0001743907-24-000009 | 10-Q | XBRL Viewer | SUN Country Airlines Holdings INC

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	28,427	$	—	$	—	$	28,427
Available-for-Sale Securities:
Corporate Debt Securities	—		62,382		—		62,382
U.S. Government Agency Securities	—		64,046		—		64,046
Total Available-for-Sale Securities	—		126,428		—		126,428
Total Assets Measured at Fair Value on a Recurring Basis	$	28,427	$	126,428	$	—	$	154,855


	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

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

Credit Facilities

On February 10, 2021, the Company executed a five-year credit agreement (the “Credit Agreement”) with a group of lenders. The Credit Agreement includes a $25,000 Revolving Credit Facility (the "Revolving Credit Facility") and a $90,000 Delayed Draw Term Loan Facility (“DDTL”), which are collectively referred to as the “Credit Facilities.” The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR of $87,700 and 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 March 31, 2024.

Due to previous transactions which utilized the DDTL and the subsequent repayment, no amounts under the DDTL were available to the Company as of March 31, 2024. As of March 31, 2024, the Company had $24,393 of financing available through the Revolving Credit Facility, as $607 had been pledged to support letters of credit.

Long-term Debt

Term Loan Credit Facility

During the three months ended March 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 repaid monthly through March 2030. During the lease term, payments collected from the lessee are 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.

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 Loan-to-Value ("LTV") ratio calculation is completed at the end of the lease term. The interest rate in effect as of March 31, 2024 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 Condensed Consolidated Balance Sheets. In the event a principal prepayment is required, amounts received under the end of lease maintenance compensation clause will be applied towards any prepayment obligation. 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 Condensed Consolidated Balance Sheets as of March 31, 2024.

Pass-Through Trust Certificates

During March 2022, the Company arranged for the issuance of Class A and Class B certificates (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 March 31, 2024.

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 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 March 31, 2024.

Long-term Debt includes the following:


	March 31, 2024		December 31, 2023
2019-1 EETC (see terms and conditions above)	$	138,423	$	138,423
2022-1 EETC (see terms and conditions above)	148,653		158,775
Term Loan Credit Facility (see terms and conditions above)	104,733		108,442
Total Debt	391,809		405,640
Less: Unamortized debt issuance costs	(3,678)		(3,995)
Less: Current Maturities of Long-term Debt, net	(74,398)		(74,177)
Total Long-term Debt, net	$	313,733	$	327,468

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2024	$	61,559	$	(871)	$	60,688
2025	80,005		(956)		79,049
2026	61,150		(709)		60,441
2027	65,175		(525)		64,650
2028	36,362		(337)		36,025
Thereafter	87,558		(280)		87,278
Total as of March 31, 2024	$	391,809	$	(3,678)	$	388,131

The fair value of Debt was $368,207 as of March 31, 2024 and $383,061 as of December 31, 2023. 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.

- 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.

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+ Details

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income	$ 35,313	$ 38,328
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	53,034,538	56,630,656
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	2,363,147	2,904,389
Weighted Average Common Shares Outstanding - Diluted (in shares)	55,397,685	59,535,045
Basic earnings per share (in dollars per share)	$ 0.67	$ 0.68
Diluted earnings per share (in dollars per share)	$ 0.64	$ 0.64
Performance-based stock options
Denominator:
Outstanding shares (in shares)	2,778,194	3,117,544
Percentage of stock options vested and exercisable	100.00%	43.00%
Percentage of stock options expected to meet performance conditions		64.00%

OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

OPERATING SEGMENTS

The following tables present financial information for the Company’s two operating segments: Passenger and Cargo.


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	287,535	$	23,948	$	311,483	$	270,754	$	23,361	$	294,115
Non-Fuel Operating Expenses	160,700		25,303		186,003		140,637		25,405		166,042
Aircraft Fuel	70,304		—		70,304		72,266		24		72,290
Total Operating Expenses	231,004		25,303		256,307		212,903		25,429		238,332
Operating Income (Loss)	$	56,531	$	(1,355)	55,176		$	57,851	$	(2,068)	55,783
Interest Income					2,448						2,741
Interest Expense					(11,112)						(8,630)
Other, net					46						(212)
Income Before Income Tax					$	46,558					$	49,682

- 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

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+ Details

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of debt securities by major security type:


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities: (1)
Corporate Debt Securities	$	62,525	$	3	$	(146)	$	62,382
U.S. Government Agency Securities	64,165		—		(119)		64,046
Total	$	126,690	$	3	$	(265)	$	126,428


	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


(1)			The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,351 and $6,887 as of March 31, 2024 and December 31, 2023, 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).

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+ Details

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 0	$ 1,480
Depreciation amortization and aircraft rent	20,070	18,035
Owned
AIRCRAFT - Owned and Leased
Depreciation	14,340	11,872
Finance leases
AIRCRAFT - Owned and Leased
Amortization	5,730	4,683
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 0	$ 1,480

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 39	$ 17
Inventory, reserve for obsolescence	753	977
Accumulated amortization	$ 25,622	$ 24,190
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)	58,954,329	58,878,723
Common stock, shares outstanding (in shares)	52,611,323	53,291,001
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)	6,343,006	5,587,722

REVENUE (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of significant categories comprising operating revenues

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended March 31,
	2024		2023
Scheduled Service	$	141,194	$	152,657
Charter	47,312		46,187
Ancillary	86,158		68,425
Passenger	274,664		267,269
Cargo	23,948		23,361
Other	12,871		3,485
Total Operating Revenues	$	311,483	$	294,115

Schedule of operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Three Months Ended March 31,
	2024		2023
Domestic	$	290,214	$	273,423
Latin America	21,269		20,255
Other	—		437
Total Operating Revenues	$	311,483	$	294,115

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	March 31, 2024		December 31, 2023
Contract Assets
Costs to fulfill contract with Amazon	$	1,279	$	1,493
Total Contract Assets	$	1,279	$	1,493

Contract Liabilities
Air Traffic Liabilities	$	119,938	$	157,996
Loyalty Program Liabilities	13,068		13,737
Amazon Deferred Up-front Payment	1,955		2,225
Total Contract Liabilities	$	134,961	$	173,958

Schedule of change in contract with customer, liability

Changes in the Loyalty Program Liabilities are as follows:


	2024		2023
Balance – January 1	$	13,737	$	15,437
Loyalty Points Earned	2,430		2,294
Loyalty Points Redeemed (1)	(3,099)		(3,932)
Balance – March 31	$	13,068	$	13,799

______________________


(1)			Loyalty points are combined in one homogenous pool, which 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

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Three Months Ended March 31,
	2024		2023
Numerator:
Net Income	$	35,313	$	38,328

Denominator:
Weighted Average Common Shares Outstanding - Basic	53,034,538		56,630,656
Dilutive effect of Stock Options, RSUs and Warrants (1)	2,363,147		2,904,389
Weighted Average Common Shares Outstanding - Diluted	55,397,685		59,535,045

Basic earnings per share	$	0.67	$	0.68
Diluted earnings per share	$	0.64	$	0.64

______________________


(1)			There were 2,778,194 and 3,117,544 performance-based stock options outstanding at March 31, 2024 and 2023, respectively. As of March 31, 2024 and 2023, 100% and 43% of the performance-based stock options had vested, respectively. As of March 31, 2023, 64% of the performance-based stock options were expected to vest.

The Company has excluded 4,230,975 of stock options, RSUs and warrants that would have had an anti-dilutive effect on its diluted earnings per share calculation for the three months ended March 31, 2024. The Company's anti-dilutive shares for the three months ended March 31, 2023 were not material to the Condensed Consolidated Financial Statements.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income	$ 35,313	$ 38,328

- Definition

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

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+ Details

OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of financial information for the operating segments

The following tables present financial information for the Company’s two operating segments: Passenger and Cargo.


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	287,535	$	23,948	$	311,483	$	270,754	$	23,361	$	294,115
Non-Fuel Operating Expenses	160,700		25,303		186,003		140,637		25,405		166,042
Aircraft Fuel	70,304		—		70,304		72,266		24		72,290
Total Operating Expenses	231,004		25,303		256,307		212,903		25,429		238,332
Operating Income (Loss)	$	56,531	$	(1,355)	55,176		$	57,851	$	(2,068)	55,783
Interest Income					2,448						2,741
Interest Expense					(11,112)						(8,630)
Other, net					46						(212)
Income Before Income Tax					$	46,558					$	49,682

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION 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. The Company has prepared the unaudited Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for Form 10-Q. Therefore, the accompanying Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC ("2023 10-K"). Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires management to make certain 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. Actual results could differ from those estimates. Due to impacts from seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, the impact of macroeconomic conditions, and other factors, operating results for the three months ended March 31, 2024 are not necessarily indicative of operating results for other interim periods or for the full year ending December 31, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Warrants	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 2022		2,402,268
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2022			58,217,647
Balances, at beginning of period at Dec. 31, 2022	$ 492,712		$ 582	$ (17,605)	$ 488,494	$ 22,048	$ (807)
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2022				892,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued for Stock-Based Awards (in shares)			147,105
Stock Issued for Stock-Based Awards	556		$ 2		554
Net Stock Settlement of Stock-Based Awards (in shares)				406
Net Stock Settlement of Stock-Based Awards	(8)			$ (8)
Net Income	38,328					38,328
Common Stock Repurchases (in shares)				1,230,932
Common Stock Repurchases	(15,048)			$ (22,549)	7,501
Amazon Warrants (in shares)		189,652
Amazon Warrants	1,400				1,400
Stock-based Compensation	2,678				2,678
Other Comprehensive Income	389						389
Warrants, outstanding, at end of period (in shares) at Mar. 31, 2023		2,591,920
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2023			58,364,752
Balances, at end of period at Mar. 31, 2023	$ 521,007		$ 584	$ (40,162)	500,627	60,376	(418)
Treasury Stock, at end of period (in shares) at Mar. 31, 2023				2,123,747
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 2023		3,224,093
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2023	53,291,001		58,878,723
Balances, at beginning of period at Dec. 31, 2023	$ 514,403		$ 589	$ (94,341)	513,988	94,229	(62)
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2023	5,587,722			5,587,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued for Stock-Based Awards (in shares)			75,606
Stock Issued for Stock-Based Awards	$ 111		$ 1		110
Net Income	35,313					35,313
Common Stock Repurchases (in shares)				755,284
Common Stock Repurchases	(11,596)			$ (11,596)
Amazon Warrants (in shares)		189,652
Amazon Warrants	1,400				1,400
Stock-based Compensation	1,514				1,514
Other Comprehensive Income	$ (139)						(139)
Warrants, outstanding, at end of period (in shares) at Mar. 31, 2024		3,413,745
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2024	52,611,323		58,954,329
Balances, at end of period at Mar. 31, 2024	$ 541,006		$ 590	$ (105,937)	$ 517,012	$ 129,542	$ (201)
Treasury Stock, at end of period (in shares) at Mar. 31, 2024	6,343,006			6,343,006

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Total Operating Revenues	$ 311,483	$ 294,115
Passenger
REVENUE
Total Operating Revenues	274,664	267,269
Scheduled Service
REVENUE
Total Operating Revenues	141,194	152,657
Charter
REVENUE
Total Operating Revenues	47,312	46,187
Ancillary
REVENUE
Total Operating Revenues	86,158	68,425
Cargo
REVENUE
Total Operating Revenues	23,948	23,361
Other
REVENUE
Total Operating Revenues	$ 12,871	$ 3,485

- 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

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 28,427	$ 46,279
Restricted Cash	11,173	17,401
Investments	132,779	141,127
Accounts Receivable, net of an allowance for credit losses of $39 and $17, respectively	37,525	38,166
Short-term Lessor Maintenance Deposits	1,816	1,046
Inventory, net of a reserve for obsolescence of $753 and $977, respectively	8,583	7,793
Prepaid Expenses	12,604	15,823
Other Current Assets	2,062	3,716
Total Current Assets	234,969	271,351
Property & Equipment, net:
Finance Lease Assets	344,500	304,384
Total Property & Equipment	1,290,917	1,221,698
Accumulated Depreciation & Amortization	(272,590)	(252,717)
Total Property & Equipment, net	1,018,327	968,981
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net of accumulated amortization of $25,622 and $24,190, respectively	82,119	83,551
Operating Lease Right-of-use Assets	14,252	14,917
Aircraft Deposits	9,564	9,564
Long-term Lessor Maintenance Deposits	48,181	44,675
Other Assets	9,444	8,365
Total Other Assets	385,783	383,295
Total Assets	1,639,079	1,623,627
Current Liabilities:
Accounts Payable	59,929	59,011
Accrued Salaries, Wages, and Benefits	31,787	33,305
Accrued Transportation Taxes	16,459	18,097
Air Traffic Liabilities	119,938	157,996
Finance Lease Obligations	45,083	44,756
Loyalty Program Liabilities	9,404	9,898
Operating Lease Obligations	2,233	2,219
Current Maturities of Long-term Debt, net	74,398	74,177
Income Tax Receivable Agreement Liability	10,611	3,250
Other Current Liabilities	13,725	15,873
Total Current Liabilities	383,567	418,582
Long-term Liabilities:
Finance Lease Obligations	268,687	232,546
Loyalty Program Liabilities	3,664	3,839
Operating Lease Obligations	15,904	16,611
Long-term Debt, net	313,733	327,468
Deferred Tax Liability	18,080	9,148
Income Tax Receivable Agreement Liability	87,083	97,794
Other Long-term Liabilities	7,355	3,236
Total Long-term Liabilities	714,506	690,642
Total Liabilities	1,098,073	1,109,224
Commitments and Contingencies (see Note 10)
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, with $0.01 par value, 995,000,000 shares authorized, 58,954,329 and 58,878,723 issued and 52,611,323 and 53,291,001 outstanding at March 31, 2024 and December 31, 2023, respectively	590	589
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred stock, with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	0	0
Treasury stock, at cost, 6,343,006 and 5,587,722 shares held at March 31, 2024 and December 31, 2023, respectively	(105,937)	(94,341)
Additional Paid-In Capital	517,012	513,988
Retained Earnings	129,542	94,229
Accumulated Other Comprehensive Loss	(201)	(62)
Total Stockholders' Equity	541,006	514,403
Total Liabilities and Stockholders' Equity	1,639,079	1,623,627
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment, net:	703,222	685,559
Aircraft and Flight Equipment Held for Operating Lease
Property & Equipment, net:
Property & Equipment, net:	154,399	154,185
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property & Equipment, net:	44,379	39,847
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment, net:	19,430	17,875
Rotable Parts
Property & Equipment, net:
Property & Equipment, net:	$ 24,987	$ 19,848

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenues:
Total Operating Revenues	$ 311,483	$ 294,115
Operating Expenses:
Aircraft Fuel	70,304	72,290
Salaries, Wages, and Benefits	82,238	75,430
Aircraft Rent	0	1,480
Maintenance	16,817	13,039
Sales and Marketing	10,679	9,929
Depreciation and Amortization	23,809	19,460
Ground Handling	9,154	9,170
Landing Fees and Airport Rent	14,729	10,945
Other Operating, net	28,577	26,589
Total Operating Expenses	256,307	238,332
Operating Income	55,176	55,783
Non-operating Income (Expense):
Interest Income	2,448	2,741
Interest Expense	(11,112)	(8,630)
Other, net	46	(212)
Total Non-operating Expense, net	(8,618)	(6,101)
Income Before Income Tax	46,558	49,682
Income Tax Expense	11,245	11,354
Net Income	$ 35,313	$ 38,328
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 0.67	$ 0.68
Diluted (in dollars per share)	$ 0.64	$ 0.64
Shares used for computation:
Basic (in shares)	53,034,538	56,630,656
Diluted (in shares)	55,397,685	59,535,045
Passenger
Operating Revenues:
Total Operating Revenues	$ 274,664	$ 267,269
Cargo
Operating Revenues:
Total Operating Revenues	23,948	23,361
Other
Operating Revenues:
Total Operating Revenues	$ 12,871	$ 3,485

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment	2
Operating Revenues	$ 311,483	$ 294,115
Non-Fuel Operating Expenses	186,003	166,042
Aircraft Fuel	70,304	72,290
Total Operating Expenses	256,307	238,332
Operating Income (Loss)	55,176	55,783
Interest Income	2,448	2,741
Interest Expense	(11,112)	(8,630)
Other, net	46	(212)
Income Before Income Tax	46,558	49,682
Passenger
OPERATING SEGMENTS
Operating Revenues	287,535	270,754
Non-Fuel Operating Expenses	160,700	140,637
Aircraft Fuel	70,304	72,266
Total Operating Expenses	231,004	212,903
Operating Income (Loss)	56,531	57,851
Cargo
OPERATING SEGMENTS
Operating Revenues	23,948	23,361
Non-Fuel Operating Expenses	25,303	25,405
Aircraft Fuel	0	24
Total Operating Expenses	25,303	25,429
Operating Income (Loss)	$ (1,355)	$ (2,068)

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 5), payments under the TRA (see Note 8), and probable future purchases of aircraft. The Company is subject to an audit by the Internal Revenue Service (“IRS”) related to the collection of federal excise taxes on optional passenger seat selection charges covering the period of October 1, 2021 through June 30, 2023. During 2024, the Company received an assessment of approximately $2,700 from the IRS related to the results of the audit. The Company believes a loss in this matter is not probable and has not recognized a loss contingency. 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.

SUBSEQUENT EVENTS (Details)	1 Months Ended
SUBSEQUENT EVENTS (Details)	May 07, 2024 aircraft
Subsequent Event
Subsequent Event [Line Items]
Number of purchased aircrafts previously under finance leases	1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents	$ 28,427	$ 46,279	$ 71,587
Restricted Cash	11,173	17,401	22,776
Total Cash, Cash Equivalents and Restricted Cash	$ 39,600	$ 63,680	$ 94,363	$ 102,928

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of long term debt

Long-term Debt includes the following:


	March 31, 2024		December 31, 2023
2019-1 EETC (see terms and conditions above)	$	138,423	$	138,423
2022-1 EETC (see terms and conditions above)	148,653		158,775
Term Loan Credit Facility (see terms and conditions above)	104,733		108,442
Total Debt	391,809		405,640
Less: Unamortized debt issuance costs	(3,678)		(3,995)
Less: Current Maturities of Long-term Debt, net	(74,398)		(74,177)
Total Long-term Debt, net	$	313,733	$	327,468

Schedule of future maturities of the outstanding debt

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2024	$	61,559	$	(871)	$	60,688
2025	80,005		(956)		79,049
2026	61,150		(709)		60,441
2027	65,175		(525)		64,650
2028	36,362		(337)		36,025
Thereafter	87,558		(280)		87,278
Total as of March 31, 2024	$	391,809	$	(3,678)	$	388,131

- 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.

+ References

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+ Details

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Equity Transactions Common Stock Repurchases The Company maintains a stock repurchase program, which has no expiration date and may be modified, suspended, or terminated by the Company's Board of Directors at any time. As of March 31, 2024, the Company did not have any remaining amount of Board authorization to repurchase shares of its Common Stock. During the three months ended March 31, 2024, the Company repurchased 755,284 shares of its Common Stock at a total cost of $11,493, or an average price of $15.22 per share. The repurchases were part of open market purchases. During the three months ended March 31, 2023, the Company repurchased 750,000 shares of its Common Stock at a total cost of $14,812, or an average price of $19.75 per share. The repurchases were part of a secondary public offering of the Company's shares by the Apollo Stockholder. The settlement of a $25,000 Accelerated Share Repurchase Program occurred during January 2023, upon which the Company received an additional 480,932 shares. 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. During both the three months ended March 31, 2024 and 2023, 189,652 warrants vested, respectively. As of March 31, 2024 and 2023, the cumulative vested warrants held by Amazon were 3,413,745 and 2,591,920, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date. Stock Compensation During the first quarter of 2024, the Company issued performance-based restricted stock units (“PRSUs”) to certain employees. The PRSUs are long-term incentive opportunities that represent the right to receive shares of the Company’s Common Stock based on the achievement of certain performance conditions over a three-year period. Potential payouts range from 50%-150% of a target level. The maximum number of shares that may be issued on the PRSU vesting date is 259,095. The Company recognizes PRSU stock compensation expense to the extent it is probable the performance condition(s) will be satisfied.

- Definition

The entire disclosure for equity.

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+ Details

EARNINGS PER SHARE - Additional Information (Details)	3 Months Ended
EARNINGS PER SHARE - Additional Information (Details)	Mar. 31, 2024 shares
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,230,975

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	$ 126,428	$ 134,240
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:		6,976
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	62,382	59,248
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	64,046	68,016
Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	28,427	46,279
Available-for-Sale Securities:	126,428	134,240
Total Assets Measured at Fair Value on a Recurring Basis	154,855	180,519
Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:		6,976
Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	62,382	59,248
Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	64,046	68,016
Recurring \| Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	28,427	46,279
Available-for-Sale Securities:	0	0
Total Assets Measured at Fair Value on a Recurring Basis	28,427	46,279
Recurring \| Level 1 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:		0
Recurring \| Level 1 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 1 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Available-for-Sale Securities:	126,428	134,240
Total Assets Measured at Fair Value on a Recurring Basis	126,428	134,240
Recurring \| Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:		6,976
Recurring \| Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	62,382	59,248
Recurring \| Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	64,046	68,016
Recurring \| Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Available-for-Sale Securities:	0	0
Total Assets Measured at Fair Value on a Recurring Basis	0	0
Recurring \| Level 3 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:		0
Recurring \| Level 3 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 3 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	$ 0	$ 0

AIRCRAFT - Additional Information (Details) - aircraft	1 Months Ended	3 Months Ended
AIRCRAFT - Additional Information (Details) - aircraft	May 07, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
AIRCRAFT - Owned and Leased
Number of aircraft		63	57	60	54
Additions		3	3
Number of aircraft of finance lease		2
Number of aircraft owned and refinanced		35
Subsequent Event
AIRCRAFT - Owned and Leased
Number of purchased aircrafts previously under finance leases	1
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft		58
B-737-900
AIRCRAFT - Owned and Leased
Number of aircraft		5
Passenger
AIRCRAFT - Owned and Leased
Number of aircraft		44	42	42	42
Additions		2	0
Number of aircrafts financed		31
Number of aircrafts unencumbered		4
Passenger \| Owned
AIRCRAFT - Owned and Leased
Number of aircraft		30	29	29	29
Additions		1	0
Other Property \| Subleased Aircraft
AIRCRAFT - Owned and Leased
Number of aircraft		2		1
Additions		1
Other Property \| Owned Aircraft Held for Operating Lease
AIRCRAFT - Owned and Leased
Number of aircraft			3		0
Additions			3

REVENUE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Total Operating Revenues	$ 311,483	$ 294,115
Rental Revenue
REVENUE
Total Operating Revenues	9,275
Passenger
REVENUE
Total Operating Revenues	274,664	$ 267,269
Revenue recognized	$ 128,502

- Definition

+ References

+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

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


	Three Months Ended March 31,
	2024		2023
Numerator:
Net Income	$	35,313	$	38,328

Denominator:
Weighted Average Common Shares Outstanding - Basic	53,034,538		56,630,656
Dilutive effect of Stock Options, RSUs and Warrants (1)	2,363,147		2,904,389
Weighted Average Common Shares Outstanding - Diluted	55,397,685		59,535,045

Basic earnings per share	$	0.67	$	0.68
Diluted earnings per share	$	0.64	$	0.64

______________________


(1)			There were 2,778,194 and 3,117,544 performance-based stock options outstanding at March 31, 2024 and 2023, respectively. As of March 31, 2024 and 2023, 100% and 43% of the performance-based stock options had vested, respectively. As of March 31, 2023, 64% of the performance-based stock options were expected to vest.

INVESTMENTS - Summary of debt securities by major security type (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 126,690	$ 134,321
Gross Unrealized Gains	3	99
Gross Unrealized Losses	(265)	(180)
Fair Value	126,428	134,240
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		6,981
Gross Unrealized Gains		0
Gross Unrealized Losses		(5)
Fair Value		6,976
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	62,525	59,222
Gross Unrealized Gains	3	76
Gross Unrealized Losses	(146)	(50)
Fair Value	62,382	59,248
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	64,165	68,118
Gross Unrealized Gains	0	23
Gross Unrealized Losses	(119)	(125)
Fair Value	64,046	68,016
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,351	$ 6,887

AIRCRAFT - Aircraft Fleet (Details) - aircraft	3 Months Ended
AIRCRAFT - Aircraft Fleet (Details) - aircraft	Mar. 31, 2024	Mar. 31, 2023
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	60	54
Additions	3	3
Reclassifications	0	0
Removals	0	0
Balance at end of period	63	57
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	42	42
Additions	2	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	44	42
Passenger \| Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	29	29
Additions	1	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	30	29
Passenger \| Finance leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	13	11
Additions	1	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	14	11
Passenger \| Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		2
Additions		0
Reclassifications		0
Removals		0
Balance at end of period		2
Cargo \| Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [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 Property \| Owned Aircraft Held for Operating Lease
Movement in Property, Plant and Equipment [Roll Forward]
Additions	0
Reclassifications	0
Removals	0
Balance at end of period	5	5
Other Property \| Owned Aircraft Held for Operating Lease
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		0
Additions		3
Reclassifications		0
Removals		0
Balance at end of period		3
Other Property \| Subleased Aircraft
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	1
Additions	1
Reclassifications	0
Removals	0
Balance at end of period	2

INVESTMENTS

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

A summary of debt securities by major security type:


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities: (1)
Corporate Debt Securities	$	62,525	$	3	$	(146)	$	62,382
U.S. Government Agency Securities	64,165		—		(119)		64,046
Total	$	126,690	$	3	$	(265)	$	126,428


	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


(1)			The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,351 and $6,887 as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024, 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. The Company believes that any unrealized losses are recoverable prior to the investment's conversion to cash.

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
REVENUE
Contract Assets	$ 1,279	$ 1,493
Total Contract Liabilities	134,961	173,958
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	119,938	157,996
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	13,068	13,737	$ 13,799	$ 15,437
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	1,955	2,225
Costs to fulfill contract with Amazon
REVENUE
Contract Assets	$ 1,279	$ 1,493

- 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

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024, 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

Gregory Mays, Executive Vice President and Chief Operating Officer

Adoption

February 2, 2024

March 31, 2025

(268,000)

Grant Whitney, Senior Vice President and Chief Revenue Officer

Termination

March 4, 2024

April 2, 2024

(142,463)

Grant Whitney, Senior Vice President and Chief Revenue Officer

Adoption

March 4, 2024

July 7, 2025

(226,288)

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Gregory Mays December 29, 2023 Plan [Member] | Gregory Mays [Member]

Trading Arrangements, by Individual

Name

Gregory Mays

Title

Executive Vice President and Chief Operating Officer

Gregory Mays March 31, 2025 Plan [Member] | Gregory Mays [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

February 2, 2024

Arrangement Duration

423 days

Aggregate Available

(268,000)

Grant Whitney April 2, 2024 Plan [Member] | Grant Whitney [Member]

Trading Arrangements, by Individual

Name

Grant Whitney

Title

Senior Vice President and Chief Revenue Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

March 4, 2024

Arrangement Duration

29 days

Aggregate Available

(142,463)

Grant Whitney July 7, 2025 Plan [Member] | Grant Whitney [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

March 4, 2024

Arrangement Duration

490 days

Aggregate Available

(226,288)

DEBT - Credit Facilities (Details) - USD ($)	Feb. 10, 2021	Mar. 31, 2024
Line of Credit
DEBT
Pledge for letter of credit		$ 607,000
Credit Facilities \| Line of Credit
DEBT
Term of debt (in years)	5 years
Minimum EBITDAR required to be maintained		87,700,000
Minimum liquidity required to be maintained		30,000,000
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000
Line of credit facility, amount available		24,393,000
Term Loan Credit Facility (see terms and conditions above) \| Loans Payable
DEBT
Maximum borrowing capacity	$ 90,000,000
Current borrowing capacity		$ 0

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 173,958
Balance – March 31	134,961
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	13,737	$ 15,437
Loyalty Points Earned	2,430	2,294
Loyalty Points Redeemed	(3,099)	(3,932)
Balance – March 31	$ 13,068	$ 13,799

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from Operating Activities
Net Income	$ 35,313	$ 38,328
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	23,809	19,460
Deferred Income Taxes	8,974	10,450
Other, net	2,883	4,643
Changes in Operating Assets and Liabilities:
Accounts Receivable	4,147	(468)
Inventory	(1,319)	(305)
Prepaid Expenses	3,218	(198)
Lessor Maintenance Deposits	(4,276)	(2,858)
Aircraft Deposits	0	(187)
Other Assets	1,093	581
Accounts Payable	2,455	(288)
Accrued Transportation Taxes	(1,638)	(2,264)
Air Traffic Liabilities	(38,058)	(16,382)
Loyalty Program Liabilities	(669)	(1,638)
Operating Lease Obligations	(455)	(1,434)
Other Liabilities	(4,756)	421
Net Cash Provided by Operating Activities	30,721	47,861
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(29,698)	(104,978)
Purchases of Investments	(31,200)	(24,228)
Proceeds from the Maturities of Investments	39,500	32,840
Other, net	1,091	1,129
Net Cash Used in Investing Activities	(20,307)	(95,237)
Cash Flows from Financing Activities:
Common Stock Repurchases	(11,493)	(14,812)
Proceeds from Borrowings	0	71,280
Repayment of Finance Lease Obligations	(5,847)	(4,277)
Repayment of Borrowings	(13,830)	(10,122)
Other, net	(3,324)	(3,258)
Net Cash Provided by (Used in) Financing Activities	(34,494)	38,811
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(24,080)	(8,565)
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	63,680	102,928
Cash, Cash Equivalents and Restricted Cash--End of the Period	39,600	94,363
Non-cash transactions:
Aircraft Acquired under Finance Lease	$ 40,116	$ 0

STOCKHOLDERS' EQUITY (Details)		1 Months Ended	3 Months Ended
STOCKHOLDERS' EQUITY (Details)	Dec. 13, 2019 extension $ / shares shares	Jan. 31, 2023 shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Offering price total \| $			$ 11,596,000	$ 15,048,000
Performance Shares
Class of Stock [Line Items]
Vesting period			3 years
Common stock-shares authorized (in shares)			259,095
Performance Shares \| Minimum
Class of Stock [Line Items]
Target level			50.00%
Performance Shares \| Maximum
Class of Stock [Line Items]
Target level			150.00%
Amazon Agreement
Class of Stock [Line Items]
Term of agreement (in years)	6 years
Number of extension option \| extension	2
Term of renewal of agreement (in years)	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
Warrants vested (in shares)			189,652
Amazon Agreement \| Warrants
Class of Stock [Line Items]
Warrants held (in shares)			3,413,745	2,591,920
2022 Repurchase Program
Class of Stock [Line Items]
Remaining authorized repurchase amount \| $			$ 0
Stocks repurchased (in shares)			755,284	750,000
Offering price total \| $			$ 11,493,000	$ 14,812,000
Accelerated share repurchases (in dollars per share) \| $ / shares			$ 15.22	$ 19.75
Repurchase program, authorized amount \| $					$ 25,000,000
Stock repurchased (in shares)		480,932

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax expense	$ (42)	$ 116

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	24.20%	22.90%
Non-current liability recognized	$ 97,694		$ 101,044
Income tax receivable agreement liability	10,611		$ 3,250
Payments to pre-IPO stockholders	$ 3,350	$ 2,425

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	The Company has prepared the unaudited Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for Form 10-Q. Therefore, the accompanying Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC ("2023 10-K"). Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	The preparation of financial statements in accordance with GAAP requires management to make certain 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. Actual results could differ from those estimates.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income	$ 35,313	$ 38,328
Other Comprehensive (Loss) Income:
Net unrealized (losses) gains on Available-for-Sale securities, net of deferred tax (benefit) expense of $(42) and $116, respectively	(139)	389
Other Comprehensive (Loss) Income	(139)	389
Comprehensive Income	$ 35,174	$ 38,717

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

DEBT - Long-term Debt (Details)	1 Months Ended	3 Months Ended
DEBT - Long-term Debt (Details)	Dec. 31, 2019 USD ($) aircraft	Mar. 31, 2024 aircraft	Dec. 31, 2023 aircraft	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2022 aircraft	Mar. 31, 2022 USD ($) aircraft
DEBT
Number of aircraft \| aircraft		63	60	57	54
Line of Credit \| Secured Debt
DEBT
Margin (as a percent)		0.10%
Interest rate		9.20%
Loan-to -value ratio		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
DEBT
Face amount \| $				$ 119,200,000
2019-1 EETC \| Notes payable
DEBT
Face amount \| $	$ 248,587,000
Weighted average interest rate		4.30%
Number of used aircrafts purchased or refinanced \| aircraft	13
2019-1 EETC \| Notes payable \| Maximum
DEBT
Interest rate		6.95%
2019-1 EETC \| Notes payable \| Minimum
DEBT
Interest rate		4.13%
2022-1 EETC \| Notes payable
DEBT
Face amount \| $						$ 188,277,000
Number of aircraft financed by debt \| aircraft						13
Weighted average interest rate		5.05%
2022-1 EETC \| Notes payable \| Maximum
DEBT
Interest rate		5.75%
2022-1 EETC \| Notes payable \| Minimum
DEBT
Interest rate		4.84%

REVENUE

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

Sun Country is a certificated air carrier generating Operating Revenues from Scheduled Service, Charter, Ancillary, Cargo and Other revenue. Scheduled Service revenue mainly consists of base fares. Charter revenue is primarily generated through service provided to the U.S. Department of Defense ("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 fees, other fees and on-board sales. Cargo consists of revenue earned from flying cargo aircraft for Amazon.com Services, Inc. (together with its affiliates, “Amazon”) under the Air Transportation Services Agreement (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 a lessor. The Company recognized $9,275 of rental revenue during the three months ended March 31, 2024. The rental revenue was not material to the Company's results of operations for the three months ended March 31, 2023.

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended March 31,
	2024		2023
Scheduled Service	$	141,194	$	152,657
Charter	47,312		46,187
Ancillary	86,158		68,425
Passenger	274,664		267,269
Cargo	23,948		23,361
Other	12,871		3,485
Total Operating Revenues	$	311,483	$	294,115

The Company attributes and measures its Operating Revenues by geographic region as defined by the United States Department of Transportation ("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:


	Three Months Ended March 31,
	2024		2023
Domestic	$	290,214	$	273,423
Latin America	21,269		20,255
Other	—		437
Total Operating Revenues	$	311,483	$	294,115

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 Condensed Consolidated Balance Sheets.

The Company’s contract liabilities are comprised of: 1) ticket sales for transportation that have not yet been provided (reported as Air Traffic Liabilities on the Condensed 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 Condensed Consolidated Balance Sheets) and, 3) the Amazon Deferred Up-front Payment received (reported within Other Current Liabilities and Other Long-term Liabilities on the Condensed Consolidated Balance Sheets).

Contract Assets and Liabilities are as follows:


	March 31, 2024		December 31, 2023
Contract Assets
Costs to fulfill contract with Amazon	$	1,279	$	1,493
Total Contract Assets	$	1,279	$	1,493

Contract Liabilities
Air Traffic Liabilities	$	119,938	$	157,996
Loyalty Program Liabilities	13,068		13,737
Amazon Deferred Up-front Payment	1,955		2,225
Total Contract Liabilities	$	134,961	$	173,958

The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than twelve months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the three months ended March 31, 2024, $128,502 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2023.

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 Visa 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:


	2024		2023
Balance – January 1	$	13,737	$	15,437
Loyalty Points Earned	2,430		2,294
Loyalty Points Redeemed (1)	(3,099)		(3,932)
Balance – March 31	$	13,068	$	13,799

______________________


(1)			Loyalty points are combined in one homogenous pool, which 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

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+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	28,427	$	—	$	—	$	28,427
Available-for-Sale Securities:
Corporate Debt Securities	—		62,382		—		62,382
U.S. Government Agency Securities	—		64,046		—		64,046
Total Available-for-Sale Securities	—		126,428		—		126,428
Total Assets Measured at Fair Value on a Recurring Basis	$	28,427	$	126,428	$	—	$	154,855


	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

- 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

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Principal Payments
Remainder of 2024	$ 61,559
2025	80,005
2026	61,150
2027	65,175
2028	36,362
Thereafter	87,558
Total	391,809	$ 405,640
Amortization of Debt Issuance Costs
Remainder of 2024	(871)
2025	(956)
2026	(709)
2027	(525)
2028	(337)
Thereafter	(280)
Total	(3,678)	$ (3,995)
Net Debt
Remainder of 2024	60,688
2025	79,049
2026	60,441
2027	64,650
2028	36,025
Thereafter	87,278
Net Debt	$ 388,131

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Fair value	$ 368,207	$ 383,061

AIRCRAFT (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of aircraft fleet activity

The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2024 and 2023, respectively:


	December 31, 2023	Additions	Reclassifications	Removals	March 31, 2024
Passenger:
Owned	29	1	—	—	30
Finance leases	13	1	—	—	14
Sun Country Airlines’ Fleet	42	2	—	—	44
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	5	—	—	—	5
Subleased Aircraft (1)	1	1	—	—	2
Total Aircraft	60	3	—	—	63

	December 31, 2022	Additions	Reclassifications	Removals	March 31, 2023
Passenger:
Owned	29	—	—	—	29
Finance leases	11	—	—	—	11
Operating leases	2	—	—	—	2
Sun Country Airlines’ Fleet	42	—	—	—	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	—	3	—	—	3
Total Aircraft	54	3	—	—	57


(1)			The head lease associated with these subleases are classified as finance leases.

Schedule of depreciation, amortization, and rent expense on aircraft

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


		Three Months Ended March 31,
Aircraft Status	Expense Type	2024		2023
Owned	Depreciation	$	14,340	$	11,872
Finance Leased	Amortization	5,730		4,683
Operating Leased	Aircraft Rent (1)	—		1,480
		$	20,070	$	18,035


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

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Income tax examination, estimate of possible loss	$ 2,700

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through May 7, 2024, the date that the Condensed Consolidated Financial Statements were available to be issued. Subsequent to March 31, 2024, the Company purchased one aircraft previously classified as a finance lease, which is now unencumbered. For more information on the subsequent events, see Note 4 of the Notes to the Condensed Consolidated Financial Statements included elsewhere in this report.

DEBT - Long-term Debt Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
DEBT
Total Debt	$ 391,809	$ 405,640
Less: Unamortized debt issuance costs	(3,678)	(3,995)
Less: Current Maturities of Long-term Debt, net	(74,398)	(74,177)
Total Long-term Debt, net	313,733	327,468
2019-1 EETC \| Notes payable
DEBT
Total Debt	138,423	138,423
2022-1 EETC \| Notes payable
DEBT
Total Debt	148,653	158,775
Term Loan Credit Facility (see terms and conditions above)
DEBT
Total Debt	$ 104,733	$ 108,442

- 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

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three months ended March 31, 2024 and 2023 was 24.2% and 22.9%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The quarter-over-quarter increase in the effective tax rate was primarily due to a decrease in the impact of stock option exercises over the comparative periods. Tax Receivable Agreement The total Tax Receivable Agreement ("TRA") balance as of March 31, 2024 and December 31, 2023 was $97,694 and $101,044, of which $10,611 and $3,250 was current, respectively. The TRA liability is an estimate and actual amounts payable under the TRA could differ from this estimate. During the three months ended March 31, 2024 and 2023, the Company made payments of $3,350 and $2,425, respectively, to the pre-IPO stockholders (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 Condensed Consolidated Statements of Cash Flows. Payments will be made in future periods as attributes that existed at the time of the IPO (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.

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+ Details

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Total Operating Revenues	$ 311,483	$ 294,115
Domestic
REVENUE
Total Operating Revenues	290,214	273,423
Latin America
REVENUE
Total Operating Revenues	21,269	20,255
Other
REVENUE
Total Operating Revenues	$ 0	$ 437

- 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

- Definition

+ References

+ Details

AIRCRAFT

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of March 31, 2024, Sun Country's fleet consisted of 63 Boeing 737-NG aircraft, comprised of 58 Boeing 737-800s and five Boeing 737-900ERs.

The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2024 and 2023, respectively:


	December 31, 2023	Additions	Reclassifications	Removals	March 31, 2024
Passenger:
Owned	29	1	—	—	30
Finance leases	13	1	—	—	14
Sun Country Airlines’ Fleet	42	2	—	—	44
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	5	—	—	—	5
Subleased Aircraft (1)	1	1	—	—	2
Total Aircraft	60	3	—	—	63

	December 31, 2022	Additions	Reclassifications	Removals	March 31, 2023
Passenger:
Owned	29	—	—	—	29
Finance leases	11	—	—	—	11
Operating leases	2	—	—	—	2
Sun Country Airlines’ Fleet	42	—	—	—	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other:
Owned Aircraft Held for Operating Lease	—	3	—	—	3
Total Aircraft	54	3	—	—	57


(1)			The head lease associated with these subleases are classified as finance leases.

During the three months ended March 31, 2024, the Company acquired one incremental aircraft and took control of two aircraft through finance lease arrangements, one of which was subsequently subleased to an unaffiliated airline through the fourth quarter of 2024. Upon expiry of the sublease, the aircraft will be redelivered to the Company and is expected to be inducted into the Company's passenger fleet. Of the 35 Owned aircraft and Owned Aircraft Held for Operating Lease as of March 31, 2024, 31 aircraft were financed and four aircraft were unencumbered. Subsequent to March 31, 2024, the Company purchased one aircraft previously classified as a finance lease, which is now unencumbered.

During the three months ended March 31, 2023, the Company acquired three 737-900ERs that are currently on lease to an unaffiliated airline ("Owned Aircraft Held for Operating Lease"). The Owned Aircraft Held for Operating Lease are financed through a term loan arrangement. See Note 6 within Part II, Item 8 in our 2023 10-K for more information on this transaction.

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


		Three Months Ended March 31,
Aircraft Status	Expense Type	2024		2023
Owned	Depreciation	$	14,340	$	11,872
Finance Leased	Amortization	5,730		4,683
Operating Leased	Aircraft Rent (1)	—		1,480
		$	20,070	$	18,035


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

Cover	3 Months Ended
Cover	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	52,611,323
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false