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Special Charges | 9 Months Ended
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Sep. 30, 2023
Unusual or Infrequent Items, or Both [Abstract] |
Special Charges | Special Charges As a result of Hurricane Ian's direct hit on the southwest coast of Florida on September 28, 2022, the construction site of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") was damaged. Additionally in the fourth quarter of 2022, there was another weather-related event and a fire that caused additional damage. Based on the Company’s assessment of these damages and the anticipated future restoration costs, an estimated loss of $52.1 million was recorded as a special charge in 2022, which was offset by $18.1 million of recorded insurance recoveries during 2022. The Company recorded an additional $4.1 million and $4.4 million of estimated loss related to Hurricane Ian during the three and nine months ended September 30, 2023. During third quarter 2023, the Sunseeker Resort construction site incurred additional damages related to Hurricane Idalia. Based on the Company’s assessment of these damages and the anticipated future restoration costs, an estimated loss of $13.8 million was recorded as a special charge in third quarter 2023. The estimate is preliminary and subject to change as the damage assessment by the Company and the insurance providers continues. During the three and nine months ended September 30, 2023, the Company recorded $0.5 million and $13.6 million of insurance recoveries respectively. The recoveries are offset by $17.9 million and $18.2 million of additional losses recorded during the three and nine months ended September 30, 2023 respectively, resulting in special charges net of recoveries of $17.4 million and $4.6 million, respectively. To date, the Company has recorded insurance recoveries of $31.7 million related to Hurricane Ian and subsequent insurance events. We anticipate that additional insurance recoveries related to the losses incurred in third and fourth quarters 2022 and in third quarter 2023 will be recorded in future periods. Due to the heavy maintenance needs on certain aging Airbus airframes and capacity constraints at the maintenance, repair, and overhaul contractors, the Company reevaluated its fleet plan and identified 21 airframes for early retirement to coincide with 737 MAX aircraft deliveries as scheduled under an amendment to the Company's agreement with The Boeing Company signed in September 2023. Two airframes were fully retired in September 2023 and the remaining airframes are to be retired between January 2024 and September 2025. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge of $15.2 million during third quarter 2023. Special Charges The table below summarizes special charges recorded during the three and nine months ended September 30, 2023, and 2022.
|  |  |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Sunseeker weather and related events |  |  |  |  |  | $ | 17,915 |  |  | $ | 35,000 |  |  | $ | 18,232 |  |  | $ | 35,000 |
Sunseeker weather and related events, insurance recoveries |  |  |  |  |  | (483) |  |  | — |  |  | (13,634) |  |  | — |
Accelerated depreciation on airframes identified for early retirement |  |  |  |  |  | 15,216 |  |  | 142 |  |  | 15,230 |  |  | 426 |
Total special charges |  |  |  |  |  | $ | 32,648 |  |  | $ | 35,142 |  |  | $ | 19,828 |  |  | $ | 35,426 |

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