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Lease (Notes)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lessee, Operating Leases [Text Block] Leases
The Company had 15 aircraft under finance leases and 17 aircraft under operating leases as of December 31, 2021 with remaining terms through 2032.

Lease Costs

The components of lease costs recognized on the statements of income were as follows:
Year Ended December 31,
(in thousands)Classification on the Statements of Income20212020
Finance lease costs:
Amortization of assetsDepreciation and amortization$13,274 $6,631 
Interest on lease liabilitiesInterest expense11,168 5,335 
Operating lease costAircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense22,697 12,616 
Variable lease costStation operations; Maintenance and repairs; Other operating expense2,565 3,560 
Total lease cost$49,704 $28,142 

Lease position as of December 31, 2021

The table below presents the lease-related assets and liabilities recorded on the balance sheet.
As of December 31,
(in thousands)Classification on the Balance Sheet20212020
Assets
Operating lease assetsOperating lease right-of-use assets, net$130,087 $115,911 
Finance lease assetsProperty and equipment, net338,469 133,175 
Total lease assets$468,556 $249,086 
Liabilities
Current
OperatingCurrent operating lease liabilities$19,081 $14,313 
FinanceCurrent maturities of long-term debt and finance lease obligations16,960 9,767 
Noncurrent
OperatingNoncurrent operating lease liabilities115,067 102,289 
FinanceLong-term debt and finance lease obligations301,532 117,060 
Total lease liabilities$452,640 $243,429 
Weighted-average remaining lease term
Operating leases7.7 years8.3 years
Finance leases7.8 years7.6 years
Weighted-average discount rate
Operating leases5.4 %5.4 %
Finance leases5.2 %5.0 %
Sale-Leaseback Transactions

In March 2021, the Company entered into a sale-leaseback transaction involving three aircraft and generating $105.0 million of proceeds. The lease was classified as a finance lease and as a result, the transaction did not qualify as a sale. The aircraft were not removed from property and equipment in the Company's balance sheet and the Company recorded a financial liability in the amount of $105.0 million. The proceeds from this transaction are treated as cash inflows from finance lease obligations and reported in financing activities on the statement of cash flows.

During the year ended December 31, 2020, the Company entered into sale-leaseback transactions involving eight total aircraft. The transactions qualified as sales, and generated $87.6 million of proceeds. As a result of the sales, the aircraft were removed from property and equipment in the Company's balance sheet, resulting in a $53.2 million loss on the sales. The loss is reflected within operating special charges on the statement of income since the Company would not likely have completed the transactions absent cash conservation efforts as a result of COVID-19. The leased aircraft were subsequently recorded within operating lease right-of-use assets, with the related lease liabilities recorded within current and noncurrent operating lease liabilities on the balance sheet. The proceeds from the sales of aircraft in these transactions are treated as cash inflows from investing activities on the statement of cash flows.

Other Information

The table below presents supplemental cash flow information related to leases during the year ended December 31.
Year Ended December 31,
(in thousands)20212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$18,987 $13,102 
Operating cash flows for finance leases10,697 5,335 
Financing cash flows for finance leases14,675 15,908 

Maturities of Lease Liabilities

The table below indicates the future minimum payments of lease liabilities as of December 31, 2021.

(in thousands)Operating LeasesFinance Leases
2022$25,781 $32,822 
202325,618 44,813 
202425,299 29,268 
202523,158 29,268 
202613,184 28,968 
Thereafter49,317 250,141 
Total lease payments162,357 415,280 
Less imputed interest(28,209)(96,788)
Total lease obligations134,148 318,492 
Less current obligations(19,081)(16,960)
Long-term lease obligations$115,067 $301,532 
Sale Leaseback Transactions
Sale-Leaseback Transactions

In March 2021, the Company entered into a sale-leaseback transaction involving three aircraft and generating $105.0 million of proceeds. The lease was classified as a finance lease and as a result, the transaction did not qualify as a sale. The aircraft were not removed from property and equipment in the Company's balance sheet and the Company recorded a financial liability in the amount of $105.0 million. The proceeds from this transaction are treated as cash inflows from finance lease obligations and reported in financing activities on the statement of cash flows.

During the year ended December 31, 2020, the Company entered into sale-leaseback transactions involving eight total aircraft. The transactions qualified as sales, and generated $87.6 million of proceeds. As a result of the sales, the aircraft were removed from property and equipment in the Company's balance sheet, resulting in a $53.2 million loss on the sales. The loss is reflected within operating special charges on the statement of income since the Company would not likely have completed the transactions absent cash conservation efforts as a result of COVID-19. The leased aircraft were subsequently recorded within operating lease right-of-use assets, with the related lease liabilities recorded within current and noncurrent operating lease liabilities on the balance sheet. The proceeds from the sales of aircraft in these transactions are treated as cash inflows from investing activities on the statement of cash flows.