LEASES (Tables)
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12 Months Ended |
Mar. 31, 2022 |
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| Leases [Abstract] |
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| Assets and Liabilities, Lessee |
Operating leases as of March 31, 2022 and 2021 were as follows (in thousands):
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March 31, 2022 |
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March 31, 2021 |
| Operating lease right-of-use assets |
$ |
193,505 |
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$ |
246,667 |
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| Current portion of operating lease liabilities |
69,866 |
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|
77,909 |
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| Operating lease liabilities |
125,441 |
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|
167,718 |
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| Total operating lease liabilities |
$ |
195,307 |
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|
$ |
245,627 |
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| Lease Cost Terms and Rent Expense |
Operating leases for the periods reflected in the table below were as follows (in thousands, except years and percentages):
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Fiscal Year Ended
March 31, 2022 |
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Fiscal Year Ended
March 31, 2021 |
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Five Months Ended
March 31, 2020 |
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Seven Months Ended
October 31, 2019 |
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Successor |
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Predecessor |
| Cash paid for operating leases |
$ |
100,339 |
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$ |
112,590 |
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$ |
48,967 |
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$ |
95,601 |
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| ROU assets obtained in exchange for lease obligations |
$ |
34,185 |
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$ |
21,923 |
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$ |
338,257 |
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$ |
256,242 |
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| Weighted average remaining lease term |
4 years |
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4 years |
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4 years |
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5 years |
| Weighted average discount rate |
6.13 |
% |
|
6.23 |
% |
|
6.27 |
% |
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|
7.14 |
% |
Rent expense for the periods reflected in the table below is as follows (in thousands):
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Fiscal Year Ended
March 31, 2022 |
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Fiscal Year Ended
March 31, 2021 |
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Five Months Ended
March 31, 2020 |
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Seven Months Ended
October 31, 2019 |
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Successor |
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Predecessor |
| Rent expense under all operating leases |
106,180 |
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|
120,309 |
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$ |
50,061 |
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$ |
101,543 |
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| Rent expense under operating leases for aircraft |
83,788 |
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|
97,919 |
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$ |
43,044 |
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$ |
88,599 |
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| Lessee, Operating Lease, Liability, Maturity |
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:
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| End of Lease Term |
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Number of
Aircraft |
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| Fiscal year 2023 to fiscal year 2024 |
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31 |
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| Fiscal year 2025 to fiscal year 2026 |
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10 |
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| Fiscal year 2027 to fiscal year 2028 |
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3 |
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44 |
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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):
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Aircraft |
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Other |
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Total |
| Fiscal year ending March 31, |
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| 2023 |
$ |
65,593 |
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$ |
12,840 |
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$ |
78,433 |
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| 2024 |
51,781 |
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|
10,358 |
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|
62,139 |
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| 2025 |
33,014 |
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|
8,307 |
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|
41,321 |
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| 2026 |
6,814 |
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|
7,104 |
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|
13,918 |
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| 2027 |
1,161 |
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5,472 |
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|
6,633 |
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| Thereafter |
— |
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15,298 |
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15,298 |
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$ |
158,363 |
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$ |
59,379 |
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$ |
217,742 |
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