Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.21.1
LEASES (Tables)
12 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
As of March 31, 2021 (Successor), aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for 44 aircraft, are as follows (in thousands):
Aircraft Other Total
Fiscal year ending March 31,
2022 $ 77,354  $ 12,730  $ 90,084 
2023 57,646  10,775  68,421 
2024 45,362  9,948  55,310 
2025 28,370  7,627  35,997 
2026 2,170  6,644  8,814 
Thereafter —  21,055  21,055 
$ 210,902  $ 68,779  $ 279,681 
As of March 31, 2020 (Successor), aggregate future payments under all non-cancelable operating leases that have initial terms in excess of one year, including leases for 46 aircraft, are as follows (in thousands):
Aircraft Other Total
Fiscal year ending March 31,
2021 $ 89,736  $ 7,680  $ 97,416 
2022 77,229  6,435  $ 83,664 
2023 58,583  6,468  $ 65,051 
2024 46,005  6,086  $ 52,091 
2025 28,370  5,005  $ 33,375 
Thereafter 2,170  16,382  $ 18,552 
$ 302,093  $ 48,056  $ 350,149 
The following is a summary of the terms related to aircraft leased under operating leases with original or remaining terms in excess of one year as of March 31, 2021 (Successor):
End of Lease Term Number of 
Aircraft
Fiscal year 2022 to fiscal year 2023 15 
Fiscal year 2024 to fiscal year 2025 19 
Fiscal year 2026 to fiscal year 2027 10 
44 
Assets and Liabilities, Lessee
Operating leases as of March 31, 2021 (Successor) and March 31, 2020 (Successor) were as follow (in thousands, except years and percentages):
March 31, 2021 March 31, 2020
Operating lease right-of-use assets $ 246,667  $ 305,962 
Current portion of operating lease liabilities 77,909  81,484 
Operating lease liabilities 167,718  224,595 
Total operating lease liabilities $ 245,627  $ 306,079 
Lease Cost Terms and Rent Expense
Fiscal Year Ended
March 31, 2021
Five Months Ended
March 31, 2020
Seven Months Ended
October 31, 2019
Successor Predecessor
Cash paid for operating leases $ 112,590  $ 48,967  $ 95,601 
ROU assets obtained in exchange for lease obligations $ 21,923  $ 338,257  $ 256,242 
Weighted average remaining lease term 4 years 4 years 5 years
Weighted average discount rate 6.23  % 6.27  % 7.14  %
Rent expense incurred is as follows (in thousands):
  Fiscal Year Ended
March 31, 2021
Five Months Ended
March 31, 2020
Seven Months Ended
October 31, 2019
Fiscal Year Ended
March 31, 2019
Successor Predecessor
Rent expense under all operating leases 120,309  $ 50,061  $ 101,543  $ 192,316 
Rent expense under operating leases for aircraft 97,919  $ 43,044  $ 88,599  $ 168,299