| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|