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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company had 23 aircraft under finance leases and 17 aircraft under operating leases as of December 31, 2023 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 Income | 2023 |  | 2022 |  | 2021
Finance lease costs: |  |  |  |  |  |
Amortization of assets | Depreciation and amortization | $ | 27,170 |  |  | $ | 17,579 |  |  | $ | 13,274 |
Interest on lease liabilities | Interest expense | 27,502 |  |  | 23,034 |  |  | 11,168 |
Operating lease cost | Aircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense | 25,246 |  |  | 24,986 |  |  | 22,697 |
Variable lease cost | Station operations; Maintenance and repairs; Other operating expense | 1,563 |  |  | 1,469 |  |  | 2,565 |
Total lease cost |  | $ | 81,481 |  |  | $ | 67,068 |  |  | $ | 49,704 |
Lease position as of December 31, 2023 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 Sheet | 2023 |  | 2022
Assets |  |  |  |
Operating lease assets | Operating lease right-of-use assets, net | $ | 100,707 |  |  | $ | 111,679 |
Finance lease assets | Property and equipment, net of accumulated depreciation | 483,083 |  |  | 537,766 |
Total lease assets |  | $ | 583,790 |  |  | $ | 649,445 |
Liabilities |  |  |  |
Current |  |  |  |
Operating | Current operating lease liabilities | $ | 20,873 |  |  | $ | 19,973 |
Finance | Current maturities of long-term debt and finance lease obligations | 25,352 |  |  | 39,080 |
Noncurrent |  |  |  |
Operating | Noncurrent operating lease liabilities | 82,410 |  |  | 94,972 |
Finance | Long-term debt and finance lease obligations | 429,896 |  |  | 455,248 |
Total lease liabilities |  | $ | 558,531 |  |  | $ | 609,273 |
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 7.4 years |  | 7.0 years
Finance leases |  | 7.1 years |  | 7.8 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 5.5 | % |  | 5.4 | %
Finance leases |  | 5.9 | % |  | 5.9 | %
Other Information The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023 and 2022.
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
Operating cash flows for operating leases | $ | 25,774 |  |  | $ | 25,775 |  |  | $ | 18,987 |
Operating cash flows for finance leases | 27,672 |  |  | 22,366 |  |  | 10,697 |
Financing cash flows for finance leases | 39,044 |  |  | 16,621 |  |  | 14,675 |
Maturities of Lease Liabilities The table below indicates the future minimum payments of lease liabilities as of December 31, 2023.
(in thousands) | Operating Leases |  | Finance Leases
2024 | $ | 25,912 |  |  | $ | 51,408 |
2025 | 23,850 |  |  | 51,408 |
2026 | 13,896 |  |  | 51,108 |
2027 | 11,688 |  |  | 51,108 |
2028 | 9,997 |  |  | 65,908 |
Thereafter | 42,616 |  |  | 336,168 |
Total lease payments | 127,959 |  |  | 607,108 |
Less imputed interest | (24,676) |  |  | (151,860) |
Total lease obligations | 103,283 |  |  | 455,248 |
Less current obligations | (20,873) |  |  | (25,352) |
Long-term lease obligations | $ | 82,410 |  |  | $ | 429,896 |

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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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