XML 35 R21.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Jun. 30, 2022

15.

Leases

As of June 30, 2022, we leased 20 aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases. The leases generally require us to pay all 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. We expect 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 $10.8 million and $11.3 million for the three months ended June 30, 2022 and 2021, respectively, and $33.1 million and $34.0 million for the nine months ended June 30, 2022 and 2021, respectively.

The components of our operating lease costs were as follows (in thousands):

	Three Months Ended June 30,				Nine Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	9,534	$	9,194	$	28,678	$	28,599
Variable and short-term lease costs		1,311		2,099		4,392		5,434
Total lease costs	$	10,845	$	11,293	$	33,070	$	34,033

As of June 30, 2022, our operating leases have a remaining weighted average lease term of 3.8 years and our operating lease liabilities were measured using a weighted average discount rate of 4.5%.

During the nine months ended June 30, 2022, we recorded a $0.2 million impairment of certain operating lease ROU assets associated with the abandonment of a leased facility.