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Long-Term Debt and Other Borrowings (Tables) | 6 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt as of March 31, 2019 and September 30, 2018, consisted of the following (in thousands):
|  | March 31, |  |  | 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) |  |  | 59,176 |  |  |  | 69,340 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
aircraft, due 2024(5) |  |  | 66,565 |  |  |  | 72,438 |
Senior and subordinated notes payable to secured parties, collateralized |  |  |  |  |  |  |  |
by the underlying aircraft, due 2027(6) |  |  | 116,790 |  |  |  | 122,591 |
Notes payable to secured parties, collateralized by the underlying |  |  |  |  |  |  |  |
aircraft, due 2028(7) |  |  | 200,322 |  |  |  | 209,240 |
Senior and subordinated notes payable to secured parties, collateralized |  |  |  |  |  |  |  |
by the underlying aircraft, due 2028(8) |  |  | 160,170 |  |  |  | 167,269 |
Senior and subordinated notes payable to secured parties, collateralized |  |  |  |  |  |  |  |
by the underlying aircraft, due 2022(17) |  |  | 83,724 |  |  |  | 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) |  |  | 55,473 |  |  |  | 63,403 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2020(11) |  |  | 2,488 |  |  |  | 3,318 |
Notes payable to financial institution due 2020(12) |  |  | 3,344 |  |  |  | 4,360 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2020(13) |  |  | 10,723 |  |  |  | 14,971 |
Notes payable to financial institution due 2019(14) |  |  | 1,369 |  |  |  | 5,896 |
Working capital draw loan, collateralized by certain flight equipment |  |  |  |  |  |  |  |
and spare parts(15) |  |  | — |  |  |  | — |
Other obligations due to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2023(16) |  |  | 9,144 |  |  |  | 9,731 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2024(18) |  |  | 88,553 |  |  |  | — |
Total long-term debt |  |  | 857,841 |  |  |  | 930,207 |
Less current portion |  |  | (147,114 | ) |  |  | (155,170 | )
Less unamortized debt issuance costs |  |  | (13,871 | ) |  |  | (14,860 | )
Long-term debt—excluding current portion |  | $ | 696,856 |  |  | $ | 760,177 |
(1) | In fiscal 2005, the Company financed five CRJ-900 aircraft with $118.0 million in debt. The debt bears interest at the monthly London Inter-bank Offered Rate ("LIBOR"), plus 3.00% and requires monthly principal and interest payments.
(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 3.00% and requires monthly principal and interest payments.
(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% (4.745% at March 31, 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% (4.445% to 9.745% at March 31, 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 5.00% 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 $151.0 million bear interest at monthly LIBOR plus 2.71% (5.205% at March 31, 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 2016, the Company financed 10 E-175 aircraft with $246.0 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 2016, the Company financed eight E-175 aircraft with $195.3 million in debt. The senior notes payable of $172.0 million bear interest at the three-month LIBOR plus a spread ranging from 2.20% to 2.32% (4.800% to 4.920% at March 31, 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 2017, 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% (9.745% at March 31, 2019) and requires monthly principal and interest payments.
(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% (6.100% at March 31, 2019) and require quarterly principal and interest payments. The subordinated notes payable bear interest at the three-month LIBOR plus 4.50% (7.100% at March 31, 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 2016, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.07% (5.670% at March 31, 2019) and requires quarterly principal and interest payments.
(13) | In fiscal 2016 and 2017, 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% (5.530% to 5.560% at March 31, 2019) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of March 31, 2019, the Company was in compliance with this covenant.
(14) | In fiscal 2017, the Company financed certain flight equipment maintenance costs with $25 million in debt. The debt bears interest at the three-month LIBOR plus 3.30% (5.900% at March 31, 2019) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of March 31, 2019, the Company was in compliance with this covenant.
(15) | In fiscal 2016, the Company obtained a $35.0 million working capital draw loan, which terminates in August 2019. Interest is assessed on drawn amounts at one-month LIBOR plus 4.25% (6.745% at March 31, 2019). As of March 31, 2019, there were no borrowings outstanding under this facility. The working capital draw loan is subject to an interest and rental coverage ratio covenant. As of March 31, 2019, the Company was in compliance with this covenant.
(16) | 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.
(17) | 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 $67.3 million bear interest at the three-month LIBOR plus 3.50% (6.100% at March 31, 2019) and require quarterly principal and interest payments. The subordinated notes payable bear interest at three month LIBOR plus 7.50% (10.100% at March 31, 2019) and require quarterly principal and interest payments.
(18) | 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% (5.595% at March 31, 2019) and requires monthly principal and interest payments.
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of March 31, 2019, and for each of the next five years are as follows (in thousands):
|  | Total Principal |
Periods Ending September 30, |  | Amount |
Remainder of 2019 |  | $ | 74,450 |
2020 |  |  | 146,227 |
2021 |  |  | 141,519 |
2022 |  |  | 132,705 |
2023 |  |  | 88,122 |
Thereafter |  |  | 274,818 |
|  | $ | 857,841 |

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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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