Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Schedule of operating lease maturities The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of March 31, 2021. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Finance LeasesOperating Leases
Aircraft and Spare Engine LeasesProperty Facility LeasesTotal
Operating and Finance Lease Obligations
(in thousands)
remainder of 2021 (1) $564 $179,092 $3,704 $183,360 
2022725 212,304 4,671 217,700 
2023349 204,097 3,983 208,429 
202497 182,035 2,819 184,951 
2025— 160,411 1,060 161,471 
2026 and thereafter— 1,072,555 143,093 1,215,648 
Total minimum lease payments$1,735 $2,010,494 $159,330 $2,171,559 
Less amount representing interest113 589,617 134,283 724,013 
Present value of minimum lease payments$1,622 $1,420,877 $25,047 $1,447,546 
Less current portion673 131,744 3,516 135,933 
Long-term portion$949 $1,289,133 $21,531 $1,311,613 
(1) Includes $19.9 million of aircraft and spare engine rent payment deferrals due to COVID-19 which are recorded in other current liabilities within the Company's condensed consolidated balance sheets.
Schedule of finance lease maturities The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of March 31, 2021. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Finance LeasesOperating Leases
Aircraft and Spare Engine LeasesProperty Facility LeasesTotal
Operating and Finance Lease Obligations
(in thousands)
remainder of 2021 (1) $564 $179,092 $3,704 $183,360 
2022725 212,304 4,671 217,700 
2023349 204,097 3,983 208,429 
202497 182,035 2,819 184,951 
2025— 160,411 1,060 161,471 
2026 and thereafter— 1,072,555 143,093 1,215,648 
Total minimum lease payments$1,735 $2,010,494 $159,330 $2,171,559 
Less amount representing interest113 589,617 134,283 724,013 
Present value of minimum lease payments$1,622 $1,420,877 $25,047 $1,447,546 
Less current portion673 131,744 3,516 135,933 
Long-term portion$949 $1,289,133 $21,531 $1,311,613 
(1) Includes $19.9 million of aircraft and spare engine rent payment deferrals due to COVID-19 which are recorded in other current liabilities within the Company's condensed consolidated balance sheets.
Schedule of lease cost
The table below presents information for lease costs related to the Company's finance and operating leases:
Three Months Ended March 31,
20212020
(in thousands)
Finance lease cost
Amortization of leased assets$168 $135 
Interest of lease liabilities24 113 
Operating lease cost
Operating lease cost (1)
52,141 47,217 
Short-term lease cost (1)
7,015 3,823 
Variable lease cost (1)
38,149 32,706 
Total lease cost$97,497 $83,994 
(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.
The table below presents lease terms and discount rates related to the Company's finance and operating leases:
March 31, 2021March 31, 2020
Weighted-average remaining lease term
Operating leases13.2 years13.1 years
Finance leases2.4 years3.0 years
Weighted-average discount rate
Operating leases6.06 %6.04 %
Finance leases5.52 %6.16 %