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Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt as of September 30, 2019 and 2018, consisted of the following (in thousands):
|  | September 30, |  |  | September 30, |
|  | 2019 |  |  | 2018 |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2019(1)(2) |  | $ | — |  |  | $ | 4,428 |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2022(3)(4) |  |  | 49,795 |  |  |  | 69,340 |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2024(5) |  |  | 60,761 |  |  |  | 72,438 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027(6) |  |  | 110,912 |  |  |  | 122,591 |
Notes payable to secured parties, collateralized by the underlying aircraft, due 2028(7) |  |  | 191,168 |  |  |  | 209,240 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028(8) |  |  | 152,945 |  |  |  | 167,269 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022(16) |  |  | 71,998 |  |  |  | 95,060 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2022(9) |  |  | — |  |  |  | 88,162 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022(10) |  |  | 47,309 |  |  |  | 63,403 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2020(11) |  |  | 1,659 |  |  |  | 3,318 |
Notes payable to financial institution due 2020(12) |  |  | 2,329 |  |  |  | 4,360 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2020(13) |  |  | 6,962 |  |  |  | 14,971 |
Notes payable to financial institution due 2019(14) |  |  | — |  |  |  | 5,896 |
Other obligations due to financial institution, collateralized by the underlying equipment, due 2023(15) |  |  | 8,530 |  |  |  | 9,731 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2024(17) |  |  | 80,153 |  |  |  | — |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2023(18) |  |  | 65,625 |  |  |  | — |
Notes payable to financial institution due 2023 (19) |  | 8,000 |  |  |  | — |
Total long-term debt |  |  | 858,145 |  |  |  | 930,207 |
Less current portion |  |  | (165,900 | ) |  |  | (155,170 | )
Less unamortized debt issuance costs |  |  | (14,822 | ) |  |  | (14,860 | )
Long-term debt—excluding current portion |  | $ | 677,423 |  |  | $ | 760,177 |
(1) | In fiscal 2005, the Company financed five CRJ-900 aircraft with $118 million in debt. The debt bears interest at the monthly London InterBank Offered Rate ("LIBOR"), plus 3% and requires monthly principal and interest payments. As of September 30, 2019, the loan has been repaid.
(2) | In fiscal 2004, the Company financed five CRJ-700 and nine CRJ 900 aircraft with $254.7 million in debt. The debt bears interest at the monthly LIBOR plus 3% and requires monthly principal and interest payments. As of September 30, 2019, the loan has been repaid.
(3) | In fiscal 2007, the Company financed three CRJ-900 and three CRJ-700 aircraft for $120.3 million. The debt bears interest at the monthly LIBOR plus 2.25% (4.270% at September 30, 2019) and requires monthly principal and interest payments.
(4) | In fiscal 2014, the Company financed 10 CRJ-900 aircraft for $88.4 million. The debt bears interest at the monthly LIBOR plus a spread ranging from 1.95% to 7.25% (3.970% to 9.270% at September 30, 2019) and requires monthly principal and interest payments.
(5) | In fiscal 2014, the Company financed eight CRJ-900 aircraft with $114.5 million in debt. The debt bears interest at 5% and requires monthly principal and interest payments.
(6) | In fiscal 2015, the Company financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $151 million bear interest at monthly LIBOR plus 2.71% (4.730% at September 30, 2019) and require monthly principal and interest payments. The subordinated notes payable are noninterest-bearing and become payable in full on the last day of the term of the notes. The Company has imputed an interest rate of 6.25% on the subordinated notes payable and recorded a related discount of $8.1 million, which is being accreted to interest expense over the term of the notes.
(7) | In fiscal 2017, the Company financed 10 E-175 aircraft with $246 million in debt under an EETC financing arrangement (see discussion below). The debt bears interest ranging from 4.75% to 6.25% and requires semi-annual principal and interest payments.
(8) | In fiscal 2017, the Company financed eight E-175 aircraft with $195.3 million in debt. The senior notes payable of $172 million bear interest at the three-month LIBOR plus a spread ranging from 2.20% to 2.32% (4.290% to 4.410% at September 30, 2019) and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50% and require quarterly principal and interest payments.
(9) | In fiscal 2018, the Company financed certain flight equipment with $99.1 million in debt. The debt bears interest at the monthly LIBOR (rounded to the nearest 16th) plus 7.25% and requires monthly principal and interest payments. As of September 30, 2019, the loan has been repaid.
(10) | In December 2017, the Company refinanced nine CRJ-900 aircraft with $74.9 million in debt. The senior notes payable of $46.9 million bear interest at the three-month LIBOR plus 3.50% (5.590% at September 30, 2019) and require quarterly principal and interest payments. The subordinated notes payable bear interest at the three-month LIBOR plus 4.50% (6.590% at September 30, 2019) and require quarterly principal and interest payments.
(11) | In fiscal 2015, the Company financed certain flight equipment with $8.3 million in debt. The debt bears interest at 5.163% and requires monthly principal and interest payments.
(12) | In fiscal 2015 and 2017, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the three-month LIBOR plus 3.07% (5.160% at September 30, 2019) and requires quarterly principal and interest payments.
(13) | In fiscal 2017 and 2018, the Company financed certain flight equipment maintenance costs with $11.9 million in debt. The debt bears interest at the three-month LIBOR plus a spread ranging from 2.93% to 2.96% (5.020% to 5.050% at September 30, 2019) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 30, 2019, the Company was in compliance with this covenant.
(14) | In fiscal 2018, the Company financed certain flight equipment maintenance costs with $25.0 million in debt. The debt bears interest at the three-month LIBOR plus 3.30% and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 30, 2019, the loan has been repaid.
(15) | In February 2018, the Company leased two spare engines. The leases were determined to be capital as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.128% and the leases requires monthly payments.
(16) | In June 2018, the Company refinanced six CRJ-900 aircraft with $27.5 million in debt and financed nine CRJ-900 aircraft, which were previously leased, with $69.6 million in debt. The senior notes payable of $65.8 million bear interest at the three-month LIBOR plus 3.50% (5.590% at September 30, 2019) and require quarterly principal and interest payments. The subordinated notes payable of $29.8 million bear interest at three-month LIBOR plus 7.50% (9.590% at September 30, 2019) and require quarterly principal and interest payments.
(17) | In January 2019, the Company financed certain flight equipment with $91.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.10% (5.120% at September 30, 2019) and requires monthly principal and interest payments.
(18) | In June 2019, the Company financed ten CRJ-700 aircraft with $70.0 million in debt, which were previously leased. The debt bears interest at the monthly LIBOR plus 5.25% (7.270% at September 30, 2019) and requires monthly principal and interest payments.
(19) | The Company financed certain flight equipment on September 27, 2019 for $8.0 million. The debt bears interest at the monthly LIBOR plus 5.25% (7.27% at September 30, 2019) and requires monthly principal and interest payments. As of September 30, 2019 we had $8.0 million outstanding under these notes.
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of September 30, 2019, and for each of the next five years are as follows (in thousands):
|  | Total Principal |
Periods Ending September 30, |  | Amount |
2020 |  |  | 165,900 |
2021 |  |  | 161,359 |
2022 |  |  | 152,745 |
2023 |  |  | 103,165 |
2024 |  |  | 71,033 |
Thereafter |  |  | 203,943 |
|  | $ | 858,145 |

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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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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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