Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES

v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company leases aircraft, land, hangars, buildings, equipment and other assets under operating lease agreements.
The majority of the bases from which the Company operates are leased with remaining terms between one and 53 years. The Company’s lease agreements range from month-to-month to 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 its lease liability and recognized as incurred.
Operating leases for the periods reflected in the table below were as follows (in thousands, except years and percentages):
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Cash paid for operating leases $ 114,772 $ 109,244 $ 106,408
ROU assets obtained in exchange for lease obligations $ 72,813 $ 73,290 $ 135,650
Weighted average remaining lease term
5 years
4 years
5 years
Weighted average discount rate 6.73  % 6.58  % 6.38  %
The Company’s leases for aircraft range up to base terms of 180 months with renewal options of up to 60 months. 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.
Rent expense for the periods reflected in the table below were as follows (in thousands):
  Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Rent expense under all operating leases $ 109,688  $ 107,356  $ 102,729 
Rent expense under operating leases for aircraft $ 86,546  $ 86,581  $ 80,889 
As of December 31, 2025, aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for aircraft, are as follows (in thousands):
Aircraft Other Total
Year Ended December 31,
2026 $ 79,087  $ 11,253  $ 90,340 
2027 60,835  8,017  68,852 
2028 44,542  6,650  51,192 
2029 25,880  4,410  30,290 
2030 18,744  1,945  20,689 
Thereafter 52,720  8,969  61,689 
$ 281,808  $ 41,244  $ 323,052