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Segments | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segments | Segments Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the executive leadership team, which reviews information about the Company's two operating segments: Airline and Sunseeker Resort. Airline Segment The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. The CODM evaluation includes, but is not limited to, route and flight profitability data, ancillary and third party product and service offering statistics, and fixed fee contract information when making resource allocation decisions with the goal of optimizing consolidated financial results. Sunseeker Resort Segment The Sunseeker Resort segment represents activity related to the development and construction of Sunseeker Resort in Southwest Florida, as well as the renovation of Aileron Golf Course (formerly known as Kingsway Golf Course). Plans for the resort include a 500-room hotel and two towers offering more than 180 one, two and three-bedroom suites, bar and restaurant options, and other amenities. The golf course is a short drive from the resort and is considered, from a planning and strategic perspective, to be an additional resort amenity. The construction of Sunseeker Resort is an extension of the Company's leisure travel focus and it is expected that many customers flying to Southwest Florida on Allegiant will elect to stay at this resort and enjoy its amenities. Selected information for the Company's segments and the reconciliation to the consolidated financial statement amounts are as follows:
(in thousands) |  | Airline |  | Sunseeker Resort |  |  |  | Consolidated
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |
Operating revenue: |  |  |  |  |  |  |  |
Passenger |  | $ | 642,747 |  |  | $ | — |  |  |  |  | $ | 642,747 |
Third party products |  | 28,904 |  |  | — |  |  |  |  | 28,904 |
Fixed fee contracts |  | 11,741 |  |  | — |  |  |  |  | 11,741 |
Other |  | 418 |  |  | — |  |  |  |  | 418 |
Operating income |  | 127,508 |  |  | 5,921 |  |  |  |  | 133,429 |
Interest expense, net(1) |  | 20,252 |  |  | 5,426 |  |  |  |  | 25,678 |
Capitalized interest |  | (3,409) |  |  | (5,472) |  |  |  |  | (8,881) |
Depreciation and amortization |  | 53,843 |  |  | 90 |  |  |  |  | 53,933 |
Capital expenditures |  | 176,023 |  |  | 97,019 |  |  |  |  | 273,042 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |
Operating revenue: |  |  |  |  |  |  |  |
Passenger |  | $ | 592,604 |  |  | $ | — |  |  |  |  | $ | 592,604 |
Third party products |  | 27,787 |  |  | — |  |  |  |  | 27,787 |
Fixed fee contracts |  | 8,920 |  |  | — |  |  |  |  | 8,920 |
Other |  | 536 |  |  | — |  |  |  |  | 536 |
Operating income (loss) |  | 27,882 |  |  | (1,752) |  |  |  |  | 26,130 |
Interest expense, net(1) |  | 18,325 |  |  | 3,954 |  |  |  |  | 22,279 |
Capitalized interest |  | (923) |  |  | (1,159) |  |  |  |  | (2,082) |
Depreciation and amortization |  | 49,170 |  |  | 13 |  |  |  |  | 49,183 |
Capital expenditures |  | 96,023 |  |  | 73,595 |  |  |  |  | 169,618 |
(in thousands) |  | Airline |  | Sunseeker Resort |  |  |  | Consolidated
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |
Operating revenue: |  |  |  |  |  |  |  |
Passenger |  | $ | 1,252,023 |  |  | $ | — |  |  |  |  | $ | 1,252,023 |
Third party products |  | 54,942 |  |  | — |  |  |  |  | 54,942 |
Fixed fee contract |  | 25,858 |  |  | — |  |  |  |  | 25,858 |
Other |  | 669 |  |  | 5 |  |  |  |  | 674 |
Operating income |  | 225,081 |  |  | 3,172 |  |  |  |  | 228,253 |
Interest expense, net(1) |  | 40,502 |  |  | 10,791 |  |  |  |  | 51,293 |
Capitalized interest |  | (4,919) |  |  | (9,142) |  |  |  |  | (14,061) |
Depreciation and amortization |  | 108,465 |  |  | 148 |  |  |  |  | 108,613 |
Capital expenditures |  | 268,627 |  |  | 182,639 |  |  |  |  | 451,266 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |
Operating revenue: |  |  |  |  |  |  |  |
Passenger |  | $ | 1,056,566 |  |  | $ | — |  |  |  |  | $ | 1,056,566 |
Third party products |  | 50,267 |  |  | — |  |  |  |  | 50,267 |
Fixed fee contract |  | 22,305 |  |  | — |  |  |  |  | 22,305 |
Other |  | 818 |  |  | — |  |  |  |  | 818 |
Operating income (loss) |  | 38,059 |  |  | (4,700) |  |  |  |  | 33,359 |
Interest expense, net(1) |  | 34,661 |  |  | 6,636 |  |  |  |  | 41,297 |
Capitalized interest |  | (1,431) |  |  | (1,867) |  |  |  |  | (3,298) |
Depreciation and amortization |  | 95,509 |  |  | 17 |  |  |  |  | 95,526 |
Capital expenditures |  | 238,201 |  |  | 137,376 |  |  |  |  | 375,577 |
(1) Excludes losses (net of gains) on debt extinguishment of $242 thousand and $206 thousand for quarter-to-date and year-to-date 2023 respectively. There were no losses on debt extinguishment for the corresponding periods in 2022. Total assets were as follows as of the dates indicated:
(in thousands) | As of June 30, 2023 |  | As of December 31, 2022
Airline | $ | 4,226,140 |  |  | $ | 4,047,134 |
Sunseeker Resort | 603,406 |  |  | 464,163 |
Consolidated | $ | 4,829,546 |  |  | $ | 4,511,297 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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