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LEASES | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
LEASES | LEASES Leases primarily pertain to certain controlled aircraft and our operational facilities, including aircraft hangars, our corporate headquarters located in the Atlanta, Georgia area and our corporate office in New York, New York, which are all accounted for as operating leases. We sublease an aircraft hangar at Cincinnati/Northern Kentucky International Airport from Delta. Certain of these operating leases have renewal options to further extend for additional time periods at our discretion. We have certain variable lease agreements with aircraft owners that contain payment terms based on an hourly lease rate multiplied by the number of flight hours during a month. Variable lease payments are not included in the right-of-use asset and lease liability balances but rather are expensed as incurred. The components of net lease cost were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 7,509 |  |  | $ | 9,641 |  |  | $ | 15,049 |  |  | $ | 21,335 |
Short-term lease costs | 173 |  |  | 2,151 |  |  | 386 |  |  | 4,637 |
Variable lease costs | 5,826 |  |  | 8,666 |  |  | 10,139 |  |  | 14,499 |
Total lease costs | $ | 13,508 |  |  | $ | 20,458 |  |  | $ | 25,574 |  |  | $ | 40,471 |
Sublease income was not material for any of the three and six month periods ended June 30, 2024 and 2023. Lease costs related to leased aircraft and operational facilities are included in Cost of revenue in the condensed consolidated statements of operations. Lease costs related to our leased corporate headquarters and other office space, including expenses for non-lease components, are allocated within the condensed consolidated statements of operations based on employee headcount. Sublease income is presented in General and administrative expense in the condensed consolidated statements of operations. Supplemental cash flow information related to operating leases were as follows (in thousands):
| Six Months Ended June 30,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities: |  |  |
Operating cash flows paid for operating leases | $ | 15,604 |  |  | $ | 18,621 |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 3,017 |  |  | $ | 5,454 |
Supplemental balance sheet information related to leases were as follows:
| June 30, 2024 |  | December 31, 2023
Weighted-average remaining lease term (in years): |  |  |
Operating leases | 6.9 |  | 6.7
Weighted-average discount rate: |  |  |
Operating leases | 9.4 | % |  | 9.2 | %
Maturities of lease liabilities, as of June 30, 2024, were as follows (in thousands):
Year ending December 31, | Operating Leases
2024 (remaining) | $ | 14,409 |
2025 | 18,573 |
2026 | 11,107 |
2027 | 8,022 |
2028 | 6,803 |
2029 and Thereafter | 36,609 |
Total lease payments | 95,523 |
Less: Imputed interest | (26,812) |
Total lease obligations | $ | 68,711 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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