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Special Charges | 3 Months Ended
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Mar. 31, 2024
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. There was a subsequent weather-related event and a fire that caused additional damage in fourth quarter 2022. In addition, during third quarter 2023, the Sunseeker Resort construction site sustained additional damages related to Hurricane Idalia. The Company recorded estimated losses in 2022 and 2023 based on its assessment of these damages and the anticipated future restoration cost. The estimated losses were recorded to special charges and are offset by insurance recoveries in the period they are approved. To date, the Company has recorded $78.2 million in losses and $52.5 million in insurance recoveries. The Company has submitted additional insurance claims that remain outstanding at the date of this report. 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 retired in 2023 and two airframes were retired in first quarter 2024. The remaining airframes are to be retired between May 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. Special Charges The table below summarizes special charges recorded during the three months ended March 31, 2024, and 2023.
|  |  |  |  |  | Three Months Ended March 31, |  |
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |  |  |
Sunseeker weather and related events |  |  |  |  |  | $ | 100 |  |  | $ | 200 |  |  |  |  |
Sunseeker weather and related events, insurance recoveries(1) |  |  |  |  |  | (1,916) |  |  | (1,826) |  |  |  |  |
Accelerated depreciation on airframes identified for early retirement |  |  |  |  |  | 14,915 |  |  | 14 |  |  |  |  |
Total special charges |  |  |  |  |  | $ | 13,099 |  |  | $ | (1,612) |  |  |  |  |
(1) Includes $0.7 million of business interruption insurance recoveries for the three months ended March 31, 2024. No business interruption insurance recoveries were recorded during the three months ended March 31, 2023.

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