Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.1
LEASES
 12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES LEASES
The Company leases aircraft, land, hangars, buildings, fuel tanks and tower sites under operating lease agreements.
The majority of the bases from which the Company currently operates are leased with remaining terms between one and fifty-seven years. Our lease agreements are month-to-month or non-cancelable and generally provide for fixed monthly rent payments. The Company also generally pays for insurance, taxes and maintenance expenses associated with these leases which is excluded from our lease liability and recognized as incurred.
Operating leases as of March 31, 2022 and 2021 were as follows (in thousands):
March 31, 2022 March 31, 2021
Operating lease right-of-use assets $ 193,505  $ 246,667 
Current portion of operating lease liabilities 69,866  77,909 
Operating lease liabilities 125,441  167,718 
Total operating lease liabilities $ 195,307  $ 245,627 
Operating leases for the periods reflected in the table below were as follows (in thousands, except years and percentages):
Fiscal Year Ended
March 31, 2022		 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 $ 100,339  $ 112,590  $ 48,967  $ 95,601 
ROU assets obtained in exchange for lease obligations $ 34,185  $ 21,923  $ 338,257  $ 256,242 
Weighted average remaining lease term 4 years 4 years 4 years 5 years
Weighted average discount rate 6.13  % 6.23  % 6.27  % 7.14  %
Our leases for aircraft range up to base terms of 180 months with renewal options of up to 60 months. In some cases, our leases for aircraft include early purchase options and purchase options upon expiration. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require the Company to pay a stipulated amount if the Company defaults on its obligations under the agreements. 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, 2022:
End of Lease Term Number of 
Aircraft
Fiscal year 2023 to fiscal year 2024 31 
Fiscal year 2025 to fiscal year 2026 10 
Fiscal year 2027 to fiscal year 2028 3 
44 
Rent expense for the periods reflected in the table below is as follows (in thousands):
  Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019
Successor Predecessor
Rent expense under all operating leases 106,180  120,309  $ 50,061  $ 101,543 
Rent expense under operating leases for aircraft 83,788  97,919  $ 43,044  $ 88,599 
As of March 31, 2022, 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,
2023 $ 65,593  $ 12,840  $ 78,433 
2024 51,781  10,358  62,139 
2025 33,014  8,307  41,321 
2026 6,814  7,104  13,918 
2027 1,161  5,472  6,633 
Thereafter —  15,298  15,298 
$ 158,363  $ 59,379  $ 217,742