XML 41 R22.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases | 12 Months Ended
--- | ---
Sep. 30, 2021
Leases [Abstract] |
Leases |
1 5. | Leases
At September 30, 2021, the Company leased 17 aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases. The leases require the Company to pay taxes, maintenance, insurance, and other operating expenses. Rental expense is recognized on a straight-line basis over the lease term, net of lessor rebates and other incentives. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases, or the property may be purchased rather than leased. Aggregate rental expense under all operating aircraft, equipment and facility leases totaled approximately $44.6 million, $51.4 million, and $57.3 million for the year ended September 30, 2021, 2020, and 2019, respectively. The components of our operating lease costs were as follows (in thousands):
|  | Year Ended September 30, |
|  | 2021 |  |  | 2020 |
Operating lease costs |  | $ | 37,929 |  |  | $ | 40,116 |
Variable and short-term lease costs |  |  | 6,708 |  |  |  | 11,277 |
Total lease costs |  | $ | 44,637 |  |  | $ | 51,393 |
As of September 30, 2021, the Company’s operating lease right-of-use assets were $93.1 million, the Company’s current maturities of operating lease liabilities were $32.7 million, and the Company’s noncurrent lease liabilities were $34.0 million. The Company’s operating lease payments included in operating cash flows for the year ended September 30, 2021 and 2020 was $47.6 million and $44.2 million, respectively. The table below presents the weighted average remaining terms and discount rates for our operating leases as of September 30, 2021:
As of September 30, 2021 |  |  |  |
Weighted average remaining lease term |  | 2.7 years |
Weighted average discount rate |  |  | 4.2 | %
The following table summarizes future minimum rental payments, primarily related to leased aircraft, required under operating leases that had initial or remaining non-cancelable lease terms as of September 30, 2021 (in thousands):
Periods Ending September 30, |  | Total Maturities |
2022 |  | $ | 34,556 |
2023 |  |  | 17,070 |
2024 |  |  | 15,418 |
2025 |  |  | 2,129 |
2026 |  |  | 796 |
Total lease payments |  |  | 69,969 |
Less: imputed interest |  |  | (3,326 | )
Amounts recorded in the consolidated balance sheet |  | $ | 66,643 |
RASPRO Lease Facility. On September 23, 2005, Mesa Airlines, as lessee, entered into the RASPRO Lease Facility, with RASPRO as lessor, for 15 of our CRJ-900 aircraft. The obligations under the RASPRO Lease Facility are guaranteed by us, and basic rent is paid quarterly on each aircraft. On each of March 10, 2014, June 5, 2014, and December 8, 2017, the RASPRO Lease Facility was amended to defer certain payments of basic rent (the "Deferred Amounts"). Until the principal of and accrued interest on the Deferred Amounts are paid in full: (i) we and Mesa Airlines are prohibited from paying any dividends to holders of our common stock, (ii) we are prohibited from repurchasing any of our warrants or other equity interests, (iii) Mesa Airlines must maintain a minimum of $35.0 million of cash, cash equivalents and availability under lines of credit, (iv) Mesa Airlines must provide RASPRO with periodic monthly, quarterly and annual reports containing certain financial information and forecasted engine repair costs and (v) we must maintain a minimum debt-to-assets ratio. In June 2020, the Company amended its RASPRO aircraft lease agreement to defer a $4.0 million lease payment otherwise due in June 2020. Per the amended agreement dated June 5, 2020, the Company is required to pay this amount over the period of September 2021 through March 2024. The Company made the accounting election available for COVID-19 related concessions provided by a lessor and accordingly, this was not a lease modification and required no changes to current accounting treatment. As of September 30, 2021, we were in compliance with the covenants in the RASPRO Lease Facility.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration