0001743907-24-000005 | 10-K | XBRL Viewer | SUN Country Airlines Holdings INC

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REVENUE - Additional information (Details) - USD ($)	1 Months Ended	12 Months Ended
REVENUE - Additional information (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2023
Costs to fulfill contract with Amazon
REVENUE
Deferred up-front costs amortization period (in years)	6 years
Amazon Deferred Up-front Payment
REVENUE
Proceeds from startup costs	$ 10,300,000
Fair value of warrants vested	4,667,000
Amazon Deferred Up-front Payment \| Other Liabilities
REVENUE
Remaining start up costs	$ 5,633,000
Air Traffic Liabilities \| Passenger
REVENUE
Revenue recognized		$ 154,055,000

OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

OPERATING SEGMENTS

Operating segments are defined as components of an enterprise about which separate financial information is both available and evaluated regularly by the CODM and is used in resource allocation and performance assessments. The Company’s CODM is considered to be the Company’s Chief Executive Officer. The CODM makes resource allocation decisions to maximize the Company's consolidated financial results, primarily through the scheduling of aircraft on the most profitable routes. The Company has two operating and reportable segments: Passenger and Cargo.

The Company’s Passenger segment is comprised of two businesses: Scheduled Service and Charter. These businesses both utilize the Company's Passenger fleet. The CODM maximizes the return on these aircraft through the combination of both the Scheduled Service and Charter flights. The Company routinely schedules its Passenger fleet using what is referred to as “Power Patterns,” which involves scheduling aircraft and crew on trips that combine Scheduled Service and Charter legs, dynamically replacing what would be lower margin Scheduled Service flights with Charter opportunities. The Company determined that it was appropriate that these businesses be viewed as a singular Passenger operating segment as the CODM evaluates the combined results of these businesses, due to their complimentary nature, to ensure the highest levels of returns for the Passenger fleet. Operating revenues for the Passenger segment also includes amounts recorded within Other Revenue. This is inline with how the CODM regularly reviews results and allocates resources.

The Cargo segment began providing air cargo services under the ATSA in May 2020. Fuel consumed in Cargo operations is directly reimbursed by Amazon and therefore aircraft fuel revenue is presented net of such reimbursements on the Consolidated Statements of Operations. Fuel consumed in Cargo maintenance activities is included within Aircraft Fuel expense in the Cargo segment. Certain operating expenses are directly attributable to the Cargo operating segment.

Certain operating expenses are allocated between the operating segments. Non-Fuel operating expenses are allocated based on metrics such as block hours, fleet count and departures, which best align with the nature of the respective expense. CARES Act credits, included in Special Items, net, are allocated based on the respective segment Salaries, Wages, and Benefits.

The following tables present financial information for the Company’s two segments. Primarily all of the Company’s long-lived assets are owned by, or associated with, the Passenger operating segment. Substantially all the Company’s tangible assets are located in the U.S. The Company's Aircraft and Flight equipment is mobile across geographic markets. Therefore, predominately all depreciation and amortization expense is associated with the Passenger operating segment. As a result, assets by segment are not reviewed by the CODM and have not been presented herein. The Company does not consider Interest Income, Interest Expense, and Other Income, net, in assessing the financial performance of its operating segments. Collectively, these items are included in reconciliations of reporting segment financial amounts to consolidated financial amounts.


	Year Ended December 31, 2023
	Passenger		Cargo		Consolidated
Operating Revenues	$	949,885	$	99,735	$	1,049,620
Non-Fuel Operating Expenses	570,413		105,038		675,451
Aircraft Fuel	246,600		69		246,669
Total Operating Expenses	817,013		105,107		922,120
Operating Income (Loss)	$	132,872	$	(5,372)	127,500
Interest Income					10,180
Interest Expense					(42,634)
Other, net					(887)
Income before Income Tax					$	94,159


	Year Ended December 31, 2022
	Passenger		Cargo		Consolidated
Operating Revenues	$	804,094	$	90,350	$	894,444
Non-Fuel Operating Expenses	479,968		90,405		570,373
Aircraft Fuel	268,279		84		268,363
Total Operating Expenses	748,247		90,489		838,736
Operating Income (Loss)	$	55,847	$	(139)	55,708
Interest Income					4,527
Interest Expense					(31,018)
Other, net					(5,235)
Income before Income Tax					$	23,982


	Year Ended December 31, 2021
	Passenger		Cargo		Consolidated
Operating Revenues	$	531,587	$	91,428	$	623,015
Non-Fuel Operating Expenses	385,580		68,797		454,377
Aircraft Fuel	128,863		247		129,110
Special Items, net	(54,019)		(18,400)		(72,419)
Total Operating Expenses	460,424		50,644		511,068
Operating Income	$	71,163	$	40,784	111,947
Interest Income					85
Interest Expense					(26,326)
Other, net					14,624
Income before Income Tax					$	100,330

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

COMPANY BACKGROUND	12 Months Ended
COMPANY BACKGROUND	Dec. 31, 2023
COMPANY BACKGROUND
COMPANY BACKGROUND	COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. (together with its consolidated subsidiaries, "Sun Country" or the "Company") is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, military branches, collegiate and professional sports teams, wholesale tour operators, schools, companies and other individual entities for air transportation to various U.S. and international destinations. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines Holdings, Inc. are referred to as those of the "Company" or "Sun Country". Equity Transactions When certain investment funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”) purchased the Company in 2018, SCA Horus Holdings, LLC, (the “Apollo Stockholder”) was issued 5,326,755 shares of common stock of SCA Acquisition Holdings, LLC with no par value. Also in 2018, SCA Acquisition Holdings, LLC issued 40,005,885 warrants to the Apollo Stockholder allowing it to acquire shares of common stock of SCA Acquisition Holdings, LLC at the exercise price of approximately $0.0005 per share. On January 31, 2020, all 40,005,885 outstanding warrants were exercised to purchase common stock of SCA Acquisition Holdings, LLC. In conjunction with the issuance of 1,416,645 shares of common stock of SCA Acquisition Holdings, LLC in 2018 to two stockholders, the Company issued recourse promissory notes of $3,500, which are included as Loans to Stockholders on the Consolidated Statements of Changes in Stockholders’ Equity. In February of 2021, these promissory notes were repaid in full with equivalent shares of stock. On January 31, 2020, SCA Acquisition Holdings, LLC was converted into a Delaware corporation pursuant to a statutory conversion and changed its name to Sun Country Airlines Holdings, Inc. In connection with the conversion to a corporation, all of the outstanding shares, warrants and options were converted into shares or rights to shares of Sun Country Airlines Holdings, Inc.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Valuation of the tax receivable agreement ("TRA") liability (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%

COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float		$ 911
Entity Common Stock, Shares Outstanding	53,291,001
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to the 2024 Annual Meeting of Stockholders are incorporated herein by references in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001743907
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

STOCK-BASED COMPENSATION - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Time-Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	1,356,522	1,653,943	2,329,461
Granted (in shares)	0	0	62,080
Forfeited (in shares)	(3,882)	(119,605)	(18,613)
Exercised (in shares)	(89,542)	(177,816)	(718,985)
Outstanding at end of period (in shares)	1,263,098	1,356,522	1,653,943	2,329,461
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 6.72	$ 7.57	$ 6.36
Granted (in dollars per share)	0	0	33.10
Forfeited (in dollars per share)	28.24	20.09	11.75
Exercised (in dollars per share)	5.78	5.63	5.89
Outstanding at end of period (in dollars per share)	6.72	6.72	7.57	$ 6.36
Weighted average grant date fair value per share
Outstanding at beginning of period (in dollars per share)	2.89	3.22	2.74
Granted (in dollars per share)	0	0	13.47
Forfeited (in dollars per share)	11.80	8.03	5.15
Exercised (in dollars per share)	2.54	2.49	2.56
Outstanding at end of period (in dollars per share)	$ 2.93	$ 2.89	$ 3.22	$ 2.74
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, outstanding (in years)	5 years 2 months 12 days	6 years 1 month 6 days	7 years 2 months 12 days	7 years 7 months 6 days
Aggregate Intrinsic Value (in thousands)
Outstanding, Exercisable and Vested as of December 31, 2023	$ 11,886
Performance-based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	3,178,533	3,636,771	3,577,252
Granted (in shares)	0	0	99,167
Forfeited (in shares)	(7,812)	(307,894)	(39,648)
Exercised (in shares)	(372,567)	(150,344)
Outstanding at end of period (in shares)	2,798,154	3,178,533	3,636,771	3,577,252
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 6.45	$ 7.10	$ 6.38
Granted (in dollars per share)	0	0	33.10
Forfeited (in dollars per share)	25.54	14.13	6.89
Exercised (in dollars per share)	5.75	6.55
Outstanding at end of period (in dollars per share)	6.49	6.45	7.10	$ 6.38
Weighted average grant date fair value per share
Outstanding at beginning of period (in dollars per share)	1.83	1.53	1.72
Granted (in dollars per share)	0	0	10.08
Forfeited (in dollars per share)	9.76	4.43	1.67
Exercised (in dollars per share)	1.59	1.74
Outstanding at end of period (in dollars per share)	$ 1.84	$ 1.83	$ 1.53	$ 1.72
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, outstanding (in years)	5 years 1 month 6 days	6 years 1 month 6 days	7 years 2 months 12 days	7 years 7 months 6 days
Aggregate Intrinsic Value (in thousands)
Outstanding, Exercisable and Vested as of December 31, 2023	$ 26,670

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Summary of time-based stock option activity

The following table is a summary of the Company's time-based stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	2,329,461	$	6.36	$	2.74	7.6
Granted	62,080	33.10		13.47
Forfeited	(18,613)	11.75		5.15
Exercised	(718,985)	5.89		2.56
Outstanding as of December 31, 2021	1,653,943	$	7.57	$	3.22	7.2
Granted	—	—		—
Forfeited	(119,605)	20.09		8.03
Exercised	(177,816)	5.63		2.49
Outstanding as of December 31, 2022	1,356,522	$	6.72	$	2.89	6.1
Granted	—	—		—
Forfeited	(3,882)	28.24		11.80
Exercised	(89,542)	5.78		2.54
Outstanding, Exercisable and Vested as of December 31, 2023	1,263,098	$	6.72	$	2.93	5.2	$	11,886

Summary of performance-based stock option activity

The following table is a summary of the Company's performance-based stock option activity:


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	3,577,252	$	6.38	$	1.72	7.6
Granted	99,167	33.10		10.08
Forfeited	(39,648)	6.89		1.67
Outstanding as of December 31, 2021	3,636,771	$	7.10	$	1.53	7.2
Granted	—	—		—
Forfeited	(307,894)	14.13		4.43
Exercised	(150,344)	6.55		1.74
Outstanding as of December 31, 2022	3,178,533	$	6.45	$	1.83	6.1
Granted	—	—		—
Forfeited	(7,812)	25.54		9.76
Exercised	(372,567)	5.75		1.59
Outstanding, Exercisable and Vested as of December 31, 2023	2,798,154	$	6.49	$	1.84	5.1	$	26,670

Time-based RSUs

Time-Based RSUs


	Restricted Stock Units
	Number of shares	Weighted average grant date fair value per share
Outstanding as of December 31, 2020	—	$	—
Granted	7,634	40.60
Forfeited	(2,955)	40.60
Outstanding as of December 31, 2021	4,679	40.60
Granted	248,025	20.44
Forfeited	(5,478)	23.04
Vested	(17,035)	25.87
Outstanding as of December 31, 2022	230,191	$	20.39
Granted	458,271	17.19
Forfeited	(54,751)	18.89
Vested	(198,967)	18.60
Outstanding as of December 31, 2023	434,744	$	18.03

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and other intangible assets (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) reporting_unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units \| reporting_unit	2
Assets estimated life	12 years
Impairment losses \| $	$ 0	$ 0	$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Assets estimated life	10 months 24 days
Remaining amortization period	1 year 2 months 12 days
Maximum
Finite-Lived Intangible Assets [Line Items]
Assets estimated life	1 year 10 months 24 days
Remaining amortization period	2 years 8 months 12 days

LEASES - Operating lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Less: Short-term Obligations	$ (2,219)	$ (6,296)
Long-term Lease Obligations	16,611	$ 19,836
Real Estate
Operating Leases
2024	3,385
2025	3,662
2026	3,687
2027	3,672
2028	3,708
Thereafter	5,435
Total Minimum Lease Payments	23,549
Less: Amount Representing Interest	(4,719)
Present Value of Minimum Lease Payments	18,830
Less: Short-term Obligations	(2,219)
Long-term Lease Obligations	$ 16,611

REVENUE - Contract balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Total Contract Assets	$ 1,493	$ 2,195
Total Contract Liabilities	173,958	176,703
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	157,996	157,995
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	13,737	15,437	$ 19,718
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	2,225	3,271
Costs to fulfill contract with Amazon
REVENUE
Total Contract Assets	$ 1,493	$ 2,195

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of lease-related assets and liabilities

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2023		2022
Assets
Finance lease assets, net	Property and Equipment, net	$	243,060	$	221,727
Operating lease assets	Operating Lease Right-of-use Assets	14,917		22,182
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	147,584		—
Total lease assets		$	405,561	$	243,909
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	44,756	$	17,990
Operating lease liabilities	Short-term Operating Lease Obligations	2,219		6,296
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	232,546		233,306
Operating lease liabilities	Long-term Operating Lease Obligations	16,611		19,836
Total lease liabilities		$	296,132	$	277,428

Summary of obligations under finance leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2023:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2024	$	60,120	$	1,551	$	61,671		$	3,385
2025	34,120		1,773		35,893			3,662
2026	72,917		1,773		74,690			3,687
2027	22,644		1,773		24,417			3,672
2028	40,152		1,773		41,925			3,708
Thereafter	102,645		1,405		104,050			5,435
Total Minimum Lease Payments	332,598		10,048		342,646			23,549
Less: Amount Representing Interest	(62,795)		(2,549)		(65,344)			(4,719)
Present Value of Minimum Lease Payments	269,803		7,499		277,302			18,830
Less: Short-term Obligations	(43,942)		(814)		(44,756)			(2,219)
Long-term Lease Obligations	$	225,861	$	6,685	$	232,546		$	16,611

Summary of obligations under operating leases

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2023:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2024	$	60,120	$	1,551	$	61,671		$	3,385
2025	34,120		1,773		35,893			3,662
2026	72,917		1,773		74,690			3,687
2027	22,644		1,773		24,417			3,672
2028	40,152		1,773		41,925			3,708
Thereafter	102,645		1,405		104,050			5,435
Total Minimum Lease Payments	332,598		10,048		342,646			23,549
Less: Amount Representing Interest	(62,795)		(2,549)		(65,344)			(4,719)
Present Value of Minimum Lease Payments	269,803		7,499		277,302			18,830
Less: Short-term Obligations	(43,942)		(814)		(44,756)			(2,219)
Long-term Lease Obligations	$	225,861	$	6,685	$	232,546		$	16,611

Summary of lease costs related to the finance and operating leases

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2023		2022		2021
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,150	$	17,900	$	12,536
Interest on lease liabilities	Interest Expense	16,325		13,782		8,021

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	2,210		8,465		18,608
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,438		3,692		3,976
Short-term	Aircraft Rent	396		691		277
Variable - Aircraft	Aircraft Rent (1)	(325)		(388)		(1,232)
Variable - Other	Landing Fees & Airport Rentals	2,212		1,838		1,210
Sublease Income	Other Revenue	(768)		—		—
Total Lease cost		$	45,638	$	45,980	$	43,396

_________________________________


(1)			The years ended December 31, 2023, 2022 and 2021, include credits of $723, $3,228 and $7,609, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

Summary of supplemental cash flow information related to leases

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	5,971	$	12,378	$	29,360
Operating Cash Flows for Finance Leases	$	16,325	$	13,782	$	8,021
Financing Cash Flows for Finance Leases	$	21,883	$	42,062	$	11,931

Summary of lease-related terms and discount rates

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2023	2022	2021
Weighted-average remaining lease term
Operating Leases	6.8 years	5.9 years	4.6 years
Finance Leases	4.9 years	6.1 years	7.2 years

Weighted-average discount rates
Operating Leases	6.5%	6.3%	6.0%
Finance Leases	6.6%	6.2%	6.1%

OPERATING SEGMENTS (Details) $ in Thousands	12 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment business	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment	2
Number of internal passenger groups \| business	2
Operating Revenues	$ 1,049,620	$ 894,444	$ 623,015
Non-Fuel Operating Expenses	675,451	570,373	454,377
Aircraft Fuel	246,669	268,363	129,110
Special Items, net	0	0	(72,419)
Total Operating Expenses	922,120	838,736	511,068
Operating Income (Loss)	127,500	55,708	111,947
Interest Income	10,180	4,527	85
Interest Expense	(42,634)	(31,018)	(26,326)
Other, net	(887)	(5,235)	14,624
Income before Income Tax	94,159	23,982	100,330
Passenger
OPERATING SEGMENTS
Operating Revenues	949,885	804,094	531,587
Non-Fuel Operating Expenses	570,413	479,968	385,580
Aircraft Fuel	246,600	268,279	128,863
Special Items, net			(54,019)
Total Operating Expenses	817,013	748,247	460,424
Operating Income (Loss)	132,872	55,847	71,163
Cargo
OPERATING SEGMENTS
Operating Revenues	99,735	90,350	91,428
Non-Fuel Operating Expenses	105,038	90,405	68,797
Aircraft Fuel	69	84	247
Special Items, net			(18,400)
Total Operating Expenses	105,107	90,489	50,644
Operating Income (Loss)	$ (5,372)	$ (139)	$ 40,784

EARNINGS PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income	$ 72,181	$ 17,676	$ 81,248
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	55,507,144	57,951,955	55,182,811
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	3,017,508	3,094,640	4,141,229
Diluted (in shares)	58,524,652	61,046,595	59,324,040
Basic earnings (loss) per share (in dollars per share)	$ 1.30	$ 0.31	$ 1.47
Diluted earnings (loss) per share (in dollars per share)	$ 1.23	$ 0.29	$ 1.37
Performance-based stock options
Denominator:
Outstanding shares (in shares)	2,798,154	3,178,533	3,636,771
Vesting percentage	100.00%	32.50%	0.00%
Percentage of stock options expected to meet performance conditions		59.00%	75.00%

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

Sun Country is a certificated air carrier generating Operating Revenues from Scheduled Service, Charter Service, Ancillary, Cargo and Other revenue. Scheduled Service revenue mainly consists of base fares. Charter Service revenue is primarily generated through service provided to the DoD, collegiate and professional sports teams, and casinos. Ancillary revenues consist of revenue earned from air travel-related services such as baggage fees, seat selection and upgrade fees, priority check-in and boarding fees, other fees and on-board sales. Cargo consists of revenue earned from flying cargo aircraft for Amazon under the ATSA. Other Revenue consists primarily of revenue from services in connection with Sun Country Vacations products and rental revenue related to certain transactions where the Company acts as an aircraft lessor.

The significant categories comprising Operating Revenues are as follows:


	Year Ended December 31,
	2023		2022		2021
Scheduled Service	$	453,862	$	438,308	$	279,377
Charter	190,128		161,619		127,331
Ancillary	276,133		192,506		117,237
Passenger	920,123		792,433		523,945
Cargo	99,735		90,350		91,428
Other	29,762		11,661		7,642
Total Operating Revenue	$	1,049,620	$	894,444	$	623,015

The Company attributes and measures its Operating Revenue by geographic region as defined by the DOT for airline reporting based upon the origin of each passenger and cargo flight segment.

The Company’s operations are highly concentrated in the U.S., but include service to many international locations, primarily based on Scheduled Service to Latin America during the winter season and on military Charter Services.

Total Operating Revenues by geographic region are as follows:


	Year Ended December 31,
	2023		2022		2021
Domestic	$	1,008,582	$	857,764	$	597,005
Latin America	40,548		36,537		24,646
Other	490		143		1,364
Total Operating Revenue	$	1,049,620	$	894,444	$	623,015

Contract Balances

The Company’s contract assets primarily relate to costs incurred to get Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Consolidated Balance Sheets.

The Company’s contract liabilities are comprised of: 1) ticket sales for transportation that has not yet been provided (reported as Air Traffic Liabilities on the Consolidated Balance Sheets), 2) outstanding loyalty points that may be redeemed for future travel and other non-air travel awards (reported as Loyalty Program Liabilities on the Consolidated Balance Sheets) and, 3) the Amazon Deferred Up-front Payment received (reported within Other Current Liabilities and Other Long-term Liabilities on the Consolidated Balance Sheets).

As part of the ATSA executed in December 2019, Amazon paid the Company $10,300 toward start-up costs. Upon signing the ATSA, Amazon received 632,183 fully vested warrants to purchase the Company’s common stock, with a fair value of $4,667. This fair value was assigned to a portion of the $10,300 cash received from Amazon and the remaining $5,633 was recorded in Other Liabilities on the Company’s Consolidated Balance Sheets. This deferred up-front payment is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA and is immaterial on an annual basis.

Contract Assets and Liabilities are as follows:


	December 31,
	2023		2022
Contract Assets
Costs to fulfill contract with Amazon	$	1,493	$	2,195
Total Contract Assets	$	1,493	$	2,195

Contract Liabilities
Air Traffic Liabilities	$	157,996	$	157,995
Loyalty Program Liabilities	13,737		15,437
Amazon Deferred Up-front Payment	2,225		3,271
Total Contract Liabilities	$	173,958	$	176,703

The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than 12 months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the year ended December 31, 2023, $154,055 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2022.

Loyalty Program

The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. The Company records a liability for loyalty points earned by passengers under the Sun Country Rewards program using two methods: 1) a liability for points that are earned by passengers on purchases of the Company’s services is established by deferring revenue based on the redemption value, net of estimated loyalty points that will expire unused, or breakage, and 2) a liability for points attributed to loyalty points issued to the Company’s co-branded credit card holders is established by deferring a portion of payments received from the Company’s co-branded agreement. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impacts the volume of loyalty points awarded through travel or issued to co-branded credit card and other partners (deferral of revenue) and loyalty points redeemed (recognition of revenue). Due to these reasons, the timing of loyalty point redemptions can vary significantly.

Changes in the Loyalty Program Liabilities are as follows:


	2023		2022
Balance - January 1	$	15,437	$	19,718
Loyalty Points Earned	8,250		7,052
Loyalty Points Redeemed (1)	(9,950)		(11,333)
Balance - December 31	$	13,737	$	15,437

________________________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 222,223	$ 222,223
Intangible Assets with Finite Lives:
Accumulated Amortization	(24,190)	(18,890)
Net carrying value	27,551
Total Other Intangible Assets
Gross Carrying Amount	107,741	104,000
Total Other Intangible Assets	83,551	85,110
Total Goodwill and Other Intangible Assets, Gross Carrying Amount	329,964	326,223
Total Goodwill and Other Intangible Assets, Net Carrying Value	305,774	307,333
Customer Relationships
Intangible Assets with Finite Lives:
Gross Carrying Amount	48,000	48,000
Accumulated Amortization	(22,890)	(18,890)
Net carrying value	25,110	29,110
Over-Market Asset
Intangible Assets with Finite Lives:
Gross Carrying Amount	3,741
Accumulated Amortization	(1,300)
Net carrying value	2,441
Tradename
Intangible Assets with Indefinite Lives:
Tradename	$ 56,000	$ 56,000

ASSET ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ASSET ACQUISITIONS

During the year ended December 31, 2023, the Company acquired five Owned Aircraft Held for Operating Lease. The table below reflects the cumulative balances of the five aircraft as of the acquisition dates:


Asset	Balance Sheet Classification
Owned Aircraft Held for Operating Lease	Aircraft and Flight Equipment Held for Operating Lease	$	114,652
Maintenance Rights Asset	Aircraft and Flight Equipment Held for Operating Lease	39,533
Over-Market Asset	Other Intangible Assets, net	3,741
Total		$	157,926

The purchase price was assigned to the assets based upon their relative fair values as of the acquisition date. The Company estimated the fair value of the Owned Aircraft Held for Operating Lease principally based on market appraisals. The appraisals were based on an analysis of the economic conditions impacting both the airline industry and broader economy, the current fuel price environment, aircraft order data, passenger traffic levels, and qualitative and quantitative characteristics impacting the value of the acquired aircraft.

The fair value of the Maintenance Rights Asset was determined using a discounted cash flow method based on aircraft utilization levels at the time of the acquisition and the applicable rates as specified within the lease agreements.

The fair value of the Over-Market Asset was determined using a discounted cash flow model that involves the comparison of contractual lease cash flows to the estimated at-market lease payments for an aircraft of the same type and age.

The purchase of the Owned Aircraft Held for Operating Lease was financed using the proceeds from a term loan credit facility with a face amount of $119,200 and the Company's cash. For more information on the term loan credit facility, see Note 8 of these Consolidated Financial Statements.

Owned Aircraft Held for Operating Lease

The Company obtained outright ownership of the Owned Aircraft Held for Operating Lease upon purchase and assumed the position of lessor until the end of the related aircraft lease terms. The Company is entitled to fixed payments over the remaining lease term for each aircraft, which expire at various dates between the fourth quarter of 2024 and the fourth quarter of 2025. On each lease expiry date, the Owned Aircraft Held for Operating Lease will be redelivered to Sun Country and are expected to be inducted into the Company’s fleet. The rental revenue associated with the Owned Aircraft Held for Operating Lease is recognized as it is earned and is included in Other Revenue. The Company has recognized $17,689 of rental revenue during the year ended December 31, 2023.

Maintenance Rights Asset

Upon purchase of the Owned Aircraft Held for Operating Lease, the Company recognized a Maintenance Rights Asset which represents the Company’s contractual right to receive the aircraft in a specified maintenance condition at the end of the lease. The acquired leases contain an end of lease compensation clause whereby the lessee is required to perform the maintenance tasks needed to physically restore the airframe and engines to full-life condition or remit a cash payment to compensate the Company for the maintenance shortfall. The asset represents the difference between the Owned Aircraft Held for Operating Lease’s physical maintenance condition as of the purchase date and the contractual return condition at the end of the lease term. The Maintenance Rights Asset is not depreciated over the lease term, nor will it accrete as additional life is consumed on the aircraft.

Over-Market Asset

Upon purchase of the Owned Aircraft Held for Operating Lease, the Company recognized an intangible asset representing lease terms which are favorable to the lessor, as compared with market terms of similar leases. The asset will be amortized over the remaining lease terms for the respective aircraft, which range from 0.9-1.9 years as of December 31, 2023. The amortization will be recognized as contra-revenue, offsetting the rental revenue associated with the Owned Aircraft Held for Operating Lease included in Other Revenue.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	$ 46,279	$ 92,086	$ 309,338
Restricted Cash	17,401	10,842	8,447
Total Cash, Cash Equivalents and Restricted Cash	$ 63,680	$ 102,928	$ 317,785	$ 70,363

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Under GAAP, there are three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices for identical assets or liabilities in active markets.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company uses the following valuation methodologies for financial instruments measured at fair value on a recurring basis.

Financial Instruments – Financial instruments including Restricted Cash, Certificates of Deposit, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value.

Cash & Cash Equivalents – The carrying value of cash and cash equivalents approximates fair value. Fair values of cash equivalent instruments that do not trade on a regular basis in active markets are classified as Level 2.

Available-for-Sale Securities – Available-for-Sale investment securities include debt securities, such as municipal, corporate, and U.S. government agency notes. All of these investments are classified as Level 2 because they do not trade in active markets on a regular basis. The Company obtains its pricing per security from a third-party, which uses quoted market prices, when available, or other observable inputs for determination of fair value.

Non-Financial Assets – Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of Property & Equipment, Goodwill and Other Intangible Assets are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial assets are assessed for impairment and, if applicable, written down to fair value using significant unobservable inputs, classified as Level 3.

Debt – See Note 8 for more information on the Company's debt financings and related fair values.

The following table summarizes the assets measured at fair value on a recurring basis:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	46,279	$	—	$	—	$	46,279
Available-for-Sale Securities:
Municipal Debt Securities	—		6,976		—		6,976
Corporate Debt Securities	—		59,248		—		59,248
U.S. Government Agency Securities	—		68,016		—		68,016
Total Available-for-Sale Securities	—		134,240		—		134,240
Total Assets Measured at Fair Value on a Recurring Basis	$	46,279	$	134,240	$	—	$	180,519


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	73,727	$	18,359	$	—	$	92,086
Available-for-Sale Securities:
Municipal Debt Securities	—		47,655		—		47,655
Corporate Debt Securities	—		92,778		—		92,778
U.S. Government Agency Securities	—		32,202		—		32,202
Total Available-for-Sale Securities	—		172,635		—		172,635
Total Assets Measured at Fair Value on a Recurring Basis	$	73,727	$	190,994	$	—	$	264,721

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$ 5,971	$ 12,378	$ 29,360
Operating Cash Flows for Finance Leases	16,325	13,782	8,021
Financing Cash Flows for Finance Leases	$ 21,883	$ 42,062	$ 11,931

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Lessor Maintenance Deposits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Aircraft maintenance deposits contra assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Remaining unamortized balance contra assets	$ 13,211

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill and other intangible assets

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(22,890)		25,110
Over-Market Asset	3,741		(1,300)		2,441
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	107,741		(24,190)		83,551
Total Goodwill and Other Intangible Assets	$	329,964	$	(24,190)	$	305,774


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(18,890)		29,110
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	104,000		(18,890)		85,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(18,890)	$	307,333

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future annual amortization on the Company's intangible assets with finite-lives is as follows:


December 31	Annual Amortization of Intangible Assets with Finite-Lives
2024	$	5,713
2025	4,728
2026	4,000
2027	4,000
2028	4,000
Thereafter	5,110
Total	$	27,551

REVENUE - Disaggregation of operating revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Total Operating Revenue	$ 1,049,620	$ 894,444	$ 623,015
Domestic
REVENUE
Total Operating Revenue	1,008,582	857,764	597,005
Latin America
REVENUE
Total Operating Revenue	40,548	36,537	24,646
Other
REVENUE
Total Operating Revenue	490	143	1,364
Passenger
REVENUE
Total Operating Revenue	920,123	792,433	523,945
Scheduled Service
REVENUE
Total Operating Revenue	453,862	438,308	279,377
Charter
REVENUE
Total Operating Revenue	190,128	161,619	127,331
Ancillary
REVENUE
Total Operating Revenue	276,133	192,506	117,237
Cargo
REVENUE
Total Operating Revenue	99,735	90,350	91,428
Other
REVENUE
Total Operating Revenue	$ 29,762	$ 11,661	$ 7,642

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenues:
Total Operating Revenue	$ 1,049,620	$ 894,444	$ 623,015
Operating Expenses:
Aircraft Fuel	246,669	268,363	129,110
Salaries, Wages, and Benefits	295,640	245,855	178,207
Aircraft Rent	2,281	8,768	17,653
Maintenance	60,588	46,604	40,095
Sales and Marketing	34,105	31,053	22,060
Depreciation and Amortization	88,151	67,641	57,075
Ground Handling	37,506	33,816	26,981
Landing Fees and Airport Rent	49,615	45,658	40,726
Special Items, net	0	0	(72,419)
Other Operating, net	107,565	90,978	71,580
Total Operating Expenses	922,120	838,736	511,068
Operating Income	127,500	55,708	111,947
Non-operating Income (Expense), net:
Interest Income	10,180	4,527	85
Interest Expense	(42,634)	(31,018)	(26,326)
Other, net	(887)	(5,235)	14,624
Total Non-operating Income (Expense), net	(33,341)	(31,726)	(11,617)
Income before Income Tax	94,159	23,982	100,330
Income Tax Expense	21,978	6,306	19,082
Net Income	$ 72,181	$ 17,676	$ 81,248
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 1.30	$ 0.31	$ 1.47
Diluted (in dollars per share)	$ 1.23	$ 0.29	$ 1.37
Shares used for computation:
Basic (in shares)	55,507,144	57,951,955	55,182,811
Diluted (in shares)	58,524,652	61,046,595	59,324,040
Passenger
Operating Revenues:
Total Operating Revenue	$ 920,123	$ 792,433	$ 523,945
Cargo
Operating Revenues:
Total Operating Revenue	99,735	90,350	91,428
Other
Operating Revenues:
Total Operating Revenue	$ 29,762	$ 11,661	$ 7,642

INCOME TAXES - Components of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 1,329	$ 0
State and Local	92	84	135
Total Current Tax Expense	92	1,413	135
Deferred:
Federal	19,609	4,393	16,824
State and Local	2,277	500	2,123
Total Deferred Tax Expense	21,886	4,893	18,947
Income Tax Expense	$ 21,978	$ 6,306	$ 19,082

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2023 USD ($) aircraft
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Number of aircraft to lease \| aircraft	3
Number of aircrafts subleased \| aircraft	1
Term of contract (in years)	6 years
Purchase obligation	$ 27,500
Surety bonds	3,600
Commitments
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Annual lease payments	$ 2,000

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted, terminated or modified by our directors and executive officers during the quarter ended December 31, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name and Title

Adoption, Termination or Modification

Date of Adoption, Termination or Modification

Duration of Plan (Scheduled Expiration Date of Plan)

Number of Securities to be Purchased (Sold) under the Plan

John Gyurci, Vice President, Finance, and Chief Accounting Officer

Termination

November 9, 2023

February 9, 2024

(80,000)

John Gyurci, Vice President, Finance, and Chief Accounting Officer

Adoption

November 9, 2023

February 14, 2025

(90,000)

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

John Gyurci February 09,2024 Plan [Member] | John Gyurci [Member]

Trading Arrangements, by Individual

Name

John Gyurci

Title

Vice President, Finance, and Chief Accounting Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

November 9, 2023

Arrangement Duration

92 days

Aggregate Available

(80,000)

John Gyurci February 14, 2025 Plan [Member] | John Gyurci [Member]

Trading Arrangements, by Individual

Name

John Gyurci

Title

Vice President, Finance, and Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 9, 2023

Arrangement Duration

463 days

Aggregate Available

(90,000)

STOCKHOLDERS' EQUITY - Initial Public Offering of Common Stock and Other Stock Sales (Details) $ / shares in Units, $ in Thousands						1 Months Ended
	Dec. 11, 2023 shares	Feb. 15, 2023 shares	Mar. 19, 2021 USD ($) shares	Mar. 17, 2021 shares	Mar. 16, 2021 USD ($) sale $ / shares shares	Oct. 31, 2021 shares	May 31, 2021 shares
Class of Stock [Line Items]
Number of stock sales \| sale					2
Apollo Stockholder
Class of Stock [Line Items]
Shares issued (in shares)							7,250,000
IPO
Class of Stock [Line Items]
Shares issued (in shares)			10,454,545		9,090,909
Share price (in dollars per share) \| $ / shares					$ 24.00
Proceeds from issuance of common stock \| $			$ 225,329
Over-Allotment Option
Class of Stock [Line Items]
Shares issued (in shares)	600,000	787,500		1,363,636		435,291	1,087,500
Private Placement
Class of Stock [Line Items]
Share price (in dollars per share) \| $ / shares					$ 24.00
Private Placement \| P A R Investment Partners, L.P \| Apollo Stockholder
Class of Stock [Line Items]
Shares issued (in shares)					2,216,312
Aggregate purchase price \| $					$ 50,000
Share price as a percentage of IPO price					94.00%
Private Placement \| Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc \| Apollo Stockholder
Class of Stock [Line Items]
Shares issued (in shares)					2,216,308
Aggregate purchase price \| $					$ 50,000
Share price as a percentage of IPO price					94.00%

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of long-term debt

Long-term Debt includes the following:


	December 31,
	2023		2022
2019-1 EETC (see terms and conditions above)	$	138,423	$	176,697
2022-1 EETC (see terms and conditions above)	158,775		179,019
Term Loan Credit Facility (see terms and conditions above)	108,442		—
Total Debt	405,640		355,716
Less: Unamortized debt issuance costs	(3,995)		(3,481)
Less: Current Maturities of Long-term Debt, net	(74,177)		(57,548)
Total Long-term Debt, net	$	327,468	$	294,687

Schedule of future maturities of the outstanding debt

Future maturities of the outstanding Debt are as follows:


December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2024	$	75,364	$	(1,188)	$	74,176
2025	79,998		(956)		79,042
2026	61,158		(709)		60,449
2027	65,182		(525)		64,657
2028	36,370		(337)		36,033
Thereafter	87,568		(280)		87,288
Total	$	405,640	$	(3,995)	$	401,645

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

DEFINED CONTRIBUTION 401(k) PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DEFINED CONTRIBUTION 401(K) PLAN
Employee's maximum contribution allowed (as a percent)	50.00%
Matching contribution of participants' contribution (as a percent)	100.00%
Non-discretionary contribution for pilots based on gross earnings	14.00%
Non-discretionary contributions 2024	15.00%
Non-Discretionary	$ 16,733	$ 13,692	$ 1,187
Discretionary	2,429	2,730	5,220
Total 401(k) Contributions	$ 19,162	$ 16,422	$ 6,407
Non Pilot Employees
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	4.00%
Pilot Employees
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation	6.00%

DEBT - Long-term debt schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEBT
Total	$ 405,640	$ 355,716
Less: Unamortized debt issuance costs	(3,995)	(3,481)
Less: Current Maturities of Long-term Debt, net	(74,177)	(57,548)
Total Long-term Debt, net	327,468	294,687
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Total	138,423	176,697
2022-1 EETC Agreement Notes Payable \| Notes Payable, Other Payables
DEBT
Total	158,775	179,019
Delayed Draw Term Loan Facility
DEBT
Total	$ 108,442	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of financial information for the operating segments


	Year Ended December 31, 2023
	Passenger		Cargo		Consolidated
Operating Revenues	$	949,885	$	99,735	$	1,049,620
Non-Fuel Operating Expenses	570,413		105,038		675,451
Aircraft Fuel	246,600		69		246,669
Total Operating Expenses	817,013		105,107		922,120
Operating Income (Loss)	$	132,872	$	(5,372)	127,500
Interest Income					10,180
Interest Expense					(42,634)
Other, net					(887)
Income before Income Tax					$	94,159


	Year Ended December 31, 2022
	Passenger		Cargo		Consolidated
Operating Revenues	$	804,094	$	90,350	$	894,444
Non-Fuel Operating Expenses	479,968		90,405		570,373
Aircraft Fuel	268,279		84		268,363
Total Operating Expenses	748,247		90,489		838,736
Operating Income (Loss)	$	55,847	$	(139)	55,708
Interest Income					4,527
Interest Expense					(31,018)
Other, net					(5,235)
Income before Income Tax					$	23,982


	Year Ended December 31, 2021
	Passenger		Cargo		Consolidated
Operating Revenues	$	531,587	$	91,428	$	623,015
Non-Fuel Operating Expenses	385,580		68,797		454,377
Aircraft Fuel	128,863		247		129,110
Special Items, net	(54,019)		(18,400)		(72,419)
Total Operating Expenses	460,424		50,644		511,068
Operating Income	$	71,163	$	40,784	111,947
Interest Income					85
Interest Expense					(26,326)
Other, net					14,624
Income before Income Tax					$	100,330

PARENT COMPANY FINANCIAL STATEMENTS - Additional Information (Details)	Dec. 31, 2023 USD ($)
Condensed Financial Information Disclosure [Abstract]
Maximum dividends as percent of market capitalization	6.00%
Additional dividend amount	$ 10,000,000
Additional dividend, percent of EBITDAR	10.00%

ASSET ACQUISITIONS - Asset acquisition (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Total	$ 157,926
Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Aircraft Held for Operating Lease	114,652
Maintenance Rights Asset
Asset Acquisition [Line Items]
Maintenance Rights Asset	39,533
Over-Market Asset
Asset Acquisition [Line Items]
Over-Market Asset	$ 3,741

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Warrants	Common Stock	Treasury Stock	Loans to Stockholders	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 2020		885,052
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2020			46,839,659
Balances, at beginning of period at Dec. 31, 2020	$ 283,817		$ 468	$ 0	$ (3,500)	$ 248,525	$ 38,324	$ 0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2020				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for Stock-Based Awards (in shares)			718,985
Stock issued for Stock-Based Awards	4,233		$ 7			4,226
Shares Surrendered by Stockholders (in shares)			(140,737)
Shares Surrendered by Stockholders	0		$ (1)		3,500	(3,499)
Initial public offering (in shares)			10,454,545
Initial Public Offering	225,329		$ 105			225,224
Net Income	81,248						81,248
Income Tax Receivable Agreement	(115,200)						(115,200)
Amazon Warrants (in shares)		758,608
Amazon Warrants	5,600					5,600
Stock-based Compensation	5,562					5,562
Warrants, outstanding, at end of period (in shares) at Dec. 31, 2021		1,643,660
Common stock, outstanding, at end of period (in shares) at Dec. 31, 2021			57,872,452
Balances, at end of period at Dec. 31, 2021	490,589		$ 579	$ 0	0	485,638	4,372	0
Treasury Stock, at end of period (in shares) at Dec. 31, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for Stock-Based Awards (in shares)			345,195
Stock issued for Stock-Based Awards	1,986		$ 3			1,983
Net Income	17,676						17,676
Amazon Warrants (in shares)		758,608
Amazon Warrants	5,600					5,600
Stock-based Compensation	2,774					2,774
Net stock settlement of stock-based awards (in shares)				1,823
Net Stock Settlement of Stock-Based Awards	(52)			$ (52)
Common stock repurchases (in shares)				890,586
Common Stock Repurchases	(25,054)			$ (17,553)		(7,501)
Other Comprehensive Income (Loss)	$ (807)							(807)
Warrants, outstanding, at end of period (in shares) at Dec. 31, 2022		2,402,268
Common stock, outstanding, at end of period (in shares) at Dec. 31, 2022	57,325,238		58,217,647
Balances, at end of period at Dec. 31, 2022	$ 492,712		$ 582	$ (17,605)	0	488,494	22,048	(807)
Treasury Stock, at end of period (in shares) at Dec. 31, 2022	892,409			892,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for Stock-Based Awards (in shares)			661,076
Stock issued for Stock-Based Awards	$ 2,660		$ 7			2,653
Net Income	72,181						72,181
Amazon Warrants (in shares)		821,825
Amazon Warrants	6,066					6,066
Stock-based Compensation	9,274					9,274
Net stock settlement of stock-based awards (in shares)				406
Net Stock Settlement of Stock-Based Awards	(8)			$ (8)
Common stock repurchases (in shares)				4,694,907
Common Stock Repurchases	(69,227)			$ (76,728)		7,501
Other Comprehensive Income (Loss)	$ 745							745
Warrants, outstanding, at end of period (in shares) at Dec. 31, 2023		3,224,093
Common stock, outstanding, at end of period (in shares) at Dec. 31, 2023	53,291,001		58,878,723
Balances, at end of period at Dec. 31, 2023	$ 514,403		$ 589	$ (94,341)	$ 0	$ 513,988	$ 94,229	$ (62)
Treasury Stock, at end of period (in shares) at Dec. 31, 2023	5,587,722			5,587,722

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable
Accounts receivable	$ 38,166	$ 35,124
Accounts receivable write offs	127	70	$ 17
Amazon
Accounts Receivable
Accounts receivable	$ 664	$ 1,000

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

Long-term Debt

Term Loan Credit Facility

During the year ended December 31, 2023, the Company executed a term loan credit facility with a face amount of $119,200 for the purpose of financing the five Owned Aircraft Held for Operating Lease. The loan is to be repaid monthly through March 2030. During the lease term, payments collected from the lessee will be applied directly to the repayment of principal and interest on the term loan credit facility. The Owned Aircraft Held for Operating Lease, as well as the related lease payments received from the lessee, are pledged as collateral. During the year ended December 31, 2023, the Company recorded $1,820 in debt issuance costs associated with the term loan credit facility.

The interest rate on the term loan credit facility is determined by using a base rate, which resets monthly, plus an applicable margin, and a fixed credit spread adjustment of 0.1%. The applicable margin during the lease term is fixed at 3.75%, and is subsequently reduced to 3.25% once the aircraft have been redelivered to the Company and a LTV ratio calculation is completed at the end of the lease term. The interest rate in effect as of December 31, 2023 was 9.2%. To the extent that the LTV ratio exceeds 75% at the end of the lease term, a principal prepayment will be required in order to reduce the ratio to 75%. If at any point within 12 months of the end of the lease term for each respective aircraft the Company deems it probable that a principal prepayment

will be required in order to reduce the LTV ratio to 75%, and such amount can be reasonably estimated, the estimated principal prepayment amount will be reclassified from Long-term Debt, net to Current Maturities of Long-Term Debt, net on the Company's Consolidated Balance Sheets. In the event a principal prepayment is required, amounts received under the end of lease maintenance compensation clause may be applied towards the prepayment.

During the fourth quarter of 2023, one of the Owned Aircraft Held for Operating Lease was within 12 months of the end of its lease term. The Company obtained an appraisal on the aircraft from an independent, third-party specialist, which confirmed that the LTV level was not in excess of 75% as of the test date. As a result, no amounts related to an estimated principal prepayment have been reclassified from Long-term Debt, net to Current Maturities of Long-Term Debt, net on the Company's Consolidated Balance Sheets as of December 31, 2023.

Pass-Through Trust Certificates

During March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company is required to make bi-annual principal and interest payments each March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75%. The weighted average interest rate was 5.05% as of December 31, 2023.

In December 2019, the Company arranged for the issuance of Class A, Class B and Class C trust certificates Series 2019-1 (the “2019-1 EETC”), in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020. The Company is required to make bi-annual principal and interest payments each June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95%. The weighted average interest rate was 4.30% as of December 31, 2023.

CARES Act Loan Program

Under the CARES Act Loan Program, the Company received a $45,000 loan from the Treasury on October 26, 2020, which was repaid in full on March 24, 2021.

Long-term Debt includes the following:


	December 31,
	2023		2022
2019-1 EETC (see terms and conditions above)	$	138,423	$	176,697
2022-1 EETC (see terms and conditions above)	158,775		179,019
Term Loan Credit Facility (see terms and conditions above)	108,442		—
Total Debt	405,640		355,716
Less: Unamortized debt issuance costs	(3,995)		(3,481)
Less: Current Maturities of Long-term Debt, net	(74,177)		(57,548)
Total Long-term Debt, net	$	327,468	$	294,687

Future maturities of the outstanding Debt are as follows:


December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2024	$	75,364	$	(1,188)	$	74,176
2025	79,998		(956)		79,042
2026	61,158		(709)		60,449
2027	65,182		(525)		64,657
2028	36,370		(337)		36,033
Thereafter	87,568		(280)		87,288
Total	$	405,640	$	(3,995)	$	401,645

The fair value of Debt was $383,061 and $324,059 as of December 31, 2023 and December 31, 2022, respectively. The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-period estimated incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

Credit Facilities

On February 10, 2021, the Company executed the Credit Agreement with a group of lenders that replaced the Company’s prior $25,000 asset-based revolving credit facility. The Credit Agreement included a $25,000 Revolving Credit Facility and a $90,000 DDTL, which are collectively referred to as the “Credit Facilities". The interest rate on borrowings is determined by various alternative base rates plus an applicable margin ranging from 4% to 5%. In addition, there is a commitment fee on the unused Revolving Credit Facility of 0.5%. The proceeds from the Revolving Credit Facility can be used for general corporate purposes, whereas proceeds from the Delayed Draw Term Loan Facility were to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR ($87,700 as of March 31, 2022 and beyond) and a minimum liquidity, as defined within the Credit Agreement, of $30,000 at the close of any business day. The Company was in compliance with these covenants as of December 31, 2023 and December 31, 2022.

During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. During the first quarter of 2022, the Company repaid the outstanding balance of the DDTL in full using proceeds it received from the 2022-1 EETC, which terminated the DDTL. As a result, no amounts under the DDTL were available to the Company as of December 31, 2023 or 2022. The Company recorded a $1,557 loss on extinguishment of debt related to the repayment of the DDTL in 2022, which represented the write-off of the unamortized deferred financing costs. As of December 31, 2023, the Company had $24,650 of financing available through the Revolving Credit Facility, as $350 had been pledged to support a letter of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 17	$ 231
Inventory, reserve for obsolescence	977	1,107
Accumulated amortization	$ 24,190	$ 18,890
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock-shares authorized (in shares)	995,000,000	995,000,000
Common stock-shares issued (in shares)	58,878,723	58,217,647
Common stock-shares outstanding	53,291,001	57,325,238
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	5,587,722	892,409

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of significant categories comprising operating revenues

The significant categories comprising Operating Revenues are as follows:


	Year Ended December 31,
	2023		2022		2021
Scheduled Service	$	453,862	$	438,308	$	279,377
Charter	190,128		161,619		127,331
Ancillary	276,133		192,506		117,237
Passenger	920,123		792,433		523,945
Cargo	99,735		90,350		91,428
Other	29,762		11,661		7,642
Total Operating Revenue	$	1,049,620	$	894,444	$	623,015

Schedule of total operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Year Ended December 31,
	2023		2022		2021
Domestic	$	1,008,582	$	857,764	$	597,005
Latin America	40,548		36,537		24,646
Other	490		143		1,364
Total Operating Revenue	$	1,049,620	$	894,444	$	623,015

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	December 31,
	2023		2022
Contract Assets
Costs to fulfill contract with Amazon	$	1,493	$	2,195
Total Contract Assets	$	1,493	$	2,195

Contract Liabilities
Air Traffic Liabilities	$	157,996	$	157,995
Loyalty Program Liabilities	13,737		15,437
Amazon Deferred Up-front Payment	2,225		3,271
Total Contract Liabilities	$	173,958	$	176,703

Schedule of changes in the loyalty program liabilities

Changes in the Loyalty Program Liabilities are as follows:


	2023		2022
Balance - January 1	$	15,437	$	19,718
Loyalty Points Earned	8,250		7,052
Loyalty Points Redeemed (1)	(9,950)		(11,333)
Balance - December 31	$	13,737	$	15,437

________________________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2023		2022		2021
Net Income	$	72,181	$	17,676	$	81,248

Denominator:
Weighted Average Common Shares Outstanding - Basic	55,507,144		57,951,955		55,182,811
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,017,508		3,094,640		4,141,229
Weighted Average Common Shares Outstanding - Diluted	58,524,652		61,046,595		59,324,040

Basic earnings per share	$	1.30	$	0.31	$	1.47
Diluted earnings per share	$	1.23	$	0.29	$	1.37

_________________________________


(1)			There were 2,798,154, 3,178,533 and 3,636,771 performance-based stock options outstanding at December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, 2022, and 2021, 100.0%, 32.5% and none of the performance-based stock options had vested, respectively. As of December 31, 2022, 59% of the performance-based stock options were expected to vest, as compared to 75% in 2021.

The Company's anti-dilutive shares for the periods presented were immaterial to the Consolidated Financial Statements for the years ended December 31, 2023, 2022 and 2021.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(22,890)		25,110
Over-Market Asset	3,741		(1,300)		2,441
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	107,741		(24,190)		83,551
Total Goodwill and Other Intangible Assets	$	329,964	$	(24,190)	$	305,774


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships	48,000		(18,890)		29,110
Intangible Assets with Indefinite Lives:
Tradename	56,000		—		56,000
Total Other Intangible Assets	104,000		(18,890)		85,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(18,890)	$	307,333

The Company recognized $5,300 of amortization expense on intangible assets with finite-lives during the year ended December 31, 2023, $1,300 of which is associated with the over-market asset amortization and is recorded as contra revenue within Other Revenue on the Consolidated Statements of Operations. The Company recognized $4,000 of amortization expense on intangible assets with finite-lives during both the years ended December 31, 2022 and 2021.

Estimated future annual amortization on the Company's intangible assets with finite-lives is as follows:


December 31	Annual Amortization of Intangible Assets with Finite-Lives
2024	$	5,713
2025	4,728
2026	4,000
2027	4,000
2028	4,000
Thereafter	5,110
Total	$	27,551

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through February 14, 2024, the date that the Consolidated Financial Statements were available to be issued. On December 11, 2023, the Company announced the commencement of a secondary public offering of 4,000,000 shares of its Common Stock by the Apollo Stockholder. The underwriters were given an option to purchase an additional 600,000 shares of Common Stock. Subsequent to December 31, 2023, the underwriters elected to purchase 231,392 of these shares. For more information on the Company's subsequent event, see Note 15 within these Consolidated Financial Statements.

DEBT - Measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Fair value	$ 383,061	$ 324,059

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Equity Transactions Initial Public Offering of Common Stock and Other Stock Sales On March 16, 2021, the Company priced its initial public offering of 9,090,909 shares of common stock to the public at $24.00 per share. The stock began trading on the NASDAQ on March 17, 2021 under the symbol “SNCY”. The underwriters had an option to purchase an additional 1,363,636 shares from the Company at the public offering price, which they exercised. In total, all 10,454,545 shares were issued on March 19, 2021 and the net proceeds to the Company were $225,329 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, the Apollo Stockholder, also completed a private placement in which the Apollo Stockholder sold 2,216,312 and 2,216,308 shares of common stock to PAR Investment Partners, L.P. and certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc., respectively. Each of the two sales was based on an aggregate purchase price of $50,000 and a price per share equal to 94% of the initial public offering price of $24.00 per share. Secondary Offerings During May and October 2021, the Apollo Stockholder and other selling stockholders, sold 7,250,000 and 8,500,000 shares of the Company’s common stock, respectively. Under both transactions, the underwriters were given options to purchase additional shares of the Company's common stock at the public offering price. During the May and October 2021 offerings, the underwriters elected to purchase an additional 1,087,500 and 435,291 of the option shares, respectively. The Company incurred offering expenses of $1,763 in conjunction with the two secondary offerings and did not receive any of the proceeds from these offerings. On February 15, 2023, the Company announced the commencement of a secondary public offering of 5,250,000 shares of its Common Stock by the Apollo Stockholder. The underwriters were given an option to purchase an additional 787,500 shares of Common Stock. In connection with the offering, the underwriters agreed to sell to the Company, and the Company agreed to purchase from the underwriters, an aggregate of 750,000 shares of Common Stock at a price of $19.75 per share, the same price at which the underwriters purchased the Common Stock from the selling stockholder, for a total of $14,812. The Company incurred offering expenses of $640 in connection with this offering and did not receive any of the proceeds. On December 11, 2023, the Company announced the commencement of a secondary public offering of 4,000,000 shares of its Common Stock by the Apollo Stockholder. The underwriters were given an option to purchase an additional 600,000 shares of Common Stock. In connection with the offering, the underwriters agreed to sell to the Company, and the Company agreed to purchase from the underwriters, an aggregate of 312,500 shares of Common Stock at a price of $16.00 per share, the same price at which the underwriters purchased the Common Stock from the selling stockholder, for a total of $5,000. Subsequent to December 31, 2023, the underwriters elected to purchase 231,392 of these shares. The Company incurred offering expenses of $488 in connection with this offering and did not receive any of the proceeds. Common Stock Repurchases On October 31, 2022, the Company’s Board of Directors authorized a $50,000 stock repurchase program. On August 1, 2023 and November 6, 2023, the Company's Board of Directors authorized an additional $30,000 and $25,000, respectively, to the Company's existing stock repurchase program. The stock repurchase program has no expiration date and may be modified, suspended, or terminated at any time. During the fourth quarter of 2022, the Company entered into a $25,000 Accelerated Share Repurchase Program. The Company received an initial delivery of 890,586 shares at an average price of $19.65 per share during the fourth quarter of 2022. The settlement of the program occurred during January 2023, upon which the Company received an additional 480,932 shares. In total, the Company repurchased 1,371,518 shares at an average price of $18.23 per share. During the year ended December 31, 2023, the Company repurchased 4,213,975 shares of its Common Stock at a total cost of $68,585, or an average price of $16.28 per share. The repurchases were part of secondary public offerings of the Company's shares by the Apollo Stockholder, as well as open market purchases. As of December 31, 2023, the Company had $11,478 of Board authorization remaining to repurchase additional shares of its Common Stock. Amazon Agreement On December 13, 2019, the Company signed a six year contract (with two, two-year extension options, for a maximum term of 10 years) with Amazon to provide Cargo services under the ATSA. In connection with the ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. There were 632,183 warrants that vested upon execution of the ATSA and 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the years ended December 31, 2023, 2022 and 2021, total warrants vested were 821,825, 758,608 and 758,608, respectively. This resulted in Amazon holding 3,224,093 vested warrants as of December 31, 2023. The exercise period of these warrants is through the eighth anniversary of the issue date.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

LEASES - Terms and discount rates (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term, operating leases	6 years 9 months 18 days	5 years 10 months 24 days	4 years 7 months 6 days
Weighted-average remaining lease term, finance leases	4 years 10 months 24 days	6 years 1 month 6 days	7 years 2 months 12 days
Weighted-average discount rates, operating leases	6.50%	6.30%	6.00%
Weighted-average discount rates, finance leases	6.60%	6.20%	6.10%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details)	Dec. 31, 2023
Accounting Policies [Abstract]
Transportation, term (in months)	12 months

DEFINED CONTRIBUTION 401(k) PLAN (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of 401(k) contributions

The Company made 401(k) contributions as follows:


	Year Ended December 31,
	2023		2022		2021
Non-Discretionary	$	16,733	$	13,692	$	1,187
Discretionary	2,429		2,730		5,220
Total 401(k) Contributions	$	19,162	$	16,422	$	6,407

AIRCRAFT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of aircraft fleet activity

The following tables summarize the Company’s aircraft fleet activity for the years ended 2023 and 2022, respectively:


	December 31, 2022	Additions	Reclassifications	Removals	December 31, 2023
Passenger:
Owned	29	1	—	(1)	29
Finance leases (1)	11	—	2	—	13
Operating leases	2	—	(2)	—	—
Sun Country Airlines' Fleet	42	1	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	—	5	—	—	5
Subleased Aircraft (2)	—	1	—	—	1
Total Aircraft Operated	54	7	—	(1)	60


	December 31, 2021	Additions	Reclassifications	Removals	December 31, 2022
Passenger:
Owned	21	5	4	(1)	29
Finance leases (3)	9	2	—	—	11
Operating leases	6	—	(4)	—	2
Sun Country Airlines' Fleet	36	7	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	48	7	—	(1)	54


(1)			Two aircraft operating leases were reclassified into finance leases, as further described below.
(2)			The head lease associated with this sublease is classified as a finance lease.
(3)			Two aircraft operating leases were reclassified into finance leases and two separate aircraft finance lease purchase options were exercised, resulting in a net change of zero finance lease reclassifications.

Schedule of depreciation, amortization, and rent expense on aircraft

Depreciation, amortization, and rent expense on aircraft is as follows:


		Year Ended December 31,
Aircraft Status	Expense Type	2023		2022		2021
Owned	Depreciation	$	55,260	$	40,311	$	35,855
Finance Leased	Amortization	20,122		16,871		11,507
Operating Leased	Aircraft Rent (1)	2,281		8,768		17,653
		$	77,663	$	65,950	$	65,015

_________________________________


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

INCOME TAXES - Tax rate reconciliation (Details)	12 Months Ended
INCOME TAXES - Tax rate reconciliation (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Expected Provision at Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State Tax, net of Federal Impact	2.00%	1.90%	1.80%
Stock Compensation Benefit	(1.10%)	(4.30%)	(3.60%)
Tax Receivable Agreement	(0.10%)	4.40%	(3.40%)
Executive Compensation Limitation	1.00%	2.00%	3.00%
Other Permanent Adjustments	0.50%	1.30%	0.20%
Effective Tax Rate	23.30%	26.30%	19.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details)	Dec. 13, 2019 extension performance_obligation	Dec. 31, 2023
REVENUE
Travel credits (in years)		12 months
Amazon Agreement
REVENUE
Term of agreement (in years)	6 years
Number of extension option \| extension	2
Term of renewal agreement (in years)	2 years
Threshold term of agreement (in years)	10 years
Notice of expiration (in days)	180 days
Performance obligations \| performance_obligation	3

SPECIAL ITEMS, NET

12 Months Ended

Dec. 31, 2023

Unusual or Infrequent Items, or Both [Abstract]

SPECIAL ITEMS, NET

Special Items, net reflects expenses, or credits to expense, that are not representative of our ongoing costs for the periods presented and may vary from period to period in nature, frequency, and amount.

Special Items, net on the Consolidated Statements of Operations consist of the following:


	Year Ended December 31,
	2023		2022		2021
CARES Act grant recognition (1)	$	—	$	—	$	(71,587)
CARES Act employee retention credit (2)	—		—		(848)
Other (3)	—		—		16
Total Special Items, net	$	—	$	—	$	(72,419)


(1)			On March 27, 2020, the CARES Act was passed by the U.S. Government. The provisions in the CARES Act provided for economic relief to eligible individuals and businesses affected by COVID-19. As a provider of scheduled passenger service, air cargo service, charter air transportation and related services, the Company was eligible for and received a grant under the CARES Act Payroll Support Program in 2021.
(2)			In 2021, the Company received a CARES Employee Retention Tax Credit as part of the CARES Act, as described above.
(3)			These costs were related to relocation of flight attendant bases due to the closure of the Portland base.

DEBT - Credit facilities (Details) $ in Thousands		12 Months Ended
DEBT - Credit facilities (Details) $ in Thousands	Feb. 10, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($) aircraft
DEBT
Number of aircrafts previously under operating leases \| aircraft			2
Loss on extinguishment of debt		$ 0	$ (1,557)	$ (1,224)
Line of Credit
DEBT
Debt instrument, collateral		350
Prior revolving credit agreement
DEBT
Maximum borrowing capacity	$ 25,000
Credit Facilities
DEBT
Minimum EBITDAR required to be maintained		87,700
Minimum liquidity required to be maintained		30,000
Credit Facilities \| Base Rate \| Minimum
DEBT
Margin (as a percent)	4.00%
Credit Facilities \| Base Rate \| Maximum
DEBT
Margin (as a percent)	5.00%
Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000
Commitment fee on unused facility (as a percent)	0.50%
Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
DEBT
Line of credit facility, amount available		24,650
Delayed Draw Term Loan Facility
DEBT
Maximum borrowing capacity	$ 90,000
Amount of draw				$ 80,500
Number of aircrafts previously under operating leases \| aircraft				6
Amount drawn		$ 0

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial statements

The following Condensed Parent Company Financial Statements are presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Balance Sheets


	December 31,
	2023		2022(1)
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	—
Total Current Assets	—		—

Other Assets:
Investment in Subsidiary	615,447		597,996
Total Other Assets	615,447		597,996
Total Assets	$	615,447	$	597,996


	December 31,
	2023		2022(1)
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Income Tax Receivable Agreement Liability	$	3,250	$	2,260
Other Current Liabilities	—		16
Total Current Liabilities	3,250		2,276

Income Tax Receivable Agreement Liability	97,794		101,540
Other Long-term Liabilities	—		1,468
Total Liabilities	101,044		105,284

Stockholders' Equity:
Common Stock	589		582
Treasury Stock	(94,341)		(17,605)
Additional Paid In Capital	513,988		488,494
Accumulated Other Comprehensive Loss	(62)		(807)
Retained Earnings	94,229		22,048
Total Stockholders' Equity	514,403		492,712
Total Liabilities and Stockholders' Equity	$	615,447	$	597,996

__________________________


(1)			During the fourth quarter of 2023, the Company identified and corrected an immaterial error in our previously disclosed Condensed Parent Company Balance Sheet for the year ended December 31, 2022. The error resulted in an understatement of the Parent Company's Total Liabilities with an offsetting overstatement in Stockholders' Equity. The corrected figures are reflected in the amounts presented for the TRA Liability and Retained Earnings as of December 31, 2022. The error had no impact on the Company's Consolidated Financial Statements.

Statements of Operations


	Year Ended December 31,
	2023		2022(1)		2021(1)
Operating Expenses:
Other Operating, net	$	659	$	465	$	64
Total Operating Expenses	659		465		64
Operating Loss	(659)		(465)		(64)

Non-operating Income (Expense), net:
Equity in Income of Subsidiary	72,509		23,141		64,912
Income Tax Receivable Agreement Adjustment	331		(5,000)		16,400
Total Non-operating Income, net	72,840		18,141		81,312

Income before Income Tax	72,181		17,676		81,248
Income Tax Expense	—		—		—
Net Income	72,181		17,676		81,248
Other Comprehensive Income (Loss)	745		(807)		—
Comprehensive Income	$	72,926	$	16,869	$	81,248

__________________________


(1)			During the fourth quarter of 2023, the Company identified and corrected an immaterial error in our previously disclosed Condensed Parent Company Statements of Operations for the years ended December 31, 2022 and 2021. As a result, certain amounts that were previously recorded within Equity in Income of Subsidiary on the Parent Company Statements of Operations for the years ended December 31, 2022 and 2021 have been reclassified to Income Tax Receivable Agreement Adjustment. The reclassification had no impact on Parent Company Net Income and had no impact on the Company's Consolidated Financial Statements.

DEBT - Future maturities of the outstanding debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Principal Payments
2024	$ 75,364
2025	79,998
2026	61,158
2027	65,182
2028	36,370
Thereafter	87,568
Total	405,640	$ 355,716
Amortization of Debt Issuance Costs
2024	(1,188)
2025	(956)
2026	(709)
2027	(525)
2028	(337)
Thereafter	(280)
Total	(3,995)	$ (3,481)
Net Debt
2024	74,176
2025	79,042
2026	60,449
2027	64,657
2028	36,033
Thereafter	87,288
Total	$ 401,645

SUBSEQUENT EVENTS (Details) - shares				1 Months Ended
SUBSEQUENT EVENTS (Details) - shares	Dec. 11, 2023	Feb. 15, 2023	Mar. 17, 2021	Oct. 31, 2021	May 31, 2021	Feb. 14, 2024
Secondary Public Stock Offering
SUBSEQUENT EVENTS
Initial public offering (in shares)	4,000,000	5,250,000
Over-Allotment Option
SUBSEQUENT EVENTS
Initial public offering (in shares)	600,000	787,500	1,363,636	435,291	1,087,500
Subsequent Event \| Over-Allotment Option
SUBSEQUENT EVENTS
Stock elected to purchase during period (in shares)						231,392

STOCKHOLDERS' EQUITY - Common Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	4 Months Ended	12 Months Ended
	Dec. 11, 2023	Jan. 31, 2023	Dec. 31, 2022	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 06, 2023	Aug. 01, 2023	Oct. 31, 2022
Class of Stock [Line Items]
Common stock purchase price	$ 5,000				$ 69,227	$ 25,054
2022 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 25,000	$ 30,000	$ 50,000
Common stock purchase price			$ 25,000		$ 68,585
Stock repurchased during period (in shares)		480,932	890,586
Accelerated share repurchases, initial (in dollars per share)			$ 19.65	$ 18.23	$ 16.28
Stocks repurchased, total (in shares)				1,371,518	4,213,975
Remaining authorized repurchase amount					$ 11,478

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

Basis of Presentation

These Condensed Parent Company Financial Statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiary of Sun Country Airlines Holdings, Inc. (herein also referred to as the "Parent"), as defined in Rule 4-08(e)(3) of Regulation S-X, exceed 25% of the consolidated net assets of the Company. These Condensed Parent Company Financial Statements are not general-purpose financial statements and should be read in conjunction with the Consolidated Financial Statements.

Sun Country Airlines Holdings, Inc. is the parent company of Sun Country, Inc. ("Subsidiary"), which is a certificated air carrier. As such, Sun Country Airlines Holdings, Inc. is a holding company that does not conduct any business operations of its own. As a result, the Parent is dependent upon cash dividends and distributions and other transfers from its Subsidiary to meet obligations. The ability of Sun Country Holdings, Inc.’s operating Subsidiary to pay dividends is restricted due to terms of the Credit Agreement, as defined in Note 8, which was negotiated with the Subsidiary. The covenants of the Credit Agreement place an annual limit on the amount of dividends the Subsidiary can pay Sun Country Holdings, Inc., as calculated using six percent of the Company's market capitalization plus the greater of $10,000 or 10% of EBITDAR. There are no significant limitations on Sun Country Airlines Holdings, Inc.'s ability to direct the Subsidiary to make periodic payments under the TRA.

The Parent’s significant accounting policies are consistent with those described in the Consolidated Financial Statements, except that the Subsidiary is accounted for as an equity method investment.

The following Condensed Parent Company Financial Statements are presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Balance Sheets


	December 31,
	2023		2022(1)
ASSETS

Current Assets:
Cash and Cash Equivalents	$	—	$	—
Total Current Assets	—		—

Other Assets:
Investment in Subsidiary	615,447		597,996
Total Other Assets	615,447		597,996
Total Assets	$	615,447	$	597,996


	December 31,
	2023		2022(1)
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Income Tax Receivable Agreement Liability	$	3,250	$	2,260
Other Current Liabilities	—		16
Total Current Liabilities	3,250		2,276

Income Tax Receivable Agreement Liability	97,794		101,540
Other Long-term Liabilities	—		1,468
Total Liabilities	101,044		105,284

Stockholders' Equity:
Common Stock	589		582
Treasury Stock	(94,341)		(17,605)
Additional Paid In Capital	513,988		488,494
Accumulated Other Comprehensive Loss	(62)		(807)
Retained Earnings	94,229		22,048
Total Stockholders' Equity	514,403		492,712
Total Liabilities and Stockholders' Equity	$	615,447	$	597,996

__________________________


(1)			During the fourth quarter of 2023, the Company identified and corrected an immaterial error in our previously disclosed Condensed Parent Company Balance Sheet for the year ended December 31, 2022. The error resulted in an understatement of the Parent Company's Total Liabilities with an offsetting overstatement in Stockholders' Equity. The corrected figures are reflected in the amounts presented for the TRA Liability and Retained Earnings as of December 31, 2022. The error had no impact on the Company's Consolidated Financial Statements.

Statements of Operations


	Year Ended December 31,
	2023		2022(1)		2021(1)
Operating Expenses:
Other Operating, net	$	659	$	465	$	64
Total Operating Expenses	659		465		64
Operating Loss	(659)		(465)		(64)

Non-operating Income (Expense), net:
Equity in Income of Subsidiary	72,509		23,141		64,912
Income Tax Receivable Agreement Adjustment	331		(5,000)		16,400
Total Non-operating Income, net	72,840		18,141		81,312

Income before Income Tax	72,181		17,676		81,248
Income Tax Expense	—		—		—
Net Income	72,181		17,676		81,248
Other Comprehensive Income (Loss)	745		(807)		—
Comprehensive Income	$	72,926	$	16,869	$	81,248

__________________________


(1)			During the fourth quarter of 2023, the Company identified and corrected an immaterial error in our previously disclosed Condensed Parent Company Statements of Operations for the years ended December 31, 2022 and 2021. As a result, certain amounts that were previously recorded within Equity in Income of Subsidiary on the Parent Company Statements of Operations for the years ended December 31, 2022 and 2021 have been reclassified to Income Tax Receivable Agreement Adjustment. The reclassification had no impact on Parent Company Net Income and had no impact on the Company's Consolidated Financial Statements.

A Statement of Cash Flows has not been presented as Sun Country Airlines Holdings, Inc. did not have material cash transactions for the years ended December 31, 2023, 2022, and 2021. Further, Sun Country Airlines Holdings, Inc. did not have material cash balances as of December 31, 2023 and 2022. All cash transactions involving Sun Country Airlines Holdings, Inc. are performed at the Subsidiary level.

During the years ended December 31, 2023 and 2022, Sun Country Airlines Holdings, Inc. directed the Subsidiary to repurchase the Parent's Common Stock and make a payment to the TRA holders. For more information on these transactions see Note 14 and Note 15 within these Consolidated Financial Statements. These transactions have been recorded as non-cash dividends from the Subsidiary to the Parent. There were no similar transactions during the year ended December 31, 2021.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration risk (Details) - union	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable \| Customer Concentration Risk \| Amazon
Concentration Risk
Percentage of concentration risk	27.00%	33.00%
Accounts Receivable \| Customer Concentration Risk \| One Financial Institution
Concentration Risk
Percentage of concentration risk	21.00%	16.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Two Vendors
Concentration Risk
Percentage of concentration risk			54.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| Three Vendors
Concentration Risk
Percentage of concentration risk	59.00%	69.00%
Workforce Subject to Collective Bargaining Arrangements \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	65.00%
Number of unions	4
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	66.00%

LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost
Amortization of leased assets	$ 21,150	$ 17,900	$ 12,536
Interest on lease liabilities	16,325	13,782	8,021
Operating lease cost
Short-term	396	691	277
Sublease Income	(768)	0	0
Total Lease cost	45,638	45,980	43,396
Over-market rent and maintenance reserves
Operating lease cost
Credits for amortization of Over-market Liabilities	723	3,228	7,609
Aircraft
Operating lease cost
Included in ROU asset	2,210	8,465	18,608
Variable - Aircraft	(325)	(388)	(1,232)
Other
Operating lease cost
Included in ROU asset	4,438	3,692	3,976
Variable - Other	$ 2,212	$ 1,838	$ 1,210

LEASES - Finance lease obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance Leases
2024	$ 61,671
2025	35,893
2026	74,690
2027	24,417
2028	41,925
Thereafter	104,050
Total Minimum Lease Payments	342,646
Less: Amount Representing Interest	(65,344)
Present Value of Minimum Lease Payments	277,302
Less: Short-term Obligations	(44,756)	$ (17,990)
Long-term Lease Obligations	232,546	$ 233,306
Aircraft
Finance Leases
2024	60,120
2025	34,120
2026	72,917
2027	22,644
2028	40,152
Thereafter	102,645
Total Minimum Lease Payments	332,598
Less: Amount Representing Interest	(62,795)
Present Value of Minimum Lease Payments	269,803
Less: Short-term Obligations	(43,942)
Long-term Lease Obligations	225,861
Real Estate
Finance Leases
2024	1,551
2025	1,773
2026	1,773
2027	1,773
2028	1,773
Thereafter	1,405
Total Minimum Lease Payments	10,048
Less: Amount Representing Interest	(2,549)
Present Value of Minimum Lease Payments	7,499
Less: Short-term Obligations	(814)
Long-term Lease Obligations	$ 6,685

STOCK-BASED COMPENSATION - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
STOCK-BASED COMPENSATION
Stock compensation expense	$ 9,274,000	$ 2,774,000	$ 5,562,000
Tax benefit recognized	$ 1,048,000	1,032,000	3,619,000
Award term (in years)	1 year 10 months 24 days
Intrinsic value of stock options exercised	$ 1,421,000	$ 3,468,000	$ 18,621,000
Time-Based Stock Options
STOCK-BASED COMPENSATION
Stock compensation expense	$ 2,960,000
Granted (in shares)	0	0	62,080
Performance-based stock options
STOCK-BASED COMPENSATION
Stock compensation expense	$ 2,960,000
Vesting percentage	100.00%	32.50%	0.00%
Expiration period	10 years
Intrinsic value of stock options exercised	$ 5,253,000	$ 2,511,000	$ 0
Granted (in shares)	0	0	99,167
Restricted Stock Units (RSUs)
STOCK-BASED COMPENSATION
Total unrecognized compensation expense, expected to be recognized	$ 6,530,000
Award term (in years)	3 years
Restricted stock units vested	$ 3,701,000	$ 441,000
Equity incentive plan
STOCK-BASED COMPENSATION
Shares available for grant (in shares)	2,881,120
Equity incentive plan \| Maximum
STOCK-BASED COMPENSATION
Shares authorized, maximum (in shares)				3,600,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Fiscal Year

The Company operates its fiscal year on a calendar year basis.

Use of Estimates

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, lease accounting, impairment of long-lived and intangible assets, and air traffic liabilities.

Revenue Recognition

Revenue Recognition – Scheduled Service, Charter Service, and most ancillary revenues are recognized when the passenger flight occurs. Revenues exclude amounts collected on behalf of other parties, including transportation taxes.

Scheduled Service. The Company initially defers ticket sales as an Air Traffic Liability and recognizes revenue when the passenger flight occurs. Unused non-refundable tickets expire at the date of scheduled travel and are recorded as revenue unless the customer notifies the Company in advance of such date that the customer will not travel. If notification is made, a travel credit is created for the face value, including ancillary fees, less applicable change fees. Travel credits may generally be redeemed toward future travel for up to 12 months after the date of the original booking. Therefore, these credits are recorded as a current liability on the Company's Consolidated Balance Sheets. The Company records an estimate for travel credits that will expire unused, otherwise known as breakage, in Passenger Revenue upon issuance of the travel credit. The estimated breakage rate is primarily based on historical experience of travel credit activity and other factors that may not be indicative of future trends, such as the COVID-19 pandemic, program changes or modifications that could affect the ultimate usage patterns of tickets and travel credits. The Company continuously monitors its breakage rate assumptions and may adjust its estimated breakage rate in the future. Changes in the Company’s estimated breakage rate impact revenue recognition prospectively. The Company currently accounts for direct selling costs, including credit card fees, and commissions, in accordance with the terms of each service. The expense is deferred and recognized when the travel occurs.

Ancillary. Ancillary revenue consists primarily of revenue generated from air travel-related services such as baggage fees, seat selection and upgrade fees, priority check-in and boarding fees, other fees and on-board sales, which are recognized when the associated flight occurs. Revenue for change fees is deferred and recognized when the passenger travel occurs. Fees received in advance of the flight date are initially recorded as an Air Traffic Liability.

Charter. Our Charter business includes ad hoc, repeat, short-term and long-term service contracts that typically include pass-through fuel arrangements. Under these Charter agreements, the Company is obligated to provide aircraft, crew, maintenance, and insurance for travel. Customers are generally responsible for aircraft fuel, transportation taxes, and certain other flight expenses, which are typically arranged by the Company. When functioning as the customers' agent for arranging such services, the Company records amounts reimbursable from the customer as revenues, net of the associated costs incurred to fulfill the performance obligations. In certain situations, the Company may be responsible for the aforementioned costs and is reimbursed by the customer. In these situations, the Company is the principal. The reimbursed costs are recognized as revenue and the costs are recognized as expenses on the Company's Statement of Operations.

Revenue is recognized as the services are performed based on Block Hours operated on behalf of customers. The typical lead time for a charter flight is significantly less than one year; therefore, the Company does not capitalize costs related to obtaining the contract.

Cargo. The ATSA is a six-year contract signed on December 13, 2019, and includes two, two-year extensions exercisable at Amazon’s option, providing for a total term of ten years if both extension options are exercised. Each extension must be exercised with at least 180 days’ prior written notice before the expiration of the then-current term. The ATSA has annual rate escalations. Cargo revenue is typically recognized based on hours flown, number of flights, and the number of aircraft operated during a reporting period.

The ATSA contains three performance obligations: Flight Services, Heavy Maintenance and Fuel. As Sun Country is the principal in providing Flight Services, revenue and related costs are recognized gross on the Statement of Operations. Sun Country acts as the agent in providing the Heavy Maintenance and Fuel performance obligations, which are reimbursed by Amazon based on the actual costs incurred. Consumption of

aircraft fuel and heavy maintenance are recognized in revenue, net of the associated costs incurred to fulfill the performance obligations.

The ATSA with Amazon consists of three main revenue components; a fixed amount is received each month per aircraft, a fixed amount is received each month per flight, and an amount per block hour is received each month. The ATSA contains a SLA and penalties for certain delays and cancellations. The SLA can result in a bonus or penalty for the month depending on the Company's performance. When determining the transaction price, the Company will estimate the variable consideration and consideration payable to Amazon over the contract term. Each period, the Company updates its estimate for the variable consideration and consideration payable to the customer and treats the adjustment as an adjustment to the transaction price. When updating the estimate, the Company considers whether there are any changes in expected block hours, changes in expected bonuses or penalties based on performance, changes in warrants expected to be issued, and changes in reimbursable costs. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The transaction price for Flight Services, which includes an upfront payment for startup costs, is reduced by the estimated value of warrants to be issued to Amazon based on expected performance under the ATSA.

Loyalty Program Accounting

Loyalty Program Accounting – The Company records a liability for loyalty points earned by passengers under its Sun Country Rewards program using two methods: 1) a liability for points that are earned by passengers on purchases of the Company’s services is established by deferring revenue based on the redemption value net of breakage, and 2) a liability for points attributed to loyalty points issued to the Company’s co-branded credit card holders is established by deferring a portion of payments received from the Company’s co-branded agreement. The Company’s Sun Country Rewards program allows for the redemption of loyalty points to include payment towards air travel, land travel, taxes, and other ancillary purchases. The Company determines the standalone selling price of loyalty points issued using a redemption value approach, which considers the value a passenger will receive upon redemption of the loyalty points. Consideration allocated to loyalty points is deferred, net of estimated breakage, and recognized as Passenger Revenue when both the loyalty points have been redeemed and the passenger travel occurs. The Company estimates breakage for loyalty points that are not likely to be redeemed. These estimates are based on historical experience of loyalty point redemption activity and other factors, such as program changes and modifications that could affect the ultimate usage pattern of loyalty points. The current portion of the Loyalty Point Liability is an estimate primarily based on historical redemption patterns over the past 12 months, as well as other factors that may not be indicative of historical trends.

Under the Company's co-branded credit card program, funds received for the marketing of a co-branded credit card and delivery of loyalty points are accounted for as a multiple-deliverable arrangement. The arrangement has two distinct performance obligations: loyalty points to be awarded, and brand and marketing. Funds received are allocated based on relative standalone selling price. Revenue for the brand and marketing performance obligation is recognized as revenue when earned and recorded in Other Revenue. Consideration allocated to loyalty points is deferred and recognized as Passenger Revenue when both the loyalty points have been redeemed and the passenger travel occurs.

Cash and Equivalents

Cash and Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash balances at several financial institutions; at times, such balances may be in excess of insurance limits. The Company has not experienced any losses on these balances.

Restricted Cash

Restricted Cash – The Company's Restricted Cash balance primarily relates to Charter revenue receipts received prior to the date of transportation. These amounts are also recorded as a component of the Company's Air Traffic Liabilities. DOT regulations require that Charter revenue receipts received prior to the date of transportation are maintained in a separate third-party escrow account. The restrictions are released once transportation is provided, which is typically within 12 months of booking. For that reason, the balance of Restricted Cash is classified as a current asset on the Company's Consolidated Balance Sheets.

Investments

Investments – The Company's investments consist of Debt Securities and Certificates of Deposit. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors. All of the certificates have original maturities greater than 90 days.

The Debt Securities are classified as Current Assets on the Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into known amounts of cash to fund current operations. These investments have original maturities of three months or greater. Most of the Company's Debt Securities will mature within one year. The Company limits its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality securities. Securities downgraded below policy minimums after purchase will be disposed of in accordance with the Company’s investment policy.

The Company's Debt Securities are classified as Available-for-Sale and are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from Net Income and are reported as a component of Accumulated Other Comprehensive Income, net of income tax effects, within Stockholders' Equity on the Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense), net on the Company's Consolidated Statement of Operations. The Company did not realize any gains or losses on its Available-for-Sale investments for the years ended December 31, 2023 and 2022. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Interest Income within Non-operating Income (Expense), net on the Company's Consolidated Statement of Operations.

At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The entire impairment will be included in Other, net within Non-operating Income (Expense), net on the Company's Consolidated Statement of Operations.

Accounts Receivable

Accounts Receivable – Accounts Receivable are recorded at the amount due from customers and do not bear interest. They consist primarily of amounts due from Amazon, credit card companies associated with ticket sales and Charter Service customers. The Company's Accounts Receivable balances at December 31, 2023 and 2022 also included $664 and $1,000, respectively, due from aircraft lessors related to maintenance deposits. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance for credit losses by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole.

Lessor Maintenance Deposits

Lessor Maintenance Deposits – Certain of the Company’s aircraft lease agreements provide that the Company pay maintenance reserves monthly to aircraft lessors to be held as collateral in advance of major maintenance activities required to be performed by the Company. Generally, maintenance reserve payments are variable based on actual flight hours or cycles. These lease agreements provide that maintenance reserves are reimbursable to the Company upon completion of the maintenance event in an amount equal to the lesser of (1) the amount of the maintenance reserve held by the lessor associated with the specific maintenance event or (2) the qualifying costs related to the specific maintenance event.

Maintenance reserve payments that are expected to be recoverable via reimbursable expenses are reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. These deposits are expected to be reimbursed to the Company upon performance of maintenance activities. Upon completion of the maintenance event, the lessor is billed and the amount due is recorded in Accounts Receivable. Lessor

Maintenance Deposits deemed improbable of recovery are expensed as incurred and recorded within Aircraft Rent.

The Company makes certain assumptions at the inception of the lease and at each Balance Sheet date to determine the recoverability of maintenance deposits. These assumptions are based on various factors, such as the estimated time between the maintenance events, the cost of such maintenance events, the date the aircraft is due to be returned to the lessor, and the estimated number of flight hours and cycles the aircraft is to be utilized before it is purchased or returned to the lessor. Changes in estimates are accounted for on a prospective basis. As of December 31, 2023, all maintenance deposits are estimated to be recoverable either through reimbursable maintenance events or through application towards the purchase of the aircraft.

On the Acquisition Date, the Company established a contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As reimbursable maintenance events were performed and maintenance expense was incurred, the contra-asset was recognized as a reduction to Maintenance expense as reimbursable maintenance events are performed. Further, any balance remaining at the end of the lease term may be applied towards the purchase price of the leased aircraft. As of December 31, 2023 and 2022, the remaining balance of the contra-asset was $13,211.

Inventory

Inventory – Inventories primarily consist of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at average cost and charged to operations as consumed. An allowance for obsolescence and excess is provided over the remaining useful life of the related fleet for spare parts expected to be on hand at the date that aircraft type is retired from service. These parts are assumed to have an estimated residual value of 10% of the original cost.

Leases

Leases – Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. The Company's leases generally do not provide a readily determinable implicit rate; therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term.

Operating Lease Right-of-Use Asset and Liabilities

For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating Lease Right-of-use Assets and Operating Lease Obligations have their own lines on the Consolidated Balance Sheets.

Finance Leases

Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance Lease Assets are presented separately on the Consolidated Balance Sheets. The Company depreciates Finance Lease Assets consistent with its useful life policy presented in the table below.

Leased Aircraft Return Costs

The Company's aircraft lease agreements often contain provisions that require the Company to return aircraft airframes, engines, and other aircraft components to the lessor in a certain condition or pay an amount to the lessor based on the airframe and engine's actual return condition. Lease return costs are recognized beginning when it is probable that such costs will be incurred and they can be estimated. The Company assesses the need to accrue lease return costs periodically throughout the year or whenever facts and circumstances warrant an assessment. When costs become both probable and estimable, lease return costs are expensed as a component of Aircraft Rent expense on the Consolidated Statements of Operations.

Property & Equipment

Property & Equipment – Property and equipment are recorded at cost or fair value at the Acquisition Date and depreciated, when the asset is ready for its intended use, on a straight-line basis to an estimated residual value over their estimated useful lives or lease term (if applicable), whichever is shorter, as follows:


Airframes			10-25 years (depending on age)
Engines – Core			7 or 12 years (based on remaining cycles)
Engines - Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases (1)			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 10 years

_____________________________


(1)			For finance leases where the Company is reasonably certain to exercise the purchase option, the lease asset value is assigned to the engine and airframe components which are depreciated on a straight-line basis in accordance with the useful lives outlined in the table above.

Our tangible assets consist primarily of Aircraft and Flight Equipment, which are mobile across geographic markets. Therefore, assets are not allocated to specific geographic regions.

Modifications that enhance the operating performance or extend the useful lives of leased airframes are considered leasehold improvements and are capitalized and depreciated over the economic life of the asset or the term of the lease, whichever is shorter. Similar modifications made to owned aircraft are capitalized and depreciated consistent with the Company’s policy.

The Company capitalizes certain internal and external costs associated with the acquisition and development of internal-use software for new products, and enhancements to existing products, that have reached the application development stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software, and labor cost for employees who are directly associated with, and devote time to, internal-use software projects.

The Company depreciates Rotable Parts to an estimated residual value using the pooling life method. Depreciation under the pooling life method is calculated over the estimated average useful life of the passenger aircraft fleet.

The Company capitalizes certain costs of activities necessary to get the asset ready for its intended use. Capitalized interest represents interest costs incurred during the aircraft induction period, capitalization ceases when the asset is ready for service.

Airframe and Engine Maintenance

Airframe and Engine Maintenance – The Company accounts for non-major maintenance and repair costs incurred, as well as major maintenance costs of owned airframes, all leased airframes, and engines acquired via operating leases, using the expense as incurred method. Certain costs covered by third-party maintenance agreements are charged to expense based on fleet utilization, as defined by the contract. These expenses are reported as a component of Maintenance expense on the accompanying Consolidated Statements of Operations.

The Company applies the built-in overhaul method for significant maintenance costs of owned engines, as well as to engines acquired via finance leases where the Company is reasonably certain to exercise a purchase option. Under this method, engine values are separated into amounts for life limited parts and “greentime”, representing the value of the engine for the time on-wing remaining until the next anticipated major maintenance event. Life limited parts are capitalized based on catalog rates published by the original equipment manufacturer and depreciated over their estimated useful lives. Initial engine "greentime" and subsequent major engine maintenance events are capitalized and depreciated until the next anticipated major maintenance event, assuming no residual value. The period until the next scheduled major maintenance event is estimated based on assumptions such as estimated cycles, hours, and months, required maintenance intervals, and the age/condition of related parts. These assumptions may change based on forecasted aircraft utilization changes, updates to government regulations, and manufacturer maintenance intervals, as well as unplanned incidents causing damage requiring a major maintenance event prior to a scheduled visit. If the estimated timing of the next maintenance event changes, the related depreciation period changes prospectively. These expenses are reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations.

Asset Impairment Analysis

Asset Impairment Analysis – Long-lived assets, such as Property & Equipment and Finite-Lived Intangible Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. If circumstances require a long-lived asset or asset group be tested for impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets – Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Indefinite-Lived Intangible Assets represents a tradename acquired in a business combination. Finite-Lived Intangible Assets represent customer relationships acquired in a business combination and over-market lease assets acquired when the Company purchased five Owned Aircraft Held for Operating Lease. Goodwill and Other Indefinite-Lived Intangible Assets must be tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that they might be impaired. Goodwill is tested at the reporting unit level. The Company has two reporting units: Passenger and Cargo, all Goodwill is related to the passenger reporting unit.

Finite-Lived Intangible Assets are amortized over an estimated useful life. The estimated useful life for the Company's customer relationship intangible asset was based on several factors, including the effects of demand, competition, contractual relationship, and other business factors. The Company concluded that the customer relationships Finite-Lived Intangible Assets have an estimated life of 12 years and are being amortized over this period on a straight-line basis. The Company's over-market lease asset will be amortized over the remaining lease terms for the respective aircraft, which ranged from 1.2-2.7 years as of the acquisition date and 0.9-1.9 years remain as of December 31, 2023. See Note 6 included within these Consolidated Financial Statements for more information on the Company's over-market lease asset.

The value of Goodwill and Other Indefinite-lived Intangible Assets is assessed under either a qualitative or quantitative approach. Under a qualitative approach, the Company considers various market factors, including certain key assumptions, such as the market value of the airline and other airlines, fuel prices, the overall economy, passenger yields and changes to the regulatory environment. The Company analyzes these factors to determine if events and circumstances have affected the fair value of Goodwill and Other Indefinite-lived Intangible Assets. If it is determined that it is more likely than not that the asset may be impaired, the Company uses a quantitative approach to determine the reporting unit or intangible asset’s fair value incorporating the key assumptions listed below. An impairment charge is recorded for the amount of carrying value that exceeds the determined fair value as of the testing date.

When the Company evaluates Goodwill or its Other Indefinite-Lived Intangible Assets for impairment using a quantitative approach, the Company utilizes market and income approach valuation techniques. These measurements include the following key assumptions, 1) forecasted revenues, expenses and cash flows, 2) current discount rates, 3) observable market transactions, and 4) anticipated changes to the regulatory environment. These assumptions are consistent with those that hypothetical market participants would use. Because the Company is required to make estimates and assumptions when evaluating Goodwill and Other Indefinite-Lived Intangible Assets for impairment, actual transaction amounts may differ materially from these estimates.

The Company performed its most recent annual Goodwill and Other Indefinite-Lived Intangible Assets impairment analysis as of October 1, 2023.

Income Taxes

Income Taxes – Deferred income taxes are recognized for the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce Deferred Tax Assets to the amount expected to be realized. All Deferred Tax Assets and Liabilities, along with any related valuation allowance, are classified as noncurrent on the Consolidated Balance Sheets. Interest and penalties on uncertain tax positions, to the extent they exist, are included in the Company’s provision for income taxes. The provision for income taxes represents the current tax expense for the period and the change during the period in Deferred Tax Assets and Liabilities.

Valuation of the TRA Liability

TRA Liability – In connection with the Company’s IPO, the legal entity Sun Country Airlines Holdings, Inc. entered into a TRA with pre-IPO stockholders (the “TRA holders”). The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or are deemed to realize in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings.

Prior to the expiration of the dividend and capital distribution restrictions included in the CARES Act on September 30, 2022, the TRA Liability was subject to adjustments as a result of changes in taxable income earned during the restricted period. Future adjustments in the TRA liability balance and/or timing of TRA liability payments are contingent upon, among other things, 1) generation of future taxable income over the term of the TRA, 2) the Company’s participation in future government programs, and 3) future changes in tax laws. All adjustments to the TRA liability were recorded in Other, net within Non-Operating Income (Expense), net in the Company’s Consolidated Statements of Operations.

Pursuant to certain CARES Act restrictions, payments under the TRA were prohibited through September 30, 2022. The Company began making TRA payments during the year ended December 31, 2023. TRA payments are classified as Financing Activities in the Company's Consolidated Statement of Cash Flows. The portion of the TRA expected to be paid in 2024 is reflected as a current liability on the Consolidated Balance Sheets. All other amounts are reflected as a non-current liability on the Consolidated Balance Sheets.

Aircraft Fuel

Aircraft Fuel - Aircraft fuel expense includes jet fuel, federal and state taxes, other fees and the mark-to-market gains and losses associated with the Company's fuel derivative contracts since it does not apply hedge accounting

Sales And Marketing

Sales and Marketing - Sales and Marketing expense includes credit card processing fees, travel agent commissions and related global distribution systems fees, advertising, sponsorship and distribution costs, such as the costs of our call centers, and costs associated with our loyalty program. The Company expenses advertising costs as incurred.

Equity Incentive Plan

Equity Incentive Plan – Under its Equity Incentive Plan, the Company has primarily issued Time-Based Stock Options, Performance-Based Stock Options, Restricted Stock and RSUs awards. Further, the Company has elected to account for forfeitures as they occur, rather than forecasting the future forfeitures. If an award is forfeited prior to vesting, the associated reduction in expense is reflected net in stock-based compensation expense in that period. Stock compensation expense is reported as a component of Salaries, Wages, and Benefits within the Company's Consolidated Statement of Operations.

Earnings per Share

Earnings per Share - Basic earnings per share, which excludes dilution, is computed by dividing Net Income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of incremental shares from the assumed issuance of shares relating to securities or other contracts to issue common stock is calculated by applying the treasury stock method. The treasury stock method assumes a hypothetical issuance of shares to settle the securities or other contracts to issue common stock, with the assumed proceeds used to purchase common stock at the average market price for the period. Assumed proceeds include the amount to be paid upon exercise, if applicable, and the average unrecognized compensation cost. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares.

Warrants held by Amazon are included in the calculation of dilutive weighted average shares outstanding as of the date the warrants vest to the extent the impact is dilutive. The unvested warrants have not been included in dilutive shares as their performance condition has not been satisfied.

Concentration Risk

Approximately 27% and 33% of the Company’s Accounts Receivable balances as of December 31, 2023, and 2022 were due from Amazon, respectively. In addition, approximately 21% and 16% of the Company’s Accounts Receivable balances as of December 31, 2023 and 2022, were due from one financial institution for tickets purchased via credit cards.

Approximately 59% and 69% of the Company's fuel purchases were made from three vendors for the years ended December 31, 2023 and 2022. Approximately 54% of the Company’s fuel purchases were made from two vendors for the year ended December 31, 2021.

Approximately 65% of the Company’s workforce were under union contracts as of December 31, 2023 with four different unions: ALPA, IBT, TWU and AMFA. As of December 31, 2023, approximately 66% of the Company’s

union workforce are under contracts that are being negotiated, have become amendable or will expire within the next year.

Recently Adopted Accounting Standards

During the year ended December 31, 2023, there were no recently adopted accounting standards that had a material impact to the Company.

Owned Aircraft Held For Operating Lease

Owned Aircraft Held for Operating Lease

Maintenance Rights Asset

Over-Market Asset

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements (see Note 9), repayment of debt (see Note 8), payments under the TRA (see Note 14), and probable future purchases of aircraft. The Company had a commitment to lease three aircraft with deliveries spanning the fourth quarter of 2023 and the first quarter of 2024. As of December 31, 2023, the Company had taken control of one of the aircraft, which was subsequently subleased. See Note 9 for more information on the Company's sublease. The leases have annual lease payments of approximately $2,000 for six years. As of December 31, 2023, the Company had a commitment to purchase an aircraft with an expected delivery in the first quarter of 2024. The purchase agreement calls for a base price of $27,500 that is subject to adjustment based on the aircraft's maintenance condition on the date of delivery. During the twelve months ended June 30, 2022, the compensation payable to an executive officer temporarily exceeded the restrictions on the payment of certain executive compensation under the CARES Act. Once the issue was identified, the executive officer voluntarily rescinded the unvested portion of the equity grant that caused the executive’s compensation to exceed the CARES Act limit. At no point did the executive's cash compensation and equity awards that could be monetized exceed the CARES Act limit. The Company did not accrue any amounts related to this matter as of December 31, 2023. To the extent we are deemed to have failed to remain in full compliance with the CARES Act and the applicable rules and regulations thereunder, we may become subject to fines or other enforcement actions. As of December 31, 2023, the Company had surety bonds of approximately $3,600, primarily to bond contractual performance. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management does not believe these proceedings will have a materially adverse effect on the Company.

INVESTMENTS

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

A summary of debt securities by major security type:


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):
Municipal Debt Securities	$	6,981	$	—	$	(5)	$	6,976
Corporate Debt Securities	59,222		76		(50)		59,248
U.S. Government Agency Securities	68,118		23		(125)		68,016
Total	$	134,321	$	99	$	(180)	$	134,240


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):
Municipal Debt Securities	$	47,897	$	16	$	(258)	$	47,655
Corporate Debt Securities	93,460		1		(683)		92,778
U.S. Government Agency Securities	32,326		2		(126)		32,202
Total	$	173,683	$	19	$	(1,067)	$	172,635


(1)			The Company also holds Certificates of Deposit that are included in Investments on the Consolidated Balance Sheets totaling $6,887 and $6,301 as of December 31, 2023 and December 31, 2022, respectively.

As of December 31, 2023, the unrealized losses were the result of increases in market interest rates and were not the result of a deterioration in the credit quality of the securities. As of December 31, 2023, the Company believes that any unrealized losses will recover prior to the investment's conversion to cash.

INCOME TAXES - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 17, 2021
Income Tax Examination [Line Items]
Federal net operating losses	$ 71,039,000
State net operating losses	2,520,000
Liability for unrecognized tax benefits	$ 0	$ 0
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%
Tax receivable agreement liability non current			$ 115,200,000
Income tax receivable agreement liability	$ 101,044,000	103,800,000
Income tax receivable agreement, current	3,250,000	2,260,000
Increase (decrease) to the tax receivable agreement liability	$ 0	$ 5,000,000

LEASES - Additional information (Details)	12 Months Ended
LEASES - Additional information (Details)	Dec. 31, 2023 USD ($) aircraft category lease	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($)
Finance Leases
Number of categories in operating leases \| category	3
Number of leases for aircraft \| lease	14
Initial terms	6 years
Operating lease assets	$ 14,917,000	$ 22,182,000
Additions \| aircraft	7	7
Operating Revenues	$ 1,049,620,000	$ 894,444,000	$ 623,015,000
Maintenance reserve payments expensed	620,000	$ 2,191,000	$ 4,004,000
Rental Revenue
Finance Leases
Operating Revenues	17,689,000
Real Estate
Finance Leases
Lease liability	$ 18,830,000
Real Estate \| Maximum
Finance Leases
Initial terms	10 years
Aircraft Operated for Amazon
Finance Leases
Number of freighters subleased directly \| aircraft	12
Lease liability	$ 0
Operating lease assets	$ 0
Owned Aircraft Held for Operating Lease \| Other
Finance Leases
Additions \| aircraft	5
Future undiscounted cash flows, 2024	$ 24,790,000
Future undiscounted cash flows, 2025	$ 10,026,000
Subleased Aircraft (2) \| Other
Finance Leases
Additions \| aircraft	1

INVESTMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 134,321	$ 173,683
Gross Unrealized Gains	99	19
Gross Unrealized Losses	(180)	(1,067)
Fair Value	134,240	172,635
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	6,981	47,897
Gross Unrealized Gains	0	16
Gross Unrealized Losses	(5)	(258)
Fair Value	6,976	47,655
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	59,222	93,460
Gross Unrealized Gains	76	1
Gross Unrealized Losses	(50)	(683)
Fair Value	59,248	92,778
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	68,118	32,326
Gross Unrealized Gains	23	2
Gross Unrealized Losses	(125)	(126)
Fair Value	68,016	32,202
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,887	$ 6,301

LEASES - Lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Finance lease assets, net	$ 243,060	$ 221,727
Operating lease assets	14,917	22,182
Owned Aircraft and Flight Equipment Held for Operating Lease	147,584	0
Total lease assets	405,561	243,909
Liabilities
Short-term Finance Lease Obligations	44,756	17,990
Short-term Operating Lease Obligations	2,219	6,296
Long-term Lease Obligations	232,546	233,306
Long-term Lease Obligations	16,611	19,836
Total lease liabilities	$ 296,132	$ 277,428

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table summarizes the significant components of the provision for income taxes from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	—	$	1,329	$	—
State and Local	92		84		135
Total Current Tax Expense	92		1,413		135

Deferred:
Federal	19,609		4,393		16,824
State and Local	2,277		500		2,123
Total Deferred Tax Expense	21,886		4,893		18,947
Total Income Tax Expense	$	21,978	$	6,306	$	19,082

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:


	Year Ended December 31,
	2023		2022		2021
Expected Provision at Federal Statutory Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	2.0	%	1.9	%	1.8	%
Stock Compensation Benefit	(1.1)	%	(4.3)	%	(3.6)	%
Tax Receivable Agreement	(0.1)	%	4.4	%	(3.4)	%
Executive Compensation Limitation	1.0	%	2.0	%	3.0	%
Other Permanent Adjustments	0.5	%	1.3	%	0.2	%
Effective Tax Rate	23.3	%	26.3	%	19.0	%

The following table summarizes the significant components of the Company’s deferred taxes:


	December 31,
	2023		2022
Deferred Tax Assets:
Net Operating Loss	$	73,559	$	73,252
Finance Lease Obligations	36,602		34,458
Operating Lease Obligations	3,576		5,179
Goodwill and Other Intangible Assets	3,925		6,812
Loyalty Program Liabilities	3,105		3,459
Interest Expense Limitation	6,876		1,556
Other	6,526		5,472
Total Deferred Tax Assets	134,169		130,188

Deferred Tax Liabilities:
Accelerated Depreciation	(103,606)		(78,749)
Finance Lease Assets	(31,646)		(30,492)
Operating Lease Right-of-use Assets	(3,431)		(5,102)
Prepaid Maintenance	(3,476)		(1,986)
Other	(1,158)		(903)
Total Deferred Tax Liabilities	(143,317)		(117,232)
Total Net Deferred Tax (Liabilities) Assets	$	(9,148)	$	12,956

As of December 31, 2023, the Company has $71,039 of federal NOLs and $2,520 of state NOLs, net of tax effect, available that may be applied against future tax liabilities. As a result of ownership changes that occurred in 2021, the existing federal and state NOLs may be subject to certain limitations under Section 382 of the Internal Revenue Code. However, the Company does not believe these limitations will adversely impact its ability to use these losses to offset taxable income in future periods. There is no expiration of federal net operating losses. The state net operating losses begin to expire in 2025.

In assessing the realizability of Deferred Tax Assets, management considers whether it is more likely than not that some portion or all the Deferred Tax Assets will not be realized. The ultimate realization of the Deferred Tax Assets is dependent upon the generation of future taxable income during periods in which the temporary differences become deductible. Management considers the scheduled reversal of the liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. As of December 31, 2023, management believes that it is more likely than not that the future results of the operations will generate sufficient taxable income to realize the tax benefits related to its Deferred Tax Assets.

The Company recognizes the consolidated financial statement effect of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. If applicable, the Company reports both accrued interest and penalties related to unrecognized tax benefits as a component of Income Tax Expense in the Consolidated Statements of Operations. As of December 31, 2023 and 2022, the Company had no liability for unrecognized tax benefits recorded in its Consolidated Balance Sheets.

The Company files income tax returns in the United States and various states. In the normal course of business, the Company is subject to potential income tax examination by the federal and state tax authorities in these jurisdictions for tax years that are open under local statute. For U.S. federal income tax purposes, the

Company's 2022, 2021, and 2020 tax returns remain open to examination. For U.S. state income tax purposes, the Company's 2022, 2021, 2020, and 2019 tax returns remain open to examination.

Tax Receivable Agreement

In connection with the Company’s IPO, the legal entity Sun Country Airlines Holdings, Inc. entered into a TRA with the TRA holders. The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or is deemed to realize in certain circumstances) as a result of the Pre-IPO Tax Attributes. The Company will retain the benefit of the remaining 15% of these cash savings. Upon the closing of the IPO, the Company recognized a non-current liability of $115,200, which represented undiscounted aggregate payments that were expected to be paid to the TRA holders, with an offset to Stockholders’ Equity.

The total TRA balance as of December 31, 2023 and 2022 was $101,044 and $103,800, of which $3,250 and $2,260 was current, respectively. The TRA liability is an estimate and actual amounts payable under the TRA could differ from this estimate. Adjustments to the TRA liability are recorded in Other, net Non-Operating Income (Expense), net on the Company's Consolidated Statements of Operations. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, then it would not be required to make the related TRA payments. During the year ended December 31, 2023, the Company recorded an immaterial adjustment to the estimated TRA liability. During the year ended December 31, 2022, the TRA Liability increased by $5,000, which was recorded as an expense within the Consolidated Statement of Operations. During the year ended December 31, 2023, the Company made a payment of $2,425 to the TRA holders, which includes certain members of the Company's management and certain members of the Company's Board of Directors. The payment is included within Financing Activities on the Consolidated Statements of Cash Flows. Payments will be made in future periods as the Pre-IPO Tax Attributes are utilized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income	$ 72,181	$ 17,676	$ 81,248
Other Comprehensive Income (Loss):
Net unrealized gains (losses) on Available-for-Sale securities, net of deferred tax expense (benefit) of $222, $(241), and $—, respectively	745	(807)	0
Other Comprehensive Income (Loss)	745	(807)	0
Comprehensive Income	$ 72,926	$ 16,869	$ 81,248

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

AIRCRAFT - Additional information (Details) - aircraft	12 Months Ended
AIRCRAFT - Additional information (Details) - aircraft	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AIRCRAFT - Owned and Leased
Number of aircrafts	60	54	48
Additions	7	7
Reclassifications	0	0
Removals	1	1
Number of aircrafts subleased	1
Number of aircraft owned	34
Number of aircrafts previously under finance leases		2
Number of aircrafts previously under operating leases		2
Number of aircrafts financed using proceeds		5
B-737-800
AIRCRAFT - Owned and Leased
Number of aircrafts	55
B-737-900
AIRCRAFT - Owned and Leased
Number of aircrafts	5
Passenger
AIRCRAFT - Owned and Leased
Number of aircrafts	42	42	36
Additions	1	7
Reclassifications	0	0
Removals	1	1
Number of aircrafts financed	31
Number of aircrafts unencumbered	3	2
Passenger \| Owned
AIRCRAFT - Owned and Leased
Number of aircrafts	29	29	21
Additions	1	5
Reclassifications	0	4
Removals		1
Passenger \| Finance Lease Assets
AIRCRAFT - Owned and Leased
Number of aircrafts	13	11	9
Additions	0	2
Reclassifications	2	0
Removals	0	0
Other \| Subleased Aircraft (2)
AIRCRAFT - Owned and Leased
Number of aircrafts	1	0
Additions	1
Reclassifications	0
Removals	0

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 46,279,000	$ 92,086,000
Restricted Cash	17,401,000	10,842,000
Investments	141,127,000	178,936,000
Accounts Receivable, net of an allowance for credit losses of $17 and $231, respectively	38,166,000	35,124,000
Short-term Lessor Maintenance Deposits	1,046,000	1,241,000
Inventory, net of a reserve for obsolescence of $977 and $1,107, respectively	7,793,000	7,659,000
Prepaid Expenses	15,823,000	11,423,000
Other Current Assets	3,716,000	8,179,000
Total Current Assets	271,351,000	345,490,000
Property & Equipment, net:
Finance Lease Assets	304,384,000	261,991,000
Total Property & Equipment	1,221,698,000	962,413,000
Accumulated Depreciation & Amortization	(252,717,000)	(176,746,000)
Total Property & Equipment, net	968,981,000	785,667,000
Other Assets:
Goodwill	222,223,000	222,223,000
Other Intangible Assets, net of accumulated amortization of $24,190 and $18,890, respectively	83,551,000	85,110,000
Operating Lease Right-of-use Assets	14,917,000	22,182,000
Aircraft Deposits	9,564,000	9,134,000
Long-term Lessor Maintenance Deposits	44,675,000	32,433,000
Deferred Tax Assets	0	12,956,000
Other Assets	8,365,000	9,217,000
Total Other Assets	383,295,000	393,255,000
Total Assets	1,623,627,000	1,524,412,000
Current Liabilities:
Accounts Payable	59,011,000	62,370,000
Accrued Salaries, Wages, and Benefits	33,305,000	26,521,000
Accrued Transportation Taxes	18,097,000	17,666,000
Air Traffic Liabilities	157,996,000	157,995,000
Finance Lease Obligations	44,756,000	17,990,000
Loyalty Program Liabilities	9,898,000	13,963,000
Operating Lease Obligations	2,219,000	6,296,000
Current Maturities of Long-term Debt	74,177,000	57,548,000
Income Tax Receivable Agreement Liability	3,250,000	2,260,000
Other Current Liabilities	15,873,000	14,519,000
Total Current Liabilities	418,582,000	377,128,000
Long-term Liabilities:
Finance Lease Obligations	232,546,000	233,306,000
Loyalty Program Liabilities	3,839,000	1,474,000
Operating Lease Obligations	16,611,000	19,836,000
Long-term Debt	327,468,000	294,687,000
Deferred Tax Liability	9,148,000	0
Income Tax Receivable Agreement Liability	97,794,000	101,540,000
Other Long-term Liabilities	3,236,000	3,729,000
Total Long-term Liabilities	690,642,000	654,572,000
Total Liabilities	1,109,224,000	1,031,700,000
Commitments and Contingencies (Note 17)
Stockholders' Equity:
Common Stock with $0.01 par value, 995,000,000 shares authorized, 58,878,723 and 58,217,647 issued and 53,291,001 and 57,325,238 outstanding at December 31, 2023 and 2022, respectively	589,000	582,000
Preferred Stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2023 and 2022, respectively	0	0
Treasury Stock, at cost, 5,587,722 and 892,409 shares held at December 31, 2023 and 2022, respectively	(94,341,000)	(17,605,000)
Additional Paid-In Capital	513,988,000	488,494,000
Retained Earnings	94,229,000	22,048,000
Accumulated Other Comprehensive Loss	(62,000)	(807,000)
Total Stockholders' Equity	514,403,000	492,712,000
Total Liabilities and Stockholders' Equity	1,623,627,000	1,524,412,000
Aircraft and Flight Equipment
Property & Equipment, net:
Property and Equipment	685,559,000	636,584,000
Aircraft and Flight Equipment Held for Operating Lease
Property & Equipment, net:
Property and Equipment	154,185,000	0
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property and Equipment	39,847,000	35,948,000
Computer Hardware and Software
Property & Equipment, net:
Property and Equipment	17,875,000	10,831,000
Rotable Parts
Property & Equipment, net:
Property and Equipment	$ 19,848,000	$ 17,059,000

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

Lessee and Sublease Arrangements

The Company classifies its Leases into three categories: Aircraft, Real Estate, and Other. Aircraft leases consist of aircrafts, engines, and aircraft equipment under lease agreements. As of December 31, 2023, the Company had 14 leases for aircraft, all of which were under finance leases. Real estate leases consist of leased hangar and headquarter facilities, a simulator housing facility, and other leases consist of non-aircraft equipment under operating lease agreements. Real estate and other leases generally have initial terms of up to ten years.

The Company’s Cargo fleet of 12 aircraft is subleased directly from Amazon and the Company operates them pursuant to the ATSA. Based upon review of the ATSA, the sublease arrangement does not qualify as a lease,

because the Company does not control the use of the aircraft. As such, no right-of-use asset and lease liability is recognized in these financial statements for the Amazon arrangement.

During the year ended December 31, 2023 the Company entered into one sublease arrangement. The sublease is classified as an operating lease. This sublease arrangement does not relieve the Company of its primary lease obligations with the lessor (the "head lease"). Therefore the Company continues to account for the head lease as a finance lease. The Company is entitled to fixed payments over the remaining lease term, with additional variable lease payments based on aircraft utilization. The sublease expires in the fourth quarter of 2024. The aircraft will be delivered to Sun Country on the sublease expiry date and the aircraft will continue to be leased by the Company. The aircraft is expected to be inducted into the Company's fleet upon redelivery. The rental revenue associated with the sublease is recognized as it is earned and is included in Other Revenue. The rental revenue was immaterial during the year ended December 31, 2023. Future undiscounted cash flows expected to be received in 2024 are nominal.

The Company also has various airport terminal agreements which include provisions for variable lease payments which are based on several factors, including, but not limited to, number of carriers, enplaned passengers, and airports’ annual operating budgets. Due to the variable nature of the rates, these leases are not recorded on the Company’s Consolidated Balance Sheets as a right-of-use asset and lease liability.

Certain aircraft lease agreements include an option to extend the lease term beyond the original expiration date. As of December 31, 2023, the Company remains uncertain as to whether it will exercise any of the available extension options. As such, the Company’s finance lease obligations do not reflect lease payments associated with extension periods that remain unexercised. Also, none of the Company’s aircraft leases contain an early termination provision.

Certain aircraft lease agreements grant the Company the option to purchase the aircraft at the end of the lease term. To the extent the Company is reasonably certain to exercise the purchase option, the lease arrangement has been accounted for as a finance lease with the purchase option price recognized as part of the lease obligation.

Lessor Arrangements

During the year ended December 31, 2023, the Company acquired five Owned Aircraft Held for Operating Lease. The Company obtained outright ownership of the Owned Aircraft Held for Operating Lease upon purchase and assumed the position of lessor until the end of the related aircraft lease terms. The Company is entitled to fixed payments over the remaining lease term for each aircraft, which expire at various dates between the fourth quarter of 2024 and the fourth quarter of 2025. On each lease expiry date, the Owned Aircraft Held for Operating Lease will be redelivered to Sun Country and are expected to be inducted into the Company’s fleet. The rental revenue associated with the Owned Aircraft Held for Operating Lease is recognized as it is earned and is included in Other Revenue. The Company recognized $17,689 of rental revenue during the year ended December 31, 2023. Future undiscounted cash flows of $24,790 and $10,026 are expected to be received in 2024 and 2025, respectively. Upon acquisition of the Owned Aircraft held for Operating Lease, the Company recognized a Maintenance Rights Asset associated with the acquired leases. The Maintenance Rights Asset represents an end of lease compensation clause, whereby the lessee is required to perform the maintenance tasks needed to physically restore the airframe and engines to full-life condition or remit a cash payment to compensate the Company for the maintenance shortfall. See Note 6 for more information on the Owned Aircraft Held for Operating Lease and related assets.

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2023		2022
Assets
Finance lease assets, net	Property and Equipment, net	$	243,060	$	221,727
Operating lease assets	Operating Lease Right-of-use Assets	14,917		22,182
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	147,584		—
Total lease assets		$	405,561	$	243,909
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	44,756	$	17,990
Operating lease liabilities	Short-term Operating Lease Obligations	2,219		6,296
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	232,546		233,306
Operating lease liabilities	Long-term Operating Lease Obligations	16,611		19,836
Total lease liabilities		$	296,132	$	277,428

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2023:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2024	$	60,120	$	1,551	$	61,671		$	3,385
2025	34,120		1,773		35,893			3,662
2026	72,917		1,773		74,690			3,687
2027	22,644		1,773		24,417			3,672
2028	40,152		1,773		41,925			3,708
Thereafter	102,645		1,405		104,050			5,435
Total Minimum Lease Payments	332,598		10,048		342,646			23,549
Less: Amount Representing Interest	(62,795)		(2,549)		(65,344)			(4,719)
Present Value of Minimum Lease Payments	269,803		7,499		277,302			18,830
Less: Short-term Obligations	(43,942)		(814)		(44,756)			(2,219)
Long-term Lease Obligations	$	225,861	$	6,685	$	232,546		$	16,611

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2023		2022		2021
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,150	$	17,900	$	12,536
Interest on lease liabilities	Interest Expense	16,325		13,782		8,021

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	2,210		8,465		18,608
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,438		3,692		3,976
Short-term	Aircraft Rent	396		691		277
Variable - Aircraft	Aircraft Rent (1)	(325)		(388)		(1,232)
Variable - Other	Landing Fees & Airport Rentals	2,212		1,838		1,210
Sublease Income	Other Revenue	(768)		—		—
Total Lease cost		$	45,638	$	45,980	$	43,396

_________________________________


(1)			The years ended December 31, 2023, 2022 and 2021, include credits of $723, $3,228 and $7,609, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	5,971	$	12,378	$	29,360
Operating Cash Flows for Finance Leases	$	16,325	$	13,782	$	8,021
Financing Cash Flows for Finance Leases	$	21,883	$	42,062	$	11,931

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2023	2022	2021
Weighted-average remaining lease term
Operating Leases	6.8 years	5.9 years	4.6 years
Finance Leases	4.9 years	6.1 years	7.2 years

Weighted-average discount rates
Operating Leases	6.5%	6.3%	6.0%
Finance Leases	6.6%	6.2%	6.1%

During the years ended December 31, 2023, 2022, and 2021 the Company expensed $620, $2,191 and $4,004 of maintenance reserve payments, respectively. These expenses are reflected in Aircraft Rent on the accompanying Consolidated Statements of Operations.

LEASES

Lessee and Sublease Arrangements

because the Company does not control the use of the aircraft. As such, no right-of-use asset and lease liability is recognized in these financial statements for the Amazon arrangement.

Lessor Arrangements

The following table summarizes the lease-related assets and liabilities recorded on the Company’s Consolidated Balance Sheets:


		December 31,
	Classification	2023		2022
Assets
Finance lease assets, net	Property and Equipment, net	$	243,060	$	221,727
Operating lease assets	Operating Lease Right-of-use Assets	14,917		22,182
Owned Aircraft and Flight Equipment Held for Operating Lease	Property and Equipment, net	147,584		—
Total lease assets		$	405,561	$	243,909
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	44,756	$	17,990
Operating lease liabilities	Short-term Operating Lease Obligations	2,219		6,296
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations	232,546		233,306
Operating lease liabilities	Long-term Operating Lease Obligations	16,611		19,836
Total lease liabilities		$	296,132	$	277,428

The following table provides details of the Company’s obligations under Finance and Operating Leases as of December 31, 2023:


	Finance Leases						Operating Leases
Year Ending December 31	Aircraft		Real Estate		Total			Real Estate and Other
2024	$	60,120	$	1,551	$	61,671		$	3,385
2025	34,120		1,773		35,893			3,662
2026	72,917		1,773		74,690			3,687
2027	22,644		1,773		24,417			3,672
2028	40,152		1,773		41,925			3,708
Thereafter	102,645		1,405		104,050			5,435
Total Minimum Lease Payments	332,598		10,048		342,646			23,549
Less: Amount Representing Interest	(62,795)		(2,549)		(65,344)			(4,719)
Present Value of Minimum Lease Payments	269,803		7,499		277,302			18,830
Less: Short-term Obligations	(43,942)		(814)		(44,756)			(2,219)
Long-term Lease Obligations	$	225,861	$	6,685	$	232,546		$	16,611

The following table presents lease costs related to the Company’s Finance and Operating Leases:


		Year Ended December 31,
	Classification	2023		2022		2021
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	21,150	$	17,900	$	12,536
Interest on lease liabilities	Interest Expense	16,325		13,782		8,021

Operating lease cost
Included in ROU asset - Aircraft	Aircraft Rent (1)	2,210		8,465		18,608
Included in ROU asset - Real Estate & Other	Ground Handling, Landing Fees and Airport Rent & Other Operating	4,438		3,692		3,976
Short-term	Aircraft Rent	396		691		277
Variable - Aircraft	Aircraft Rent (1)	(325)		(388)		(1,232)
Variable - Other	Landing Fees & Airport Rentals	2,212		1,838		1,210
Sublease Income	Other Revenue	(768)		—		—
Total Lease cost		$	45,638	$	45,980	$	43,396

_________________________________


(1)			The years ended December 31, 2023, 2022 and 2021, include credits of $723, $3,228 and $7,609, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

The following table presents Supplemental cash flow information related to leases, included in the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	5,971	$	12,378	$	29,360
Operating Cash Flows for Finance Leases	$	16,325	$	13,782	$	8,021
Financing Cash Flows for Finance Leases	$	21,883	$	42,062	$	11,931

The table below presents lease-related terms and discount rates related to the Company’s Finance and Operating Leases:


	Year Ended December 31,
	2023	2022	2021
Weighted-average remaining lease term
Operating Leases	6.8 years	5.9 years	4.6 years
Finance Leases	4.9 years	6.1 years	7.2 years

Weighted-average discount rates
Operating Leases	6.5%	6.3%	6.0%
Finance Leases	6.6%	6.2%	6.1%

PARENT COMPANY FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 46,279	$ 92,086	$ 309,338
Total Current Assets	271,351	345,490
Other Assets:
Total Assets	1,623,627	1,524,412
Current Liabilities:
Other Current Liabilities	15,873	14,519
Total Current Liabilities	418,582	377,128
Liabilities [Abstract]
Income Tax Receivable Agreement Liability	97,794	101,540
Other Long-term Liabilities	3,236	3,729
Total Liabilities	1,109,224	1,031,700
Stockholders' Equity:
Common Stock	589	582
Additional Paid-In Capital	513,988	488,494
Accumulated Other Comprehensive Loss	(62)	(807)
Retained Earnings	94,229	22,048
Total Liabilities and Stockholders' Equity	1,623,627	1,524,412
Parent Company
Current Assets:
Cash and Cash Equivalents	0	0
Total Current Assets	0	0
Other Assets:
Investment in Subsidiary	615,447	597,996
Total Other Assets	615,447	597,996
Total Assets	615,447	597,996
Current Liabilities:
Income Tax Receivable Agreement Liability	3,250	2,260
Other Current Liabilities	0	16
Total Current Liabilities	3,250	2,276
Liabilities [Abstract]
Income Tax Receivable Agreement Liability	97,794	101,540
Other Long-term Liabilities	0	1,468
Total Liabilities	101,044	105,284
Stockholders' Equity:
Common Stock	589	582
Treasury Stock	(94,341)	(17,605)
Additional Paid-In Capital	513,988	488,494
Accumulated Other Comprehensive Loss	(62)	(807)
Retained Earnings	94,229	22,048
Total Stockholders' Equity	514,403	492,712
Total Liabilities and Stockholders' Equity	$ 615,447	$ 597,996

STOCK-BASED COMPENSATION - Restricted stock units (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding, beginning balance (in shares)	230,191	4,679	0
Granted (in shares)	458,271	248,025	7,634
Forfeited (in shares)	(54,751)	(5,478)	(2,955)
Vested (in shares)	(198,967)	(17,035)
Outstanding, ending balance (in shares)	434,744	230,191	4,679
Weighted average grant date fair value per share
Outstanding, Weighted average grant date fair value, beginning balance (in dollars per share)	$ 20.39	$ 40.60	$ 0
Granted, Weighted average grant date fair value (in dollars per share)	17.19	20.44	40.60
Forfeited, Weighted average grant date fair value (in dollars per share)	18.89	23.04	40.60
Vested, Weighted average grant date fair value (in dollars per share)	18.60	25.87
Outstanding, Weighted average grant date fair value, ending balance (in dollars per share)	$ 18.03	$ 20.39	$ 40.60

SPECIAL ITEMS, NET - Schedule of special items, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
CARES Act grant recognition	$ 0	$ 0	$ (71,587)
CARES Act employee retention credit	0	0	(848)
Other	0	0	16
Total Special Items, net	$ 0	$ 0	$ (72,419)

AIRCRAFT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of December 31, 2023, Sun Country's fleet consisted of 60 Boeing 737-NG aircraft, comprised of 55 Boeing 737-800s and five Boeing 737-900ERs.

The following tables summarize the Company’s aircraft fleet activity for the years ended 2023 and 2022, respectively:


	December 31, 2022	Additions	Reclassifications	Removals	December 31, 2023
Passenger:
Owned	29	1	—	(1)	29
Finance leases (1)	11	—	2	—	13
Operating leases	2	—	(2)	—	—
Sun Country Airlines' Fleet	42	1	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	—	5	—	—	5
Subleased Aircraft (2)	—	1	—	—	1
Total Aircraft Operated	54	7	—	(1)	60


	December 31, 2021	Additions	Reclassifications	Removals	December 31, 2022
Passenger:
Owned	21	5	4	(1)	29
Finance leases (3)	9	2	—	—	11
Operating leases	6	—	(4)	—	2
Sun Country Airlines' Fleet	36	7	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	48	7	—	(1)	54


(1)			Two aircraft operating leases were reclassified into finance leases, as further described below.
(2)			The head lease associated with this sublease is classified as a finance lease.
(3)			Two aircraft operating leases were reclassified into finance leases and two separate aircraft finance lease purchase options were exercised, resulting in a net change of zero finance lease reclassifications.

During the year ended December 31, 2023, the Company acquired five 737-900ERs that are currently on lease to an unaffiliated airline. The five Owned Aircraft Held for Operating Lease were financed through a term loan arrangement. See Note 6 of these Consolidated Financial Statements for more information on this transaction. Additionally, during the year ended December 31, 2023, the Company acquired one incremental aircraft and executed two lease amendments to purchase two aircraft at the end of their respective lease terms. The lease amendments modified the classification of these leases from operating leases to finance leases and have expiration dates in fiscal year 2024. During the year ended December 31, 2023, management retired one aircraft, the impact of which was not material. During the year ended December 31, 2023, the Company took control of one aircraft through a finance lease arrangement, which was subsequently subleased. The sublease expires in the fourth quarter of 2024. The aircraft will be delivered to Sun Country on the sublease expiry date and the aircraft will continue to be leased by the Company. The aircraft is expected to be inducted into the Company's fleet upon redelivery. Of the 34 Owned aircraft and Owned Aircraft Held for Operating Lease as of December 31, 2023, 31 were financed and three aircraft were unencumbered.

During the year ended December 31, 2022, the Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the lease classification from operating leases to finance leases with

expiration dates in fiscal year 2026 and retired one aircraft. Further, the Company purchased two aircraft previously classified as finance leases using proceeds from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC") and purchased two aircraft previously classified as operating leases. The Company also acquired seven incremental 737-800 aircraft, five of which were financed using proceeds from the 2022-1 EETC and two through a finance lease arrangement that is set to expire in fiscal year 2030.

Depreciation, amortization, and rent expense on aircraft is as follows:


		Year Ended December 31,
Aircraft Status	Expense Type	2023		2022		2021
Owned	Depreciation	$	55,260	$	40,311	$	35,855
Finance Leased	Amortization	20,122		16,871		11,507
Operating Leased	Aircraft Rent (1)	2,281		8,768		17,653
		$	77,663	$	65,950	$	65,015

_________________________________


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

Depreciation expense on owned aircraft and amortization expense on finance leased aircraft are both classified in Depreciation and Amortization on the Consolidated Statements of Operations.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Minneapolis, Minnesota

AIRCRAFT - Depreciation, amortization, and rent expense on aircraft (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 2,281	$ 8,768	$ 17,653
Depreciation amortization and aircraft rent	77,663	65,950	65,015
Owned
AIRCRAFT - Owned and Leased
Depreciation	55,260	40,311	35,855
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	2,281	8,768	17,653
Finance Lease Assets
AIRCRAFT - Owned and Leased
Amortization	$ 20,122	$ 16,871	$ 11,507

COMPANY BACKGROUND - Equity transactions (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 31, 2020 shares	Dec. 31, 2018 USD ($) stockholder $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Class of Warrant or Right [Line Items]
Common stock-par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Apollo Global Management, Inc. and its Subsidiaries
Class of Warrant or Right [Line Items]
Equity interest issued (in shares)		5,326,755
Common stock-par value (in dollars per share) \| $ / shares		$ 0
Warrants issued (in shares)		40,005,885
Exercise price (in dollars per share) \| $ / shares		$ 0.0005
Warrants exercised (in shares)	40,005,885
Shares issued (in shares)		1,416,645
Number of stockholders \| stockholder		2
Notes issued \| $		$ 3,500

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details)	Dec. 31, 2023
Parts Related to Flight Equipment
PROPERTY & EQUIPMENT
Estimated residual value (as a percent)	10.00%

DEBT - Long-term debt (Details) $ in Thousands		3 Months Ended	12 Months Ended
DEBT - Long-term debt (Details) $ in Thousands	Oct. 26, 2020 USD ($)	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2019 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft
DEBT
Additions \| aircraft			7	7
Principal prepayment requirement period			12 months
Number of aircraft within 12 months of end of lease term \| aircraft		1
Long-term debt fair value		$ 383,061	$ 383,061	$ 324,059
Other \| Owned Aircraft Held for Operating Lease
DEBT
Additions \| aircraft			5
Notes Payable, Other Payables
DEBT
Debt issuance costs		$ 1,820	$ 1,820
Line of Credit \| Secured Debt
DEBT
Margin (as a percent)			0.10%
Interest rate		9.20%	9.20%
Loan to value ratio		75.00%	75.00%
Line of Credit \| Secured Debt \| Maximum
DEBT
Margin (as a percent)			3.75%
Line of Credit \| Secured Debt \| Minimum
DEBT
Margin (as a percent)			3.25%
Term Loan \| Notes Payable, Other Payables
DEBT
Face amount		$ 119,200	$ 119,200
2022-1 EETC Agreement Notes Payable \| Notes Payable, Other Payables
DEBT
Face amount						$ 188,277
Number of aircraft financed by debt issuance \| aircraft						13
Weighted average interest rate		5.05%	5.05%
2022-1 EETC Agreement Notes Payable \| Notes Payable, Other Payables \| Maximum
DEBT
Interest rate						5.75%
2022-1 EETC Agreement Notes Payable \| Notes Payable, Other Payables \| Minimum
DEBT
Interest rate						4.84%
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Face amount					$ 248,587
Weighted average interest rate		4.30%	4.30%
Number of used aircrafts purchased or refinanced \| aircraft					13
Notes payable under the Company's 2019-1 EETC agreement \| Maximum
DEBT
Interest rate					6.95%
Notes payable under the Company's 2019-1 EETC agreement \| Minimum
DEBT
Interest rate					4.13%
U. S. Department of the Treasury CARES Act Loan
DEBT
Loan received	$ 45,000

INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of the significant components of the provision for income taxes from continuing operations

The following table summarizes the significant components of the provision for income taxes from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	—	$	1,329	$	—
State and Local	92		84		135
Total Current Tax Expense	92		1,413		135

Deferred:
Federal	19,609		4,393		16,824
State and Local	2,277		500		2,123
Total Deferred Tax Expense	21,886		4,893		18,947
Total Income Tax Expense	$	21,978	$	6,306	$	19,082

Summary of difference of income tax provision from that computed at the federal statutory corporate tax rate

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:


	Year Ended December 31,
	2023		2022		2021
Expected Provision at Federal Statutory Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	2.0	%	1.9	%	1.8	%
Stock Compensation Benefit	(1.1)	%	(4.3)	%	(3.6)	%
Tax Receivable Agreement	(0.1)	%	4.4	%	(3.4)	%
Executive Compensation Limitation	1.0	%	2.0	%	3.0	%
Other Permanent Adjustments	0.5	%	1.3	%	0.2	%
Effective Tax Rate	23.3	%	26.3	%	19.0	%

Summary of the significant components of the deferred taxes

The following table summarizes the significant components of the Company’s deferred taxes:


	December 31,
	2023		2022
Deferred Tax Assets:
Net Operating Loss	$	73,559	$	73,252
Finance Lease Obligations	36,602		34,458
Operating Lease Obligations	3,576		5,179
Goodwill and Other Intangible Assets	3,925		6,812
Loyalty Program Liabilities	3,105		3,459
Interest Expense Limitation	6,876		1,556
Other	6,526		5,472
Total Deferred Tax Assets	134,169		130,188

Deferred Tax Liabilities:
Accelerated Depreciation	(103,606)		(78,749)
Finance Lease Assets	(31,646)		(30,492)
Operating Lease Right-of-use Assets	(3,431)		(5,102)
Prepaid Maintenance	(3,476)		(1,986)
Other	(1,158)		(903)
Total Deferred Tax Liabilities	(143,317)		(117,232)
Total Net Deferred Tax (Liabilities) Assets	$	(9,148)	$	12,956

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation – The consolidated financial statements include the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries and have been prepared in accordance with U.S. GAAP. All material intercompany balances and transactions have been eliminated in consolidation. The Company reclassified certain prior period amounts to conform to the current period presentation. The Company operates its fiscal year on a calendar year basis.

Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the Consolidated Financial Statements.

A summary of significant accounting policies consistently applied in the preparation of the accompanying financial statements is as follows:

aircraft fuel and heavy maintenance are recognized in revenue, net of the associated costs incurred to fulfill the performance obligations.

Maintenance Deposits deemed improbable of recovery are expensed as incurred and recorded within Aircraft Rent.

Operating Lease Right-of-Use Asset and Liabilities

Finance Leases

Leased Aircraft Return Costs


Airframes			10-25 years (depending on age)
Engines – Core			7 or 12 years (based on remaining cycles)
Engines - Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases (1)			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 10 years

_____________________________


(1)			For finance leases where the Company is reasonably certain to exercise the purchase option, the lease asset value is assigned to the engine and airframe components which are depreciated on a straight-line basis in accordance with the useful lives outlined in the table above.

Our tangible assets consist primarily of Aircraft and Flight Equipment, which are mobile across geographic markets. Therefore, assets are not allocated to specific geographic regions.

No impairment losses on the Company's long-lived assets were recognized during the years ended December 31, 2023, 2022 or 2021.

The Company performed its most recent annual Goodwill and Other Indefinite-Lived Intangible Assets impairment analysis as of October 1, 2023. The Company did not recognize any impairment losses for the years ended December 31, 2023, 2022 or 2021.

During the year ended December 31, 2023, all conditions associated with the time-based and performance-based options granted under the SCA Acquisition Holdings, LLC Amended and Restated Equity Incentive Plan were met. As a result, 100% of the performance-based stock options vested and are included in the calculation of dilutive shares to the extent the impact is dilutive. Prior to this, the performance conditions for the Company's unvested performance-based stock options were assessed quarterly and were included in the calculation of dilutive shares to the extent that the performance conditions had been met and the impact would be dilutive.

Concentration Risk

union workforce are under contracts that are being negotiated, have become amendable or will expire within the next year.

Recently Adopted Accounting Standards

During the year ended December 31, 2023, there were no recently adopted accounting standards that had a material impact to the Company.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Net Income	$ 72,181	$ 17,676	$ 81,248
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	88,151	67,641	57,075
Tax Receivable Agreement Adjustment	(331)	5,000	(16,400)
Operating Lease Right-of-use Assets	4,291	1,538	16,477
Gain on Asset Transactions, net	(1,305)	(1,107)	(5)
Unrealized Gain on Fuel Derivatives	0	0	(3,527)
Amortization of Over-market Liabilities	(687)	(2,837)	(5,236)
Amortization of Over-market Assets	1,300	0	0
Deferred Income Taxes	21,886	4,893	18,609
Amazon Warrants Vested	6,066	5,600	5,600
Stock-based Compensation Expense	9,274	2,774	5,562
Amortization of Debt Issuance Costs and Debt Securities	(1,764)	172	1,239
Property & Equipment Write-Off	184	0	0
Loss on Extinguishment of Debt	0	1,557	1,224
Changes in Operating Assets and Liabilities:
Accounts Receivable	(2,667)	(3,312)	(481)
Inventory	(1,458)	(3,014)	(484)
Prepaid Expenses	(4,394)	(2,918)	(510)
Lessor Maintenance Deposits	(12,047)	(13,005)	(8,089)
Aircraft Deposits	(457)	(2,583)	445
Other Assets	(2,881)	(8,403)	2,351
Accounts Payable	(3,028)	17,623	5,820
Accrued Transportation Taxes	430	4,930	6,853
Air Traffic Liabilities	1	39,433	17,486
Loyalty Program Liabilities	(1,701)	(4,281)	(2,351)
Operating Lease Obligations	(4,387)	(1,718)	(37,101)
Other Liabilities	7,463	1,781	13,171
Net Cash Provided by Operating Activities	174,120	127,440	158,976
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(218,160)	(187,922)	(123,332)
Proceeds from the Sale of Property & Equipment	4,953	2,451	56
Proceeds from Insurance Settlements	0	8,865	0
Purchases of Investments	(95,535)	(178,960)	(1,797)
Proceeds from the Sale of Investments	291	1,236	1,137
Proceeds from the Maturities of Investments	137,220	5,000	0
Net Cash Used in Investing Activities	(171,231)	(349,330)	(123,936)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	0	0	235,894
Costs of Stock Offering	0	0	(8,384)
Proceeds from Stock Option and Warrant Exercises	2,660	1,965	4,233
Taxes Paid for Net Stock Settlement of Stock-Based Awards	(8)	(31)	0
Common Stock Repurchases	(68,585)	(25,054)	0
Proceeds from Borrowings	119,200	188,277	80,500
Repayment of Finance Lease Obligations	(21,883)	(42,062)	(11,931)
Repayment of Borrowings	(69,276)	(113,492)	(85,370)
Payment of Tax Receivable Agreement Liability	(2,425)	0	0
Debt Issuance Costs	(1,820)	(2,570)	(2,560)
Net Cash (Used in) Provided by Financing Activities	(42,137)	7,033	212,382
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(39,248)	(214,857)	247,422
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	102,928	317,785	70,363
Cash, Cash Equivalents and Restricted Cash--End of the Period	63,680	102,928	317,785
Supplemental information:
Cash Payments for Interest	41,454	24,051	23,601
Cash Payments for Income Taxes, net	1,498	1,691	172
Non-cash transactions:
Settlement of Accelerated Share Repurchase Program	7,501	0	0
Aircraft and Flight Equipment Acquired through Finance Leases	18,419	40,480	91,134
Changes to Finance Lease Assets due to Lease Modifications	26,427	46,311	0
Aircraft and Flight Equipment Acquired from Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	2,386	28,012	0
Purchases of Property & Equipment in Accounts Payable	3,035	4,367	221
Property & Equipment Acquired through Maintenance Contract Incentive Liability	2,149	0	0
Operating Lease Deposits Applied Against the Purchase of Aircraft	0	1,085	3,296
Derecognition of Operating Lease Right-of-Use Assets, net due to Purchase Aircraft and Flight Equipment	0	8,674	41,135
Derecognition of Operating Lease Obligations due to Purchase Aircraft and Flight Equipment	$ 0	$ 8,674	$ 44,726

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 5,713
2025	4,728
2026	4,000
2027	4,000
2028	4,000
Thereafter	5,110
Net carrying value	$ 27,551

DEFINED CONTRIBUTION 401(k) PLAN

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

DEFINED CONTRIBUTION 401(k) PLAN

The Company has a 401(k) profit-sharing retirement plan covering substantially all employees. The plan allows employee contributions up to 50% of a participant’s eligible compensation, subject to limits established under the 401(k) plan and annual IRS elective deferral limits. The Company currently matches 100% of participants contribution up to a maximum of 4% for non-pilot participants’ and 6% for pilot participants’ eligible compensation. Pursuant to the current pilot collective bargaining agreement, the Company was also required to make a non-discretionary 14% Company contribution for pilots based on gross earnings. This non-discretionary Company contribution for pilots will increase to 15% in 2024 and thereafter. Contributions are classified in Salaries, Wages, and Benefits on the Consolidated Statements of Operations.

The Company made 401(k) contributions as follows:


	Year Ended December 31,
	2023		2022		2021
Non-Discretionary	$	16,733	$	13,692	$	1,187
Discretionary	2,429		2,730		5,220
Total 401(k) Contributions	$	19,162	$	16,422	$	6,407

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of debt securities by major security type:


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):
Municipal Debt Securities	$	6,981	$	—	$	(5)	$	6,976
Corporate Debt Securities	59,222		76		(50)		59,248
U.S. Government Agency Securities	68,118		23		(125)		68,016
Total	$	134,321	$	99	$	(180)	$	134,240


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (1):
Municipal Debt Securities	$	47,897	$	16	$	(258)	$	47,655
Corporate Debt Securities	93,460		1		(683)		92,778
U.S. Government Agency Securities	32,326		2		(126)		32,202
Total	$	173,683	$	19	$	(1,067)	$	172,635


(1)			The Company also holds Certificates of Deposit that are included in Investments on the Consolidated Balance Sheets totaling $6,887 and $6,301 as of December 31, 2023 and December 31, 2022, respectively.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (c)
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-Section 50
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

SPECIAL ITEMS, NET (Tables)

12 Months Ended

Dec. 31, 2023

Unusual or Infrequent Items, or Both [Abstract]

Schedule of special items, net

Special Items, net on the Consolidated Statements of Operations consist of the following:


	Year Ended December 31,
	2023		2022		2021
CARES Act grant recognition (1)	$	—	$	—	$	(71,587)
CARES Act employee retention credit (2)	—		—		(848)
Other (3)	—		—		16
Total Special Items, net	$	—	$	—	$	(72,419)


(1)			On March 27, 2020, the CARES Act was passed by the U.S. Government. The provisions in the CARES Act provided for economic relief to eligible individuals and businesses affected by COVID-19. As a provider of scheduled passenger service, air cargo service, charter air transportation and related services, the Company was eligible for and received a grant under the CARES Act Payroll Support Program in 2021.
(2)			In 2021, the Company received a CARES Employee Retention Tax Credit as part of the CARES Act, as described above.
(3)			These costs were related to relocation of flight attendant bases due to the closure of the Portland base.

ASSET ACQUISITIONS - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Aircrafts acquired \| aircraft	7	7
Total Operating Revenue	$ 1,049,620	$ 894,444	$ 623,015
Assets estimated life	12 years
Minimum
Asset Acquisition [Line Items]
Assets estimated life	10 months 24 days
Maximum
Asset Acquisition [Line Items]
Assets estimated life	1 year 10 months 24 days
Rental Revenue
Asset Acquisition [Line Items]
Total Operating Revenue	$ 17,689
Term Loan \| Notes Payable, Other Payables
Asset Acquisition [Line Items]
Face amount	$ 119,200
Other \| Owned Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Aircrafts acquired \| aircraft	5

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	$ 134,240	$ 172,635
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	6,976	47,655
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	59,248	92,778
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	68,016	32,202
Fair Value, Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	46,279	92,086
Total Available-for-Sale Securities	134,240	172,635
Total Assets Measured at Fair Value on a Recurring Basis	180,519	264,721
Fair Value, Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	6,976	47,655
Fair Value, Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	59,248	92,778
Fair Value, Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	68,016	32,202
Fair Value, Recurring \| Fair Value, Inputs, Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	46,279	73,727
Total Available-for-Sale Securities	0	0
Total Assets Measured at Fair Value on a Recurring Basis	46,279	73,727
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	18,359
Total Available-for-Sale Securities	134,240	172,635
Total Assets Measured at Fair Value on a Recurring Basis	134,240	190,994
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	6,976	47,655
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	59,248	92,778
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	68,016	32,202
Fair Value, Recurring \| Fair Value, Inputs, Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Total Available-for-Sale Securities	0	0
Total Assets Measured at Fair Value on a Recurring Basis	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Total Available-for-Sale Securities	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax benefit	$ 222	$ (241)	$ 0

STOCKHOLDERS' EQUITY - Secondary Offerings (Details) $ / shares in Units, $ in Thousands				1 Months Ended		2 Months Ended	6 Months Ended	12 Months Ended
	Dec. 11, 2023 USD ($) $ / shares shares	Feb. 15, 2023 USD ($) $ / shares shares	Mar. 17, 2021 shares	Oct. 31, 2021 shares	May 31, 2021 shares	Feb. 16, 2024 USD ($)	Oct. 31, 2021 USD ($) offering	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 14, 2024 shares
Class of Stock [Line Items]
Offering expenses \| $							$ 1,763	$ 0	$ 0	$ 8,384
Number of Secondary Stock Offerings \| offering							2
Proceeds from secondary stock offering \| $							$ 0
Shares acquired (in dollars per share) \| $ / shares	$ 16.00
Common stock purchase price \| $	$ 5,000							$ 69,227	$ 25,054
Over-Allotment Option
Class of Stock [Line Items]
Shares issued (in shares) \| shares	600,000	787,500	1,363,636	435,291	1,087,500
Offering expenses \| $		$ 640
Common stock repurchases (in shares) \| shares	312,500	750,000
Shares acquired (in dollars per share) \| $ / shares		$ 19.75
Common stock purchase price \| $		$ 14,812
Over-Allotment Option \| Subsequent Event
Class of Stock [Line Items]
Offering expenses \| $						$ 488
Stock elected to purchase during period (in shares) \| shares											231,392
Secondary Public Stock Offering
Class of Stock [Line Items]
Shares issued (in shares) \| shares	4,000,000	5,250,000
Apollo Stockholder
Class of Stock [Line Items]
Shares issued (in shares) \| shares					7,250,000
Apollo Stockholder \| Chief Executive Officer
Class of Stock [Line Items]
Shares issued (in shares) \| shares				8,500,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income	$ 72,181	$ 17,676	$ 81,248

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Aircraft Fuel (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fuel Derivative Contracts
FUEL DERIVATIVES AND RISK MANAGEMENT
Outstanding derivative contracts	$ 0	$ 0

STOCKHOLDERS' EQUITY - Amazon Agreement (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 13, 2019 USD ($) extension $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Warrants
Class of Stock [Line Items]
Amazon warrants (in shares)		821,825	758,608	758,608
Amazon Agreement
Class of Stock [Line Items]
Term of agreement (in years)	6 years
Number of extension option \| extension	2
Term of agreement	2 years
Threshold term of agreement (in years)	10 years
Warrants issued (in shares)	9,482,606
Exercise price (in dollars per share) \| $ / shares	$ 15.17
Qualifying payments \| $	$ 8,000
Amazon Agreement \| Warrants
Class of Stock [Line Items]
Vested or expected to vest, at end of period (in shares)	63,217
Warrants held (in shares)		3,224,093
Amazon Agreement \| Amazon Deferred Up-front Payment
Class of Stock [Line Items]
Warrants vested (in shares)	632,183

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset impairment analysis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairment of its long-lived assets	$ 0	$ 0	$ 0

STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

STOCK-BASED COMPENSATION

In March 2021, the stockholders approved the Sun Country Airlines Holdings, Inc. 2021 Omnibus Incentive Plan (the “Plan”). The Plan authorizes that no more than 3,600,000 shares of Common Stock may be delivered in the aggregate pursuant to Awards granted under the Plan. An “Award” means any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, RSU, Other Stock-Based Award, or Other Cash-Based Award granted under the Plan. As of December 31, 2023, there were 2,881,120 shares available for future grants under the Plan. Upon implementation of the Plan, grants under the October 2018 equity incentive plan ceased. Awards already issued under the 2018 plan are not impacted by the new Plan.

Stock compensation expense was $9,274, $2,774, and $5,562 during the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023, 2022 and 2021 there was a $1,048, $1,032 and $3,619 tax benefit recognized in income related to stock compensation expense. During the year ended December 31, 2023, all conditions associated with the time-based and performance-based options granted under the SCA Acquisition Holdings, LLC Amended and Restated Equity Incentive Plan were met. As a result, 100% of the remaining unvested time-based and performance-based stock options vested. Therefore, during the year ended December 31, 2023, the Company recognized an acceleration of stock-based compensation expense for the time-based and performance-based stock options totaling $2,960. As of December 31, 2023, there was $6,530 of total unrecognized compensation expense related to RSUs. This unrecognized compensation is expected to be fully recognized over a weighted average period of approximately 1.9 years.

Time-Based Stock Options

The following table is a summary of the Company's time-based stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	2,329,461	$	6.36	$	2.74	7.6
Granted	62,080	33.10		13.47
Forfeited	(18,613)	11.75		5.15
Exercised	(718,985)	5.89		2.56
Outstanding as of December 31, 2021	1,653,943	$	7.57	$	3.22	7.2
Granted	—	—		—
Forfeited	(119,605)	20.09		8.03
Exercised	(177,816)	5.63		2.49
Outstanding as of December 31, 2022	1,356,522	$	6.72	$	2.89	6.1
Granted	—	—		—
Forfeited	(3,882)	28.24		11.80
Exercised	(89,542)	5.78		2.54
Outstanding, Exercisable and Vested as of December 31, 2023	1,263,098	$	6.72	$	2.93	5.2	$	11,886

All time-based stock options had vested as of December 31, 2023. All time-based stock options expire ten years after the grant date. The intrinsic value of stock options exercised in 2023, 2022 and 2021 was $1,421, $3,468 and $18,621, respectively.

Performance-Based Stock Options

The following table is a summary of the Company's performance-based stock option activity:


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	3,577,252	$	6.38	$	1.72	7.6
Granted	99,167	33.10		10.08
Forfeited	(39,648)	6.89		1.67
Outstanding as of December 31, 2021	3,636,771	$	7.10	$	1.53	7.2
Granted	—	—		—
Forfeited	(307,894)	14.13		4.43
Exercised	(150,344)	6.55		1.74
Outstanding as of December 31, 2022	3,178,533	$	6.45	$	1.83	6.1
Granted	—	—		—
Forfeited	(7,812)	25.54		9.76
Exercised	(372,567)	5.75		1.59
Outstanding, Exercisable and Vested as of December 31, 2023	2,798,154	$	6.49	$	1.84	5.1	$	26,670

The vesting for the Company's performance-based stock options was based on the Company's IPO and other ongoing factors. The Company recognized a cumulative catch-up of stock-based compensation expense upon the Company's IPO during the year ended December 31, 2021. During the year ended December 31, 2023, all performance conditions had been met resulting in the accelerated vesting of all outstanding performance-based stock options, see above for more detail. The intrinsic value of performance-based stock options exercised in 2023 and 2022 was $5,253 and $2,511, respectively. There were no exercises of performance-based stock options during 2021. All performance-based stock options expire ten years after the grant date.

Time-Based RSUs


	Restricted Stock Units
	Number of shares	Weighted average grant date fair value per share
Outstanding as of December 31, 2020	—	$	—
Granted	7,634	40.60
Forfeited	(2,955)	40.60
Outstanding as of December 31, 2021	4,679	40.60
Granted	248,025	20.44
Forfeited	(5,478)	23.04
Vested	(17,035)	25.87
Outstanding as of December 31, 2022	230,191	$	20.39
Granted	458,271	17.19
Forfeited	(54,751)	18.89
Vested	(198,967)	18.60
Outstanding as of December 31, 2023	434,744	$	18.03

The Company measures compensation expense for grants of time-based RSUs using the Company's share price on the date of grant. The Company recognizes expense associated with the RSUs in an amount equal to the fair value on the date of the grant and on a straight-line basis over the requisite service period of the award. RSUs vest ratably over the term of the award, which is typically three years. The total fair value of restricted stock units vested was $3,701 and $441 during the year ended December 31, 2023 and 2022, respectively

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	Dec. 31, 2023
Airframes \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	10 years
Airframes \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Engines – Core \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Engines – Core \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	12 years
Leasehold Improvements, Aircraft, Other \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Leasehold Improvements, Aircraft, Other \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	25 years
Office and Ground Equipment \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Office and Ground Equipment \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	7 years
Computer Hardware and Software \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life	3 years
Computer Hardware and Software \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	5 years
Rotable Parts \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life	10 years

ASSET ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Asset acquisition

The table below reflects the cumulative balances of the five aircraft as of the acquisition dates:


Asset	Balance Sheet Classification
Owned Aircraft Held for Operating Lease	Aircraft and Flight Equipment Held for Operating Lease	$	114,652
Maintenance Rights Asset	Aircraft and Flight Equipment Held for Operating Lease	39,533
Over-Market Asset	Other Intangible Assets, net	3,741
Total		$	157,926

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per Share (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance-based stock options
STOCK-BASED COMPENSATION
Vesting percentage	100.00%	32.50%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

REVENUE - Loyalty program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in the Loyalty Program Liabilities
Balance - January 1	$ 176,703
Balance - December 31	173,958	$ 176,703
Loyalty Program Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	15,437	19,718
Loyalty Points Earned	8,250	7,052
Loyalty Points Redeemed	(9,950)	(11,333)
Balance - December 31	$ 13,737	$ 15,437

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

The following table shows the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2023		2022		2021
Net Income	$	72,181	$	17,676	$	81,248

Denominator:
Weighted Average Common Shares Outstanding - Basic	55,507,144		57,951,955		55,182,811
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,017,508		3,094,640		4,141,229
Weighted Average Common Shares Outstanding - Diluted	58,524,652		61,046,595		59,324,040

Basic earnings per share	$	1.30	$	0.31	$	1.47
Diluted earnings per share	$	1.23	$	0.29	$	1.37

_________________________________


(1)			There were 2,798,154, 3,178,533 and 3,636,771 performance-based stock options outstanding at December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, 2022, and 2021, 100.0%, 32.5% and none of the performance-based stock options had vested, respectively. As of December 31, 2022, 59% of the performance-based stock options were expected to vest, as compared to 75% in 2021.

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Net Operating Loss	$ 73,559	$ 73,252
Finance Lease Obligations	36,602	34,458
Operating Lease Obligations	3,576	5,179
Goodwill and Other Intangible Assets	3,925	6,812
Loyalty Program Liabilities	3,105	3,459
Interest Expense Limitation	6,876	1,556
Other	6,526	5,472
Total Deferred Tax Assets	134,169	130,188
Deferred Tax Liabilities:
Accelerated Depreciation	(103,606)	(78,749)
Finance Lease Assets	(31,646)	(30,492)
Operating Lease Right-of-use Assets	(3,431)	(5,102)
Prepaid Maintenance	(3,476)	(1,986)
Other	(1,158)	(903)
Total Deferred Tax Liabilities	(143,317)	(117,232)
Total Net Deferred Tax Liabilities	$ (9,148)
Total Net Deferred Tax Assets		$ 12,956

AIRCRAFT - Aircraft fleet (Details) - aircraft	12 Months Ended
AIRCRAFT - Aircraft fleet (Details) - aircraft	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	54	48
Additions	7	7
Reclassifications	0	0
Removals	(1)	(1)
Balance at end of period	60	54
Passenger
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	42	36
Additions	1	7
Reclassifications	0	0
Removals	(1)	(1)
Balance at end of period	42	42
Passenger \| Owned
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	29	21
Additions	1	5
Reclassifications	0	4
Removals		(1)
Balance at end of period	29	29
Passenger \| Finance leases
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	11	9
Additions	0	2
Reclassifications	2	0
Removals	0	0
Balance at end of period	13	11
Number of aircraft operating leases reclassified		2
Number of aircrafts financed using finance lease arrangement		2
Passenger \| Operating leases
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	2	6
Additions	0	0
Reclassifications	(2)	(4)
Removals	0	0
Balance at end of period	0	2
Cargo \| Aircraft Operated for Amazon
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	12	12
Additions	0	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	12	12
Other \| Owned Aircraft Held for Operating Lease
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	0
Additions	5
Reclassifications	0
Removals	0
Balance at end of period	5	0
Other \| Subleased Aircraft (2)
Property, Plant and Equipment, Number of Aircraft [Roll Forward]
Balance at beginning of period	0
Additions	1
Reclassifications	0
Removals	0
Balance at end of period	1	0

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5,300	$ 4,000	$ 4,000
Over-Market Asset
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ (1,300)

PARENT COMPANY FINANCIAL STATEMENTS - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Expenses:
Other Operating, net	$ 107,565	$ 90,978	$ 71,580
Total Operating Expenses	922,120	838,736	511,068
Operating Loss	127,500	55,708	111,947
Non-operating Income (Expense), net:
Total Non-operating Income (Expense), net	(33,341)	(31,726)	(11,617)
Income before Income Tax	94,159	23,982	100,330
Income Tax Expense	21,978	6,306	19,082
Net Income	72,181	17,676	81,248
Other Comprehensive Income (Loss)	745	(807)	0
Comprehensive Income	72,926	16,869	81,248
Parent Company
Operating Expenses:
Other Operating, net	659	465	64
Total Operating Expenses	659	465	64
Operating Loss	(659)	(465)	(64)
Non-operating Income (Expense), net:
Equity in Income of Subsidiary	72,509	23,141	64,912
Income Tax Receivable Agreement Adjustment	331	(5,000)	16,400
Total Non-operating Income (Expense), net	72,840	18,141	81,312
Income before Income Tax	72,181	17,676	81,248
Income Tax Expense	0	0	0
Net Income	72,181	17,676	81,248
Other Comprehensive Income (Loss)	745	(807)	0
Comprehensive Income	$ 72,926	$ 16,869	$ 81,248

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairment losses	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Property & equipment, residual value over estimated useful lives or lease term


Airframes			10-25 years (depending on age)
Engines – Core			7 or 12 years (based on remaining cycles)
Engines - Initial Greentime (time remaining until the first scheduled major maintenance event)			1st scheduled maintenance event
Leasehold Improvements, Aircraft, Other			3-25 years (or life of lease, if shorter)
Office and Ground Equipment			5-7 years
Computer Hardware and Software			3-5 years
Property and Equipment under Finance Leases (1)			Lesser of the lease term or economic life
Rotable Parts			Average remaining life of aircraft fleet, currently estimated to be 10 years

_____________________________


(1)			For finance leases where the Company is reasonably certain to exercise the purchase option, the lease asset value is assigned to the engine and airframe components which are depreciated on a straight-line basis in accordance with the useful lives outlined in the table above.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the assets measured at fair value on a recurring basis:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	46,279	$	—	$	—	$	46,279
Available-for-Sale Securities:
Municipal Debt Securities	—		6,976		—		6,976
Corporate Debt Securities	—		59,248		—		59,248
U.S. Government Agency Securities	—		68,016		—		68,016
Total Available-for-Sale Securities	—		134,240		—		134,240
Total Assets Measured at Fair Value on a Recurring Basis	$	46,279	$	134,240	$	—	$	180,519


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	73,727	$	18,359	$	—	$	92,086
Available-for-Sale Securities:
Municipal Debt Securities	—		47,655		—		47,655
Corporate Debt Securities	—		92,778		—		92,778
U.S. Government Agency Securities	—		32,202		—		32,202
Total Available-for-Sale Securities	—		172,635		—		172,635
Total Assets Measured at Fair Value on a Recurring Basis	$	73,727	$	190,994	$	—	$	264,721