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v3.25.4

Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Summary of Long-Term Debt | Long-term debt consisted of the following:
| As of December 31,
(in thousands) | 2025 |  | 2024
Fixed-rate debt and finance lease obligations due through 2032 | $ | 1,062,935 |  |  | $ | 1,481,186 |
Variable-rate debt due through 2037 | 736,681 |  |  | 585,318 |
Total long-term debt and finance lease obligations, net of related costs | 1,799,616 |  |  | 2,066,504 |
Less current maturities, net of related costs | 118,075 |  |  | 454,769 |
Long-term debt and finance lease obligations, net of current maturities and related costs | $ | 1,681,541 |  |  | $ | 1,611,735 |
Weighted average fixed-interest rate on debt | 6.7 | % |  | 6.5 | %
Weighted average variable-interest rate on debt | 5.9 | % |  | 6.8 | %
|  |  |  |  | Interest Rate(s) Per Annum at |  | As of December 31,
(in thousands) | Maturity Dates |  | December 31, 2025 |  | 2025 |  | 2024
Senior secured notes | 2027 |  | 7.25% |  | $ | 403,009 |  |  | $ | 550,000 |
Consolidated variable interest entities | 2028 | — | 2029 |  | 2.92 | % | — | 5.19% |  | 95,111 |  |  | 107,959 |
Revolving credit facilities | 2028 | — | 2030 |  | N/A |  | — |  |  | — |
Debt secured by aircraft, engines, other equipment and real estate | 2028 | — | 2037 |  | 1.87 | % | — | 7.93% |  | 915,084 |  |  | 765,278 |
Finance leases | 2028 | — | 2032 |  | 4.44 | % | — | 7.02% |  | 403,060 |  |  | 429,896 |
Construction loan agreement | N/A |  | N/A |  | — |  |  | 100,000 |
Unsecured debt | N/A |  | N/A |  | — |  |  | 130,500 |
Total debt and finance lease obligations |  |  |  |  |  |  |  |  | $ | 1,816,264 |  |  | $ | 2,083,633 |
Related costs |  |  |  |  |  |  |  |  | (16,648) |  |  | (17,129) |
Total debt and finance lease obligations, net of related costs |  |  |  |  |  |  |  |  | $ | 1,799,616 |  |  | $ | 2,066,504 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of December 31, 2025, for the next five years and thereafter, in the aggregate, are:
(in thousands) | As of December 31, 2025
2026 | 118,075 |
2027 | 527,473 |
2028 | 169,924 |
2029 | 203,299 |
2030 | 177,460 |
Thereafter | 603,385 |
Total debt and finance lease obligations, net of related costs | $ | 1,799,616 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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