presents information for lease costs related to the Successor and Predecessor's finance and operating leases:
SuccessorPredecessor
Three Months Ended
June 30, 2025		Three Months Ended
June 30, 2024
(in thousands)
Finance lease cost
Amortization of leased assets$48 $78 
Interest of lease liabilities6 9 
Operating lease cost
Operating lease cost (1)
141,964 124,703 
Short-term lease cost (1)
1,410 10,975 
Variable lease cost (1)
61,735 58,629 
Total lease cost$205,163 $194,394 
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.
SuccessorPredecessorPredecessor
Period from March 13, 2025 through June 30, 2025Period from January 1, 2025 through March 12, 2025Six Months Ended June 30, 2024
(in thousands)
Finance lease cost
Amortization of leased assets$58 $38 $152 
Interest of lease liabilities8 5 17 
Operating lease cost
Operating lease cost (1)
171,634 114,508 241,866 
Short-term lease cost (1)
8,441 5,574 21,137 
Variable lease cost (1)
77,163 55,750 113,529 
Total lease cost$257,304 $175,875 $376,701 

(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.
The table below presents lease terms and discount rates related to the Company's finance and operating leases:
SuccessorPredecessor
June 30, 2025June 30, 2024
Weighted-average remaining lease term
Operating leases14.8 years15.0 years
Finance leases2.6 years3.2 years
Weighted-average discount rate
Operating leases7.83 %7.05 %
Finance leases6.18 %5.65 %