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Leases, Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2022
Leases, Commitments and Contingencies |
Leases, Commitments and Contingencies | (6) — Leases, Commitments and Contingencies The Company leases property and equipment under operating leases. For leases with durations longer than 12 months, the Company recorded the related operating lease right-of-use asset and operating lease liability at the present value of lease payments over the term. The Company used its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Aircraft As of March 31, 2022, excluding aircraft financed by the Company’s major airline partners that the Company operates for them under contract, the Company had 43 aircraft under long-term lease agreements with remaining terms ranging from two years to eight years. Airport facilities The Company has operating leases for facility space including airport terminals, office space, cargo warehouses and maintenance facilities. The Company generally leases this space from government agencies that control the use of the various airports. The remaining lease terms for facility space vary from one month to 34 years. The Company’s operating leases with lease rates that are variable based on airport operating costs, use of the facilities or other variable factors are excluded from the Company’s right-of-use assets and operating lease liabilities in accordance with accounting guidance. Leases As of March 31, 2022, the Company’s right-of-use assets were $223.9 million, the Company’s current maturities of operating lease liabilities were $78.9 million, and the Company’s noncurrent lease liabilities were $148.0 million. During the three months ended March 31, 2022, the Company paid $14.7 million in operating leases reflected as a reduction from operating cash flows. The table below presents lease related terms and discount rates as of March 31, 2022. ​
​ | ​
​ | As of March 31, 2022
Weighted-average remaining lease term for operating leases | 6.2 years
Weighted-average discount rate for operating leases | 6.0%
​ The Company’s lease costs for the three months ended March 31, 2022 and 2021 included the following components (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2022 |  | 2021
Operating lease cost | ​ | $ | 21,841 | ​ | $ | 22,127
Variable and short-term lease cost | ​ |  | 1,018 | ​ |  | 1,224
Sublease income | ​ | ​ | (1,803) | ​ | ​ | (1,335)
Total lease cost | ​ | $ | 21,056 | ​ | $ | 22,016
​ As of March 31, 2022, the Company leased aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases, which are generally on a long-term, triple-net lease basis pursuant to which the Company pays taxes, maintenance, insurance and certain other operating expenses applicable to the leased property. The Company expects that, in the normal course of business, such operating leases that expire may be renewed or replaced by other leases, or the property may be purchased rather than leased. The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of March 31, 2022 (in thousands): ​
​ | ​ | ​ | ​
April 2022 through December 2022 |  | $ | 66,742
2023 | ​ |  | 76,049
2024 | ​ |  | 32,144
2025 | ​ |  | 17,568
2026 | ​ |  | 15,491
Thereafter | ​ |  | 72,827
​ | ​ | $ | 280,821
​ As of March 31, 2022, the Company had a firm purchase commitment for 25 E175 aircraft from Embraer, S.A. (“Embraer”) with anticipated delivery dates through the first half of 2023. The following table summarizes the Company’s commitments and obligations as noted for each of the next five years and thereafter (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | Apr - Dec 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter
Operating lease payments for aircraft and facility obligations | ​ | $ | 280,821 | ​ | $ | 66,742 | ​ | $ | 76,049 | ​ | $ | 32,144 | ​ | $ | 17,568 | ​ | $ | 15,491 | ​ | $ | 72,827
Firm aircraft and spare engine commitments |  | ​ | 679,789 | ​ | ​ | 653,270 | ​ | ​ | 26,519 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Interest commitments (1) |  | ​ | 485,584 | ​ | ​ | 87,784 | ​ | ​ | 103,072 | ​ | ​ | 86,121 | ​ | ​ | 68,249 | ​ | ​ | 51,641 | ​ | ​ | 88,717
Principal maturities on long-term debt |  | ​ | 3,232,430 | ​ | ​ | 315,901 | ​ | ​ | 422,380 | ​ | ​ | 418,088 | ​ | ​ | 485,348 | ​ | ​ | 429,621 | ​ | ​ | 1,161,092
Total commitments and obligations | ​ | $ | 4,678,624 | ​ | $ | 1,123,697 | ​ | $ | 628,020 | ​ | $ | 536,353 | ​ | $ | 571,165 | ​ | $ | 496,753 | ​ | $ | 1,322,636
(1) | At March 31, 2022, the Company’s long-term debt had fixed interest rates.

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