0001104659-21-068007 | S-1 | XBRL Viewer | SUN Country Airlines Holdings INC

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION

The accompanying unaudited 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 for the year ended December 31, 2020, which is included in the Company’s Final Prospectus dated March 16, 2021. During the three months ended March 31, 2021, there were no significant changes to the Company’s critical accounting policies.

Certain prior period Stockholders’ Equity amounts were reclassified to conform to the current period presentation. This involved reducing the Common Stock values to $0.01 times the Shares outstanding and reclassifying those dollars to Additional Paid-In Capital. These reclasses were $238,694 as of December 31, 2020 and March 31, 2020. The reclass as of December 31, 2019 was $239,073. Also, historical shares of common stock have been adjusted to reflect the March 2021 approximately 18.8886 for 1 stock split.

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. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“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. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants.

Due to severe impacts from the global coronavirus (“COVID‑19”) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices and other factors, operating results for the three months ended March 31, 2021 are not necessarily indicative of operating results for future quarters or for the year ended December 31, 2021. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, extreme or severe weather and natural disasters, disease outbreaks, fears of terrorism or war, and other factors beyond the Company’s control.

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

2. BASIS OF PRESENTATION (continued)

Recently Adopted Accounting Standards

Income Taxes-Simplifying the Accounting for Income Taxes—In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions related to the approach for intraperiod tax allocation, recognizing deferred tax liabilities for outside basis differences, and calculating income taxes in interim periods. The guidance also reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. The standard was adopted prospectively effective January 1, 2021 and it did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Simplifying the Test for Goodwill Impairment—In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017‑04, Simplifying the Test for Goodwill Impairment. The new standard eliminates Step 2 from the goodwill impairment test. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard was adopted and applied prospectively by the Company on April 1, 2020, and it did not have an impact on the Company’s Condensed Consolidated Financial Statements.

Financial Instruments—Credit Losses - In June 2016, the FASB issued ASU 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The update requires the use of an expected loss model on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans and held-to-maturity debt securities, entities are required to estimate lifetime expected credit losses. This accounting standard was adopted prospectively on April 1, 2020, and it did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

2. 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. Generally Accepted Accounting Principles (“GAAP”). All material intercompany balances and transactions have been eliminated in consolidation.

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

Use of Estimates—Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities 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 items subject to such estimates and assumptions include the useful lives of acquired fixed assets and acquired intangibles, maintenance deposits, loyalty program liabilities, passenger revenue breakage, valuation of derivative positions, valuation of warrants issued to Amazon, and income taxes.

Change in Presentation—The Company changed the prior year presentations within the Consolidated Statements of Cash Flows to present the change in Accrued Transportation Taxes on its own line, which was previously included in the change in Other Liabilities.

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

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.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Restricted Cash—Charter revenue receipts received prior to the date of transportation are recorded as Restricted Cash and as a component of the Air Traffic Liabilities. Department of Transportation (“DOT”) regulations require that charter revenue receipts received prior to the date of transportation are maintained in a separate third- party escrow account and the restrictions are released once transportation is provided, which is typically within 12 months of booking.

Investments—Investments consist of certificates of deposit and are recorded at cost, plus accrued interest. The certificates of deposit 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.

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 balances at December 31, 2020 and 2019 also included $2,178 and $5,862, respectively, due from aircraft lessors related to maintenance deposits. Accounts outstanding longer than the contractual payment terms are considered past due. SCA determines its allowances for credit losses by considering a number of factors, including the length of time accounts receivable are past due, SCA’s previous loss history, the customer’s current ability to pay its obligation to SCA, and the condition of the general economy and the industry as a whole. During the years ended December 31, 2020 and 2019, $982 and $343 in accounts receivable were written off, respectively. No accounts were written off during the periods from April 11, 2018 to December 31, 2018 or from January 1, 2018 to April 10, 2018.

Lessor Maintenance Deposits—SCA’s aircraft lease agreements provide that SCA pay maintenance reserves monthly to aircraft lessors to be held as collateral in advance of major maintenance activities required to be performed by SCA. Maintenance reserve payments are variable based on actual flight hours or cycles. These lease agreements provide that maintenance reserves are reimbursable to SCA 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 SCA upon performance of maintenance activities. Upon completion of the maintenance event, the lessor is billed and the amount due is recorded in Account Receivable. Amounts not deemed probable of recovery are expensed as incurred.

At 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 are performed and maintenance expense is incurred, the contra-asset is recognized as a reduction to Maintenance expense.

The Company’s lease agreements entered into subsequent to the Acquisition Date are structured to allow SCA to access and recover the unused maintenance reserve payments. As such, maintenance reserve payments related to these lease agreements are expected to be recovered in full and are reflected as Lessor Maintenance Deposits on the accompanying Consolidated Balance Sheets. Maintenance reserve payments related to seasonal aircraft are expensed when incurred.

Inventory—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 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. SCA also provides an allowance for parts identified as excess to reduce the carrying costs to the lower of cost or net realizable value. These parts are assumed to have an estimated residual value of 10% of the original cost. Depreciation Expense was $481 and $426 for the years ended December 31, 2020 and 2019, respectively and $308 and $92 for the period April 11, 2018 through December 31, 2018 and the period January 1, 2018 through April 10, 2018, respectively.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Property & Equipment—Property and equipment are recorded at cost or fair value at the Acquisition Date and depreciated on a straight-line basis to an estimated residual value over their estimated useful lives or lease term, 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		3‑25 years (or life of lease, if shorter)
Rotable Parts		6‑16 years (average remaining life of aircraft fleet)

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.

Finance leases are recorded at net present value of future minimum lease payments.

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 related aircraft.

Evaluation of Long-Lived Assets—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 may not be recoverable. If circumstances require a long-lived asset or asset group be tested for impairment, the Company first compares 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. No impairment losses were recognized during the years ended December 31, 2020 or 2019 or for the periods April 11, 2018 to December 31, 2018 and January 1, 2018 to April 10, 2018. See Note 3—Impact of the COVID‑19 Pandemic.

Equity Incentive Plan—The Company recognizes all employee equity-based compensation as expense in the Consolidated Financial Statements over the requisite service period. The Company has elected to account for forfeitures as they occur, rather than forecasting the future forfeitures. See Note 11 for further information on the Equity Incentive Plan.

Stockholders’ Equity—As of the Acquisition Date, the Company issued 5,326,755 shares of Common Stock with no par value. Also on the Acquisition Date, the Company issued 40,005,885 warrants to Apollo allowing them to acquire shares of Common Stock of the Company at the exercise price of approximately $0.0005 per share. On January 31, 2020, all 40,005,885 outstanding Apollo 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 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, the promissory notes were repaid in full with equivalent shares of stock.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

As of December 31, 2020, Amazon held approximately 885,052 vested warrants to acquire common stock of the Company at an exercise price of approximately $15.17 per share.

Deferred Offering Costs—These consist of legal, accounting and other fees and costs relating to the Company’s planned Initial Public Offering (“IPO”), and are capitalized and recorded in Other Current Assets on the Consolidated Balance Sheets. The deferred offering costs will be offset against the proceeds received upon the closing of the planned IPO. In the event that the Company’s plans for an IPO are terminated, all of the deferred offering costs will be written off within operating expenses in the Company’s Consolidated Statements of Operations. As of December 31, 2020 and 2019, respectively, $4,552 and $2,268 of deferred offering costs were capitalized.

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. 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. SCA has two reporting units: Passenger Services and Cargo Services. Cargo Services was identified as a separate reporting unit in the fourth quarter of 2020, when all 12 cargo aircraft were in service and SCA’s Chief Operating Decision Maker began to regularly review financial information at the cargo operations level.

The value of Goodwill and Other Indefinite-lived Intangible Assets is assessed under either a qualitative or quantitative approach. Under a qualitative approach, SCA considers various market factors, including certain key assumptions, such as the market value of other airlines, fuel prices, the overall economy, passenger yields and changes to the regulatory environment. SCA 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 for impairment using a quantitative approach, the Company estimates the fair value of the consolidated reporting unit by considering both comparable public company multiples (a market approach) and projected discounted future cash flows (an income approach). When the Company performs a quantitative impairment assessment of indefinite-lived intangible assets, fair value is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Sun Country tradename (which assumes hypothetical royalties generated from using SCA’s tradename) or (3) projected discounted future cash flows (an income approach).

The Company performed its most recent annual Goodwill and Other Indefinite-Lived Intangible Assets impairment analysis as of October 1, 2020 and did not recognize any impairment losses for the years ended December 31, 2020 or 2019 or for the periods April 11, 2018 to December 31, 2018 and January 1, 2018 to April 10, 2018. See Note 3—Impact of the COVID‑19 Pandemic.

Long-term Debt—Debt finance costs are capitalized and amortized over the term of the respective agreement.

Revenue Recognition—Scheduled passenger 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.

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 less applicable change fees. Travel credits can be redeemed toward future travel for up to 12 months after the date of the original booking. A portion of travel credits will expire unused. The Company records an estimate for travel credits that will expire unused in passenger revenue. These estimates are based on historical experience of travel credit activity and consider other facts, such as recent program changes and modifications that could affect the ultimate usage patterns of tickets and travel credits. Due to inherent uncertainly of the current operating environment as a result of COVID‑19, adjustments to these estimates could be material in the future.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Ancillary revenue for baggage fees, seat selection fees, and on-board sales is recognized when the associated flight occurs. Prior to adoption of the new revenue recognition model effective January 1, 2019, the Company recognized revenue for change fees as the transactions occurred. Under the new standard, revenue for change fees is deferred and recognized when the passenger travel is provided. Fees received in advance of the flight date are initially recorded as an air traffic liability.

Charter revenue is recognized at the time of departure when transportation is provided.

Cargo revenue is typically recognized based on hours flown, number of flights, and the amount of aircraft resources provided during a reporting period. Pursuant to ASC 606, Revenue from Contracts with Customers, the Amazon Agreement 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 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 Amazon Agreement.

Loyalty Program—The Company records a liability for 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 Visa 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 points to include payment towards air travel, land travel, taxes, and other ancillary purchases. 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 consider other facts, such as program changes and modifications that could affect the ultimate usage pattern of loyalty points.

Co-branded Credit Card Program—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. At the inception of the arrangement, the Company evaluated all deliverables in the arrangement to determine whether they represent distinct performance obligations. The Company determined 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 upon future redemption of the points.

Airframe and Engine Maintenance—For leased aircraft, the Company applies the expense as incurred method for maintenance events, where routine maintenance, airframe, and engine overhauls are charged to expense as incurred, except certain costs covered by third-party maintenance agreements, which are charged to expense based on an hourly fee, as defined by the contract.

The Company applies the Built-in Overhaul method for significant maintenance costs of owned airframe and engines. Under this method, the value of time remaining until the first scheduled major maintenance event (“greentime”) is capitalized and amortized until that first major maintenance event, assuming no residual value. In addition, the value in excess of the greentime is capitalized and amortized over the useful life. These expenses are reported as a component of Depreciation and Amortization on the accompanying Consolidated Statements of Operations. The estimated period until the next scheduled major maintenance event is estimated based on assumptions including estimated cycles, hours, and months, required maintenance intervals, and the age/ condition of related parts.

Certain SCA aircraft lease agreements contain provisions that require SCA to return aircraft to the lessor in a certain maintenance condition. A liability associated with returning leased aircraft is accrued when incurrence of lease return costs becomes probable. The amount of these costs typically can be estimated near the end of the lease term, after the aircraft has completed its last maintenance cycle prior to being returned.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Concentration Risk—Approximately 41% of the Company’s Accounts Receivable balance as of December 31, 2020 was due from Amazon. In addition, approximately 8% and 19% of the Company’s Accounts Receivable balances as of December 31, 2020 and 2019, respectively, were from major financial institutions for tickets purchased via credit cards. One financial institution accounted for approximately 5% and 16% of the Company’s Accounts Receivable balance as of December 31, 2020 and 2019, respectively.

Approximately 57%, 58% and 48% of the Company’s fuel purchases were made from two vendors for the years ended December 31, 2020, 2019 and 2018, respectively.

Approximately 52% of the Company’s workforce were under union contracts as of December 31, 2020 with three different unions: Air Line Pilots Association (“ALPA”), International Brotherhood of Teamsters (“IBT”) and Transport Workers Union (“TWU”). Approximately 98% of the Company’s union workforce are under contracts that have expired or will be expiring within a year.

The following table shows the Company’s airline employee groups represented by unions:


Employee Group	Number of Active Employees Represented	Union	Date on which Collective Bargaining Agreement Becomes Amendable
Sun Country Pilots	395	ALPA	October 31, 2020
Sun Country Flight Attendants	466	IBT	December 31, 2019
Sun Country Dispatchers	22	TWU	November 30, 2024

Recently Adopted Accounting Standards

Revenue from Contracts with Customers—In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014‑09, Revenue from Contracts with Customers (“New Revenue Standard”) (Topic 606). This update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the standard using the modified retrospective method effective January 1, 2019.

The adoption of the New Revenue Standard impacts the Company’s accounting for outstanding loyalty points earned through travel by SCA loyalty program members. There is no change in accounting for issuances of loyalty points to SCA’s co-branded card partner as those are currently reported in accordance with the New Revenue Standard. Through December 31, 2018, the Company used the incremental cost method to account for the portion of the loyalty program liabilities related to points earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger. The New Revenue Standard required the Company to change to the deferred revenue method and apply a relative standalone selling price approach whereby a portion of each passenger ticket sale attributable to loyalty points earned is deferred and recognized in passenger revenue upon future redemption.

Upon adoption of the New Revenue Standard, the Company reclassified certain ancillary revenues from Other Revenue to Passenger Revenue. In addition, certain fees previously recognized when incurred by the customer are deferred and recognized as revenue when passenger travel is provided.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Upon adoption of the standard on January 1, 2019 the Company made an adjustment to reduce Retained Earnings by $3,477.

Leases—In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) (“ASC 842”). Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company elected to early adopt the standard effective January 1, 2019 using the modified retrospective adoption method.

Upon adoption of the standard on January 1, 2019 the Company recorded an Operating Lease Right-of-use (“ROU”) Asset of $178,577 (net of balance sheet reclassifications) and Operating Lease Liabilities of $204,790 on the Consolidated Balance Sheet. This ROU Asset was net of $27,004 reclassified from Over-market Liabilities and $791 reclassified from Prepaid Rent.

Capitalized Software Costs—In August 2018, the FASB issued ASU 2018‑15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The update addresses when costs should be capitalized rather than expensed, the term to use when amortizing capitalized costs, and how to evaluate the unamortized portion of these capitalized implementation costs for impairment. The ASU also includes guidance on how to present implementation costs in the financial statements and creates additional disclosure requirements. ASU 2018‑15 is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company early adopted the requirements of ASU 2018‑15 on January 1, 2019 using the prospective transition method. The adoption resulted in the capitalization of certain costs incurred in SCA’s hosting arrangement of $2,167 in 2019.

Non-employee Share-based Payment Accounting—In June 2018, the FASB issued ASU 2018‑07 Improvements to Non-employee Share-based Payment Accounting. ASU 2018‑07 expands the scope of ASC 718, Compensation—Stock Compensation, to share-based payments granted to non-employees for goods and services. Additionally, in November 2019, the FASB issued ASU 2019‑08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), which requires entities to measure and classify share based payments to a customer, in accordance with the guidance in ASC 718. The Company has elected to early adopt these ASU’s effective January 1, 2019. Warrants granted in 2019 under the Amazon Agreement are accounted for under the updated standards. The adoption of ASU 2018‑07 did not have a material impact on the Company’s Consolidated Financial Statements.

Changes to the Disclosure Requirements for Fair Value Measurement—In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The update eliminates, adds, and modifies certain disclosure requirements for fair value measurements. The Company adopted the requirements of ASU 2018‑13 prospectively on January 1, 2020. The adoption of ASU 2018‑13 did not have a material impact on the Company’s Consolidated Financial Statements.

Financial Instruments—Credit Losses—In June 2016, the FASB issued ASU 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The update requires the use of an expected loss model on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans and held-to-maturity debt securities, entities are required to estimate lifetime expected credit losses. This accounting standard was adopted prospectively on April 1, 2020, and it did not have a material impact on the Company’s Consolidated Financial Statements.

Simplifying the Test for Goodwill Impairment—In January 2017, the FASB issued ASU 2017‑04, Simplifying the Test for Goodwill Impairment. The new standard eliminates Step 2 from the goodwill impairment test. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard was adopted and applied prospectively by the Company on April 1, 2020, and it did not have an impact on the Company’s Consolidated Financial Statements.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recently Issued Accounting Standards

Income Taxes-Simplifying the Accounting for Income Taxes—In December 2019, the FASB issued ASU 2019‑12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions related to the approach for intraperiod tax allocation, recognizing deferred tax liabilities for outside basis differences, and calculating income taxes in interim periods. The guidance also reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. The standard was adopted prospectively effective January 1, 2021 and is not expected to have a material impact on the Company’s Consolidated Financial Statements.

IMPACT OF THE COVID19 PANDEMIC	3 Months Ended	12 Months Ended
IMPACT OF THE COVID19 PANDEMIC	Mar. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
IMPACT OF THE COVID19 PANDEMIC	3. IMPACT OF THE COVID‑19 PANDEMIC All major U.S. passenger airlines were negatively impacted by the declining demand environment resulting from the COVID‑19 pandemic. The U.S. Department of State has issued international travel advisories and restrictions and the U.S. federal government has also implemented enhanced screenings and quarantine requirements in connection with the outbreak. State and local governments may have additional restrictions that adversely impact travel. In addition, the U.S. Centers for Disease Control has issued travel advisories for domestic travel within the United States. Certain Latin American countries where the Company operates scheduled passenger service have also restricted travel to residents only. Accordingly, the Company experienced a dramatic decline in flight bookings and an increase in cancellations beginning in March 2020, as a result of the outbreak. In addition, the federal government has encouraged social distancing efforts and limits on gathering size. Many popular tourist destinations have been closed, or operations are being curtailed, reducing the demand for leisure air travel. The continued distribution of effective vaccines and the easing of travel advisories and restrictions has lead to growing customer confidence and increased demand. There have been fluctuations in the rate of infections during 2021 and the U.S. Food and Drug Administration has issued an emergency use authorization for COVID-19 vaccines. 3. IMPACT OF THE COVID‑19 PANDEMIC (continued) The timing and pace of the recovery from the COVID‑19 pandemic are uncertain as certain markets have reopened, some of which have since experienced a resurgence of COVID‑19 cases, while others, particularly international markets, remain closed or are enforcing extended quarantines for most U.S. residents. Federal, state, and local authorities have at various times instituted measures such as imposing self-quarantine requirements, issuing directives forcing businesses to temporarily close, restricting international air travel, and issuing shelter-in-place and similar orders limiting the movement of individuals. Additionally, certain businesses have restricted non-essential travel for their employees. The Company’s charter air transportation services have also been impacted due to a decline in international military charter service, the suspension or cancellation of major U.S. professional and college sports, and the voluntary or mandated closing of casinos. In addition, the Company has experienced increased competition for domestic charters as competitors are now offering charter services with otherwise grounded aircraft due to a decline in their passenger service. As the COVID‑19 pandemic continues to evolve, the Company’s financial and operational outlook remains subject to change. Despite the pandemic’s impact on the Company’s passenger segment, the Company has continued to provide air cargo service under the ATSA as planned. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) On March 27, 2020, the CARES Act was passed by the U.S. Government. The provisions in the act provide 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 is eligible for and has received certain benefits outlined in the CARES Act including but not limited to payroll tax breaks, government grants and government loans. The grant amount recognized under the CARES Act Payroll Support Program for the year ended December 31, 2020 was $62,312 and was recorded in Special Items, net. During the first quarter of 2021, the Company received and recognized as income $32,208 from the Treasury under the Payroll Support Program Extension (“PSP2”). Subsequent to the first quarter of 2021, on April 22, 2021, the Company received an additional $4,831 from the Treasury as a top-off grant under PSP2. The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”) which is a refundable tax credit against certain employment taxes. During the year ended December 31, 2020, the Company recorded $2,328 related to the CARES Employee Retention Credit within Special Items, net and an additional $334 was recognized in the first quarter of 2021. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the Treasury on October 26, 2020, which was repaid in full on March 24, 2021. Further, the Company was notified on April 15, 2021 that it will receive a grant of approximately $34,547 under the American Rescue Plan Act of 2021 (“PSP3”) enacted on March 11, 2021, in which the Treasury is authorized to provide additional assistance to passenger air carriers and contractors that received financial assistance under the CARES Act. Of this grant amount, $17,274 was received on April 29, 2021. 3. IMPACT OF THE COVID‑19 PANDEMIC (continued) In accordance with any grants and/or loans received under the CARES Act, the Company is required to comply with the relevant provisions of the CARES Act and the related implementing agreements which, among other things, include the following: the requirement to use the Payroll Support Payments exclusively for the continuation of payment of crewmember and employee wages, salaries and benefits; the requirement that certain levels of commercial air service be maintained until March 1, 2021, or if ordered by the DOT, March 1, 2022; the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends until the later of March 31, which was extended to September 30, 2022 under PSP3; and restrictions on the payment of certain executive compensation until the October 1, 2022, which was extended to April 1, 2023 under PSP3.	3. IMPACT OF THE COVID‑19 PANDEMIC In December 2019, a novel strain of COVID‑19 was reported in Wuhan, China. COVID‑19 has since spread to almost every country in the world, including the United States. On March 11, 2020, the World Health Organization declared COVID‑19 to constitute a “Public Health Emergency of International Concern” and the U.S. federal government declared COVID‑19 a “National Emergency.” All major U.S. passenger airlines were negatively impacted by the declining demand environment resulting from the COVID‑19 pandemic. The U.S. Department of State has issued international travel advisories and restrictions and the U.S. federal government has also implemented enhanced screenings and quarantine requirements in connection with the outbreak. In addition, the U.S. Centers for Disease Control has issued travel advisories for domestic travel within the United States. Certain Latin American countries where the Company operates scheduled passenger service have also restricted travel to residents only. Accordingly, the Company experienced a decline in flight bookings and an increase in cancellations beginning in March 2020, as a result of the outbreak. In addition, the federal government has encouraged social distancing efforts and limits on gathering size. Many popular tourist destinations have been closed, or operations are being curtailed, reducing the demand for leisure air travel. Although flight bookings for the second half of 2020 improved compared to the first half of 2020, they remain significantly below the prior year. The timing and pace of the recovery are uncertain as certain markets have reopened, some of which have since experienced a resurgence of COVID‑19 cases, while others, particularly international markets, remain closed or are enforcing extended quarantines for most U.S. residents. Additionally, some states have instituted travel restrictions or advisories for travelers from other states. As of December 31, 2020, there were restrictions in several international countries that did not allow planes from the United States to travel to these countries. Federal, state, and local authorities have at various times instituted measures such as imposing self-quarantine requirements, issuing directives forcing businesses to temporarily close, restricting international air travel, and issuing shelter-in-place and similar orders limiting the movement of individuals. Additionally, certain businesses had restricted non-essential travel for their employees. It is evident that passenger air traffic demand in the foreseeable future will continue to fluctuate in response to fluctuations in COVID‑19 reported cases, hospitalizations, deaths, treatment efficacy and the availability of vaccines. The Company’s charter air transportation services have also been impacted due to a decline in international military charter service, the suspension or cancellation of major U.S. professional and college sports, and the voluntary or mandated closing of casinos. In addition, the Company has experienced increased competition for domestic charters as competitors are now offering charter services with otherwise grounded aircraft due to a decline in their passenger service. In response to COVID‑19 and the reduced consumer demand, the Company has significantly reduced planned capacity for scheduled and charter services. As the COVID‑19 pandemic continues to evolve, the Company’s financial and operational outlook remains subject to change. Despite the pandemic’s impact on the Company’s passenger segment, the Company began providing air cargo service and generating cargo revenues under the Amazon Agreement in the second quarter of 2020 as planned. 3. IMPACT OF THE COVID‑19 PANDEMIC (continued) Liquidity assessment as a result of COVID‑19 impacts At the onset of the pandemic, the Company identified measures to reduce its operating costs and improve its liquidity position and implemented a temporary reduction of scheduled departures, deferred non-essential capital projects, placed a hiring freeze, and negotiated the deferral of aircraft rent payments. Further, on October 8, 2020, the Company announced the elimination of certain management positions. Based on the foregoing measures that the Company has taken to improve its liquidity position, along with the $62,312 grant received from the United States Department of the Treasury under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and the $45.0 million CARES Act Loan both received in 2020 the Company currently believes that it has sufficient liquidity to meet its near-term obligations. The extent of the impact of COVID‑19 on the Company’s financial performance will depend on future developments, including the duration and spread of the outbreak and related travel advisories and restrictions and traveler sentiment. The impact of COVID‑19 on overall demand for air travel is highly uncertain and cannot be predicted at the present time. Impairment Consideration The Company identified the impact of the COVID‑19 pandemic on the Company’s operation as an indicator of potential impairment of its long-lived assets, and, as a result, performed an impairment test on its long-lived assets during each quarter of 2020. No impairment charges were recorded during 2020. Also during each quarter of 2020, the Company considered whether the projected financial impact of COVID‑19 indicated that the fair value of goodwill and tradename asset may be lower than their carrying values. The Company’s considerations included future operating cash flows, changes in the market capitalization of competitors within the airline industry, and changes in the regulatory environment. Based on the assessments performed, the Company concluded that the assets were recoverable, and no impairment charges were recorded during 2020. CARES Act On March 27, 2020, the CARES Act was passed by the U.S. Government. The provisions in the act provide 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 is eligible for certain benefits outlined in the CARES Act including but not limited to payroll tax breaks, government grants and government loans. On April 15, 2020, the Company was informed by the United States Department of the Treasury that it would receive a grant of $60,559 under the CARES Act Payroll Support Program. The Company received $20,187 in April 2020, and $10,093 in June, July, August and September 2020. In September 2020, the Company was awarded an additional CARES Act grant of $1,753. The amount recognized under the CARES Act grant for the year ended December 31, 2020 was $62,312, and is included within Special Items, net on the Consolidated Statements of Operations. Grant dollars were recognized as qualifying expenses were incurred from April 1, 2020 through September 30, 2020, up to the CARES Act grant amount. In connection with the Payroll Support Program, the Company is required to comply with the relevant provisions of the CARES Act, including the requirement that the grant is used exclusively for the continued payment of employee salaries, wages, and benefits, and that the Company refrain from involuntary furloughs of employees or reducing pay rates or benefits through September 30, 2020. The Company must also comply with the provisions prohibiting the repurchase of common stock and the payment of common stock dividends until September 30, 2021, as well as those restricting the payment of certain executive compensation until March 24, 2022. Finally, until March 1, 2022, the Company is required to continue to provide air service to markets served prior to March 1, 2020, to the extent determined reasonable and practicable by the DOT subject to exemptions granted by the DOT to the Company. As of December 31, 2020 and through the date of this report, the Company believes it has complied with the provisions of the Payroll Support Program. 3. IMPACT OF THE COVID‑19 PANDEMIC (continued) The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”) which is a refundable tax credit against certain employment taxes of up to five thousand dollars per employee. The credit is equal to 50% of qualified wages paid to employees during a quarter, capped at ten thousand dollars of qualified annual wages through December 31, 2020. The Company qualified for the credit beginning on April 1, 2020. During the year ended December 31, 2020, the Company recorded $2,328 related to the CARES Employee Retention Credit within Special Items, net on the Company’s Consolidated Statements of Operations. The CARES Act also provides for the deferred payment of the employer portion of social security taxes through the end of 2020, with 50% of the deferred amount due December 31, 2021 and the remaining 50% due December 31, 2022. The amount deferred as of December 31, 2020 was $4,138, of which $2,069 is recorded in Accrued Salaries, Wages, and Benefits and $2,069 is recorded in Other Long-term Liabilities on the Company’s Consolidated Balance Sheets. Under the CARES Act Loan Program, the Company received a $45,000 loan from the U.S. Department of the Treasury on October 26, 2020. See Note 9—Debt. On January 22, 2021, the Company was informed by the United States Department of the Treasury that it would receive a grant of $32,208 under the Payroll Support Program Extension (PSP2) under the Consolidated Appropriations Act, 2021 (PSP Extension Law). The Company received $16,104 on February 2, 2021, and anticipates receiving the remaining $16,104 prior to the end of March 2021. All funds provided by the Treasury Department to PSP2 participants may only be used for the continuation of payment of employee salaries, wages, and benefits.

BUSINESS COMBINATION

12 Months Ended

Dec. 31, 2020

BUSINESS COMBINATION

BUSINESS COMBINATION

4. BUSINESS COMBINATION

On the Acquisition Date, SCA Acquisition Holdings, LLC acquired 100 percent of MN Airlines’ stockholder equity. The final purchase price, determined in accordance with the definitions and target amounts specified in the sale agreement, was $187,775. The Company did not incur any material expenses related to the Acquisition prior to the Acquisition Date.

The Acquisition was accounted for as a business combination using the purchase method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their fair value as of the Acquisition Date. The fair value of the assets acquired and liabilities assumed were determined using market, income and cost approaches, as described further below. This resulted in a new basis for the assets acquired and liabilities assumed of MN Airlines, LLC as of the Acquisition Date. The Company established a contra-asset after considering the fair value of Lessor Maintenance Reserve Deposits at the time of the sale and concluded that a market participant would not place any value on this asset, as they would need to incur maintenance expense on a dollar for dollar basis to obtain reimbursement from the lessor. The contra-asset represents the Successor’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As reimbursable maintenance events are performed and maintenance expense is incurred, the contra-asset is recognized as a reduction to Maintenance expense.

Although the Successor continued with the same core operations after the Acquisition Date, the accompanying consolidated financial statements are presented for two 2018 periods: Successor, which relates to the 2018 period subsequent to the Acquisition Date, and Predecessor, relating to the period from January 1, 2018 through April 10, 2018. These separate periods are presented to reflect the new basis of accounting as of and subsequent to the Acquisition Date, and have been separated by a vertical line on the face of the Consolidated Financial Statements to highlight the fact that the financial information for such periods has been prepared under a different historical-cost basis of accounting. The Successor’s Consolidated Financial Statements also reflect the funding and recapitalization of the Successor, which occurred at the Acquisition Date.

Successor—The accompanying Consolidated Financial Statements include the Successor’s assets, liabilities, and stockholders’ equity and the related income and expenses and cash flows. SCA Acquisition Holdings, LLC had no other operating activities since its formation other than the activities presented of its acquired wholly owned subsidiary, Sun Country, Inc., f/k/a MN Airlines, LLC.

Predecessor—The accompanying Predecessor Consolidated Financial Statements include the assets, liabilities, and equity and the related income and expenses and cash flows of Sun Country, Inc., f/k/a MN Airlines, LLC, which occurred prior to the Acquisition Date and are reported under its historical basis that existed prior to the Acquisition Date.

4. BUSINESS COMBINATION (continued)

Fair value of the assets acquired and the liabilities assumed as of the Acquisition Date are as follows:


Assets:
Restricted Cash	$	8,308
Investments		3,810
Accounts Receivable		31,796
Inventory		5,295
Prepaid Expenses		7,617
Property and Equipment		38,511
Goodwill		222,223
Other Intangible Assets		104,000
Aircraft Lease Deposits		17,923
Deferred Tax Asset		49,634
Other Assets		1,071
Total Assets		490,188

Liabilities:
Accounts Payable		50,016
Accrued Salaries, Wages, and Benefits		9,006
Accrued Transportation Taxes		12,237
Air Traffic Liabilities		72,235
Over-market Liabilities		108,017
Finance Lease Obligations		10,038
Loyalty Program Liabilities		37,165
Long-term Debt		941
Other Liabilities		2,758
Total Liabilities		302,413
Total Purchase Price	$	187,775

Property and Equipment—The Company acquired Property and Equipment which were valued based on a combination of the cost and market approaches. The cost approach was applied based on inflationary trends to historical costs, considering the age of the asset, its physical condition, operational status and economic utility. The market was approach was applied based on market prices for similar assets. The useful lives assigned were based on their expected remaining useful lives consistent with the Company’s capitalization policy.

Sun Country Airlines Tradename—The Company acquired an intangible asset of $56,000 assigned to the Sun Country Airlines Tradename. Sun Country has operated under this name and brand since 1983, and has high brand recognition and brand loyalty, particularly in its home market of Minneapolis/St. Paul, MN. This intangible asset was valued using a discounted cash flow analysis based on the relief from royalty method, a variation of the income approach. The relief from royalty approach utilizes certain market information by reference to the amount of after-tax cash flows the Company could generate if the trade names were licensed in an arm’s length transaction to a third party. Significant assumptions used in the discounted cash flow analysis include the projected revenue of the Company, the royalty rate, the discount rate and the terminal value. The Company expects to continue to use the brand and associated trademarks for the indefinite future.

4. BUSINESS COMBINATION (continued)

Customer Relationships—The Company acquired an intangible asset of $48,000 representing the fair value of its customer relationships arising from Sun Country’s extensive charter business, including several large customers with long-term commitments for charter flights. This intangible asset was valued using the multi- period excess earnings method, a variation of the income approach, based on the present value of the expected incremental after-tax cash flows (or “excess earnings”) attributable to certain charter customer relationships. Significant assumptions used in the discounted cash flow analysis include the projected earnings of the customer relationships, customer retention rates and the discount rate. The customer relationship intangible asset has been assigned a useful life of 12 years and will be amortized on a straight-line basis over this life.

Goodwill—Goodwill, of which $132,606 was tax deductible, represents the excess of the purchase price over the fair value of the underlying net assets acquired and largely results from expected growth and improved financial results for the Company as well as an assembled workforce, which does not qualify for separate recognition.

Deferred Tax Asset—The acquisition of MN Airlines, LLC was treated as an asset acquisition for U.S. federal income tax purposes in which, the Company generally received stepped-up tax basis in assets and liabilities acquired. As a result of fair value adjustments recorded in purchase accounting, the Company recorded a Deferred Tax Asset of $49,634 related to Air Traffic and Loyalty Program Liabilities deferred revenue and Over- market Liabilities. The Deferred Tax Asset has been calculated based on the expected federal and state tax rates applicable to the Company.

Over-market Liabilities—The Company acquired liabilities related to its over-market lease rates and over- market maintenance reserve payments. Aircraft leases were evaluated using an income approach, based on the present value of the expected differential cash flows between the existing aircraft lease terms as compared to current market lease terms for similar aircraft and market participants. Significant assumptions used in the discounted cash flow analysis include the discount rate and the estimated market lease rates for similar aircraft based on terms commensurate with the Company’s credit rating. The Company recognized a liability of $32,779 representing lease terms which are unfavorable compared with market terms of similar leases and will be amortized into earnings through a reduction of Aircraft Rent on a straight-line basis over the remaining life of each lease. With the adoption of ASC 842 the Company reclassified this liability to be included in the Operating Lease Right-of-use Assets.

As of the Acquisition Date, Sun Country’s existing leases include payments for maintenance reserves in addition to the stated aircraft lease payments. For a substantial portion of these maintenance reserve payments, the Company does not expect to be reimbursed by the lessor. The maintenance reserve payments were evaluated using an income approach, based on the expected differential cash flows between the existing contractual maintenance payments as compared to market terms for similar aircraft under current market assumptions. Significant assumptions used in the discounted cash flow analysis include the discount rate, expected aircraft utilization (impacting the nature and timing of maintenance events) and the estimated market terms for similar aircraft based on terms commensurate with the Company’s credit rating. These maintenance reserve payments were deemed unfavorable as a market participant would expect reimbursement based on more favorable terms, indicating that the balance expected not to be reimbursed is unfavorable to the Company. The Company recognized a liability of $75,238 representing over-market maintenance reserve lease terms compared to market terms of similar leases and will amortize this liability into earnings as a reduction to Aircraft Rent on a straight- line basis over the remaining life of each lease.

Loyalty Program Liabilities—The Company acquired liabilities related to loyalty program obligations. These liabilities were adjusted to their fair value based on stated redemption rates as of the Acquisition Date, less estimated breakage.

REVENUE

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

REVENUE

REVENUE

4. 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 U.S. Department of Defense, 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 and on-board sales. Cargo consists of revenue earned from flying cargo aircraft under the ATSA. Other revenue consists primarily of revenue from services in connection with Sun Country Vacation products.

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended March 31,
	2021		2020
Scheduled service	$	54,620	$	114,228
Charter service		25,805		29,227
Ancillary		23,770		35,031
Passenger		104,195		178,486
Cargo		21,585		—
Other		1,831		1,844
Total Operating Revenue	$	127,611	$	180,330

The Company attributes and measures its Operating Revenue by geographic region as defined by the Department of Transportation 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 Revenue by geographic region are as follows:


	Three Months Ended March 31,
	2021		2020
Domestic	$	119,312	$	163,038
Latin America		7,877		17,076
Other		422		216
Total Operating Revenue	$	127,611	$	180,330

4. REVENUE (continued)

Contract Balances

The Company’s contract assets primarily relate to costs incurred to get the 12 Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Condensed Consolidated Balance Sheets. The amount expensed during the three months ended March 31, 2021 was $138 and is included in Maintenance expense. There was nothing expensed in the three months ended March 31, 2020, since the Amazon cargo services had not started yet.

The Company’s significant contract liabilities are comprised of 1) ticket sales for transportation that has 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) Amazon Deferred Up-front Payment received (reported within Other Liabilities on the Condensed Consolidated Balance Sheets).

Contract Assets and Liabilities are as follows:


	March 31, 2021		December 31, 2020
Contract Assets
Costs to fulfill contract with Amazon	$	3,312	$	3,614
Air Traffic Liabilities	$	94,733	$	101,075
Loyalty Program Liabilities		20,774		22,068
Amazon Deferred Start-up Costs		5,010		5,240
Total Contract Liabilities	$	120,517	$	128,383

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 is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA. For the three months ended March 31, 2021, $231 was amortized into Cargo revenue. Nothing was amortized for the three months ended March 31, 2020 as services did not begin until the second quarter of 2020.

Loyalty Program

The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. Loyalty points are earned as a result of travel and purchases using the Company’s co- branded credit card. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impact 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).

4. REVENUE (continued)

Changes in the Loyalty Program Liabilities are as follows:


	2021		2020
Balance—January 1	$	22,069	$	22,892
Loyalty Points Earned		857		1,635
Loyalty Points Redeemed(1)		(2,152)		(2,206)
Balance—March 31	$	20,774	$	22,321

(1)

Principally relates to revenue recognized from the redemption of loyalty points for both air and non-air travel awards. Loyalty points are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of points that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as points that were earned during the period.

The timing of loyalty point redemptions can vary significantly, however most new points, that are not left to expire, are redeemed within two years. Given the inherent uncertainty of the current operating environment due to COVID‑19, the Company will continue to monitor redemption patterns and will adjust estimates in the future, which could be material.

5. REVENUE

Sun Country is a certified 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 U.S. Department of Defense, 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 and on-board sales. Cargo consists of revenue earned from flying cargo aircraft under the Amazon Agreement. Other revenue consists primarily of revenue from services in connection with Sun Country Vacation products.

The significant categories comprising Operating Revenues are as follows:


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Scheduled service	$	193,047	$	396,113	$	224,507	$	132,234
Charter service		98,130		174,562		111,317		40,663
Ancillary(1)		68,055		118,158		—		—
Passenger		359,232		688,833		335,824		172,897
Cargo		36,809		—		—		—
Ancillary(1)		—		—		41,065		15,670
Other		5,445		12,551		8,042		8,885
Total Operating Revenue	$	401,486	$	701,384	$	384,931	$	197,452

(1)

The classification of Ancillary changed as a result of the adoption of ASC 606.

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.

Total Operating Revenue by geographic region are as follows:


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Domestic	$	382,463	$	666,332	$	368,456	$	173,995
Latin America		18,515		33,716		15,628		23,003
Other		508		1,336		847		454
Total Operating Revenue	$	401,486	$	701,384	$	384,931	$	197,452

Contract Balances

The Company’s significant 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) Amazon start-up cost payments received (reported within Other Liabilities on the Consolidated Balance Sheets).

5. REVENUE (continued)

Contract Assets and Liabilities are as follows:


	December 31,
	2020		2019
Contract Assets
Costs to fulfill contract with Amazon	$	3,614	$	—
Air Traffic Liabilities	$	101,075	$	116,660
Loyalty Program Liabilities		22,069		22,892
Amazon Deferred Start-up Costs Payments Received		5,240		1,633
Total Contract Liabilities	$	128,384	$	141,185

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 year ended December 31, 2020, $110,868 of revenue was recognized in Passenger Revenue that was included in the Air Traffic Liabilities as of December 31, 2019 and $4,502 in cash refunded to customers, mainly due to COVID‑19 related flight cancellations. Of the December 31, 2019 Air Traffic Liabilities remaining as of December 31, 2020, $1,045 relates to COVID‑19 extensions and $245 relates to gift certificates.

As part of the Amazon Agreement executed in December 2019, Amazon paid the Company $10,300 toward start-up costs, of which $6,300 was received as of December 31, 2019 and the remainder was received in February 2020. Upon signing this agreement, 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 is being amortized into Cargo revenue on a pro-rata basis over the initial six years of the Amazon Agreement. For the year ended December 31, 2020, $393 has been amortized into Cargo revenue.

Loyalty Program

The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. Loyalty points are earned as a result of travel and purchases using the Company’s co-branded credit card. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impact 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).

Changes in the Loyalty Program Liabilities are as follows:


	2020		2019
Balance—December 31, 2018			$	23,950
ASC 606 adoption adjustment (January 1, 2019)				4,867
Balance—January 1	$	22,892	$	28,817
Loyalty Points Earned		4,015		6,483
Loyalty Points Redeemed(1)		(4,838)		(12,408)
Balance—December 31	$	22,069	$	22,892

(1)

Principally relates to revenue recognized from the redemption of loyalty points for both air and non-air travel awards. Loyalty points are combined in one homogenous pool and are not separately identifiable. As such, the redemptions are comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as loyalty points that were earned during the period.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

GOODWILL AND OTHER INTANGIBLE ASSETS

EARNINGS PER SHARE

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

5. 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 share based awards is calculated by applying the treasury stock method.

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


	Three Months Ended March 31,
	2021		2020
Numerator:
Net Income	$	12,416	$	7,251

Denominator:
Weighted Average Common Shares Outstanding—Basic		48,496,077		46,805,951
Dilutive effect of Stock Options and Warrants (1)		4,012,109		1,419,652
Weighted Average Common Shares Outstanding—Diluted		52,508,186		48,225,603

Basic earnings per share	$	0.26	$	0.16
Diluted earnings per share	$	0.24	$	0.15

(1)

There were 3,557,432 and 3,646,690 performance-based stock options outstanding at March 31, 2021 and 2020, respectively. As a result of the Company’s initial public offering, 75 percent of these options are expected to meet the performance conditions and are included in dilutive options at March 31, 2021. At March 31, 2020, these options were excluded from the calculation of diluted EPS since the performance conditions were not considered likely to be met.

5. EARNINGS PER SHARE (continued)

Prior to their exercise on January 31, 2020, all 40,005,885 warrants held by the Apollo Stockholder were included in basic and diluted weighted average shares outstanding as they were equity classified, had an exercise price of approximately $0.0005, and all necessary conditions for issuance were met.

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

6. 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 common shares outstanding for the period.

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


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Numerator:
Net income / (Loss)	$	(3,904)	$	46,072	$	(367)	$	25,910
Denominator:
Weighted Average Common Shares Outstanding—Basic		46,806,042		46,773,038		46,700,990		100,000,000
Dilutive effects of Warrants		—		—		—		—
Dilutive effect of Stock Options and Warrants(1)		—		1,136,375		—		—
Weighted Average Common Shares Outstanding—Diluted		46,806,042		47,909,413		46,700,990		100,000,000
Basic earnings / (loss) per share	$	(0.08)	$	0.99	$	(0.01)	$	0.26
Diluted earnings / (loss) per share	$	(0.08)	$	0.96	$	(0.01)	$	0.26

(1)

There were 3,577,252, 3,502,925 and 3,583,923 performance-based stock options outstanding as of December 31, 2020, 2019 and 2018, respectively, that were excluded from the calculation of diluted EPS. Additionally, in loss periods, the inclusion of unvested options would have an anti-dilutive effect.

Prior to their exercise on January 31, 2020, all 40,005,885 warrants held by Apollo were included in basic and diluted weighted average shares outstanding as they were equity classified, had an exercise price of approximately $0.0005, and all necessary conditions for issuance were met.

Warrants held by Amazon are included in diluted weighted average shares outstanding as of the date the warrants vested. The unvested warrants held by Amazon have not been included in diluted shares as their performance condition had not yet been satisfied.

PROPERTY & EQUIPMENT

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

AIRCRAFT - Owned and Leased

PROPERTY & EQUIPMENT

6.AIRCRAFT-OWNED AND LEASED

Aircraft Fleet

The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2021 and 2020, respectively:


	December 31, 2020	Additions	Removals	March 31, 2021
Passenger:
Owned	14	5	—	19
Finance leases	5	—	—	5
Operating leases	12	—	(5)	7
Sun Country Airlines' Fleet	31	5	(5)	31
Cargo:
Aircraft Operated for Amazon	12	—	—	12
Total Aircraft Operated	43	5	(5)	43

The five aircraft purchased during the three months ended March 31, 2021 were financed through the Delayed Draw Term Loan Facility (see Note 7). All five of these were previously under operating leases.


	December 31, 2019	Additions	Removals	March 31, 2020
Passenger:
Owned	5	3	—	8
Finance leases	10	—	—	10
Operating leases	14	—	(1)	13
Seasonal leases	2	—	(1)	1
Sun Country Airlines' Fleet	31	3	(2)	32

The three aircraft purchased during the three months ended March 31, 2020 were financed through equipment trust certificates (see Note 7). One of these aircraft was previously under an operating lease and the other two aircraft were new to the Company’s fleet. In addition, the Company refinanced three previously owned and financed aircraft in January 2020 utilizing equipment trust certificates (see Note 7).

The Accumulated Depreciation on owned assets was $57,950 and $52,048 as of March 31, 2021 and December 31, 2020, respectively. Depreciation expense was $8,800 and $5,121 for the three months ended March 31, 2021 and 2020, respectively.

The Accumulated Amortization on Finance Lease Assets was $18,517 and $13,018 as of March 31, 2021 and December 31, 2020, respectively. Amortization Expense was $2,692 and $4,290 for the three months ended March 31, 2021 and 2020, respectively.

6.AIRCRAFT -OWNED AND LEASED (continued)

Depreciation expense on owned assets and amortization expense on Finance Lease Assets are each classified in Depreciation and Amortization on the Condensed Consolidated Statements of Operations.

Aircraft Lease Payment Deferrals

During the year ended December 31, 2020 the Company negotiated rent payment deferrals with a majority of its aircraft lessors due to COVID‑19 cash flow impacts. The amount deferred as of March 31, 2021 was $975, consisting of $533 under finance leases and $442 under operating leases. The amount deferred as of December 31, 2020 was $7,569, consisting of $2,133 under finance leases and $5,436 under operating leases. These deferrals are classified within the current portion of the respective lease liabilities on the Condensed Consolidated Balance Sheets.

Aircraft Maintenance Deposits Contra-Assets

At April 11, 2018 (the “Acquisition Date”), the Company established a deposit contra-asset to represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition Date. As of March 31, 2021 and December 31, 2020, the remaining balance of the contra-asset was $26,512 and $36,729, respectively. Of the $10,217 reduction in the contra-asset during the three months ended March 31, 2021, $9,880 related to the purchase of five aircrafts previously leased, whereupon the contra-assets and related maintenance deposits were written-off concurrently to Aircraft lease buy-out expense in Special Items, net (see Note 11). For the three months ended March 31, 2021 and 2020, the Company recognized none and $425, respectively, of the contra-asset as a reduction to Maintenance expense on the accompanying Condensed Consolidated Statements of Operations.

Over-market Liabilities

At the Acquisition Date, the Company acquired liabilities related to its over-market lease rates and over-market maintenance reserve payments.

As of the Acquisition Date, the Company recognized a liability representing lease terms which are unfavorable compared with market terms of similar leases. The remaining balance of this contra-asset as of March 31, 2021 and December 31, 2020 was $12,891 and $16,501, respectively and is recorded within Operating Lease Right-of-Use Assets. The purchase of five aircraft in March 2021 contributed $2,858 of the decrease.

As of the Acquisition Date, Sun Country’s existing leases included payments for maintenance reserves in addition to the stated aircraft lease payments. For a substantial portion of these maintenance reserve payments, the Company does not expect to be reimbursed by the lessor. Therefore, a liability was established representing over-market maintenance reserve lease terms compared to market terms of similar leases. The remaining balance of this liability at March 31, 2021 and December 31, 2020 was $21,600 and $37,409, respectively. Of the $15,809 reduction in the over-market maintenance reserve liabilities during the three months ended March 31, 2021, $13,805 related to the purchase of five aircrafts previously leased, whereupon the over-market liabilities for those aircraft are included in Aircraft lease buy-out expense in Special Items, net (see Note 11).

Aircraft Rent expense for the three months ended March 31, 2021 and 2020, includes credits of $2,755 and $4,103, respectively, for the amortization of over-market liabilities established at the Acquisition Date related to lease rates and maintenance reserves.

7. PROPERTY & EQUIPMENT

During the year ended December 31, 2020, the Company purchased nine aircraft and a spare engine. See Note 10 for further information on leased aircraft.

7. PROPERTY & EQUIPMENT (continued)

Aircraft Fleet

The following tables summarize the Company’s aircraft fleet activity for the years ended December 31, 2020 and 2019, respectively:


	December 31, 2019	Additions	Removals	December 31, 2020
Passenger:
Owned	5	9	—	14
Finance leases	10	—	(5)	5
Operating leases	14	—	(2)	12
Seasonal leases	2	—	(2)	—
Sun Country Airlines’ Fleet	31	9	(9)	31
Cargo Aircraft Operated for Amazon	—	12	—	12
Total Aircraft Operated	31	21	(9)	43

The nine passenger aircraft purchased during the year ended December 31, 2020 were financed through equipment trust certificates (see Note 9). Two of these aircraft were previously under operating leases, five were previously under finance leases, and the other two aircraft were new to the Company’s fleet.

In addition to the nine purchases discussed above, the Company refinanced three previously owned aircraft in January 2020 utilizing equipment trust certificates (see Note 9).

The 12 cargo aircraft added during 2020 relate to the Amazon Agreement (see Note 1).


	December 31, 2018	Additions	Removals	December 31, 2019
Owned	3	2	—	5
Finance leases	5	5	—	10
Operating leases	19	—	(5)	14
Seasonal leases	3	2	(3)	2
Sun Country Airlines’ Fleet	30	9	(8)	31

In December 2019, the Company purchased its first aircraft utilizing equipment trust certificates. The Company purchased one of its aircraft previously under an operating lease agreement in February 2019. In addition, the Company entered into a new finance lease for an aircraft in each of March, April, May and December 2019.

Also, in December 2019, the Company amended an operating lease, which converted it to a finance lease. Lastly, one of the Company’s operating leases expired in August 2019 and two in December 2019.

The Accumulated Depreciation on owned assets was $52,048 and $21,030 as of December 31, 2020 and 2019, respectively. Depreciation expense was $31,657 and $17,347 for the years ended December 31, 2020 and 2019, respectively, and was $6,731 and $2,315 for the period from April 11, 2018 through December 31, 2018 and the period January 1, 2018 through April 10, 2018, respectively.

7. PROPERTY & EQUIPMENT (continued)

The Accumulated Amortization on Finance Lease Assets was $13,018 and $6,698 as of December 31, 2020 and 2019, respectively. Amortization Expense was $11,948 and $13,104 for the years ended December 31, 2020 and 2019, respectively, and was $4,476 and $119 for the period from April 11, 2018 through December 31, 2018 and the period January 1, 2018 through April 10, 2018, respectively.

Depreciation expense on Owned Assets and amortization expense on Finance Lease Assets are classified in Depreciation and Amortization on the Consolidated Statements of Operations.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS

8. GOODWILL AND OTHER INTANGIBLE ASSETS

Components of Goodwill and Other Intangible Assets were as follows:


	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships		48,000		(10,890)		37,110
Intangible Assets with Indefinite Lives:
Tradename		56,000		—		56,000
Total Other Intangible Assets		104,000		(10,890)		93,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(10,890)	$	315,333


	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships		48,000		(6,890)		41,110
Intangible Assets with Indefinite Lives:
Tradename		56,000		—		56,000
Total Other Intangible Assets		104,000		(6,890)		97,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(6,890)	$	319,333

All Goodwill is related to the Passenger Operating segment.

Finite-Lived Intangible Assets are amortized over an estimated useful life 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 has an estimated life of 12 years and is being amortized over this period on a straight-line basis.

SCA recognized $4,000 of amortization expense on intangible assets with finite-lives during each of the years ended December 31, 2020 and 2019. For the period April 11, 2018 to December 31, 2018, SCA recognized $2,890 of amortization expense. Amortization is classified in Depreciation and Amortization on the Consolidated Statements of Operations. As of December 31, 2020, estimated annual amortization expense for each of the next five fiscal years is $4,000 and $17,110 thereafter.

DEBT

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

DEBT

DEBT

7. DEBT

Lines of Credit—On February 10, 2021, the Company executed a new five-year credit agreement with a group of lenders that replaced the Company’s prior $25,000 asset-based revolving credit facility (the “ABL Facility”). The new agreement provides for a $25,000 Revolving Credit Facility and a $90,000 Delayed Draw Term Loan Facility, which are collectively referred to as the “Credit Facilities.” The interest rate on borrowings is based on the greatest of various alternative base rates, with a minimum of 2%, plus an applicable margin of 4% to 5%. 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. The proceeds from the Delayed Draw Term Loan Facility are to be used solely to finance the acquisition of aircraft or engines to be registered in the U.S. During the three months ended March 31, 2021, the Company drew $68,000 on the Delayed Draw Term Loan Facility to purchase five aircrafts. On April 6, 2021, the Company drew an additional $12,500 for the purchase of an additional aircraft, which was under operating lease as of March 31, 2021. The Credit Facilities have financial covenants that require a minimum EBITDAR (ranging from $62,100 to $87,700) and a minimum liquidity of $30,000 at the close of any business day.

Under the CARES Act Loan Program, on October 26, 2020, the Company was awarded a $45,000 loan, which was secured by the Company’s loyalty program and certain cash deposit accounts. The loan bore interest at a rate per annum equal to the Adjusted LIBO Rate plus 6.50% and was due to be repaid on the earlier of (i) October 24, 2025 or (ii) six months prior to the expiration date of any material loyalty program securing the loan. On March 24, 2021, the CARES Act Loan was repaid in full, including outstanding principal and accrued interest for a total repayment amount of $46,260.

The Company was in compliance with all covenants in its debt agreements at March 31, 2021.

7. DEBT (continued)

Long-term Debt included the following:


	March 31, 2021		December 31, 2020
Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and are secured by the equipment for which the loan was used.	$	227,347	$	227,347

Delayed Draw Term Loan Facility (see terms and conditions above)		68,000		—

U. S. Department of the Treasury CARES Act Loan (see terms and conditions above)		—		45,419

Notes payable to Wilmington Trust Company. Notes bear interest at an annual rate of 8.45% and mature Nov. 2023 to Feb. 2024.		11,880		12,506

Other Notes payable. These notes bear interest at an annual rate of approximately 5.0% and mature March 2029.		505		529

Total Debt		307,732		285,801

Less: Unamortized debt issuance costs		(4,391)		(3,338)

Less: Current Maturities of Long-term Debt		(29,232)		(26,118)

Total Long-term Debt	$	274,109	$	256,345

Future maturities of the outstanding Debt are as follows:


	Debt Principal		Amortization of Debt
March 31, 2021	Payments		Issuance Costs		Net Debt
Remainder of 2021	$	28,799	$	(775)	$	28,024
2022		32,059		(983)		31,076
2023		44,900		(908)		43,992
2024		43,962		(785)		43,177
2025		45,062		(670)		44,392
Thereafter		112,950		(270)		112,680
Total	$	307,732	$	(4,391)	$	303,341

The table below presents the Company’s debt measured at fair value:


	March 31, 2021		December 31, 2020
Carrying Amount	$	307,732	$	285,801
Fair Value	$	301,513	$	279,119

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 incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

9. DEBT

Lines of Credit — In 2018, the Company entered into a revolving credit agreement with a financial institution which provides available credit based upon defined thresholds to a maximum amount of $20,000. On May 15, 2020, the revolving credit agreement maturity date was extended by one year to April 11, 2022 and the maximum credit amount was increased from $20,000 to $25,000. Available credit under this agreement as of December 31, 2020 and 2019 was $25,000 and $19,650, respectively, since 2020 had no outstanding letters of credit and the 2019 available credit was reduced due to outstanding letters of credit. Outstanding balances bear interest at the greatest of a) the Prime Rate or b) the Federal Funds Effective Rate plus 0.5% or c) the Adjusted London Interbank Offered Rate for an interest period of one-month plus 1.00%. SCA pays a 0.5% commitment fee on the average daily unused balance. The revolving credit agreement is secured by certain assets of SCA and contains a financial covenant and guarantees. SCA was in compliance with the covenant as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, there were no outstanding balances on the revolving credit agreement.

On February 10, 2021, the Company executed a new five-year credit agreement with a group of lenders that replaces the Company’s May 15, 2020 $25,000 revolving credit agreement. The new agreement provides for a $25,000 Revolving Credit Facility and a $90,000 Delayed Draw Term Loan Facility, which are collectively referred to as the “Credit Facilities.” The interest rate on borrowings is based on the greatest of various alternative base rates, with a minimum of 2%, plus an applicable margin of 4% to 5%. 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. The proceeds from Delayed Draw Term Loans are to be used solely to finance the acquisition of aircraft or engines to be registered in the U.S. The Credit Facilities have financial covenants that require a minimum EBITDAR (ranging from $62,100 to $87,700) and a minimum liquidity of $30,000 at the close of any business day.

Long-term Debt—In December 2019, the Company arranged for the issuance of Class A, Class B and Class C pass-through trust certificates Series 2019‑1 (the “2019‑1 EETC”), in an aggregate face amount of $248,587 (the “Certificates”) for the purpose of financing or refinancing 13 used aircraft. To facilitate the arrangement, the Company created three pass-through trusts that will sell the Certificates to institutional investors. The proceeds from the sale of Certificates are held in escrow until such time that the Company provides the trust with an aircraft financing closing notice, which will cause the trusts to use the proceeds from the sale of Certificates to purchase equipment notes from the Company. The equipment notes are secured by the aircraft. Debt issuance costs of $2,988 were incurred in 2019 related to this financing and is being amortized into interest expense over the lives of the Certificates.

In December of 2019, the Company purchased one aircraft under the 2019‑1 EETC. In the first quarter of 2020, under the 2019‑1 EETC, SCA purchased two additional aircraft, purchased one previously under operating lease, and refinanced three aircraft previously owned and financed. The purchase of the remaining six aircraft previously under operating or finance leases occurred in the second quarter of 2020. The total appraised value of the 13 aircraft is approximately $292,450. The Certificates bear interest at the following rates per annum: Class A, 4.13% relating to a tranche of seven of the financed aircraft and 4.25% relating to a tranche of six of the financed aircraft; Class B, 4.66% relating to a tranche of seven of the financed aircraft and 4.78% related to a tranche of six of the financed aircraft; and Class C, 6.95%. The expected maturity date of Class A is December 15, 2027, the Class B is December 15, 2025 and the Class C is December 15, 2023.

These trusts meet the definition of a variable interest entity (“VIE”) and must be considered for consolidation in the Company’s Consolidated Financial Statements. This assessment considers both quantitative and qualitative factors including the purpose for which these trusts were established and the nature of the risks. The main purpose of the trust structure is to enhance the credit worthiness of the debt obligation and lower the total borrowing cost. The Company concluded that it is not the primary beneficiary in these trusts because the Company’s involvement is limited to principal and interest payments on the related notes. Therefore, these trusts have not been consolidated in the Company’s Consolidated Financial Statements.

9. DEBT (continued)

Under the CARES Act Loan Program, on October 26, 2020, the Company was awarded a forty-five-million-dollar loan, which is secured by SCA’s loyalty program and certain cash deposit accounts. The loan bears interest at a rate per annum equal to the Adjusted LIBO Rate plus 6.50% and is due to be repaid on the earlier of (i) October 24, 2025 or (ii) six months prior to the expiration date of any material loyalty program securing the loan. During the term of the loan, the Company must maintain aggregate liquidity of not less than ten million dollars, measured at the close of every business day. There are also provisions that may accelerate payments under the loan if certain collateral and debt service coverage ratios are not met. Additionally, because of the timing of the expiration of the Company’s loyalty program agreement, early loan repayments shall be made based on cash flows from the loyalty program, beginning approximately January 2023. The loan program allows for the Payment-In-Kind (“PIK”) of certain interest amounts throughout the debt term The Company elected to PIK $419 of accrued interest in the fourth quarter of 2020 and it was added to the principal balance.

Long-term Debt included the following:


	December 31, 2020		December 31, 2019
Notes payable under the Company’s 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and are secured by the equipment for which the loan was used	$	227,347	$	28,280
U. S. Department of the Treasury CARES Act Loan (see terms and conditions above)		45,419		—
Notes payable to Wilmington Trust Company dated October and November 2018, with original loan amounts totaling $55,671 payable in monthly installments through November 2023. These notes bore interest at an annual rate of 8.45%. They were refinanced in January 2020 through 2019-1 EETC notes		—		46,617
Note payable to Wilmington Trust Company dated February 2019, with an original loan amount of $12,750 payable in monthly installments of $151 through January 2024, and then final lump sum payment of $2,825 in February 2024. This note bears interest at an annual rate of 8.45% and is secured by the equipment for which the loan was used		9,813		11,237
Note payable to Wilmington Trust Company dated November 2018, with an original loan amount of $3,671 payable in monthly installments of $44 through October 2023, and then final lump sum payment of $1,101 in November 2023. This note bears interest at an annual rate of 8.45% and is secured by the equipment for which the loan was used		2,693		3,105
Note payable to Alliance Bank dated February 2019, with an original loan amount of $600 payable in monthly installments of $5 through March 2029. This note bears interest at an annual rate of 5.0%		519		569
Notes payable to Riverland Bank dated between April 2015 and May 2016, with original loan amounts totaling $734 payable in monthly installments with expirations between April 2020 and April 2021. The notes bear interest at an annual rate of 5.15% and are secured by the equipment for which the loan was used		10		97
Total Debt		285,801		89,905
Less: Unamortized debt issuance costs		(3,338)		(2,988)
Less: Current Maturities of Long-term Debt		(26,118)		(13,197)
Total Long-term Debt	$	256,345	$	73,720

9. DEBT (continued)

Future maturities of the outstanding Debt are as follows:


Year Ending December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2021	$	26,928	$	(810)	$	26,118
2022		28,846		(752)		28,094
2023		43,819		(678)		43,141
2024		67,659		(554)		67,105
2025		64,810		(342)		64,468
Thereafter		53,739		(202)		53,537
Total	$	285,801	$	(3,338)	$	282,463

The table below presents the Company’s debt measured at fair value:


	December 31, 2020		December 31, 2019
Carrying Amount	$	285,801	$	89,905
Fair Value	$	279,119	$	96,342

The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-year incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

LEASES

12 Months Ended

Dec. 31, 2020

LEASES

LEASES

10. LEASES

The Company adopted ASC 842 using the modified retrospective transition approach with an effective date of January 1, 2019. The Company elected the package of practical expedients, which allows the Company to carryforward the historical assessment of the following: (1) whether the Company’s contracts are or contain leases, (2) lease classification, and (3) initial direct costs. The Company also elected to combine lease and non-lease components. Leases with an initial term of 12 months or less will be recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. These leases primarily relate to seasonal aircraft rentals.

The Company classifies its Operating Leases into three categories: Aircraft, Real Estate, and Other. Aircraft leases consist of aircrafts and aircraft equipment under operating lease agreements. As of December 31, 2020, the Company had 17 leases for aircraft, of which five were under finance leases and 12 were Right-of-use operating leases. Real Estate leases consist of leased hangar and administration facilities and Other leases consist of non-aircraft equipment under operating lease agreements. Real Estate and Other leases have initial terms of up to ten years.

Our fleet of 12 freighters is subleased directly from Amazon and we operate them pursuant to the Air Transportation Services Agreement (“ATSA”). Based upon review of the ATSA, the sublease arrangement does not qualify as a lease under ASC 842, Leases, because we do not control the use of the aircraft. As such, no right-of-use asset and lease liability is recognized in our financial statements for the Amazon arrangement.

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.

10. LEASES (continued)

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


	Classification	December 31, 2020		December 31, 2019
Assets
Finance lease assets, net	Property and Equipment, net	$	104,815	$	194,328
Operating lease assets	Operating Lease Right-of-use Assets		121,269		147,148
Total lease assets		$	226,084	$	341,476
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	11,460	$	92,318
Operating lease liabilities	Short-term Operating Lease Obligations		34,492		30,611
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations		95,710		105,037
Operating lease liabilities	Long-term Operating Lease Obligations		112,707		141,879
Total lease liabilities		$	254,369	$	369,845

The Company uses the rate implicit in the lease to discount lease payments to present value, however, the 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 initially at adoption and at lease commencement going forward, taking into consideration recent debt issuances as well as publicly available data for instruments with similar characteristics.

The Company’s lease agreements do not contain any residual value guarantees. SCA reviewed its operating leases for extension options that may be reasonably certain to be exercised and then would become part of the right-of-use assets and lease liabilities. As of December 31, 2020, the Company did not have any material operating leases with extension or termination options which are reasonably certain to be exercised.

During the year ended December 31, 2020 the Company negotiated rent payment deferrals with a majority of its aircraft lessors. The amount deferred as of December 31, 2020 was $7,569, consisting of $2,133 under finance leases and $5,436 under operating leases. These deferrals are classified within the current portion of the respective lease liabilities on the Consolidated Balance Sheet.

The following table provides details of the Company’s obligations under finance and operating leases as of December 31, 2020:


	Finance		Operating Leases
	Leases		Aircraft		Real Estate		Other		Total
2021	$	17,572	$	38,076	$	2,218	$	1,675	$	41,969
2022		15,460		32,842		1,962		1,561		36,365
2023		15,460		32,592		1,466		659		34,717
2024		25,177		24,476		1,466		—		25,942
2025		12,489		9,630		1,466		—		11,096
Thereafter		52,949		8,222		5,071		—		13,293
Total Minimum Lease Payments		139,107		145,838		13,649		3,895		163,382
Less: Amount Representing Interest		(31,937)		(18,034)		(2,662)		(265)		(20,961)
Present Value of Minimum Lease Payments		107,170		127,804		10,987		3,630		142,421
Plus: Tennant Improvements		—		—		4,778		—		4,778
Less: Short-term Obligations		(11,460)		(30,880)		(2,105)		(1,507)		(34,492)
Long-term Lease Obligations	$	95,710	$	96,924	$	13,660	$	2,123	$	112,707

10. LEASES (continued)

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


		Successor						Predecessor
		Year Ended December 31,				For the Period April 11, 2018 to December 31,		For the Period January 1, 2018 to
	Classification	2020		2019		2018		April 10, 2018
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	11,948	$	13,104	$	4,475	$	119
Interest on lease liabilities	Interest Expense		8,659		10,741		4,754		293
Operating lease cost
Included in ROU asset—Aircraft	Aircraft Rent(1)		30,717		40,043		33,315		16,177
Included in ROU asset—Other	Ground Handling, Landing Fees and Airport Rent & Other Operating		4,872		5,415		3,832		1,648
Short-term	Aircraft Rent		1,813		5,345		2,622		6,148
Variable—Aircraft	Aircraft Rent(1)		(1,541)		4,520		894		6,004
Variable—Other	Landing Fees & Airport Rentals		1,049		1,345		702		440
Total Lease cost		$	57,517	$	80,513	$	50,594	$	30,829

(1)

The years ended December 31, 2020 and 2019, include credits of $14,110 and $20,386, respectively, for the amortization of Over-market Liabilities established at the Acquisition Date. For the 2018 Successor and Predecessor periods, the credits were $17,275 and none, respectively.

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


	For the Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	34,576	$	50,081
Operating Cash Flows for Finance Leases	$	8,659	$	10,741
Financing Cash Flows for Finance Leases	$	89,697	$	8,258

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


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term
Operating Leases	4.8	years	6.0	years
Finance Leases	8.6	years	6.0	years
Weighted-average discount rates
Operating Leases	6.0	%	5.8	%
Finance Leases	6.1	%	6.0	%

During the years ended December 31, 2020 and 2019, the Company expensed $8,691 and $18,584 of maintenance reserve payments, respectively. The Company expensed $12,781 and $6,003 of maintenance reserve payments during the period April 11, 2018 to December 31, 2018 and from January 1, 2018 to April 10, 2018, respectively. These expenses are reflected in Aircraft Rent on the accompanying Consolidated Statements of Operations.

10. LEASES (continued)

At 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 of December 31, 2020 and 2019, the remaining balance of the contra-asset was $36,729 and $43,844, respectively. Of the $7,115 reduction in the contra-asset during 2020, $5,624 related to the purchase of two aircrafts previously leased. For the years ended December 31, 2020 and 2019, the Company recognized $1,402 and $12,263, respectively, of the contra-asset as a reduction to Maintenance expense on the accompanying Consolidated Statements of Operations. For the period of April 11, 2018 to December 31, 2018, the Company recognized $6,516 as a reduction to Maintenance expense.

STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

11. STOCK-BASED COMPENSATION

In October of 2018, the Company adopted an equity incentive plan (the “Plan”) pursuant to which the Company may grant stock options, restricted stock, and restricted stock units to employees, consultants, and non-employee directors. Shares related to awards granted under the Plan that expire, are forfeited, or for any other reason are not issued or delivered will be available for subsequent awards under the Plan. The Plan authorizes issuance of up to 6,985,533 shares. As of December 31, 2020, there were 988,383 shares available for future grants.

On November 7, 2018, the Company granted 5,827,511 stock options to certain employees, with 38.5% of the options vesting upon the passage of time, and 61.5% of the options vesting based on performance conditions.

Additional stock options were awarded in 2019 and 2020 with the same time-vesting and performance ratios (see tables below). The 2018 time-based options vest proportionally (25% per year) on each of the first four anniversaries of the Acquisition Date. The 2019 and 2020 time-based options vest proportionally (25% per year) on each of the first four anniversaries of the grant date. The performance-based options vest when there is a Change in Control. All unexercised options awarded under the Plan expire on the tenth anniversary of the grant date. The stock option exercise prices range from $5.30 to $18.02 per share.

Compensation expense related to time-based stock options is recognized in an amount equal to the fair value on the date of the grant and is recognized on a straight-line basis over the employee’s requisite service period, generally the vesting period of the award. Compensation expense related to performance-based stock options is recognized only if the performance condition becomes probable of occurring.

A summary of stock option activity:


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2018	2,243,588	$	5.29	$	2.39	9.8
Granted	472,253	$	7.93	$	3.14
Forfeited	(434,533)	$	5.29	$	2.39
Outstanding as of December 31, 2019	2,281,308	$	5.84	$	2.54	9.0
Granted	221,941	$	17.99	$	7.02
Forfeited	(173,788)	$	14.65	$	5.70
Outstanding as of December 31, 2020	2,329,461	$	6.36	$	2.74	7.6
Exercisable as of December 31, 2020	1,054,059	$	5.64	$	2.50
Vested or expected to vest, December 31, 2020	2,329,461	$	6.36	$	2.74

11. STOCK-BASED COMPENSATION (continued)


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2018	3,583,923	$	5.29	$	1.50	9.8
Granted	746,836	$	7.96	$	2.01
Forfeited	(827,812)	$	5.29	$	1.50
Outstanding as of December 31, 2019	3,502,947	$	5.86	$	1.61	9.0
Granted	346,984	$	17.99	$	4.36
Forfeited	(272,679)	$	14.65	$	3.59
Outstanding as of December 31, 2020	3,577,252	$	6.38	$	1.72	7.6
Exercisable as of December 31, 2020	—	$	—	$	—
Vested or expected to vest, December 31, 2020	—	$	—	$	—

Stock compensation expense was $2,110 and $1,888 during the years ended December 31, 2020 and 2019, respectively, and was $373 during the period April 11, 2018 through December 31, 2018. Expense recorded in 2020 includes 30,820 shares of SCA’s common stock which was awarded to employees as part of their annual bonus compensation. As of December 31, 2020, there was $2,760 of total unrecognized compensation expense related to time-based stock options, which is expected to be fully recognized over a weighted average period of approximately 1.5 years.

A third-party valuation advisor was utilized to assist management in determining the fair value of options granted using the Black-Scholes option-pricing model based on the grant price and assumptions regarding the expected term, expected volatility, dividends, and risk-free interest rates. The grant price was determined based on the fair value of the Company’s stock on the grant date.

The fair value of the time-based stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants:


	2020		2019
Expected Term	5.59	years	5.67	years
Expected Volatility	38.8	%	33.9	%
Risk-free Interest Rate	1.7	%	1.7	%
Expected Dividend Yield	—		—

The expected term was based on vesting criteria and time to expiration. The expected volatility was based on historical volatility of stock prices and assets of a public company peer group. The risk-free interest rate was based on the implied risk-free rate using the expected term and yields of U.S Treasury stock and S&P bond yields.

The fair value of performance-based stock options granted was estimated by simulating the future stock price using geometric brownian motion and risk-free rate of return at intervals specified in the grant agreement. The number of shares vested and future price at each interval were recorded for each simulation and then multiplied together and discounted to present value at the risk-free rate of return.

FUEL DERIVATIVES AND RISK MANAGEMENT

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

FUEL DERIVATIVES AND RISK MANAGEMENT

FUEL DERIVATIVES AND RISK MANAGEMENT

8. FUEL DERIVATIVES AND RISK MANAGEMENT

The Company’s operations are inherently dependent upon the price of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into fuel option and swap contracts. The Company does not apply hedge accounting to its fuel derivative contracts, nor does it hold or issue them for trading purposes.

Fuel derivative contracts are recognized at fair value on the Condensed Consolidated Balance Sheets as Derivative Assets, if the fair value is in an asset position, or as Derivative Liabilities, if the fair value is in a liability position. The Company did not have any collateral held by counterparties to these agreements as of March 31, 2021 and December 31, 2020. Derivatives where the payment due date is greater than one year from the balance sheet date are classified as long-term.

Changes in Derivative Assets (Liabilities) were as follows:


	Three Months Ended March 31,
	2021		2020
Balance—January 1	$	(1,173)	$	2,233
Non-cash Gains (Losses)		2,386		(21,752)
Contract Settlements		(8)		65
Balance—March 31	$	1,205	$	(19,454)

Fuel Derivative Gains (Losses) consisted of the following:


	Three Months Ended March 31,
	2021		2020
Non-cash Gains (Losses)	$	2,386	$	(21,752)
Cash Premiums Paid		—		(284)
Total Fuel Derivative Gains (Losses)	$	2,386	$	(22,036)

The gain in the quarter ended March 31, 2021 was primarily due to an increase in oil prices. The loss in the quarter ended March 31, 2020 was primarily due to the significant decline in oil prices. There were fuel derivative gains in the second, third and fourth quarters of 2020, primarily due to the partial recovery of oil prices following the decline during the first quarter of 2020. Fuel derivative gains and losses are classified in Aircraft Fuel on the Condensed Consolidated Statements of Operations.

As of March 31, 2021, the Company had outstanding fuel derivative contracts covering 12.7 million gallons of crude oil and jet fuel that will settle between April 2021 and September 2021.

12. FUEL DERIVATIVES AND RISK MANAGEMENT

Fuel derivative contracts are recognized at fair value on the Consolidated Balance Sheets as Derivative Assets, if the fair value is in an asset position, or as Derivative Liabilities, if the fair value is in a liability position. The Company did not have any collateral held by counterparties to these agreements as of December 31, 2020 and 2019. Derivatives where the payment due date is greater than one year from the balance sheet date are classified as long-term.

Changes in Derivative Assets (Liabilities) were as follows:


	Year Ended December 31,
	2020		2019
Balance—January 1	$	2,233	$	(12,006)
Non-cash gains (losses)		(12,206)		10,791
Contract settlements		8,800		3,448
Balance—December 31	$	(1,173)	$	2,233

Fuel Derivative Gains (Losses) consisted of the following:


	Year Ended December 31,				For the Period April 11, 2018 to
	2020		2019		December 31, 2018
Non-cash gains (losses)	$	(12,206)	$	10,791	$	(12,006)
Cash Premiums Paid		(2,053)		(665)		(2,280)
Total Fuel Derivative gains (losses)	$	(14,259)	$	10,126	$	(14,286)

There were fuel derivative gains in the second, third and fourth quarters of 2020, primarily due to the partial recovery of oil prices following the decline during the first quarter of 2020. There were no fuel derivatives outstanding during the period January 1, 2018 through April 10, 2018. Fuel derivative gains and losses are recognized in Aircraft Fuel expense on the Consolidated Statements of Operations.

As of December 31, 2020, the Company had outstanding fuel derivative contracts covering 21.0 million gallons of crude oil and jet fuel that will settle between January 2021 and September 2021.

Fuel Consortia

The Company currently participates in fuel consortia at multiple airports. These agreements generally include cost-sharing provisions and environmental indemnities that are generally joint and several among the participating airlines. To the extent the consortium are legal entities, they meet the definition of a VIE and must be considered for consolidation in the Company’s Consolidated Financial Statements. The company concluded that it is not the primary beneficiary of any fuel consortia as SCA’s participation generally represents a small percentage of the overall fuel consortia interests and SCA does not have the ability to direct the activities of the consortia.

FAIR VALUE MEASUREMENTS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

9. 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.

Derivative Instruments – Derivative instruments are accounted for as either assets or liabilities and are carried at fair value. The fair value for fuel derivative options and swaps is determined utilizing an option pricing model that uses inputs that are readily available in active markets or can be derived from information available in active markets and are classified within Level 2.

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


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Fuel Derivative Contracts	$	—	$	1,205	$	—	$	1,205
Total Assets measured at fair value on a recurring basis	$	—	$	1,205	$	—	$	1,205


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Fuel Derivative Contracts	$	—	$	1,173	$	—	$	1,173
Total Liabilities measured at fair value on a recurring basis	$	—	$	1,173	$	—	$	1,173

Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of property and 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.

The Company’s debt portfolio consists of 2019‑1 EETC certificates, borrowings under the Delayed Draw Term Loan Facility, and fixed-rate notes payable. See Note 7 for debt fair values.

13. FAIR VALUE MEASUREMENTS

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

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.

Derivative Instruments—Derivative instruments are accounted for as either assets or liabilities and are carried at fair value. The fair value for fuel derivative options and swaps is determined utilizing an option pricing model that uses inputs that are readily available in active markets or can be derived from information available in active markets and are classified within Level 2.

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


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Fuel Derivative Contracts	$	—	$	1,173	$	—	$	1,173
Total Liabilities measured at fair value on a recurring basis	$	—	$	1,173	$	—	$	1,173


	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Fuel Derivative Contracts	$	—	$	2,233	$	—	$	2,233
Total Assets measured at fair value on a recurring basis	$	—	$	2,233	$	—	$	2,233

Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of property and 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 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.

The Company’s debt portfolio consists of EETC certificates and notes payable. See Note 9 for debt fair values.

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.

INCOME TAXES

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 30.3% and 25.2%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible items. The increase is primarily related to an unfavorable permanent difference and discrete items related to executive compensation disallowed under Internal Revenue Code Section 162(m), partially offset by the reduction in meals and entertainment disallowed expenses during the current year.

Tax Receivable Agreement

In connection with the Company’s IPO, we entered into an income tax receivable agreement (the “Tax Receivable Agreement” or “TRA”)) with our pre-IPO stockholders (the “TRA holders”). The Tax Receivable Agreement 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.

Payments under the Tax Receivable Agreement will not begin until at least 12 months after the closing of the Company’s IPO. In the event that the Company is prohibited from making payments under the Tax Receivable Agreement for tax benefits utilized during any periods pursuant to the CARES Act or other governmental programs, the Company is not required to make payments under the Tax Receivable Agreement for Pre-IPO Tax Attributes utilized in such periods. Based on our current participation in the CARES Act Loan Program, the Company does not expect to make payments under the Tax Receivable Agreement until 2023.

The Tax Receivable Agreement liability is an estimate and actual amounts payable under the Tax Receivable Agreement could differ from this estimate based on, among other things, (i) generation of future taxable income over the term of the Tax Receivable Agreement, (ii) the Company’s participation in future government programs, (iii) stock option activity during periods prior to the commencement of payments under the Tax Receivable Agreement and (iv) future changes in tax laws. These factors could result in an increase or decrease in the related liability which would be recognized in the Company’s earnings in the period of such change. In April 2021, the Company was notified that it is to receive a PSP3 grant of approximately $34,547 under the American Rescue Plan Act of 2021, which will result in a decrease to the Tax Receivable Agreement liability in Q2 2021. This TRA liability decrease is due to an extension in the time period in which distributions made to shareholders are restricted. If we do not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then we would not be required to make the related TRA Payments. Upon the closing of the IPO, the Company recognized a non-current liability of $115,200 which represents undiscounted aggregate payments that we expect to pay the TRA holders under the Tax Receivable Agreement and is presented in “Long-term Liabilities” on the Condensed Consolidated Balance Sheet as of March 31, 2021, with an offset to Stockholders’ Equity. Subsequent changes in the measurement of the liability will be adjusted through the Consolidated Statements of Operations.

14. INCOME TAXES

The Company’s effective tax rate for the years ended December 31, 2020 and 2019 were 16.6% and 23.5%, respectively, and for the period from April 11, 2018 to December 31, 2018 it was (77.9)%. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible items.

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


	Successor
	Year Ended December 31,				For the period April 11, 2018 to
	2020		2019		December 31, 2018
Current:
Federal	$	—	$	—	$	—
State and Local		10		66		—
Total Current Tax Expense		10		66		—

Deferred:
Federal		(597)		12,509		129
State and Local		(191)		1,513		32
Total Deferred Tax Expense / (Benefit)		(788)		14,022		161
Total Income Tax Expense / (Benefit)	$	(778)	$	14,088	$	161

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


	Successor
	Year Ended December 31,				For the period April 11, 2018 to
	2020		2019		December 31, 2018
Expected Provision at Federal Statutory
Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	3.1	%	2.1	%	(12.0)	%
Employee Parking	(3.3)	%	0.2	%	(40.4)	%
Meals and Entertainment	(2.2)	%	0.2	%	(42.9)	%
Other Permanent Adjustments	(2.0)	%	0.0	%	(3.6)	%
Effective Tax Rate	16.6	%	23.5	%	(77.9)	%

14. INCOME TAXES (continued)

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


	December 31,
	2020		2019
Deferred Tax Assets:
Net Operating Loss	$	75,389	$	24,680
Operating Lease Obligations		32,942		38,629
Finance Lease Obligations		20,095		45,392
Goodwill and Other Intangible Assets		12,586		15,325
Loyalty Program Liabilities		4,911		5,064
Accrued Maintenance		4,434		7,481
Other		4,318		2,769
Total Deferred Tax Assets		154,675		139,340

Deferred Tax Liabilities:
Accelerated Depreciation		(67,105)		(24,858)
Operating Lease Right-of-use Assets		(27,892)		(33,844)
Finance Lease Assets		(23,462)		(44,696)
Unrealized Gain on Fuel Derivatives		—		(514)
Total Deferred Tax Liabilities		(118,459)		(103,912)
Total Net Deferred Tax Assets	$	36,216	$	35,428

As of December 31, 2020, the Company has $73,116 of federal net operating loss and $2,273 of state net operating loss, net of tax effect, available that may be applied against future tax liabilities. 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, 2020, 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, 2020 and 2019, 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 and state income tax purposes, the Company’s 2018 and 2019 tax returns remain open to examination.

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.

DEFINED CONTRIBUTION 401K

DEFINED CONTRIBUTION 401K

12 Months Ended

Dec. 31, 2020

DEFINED CONTRIBUTION 401K

15. 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. SCA currently matches 100% of participants contribution up to a maximum of 4% for non-pilot participants’ and 6% for pilot participants’ eligible compensation. SCA is also required to make a non-discretionary 2% Company contribution for pilots based on gross earnings.

The Company made 401(k) contributions as follows:


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Non-Discretionary	$	1,040	$	908	$	592	$	308
Discretionary		4,263		4,246		2,436		1,026
Total 401(k) Contributions	$	5,303	$	5,154	$	3,028	$	1,334

Contributions are classified in Salaries, Wages, and Benefits on the Consolidated Statements of Operations.

SPECIAL ITEMS, NET

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

SPECIAL ITEMS, NET

SPECIAL ITEMS, NET

11. SPECIAL ITEMS, NET

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


	Three Months Ended March 31,
	2021		2020
CARES Act grant recognition(1)	$	(32,208)	$	—
CARES Act employee retention credit(2)		(334)		—
Aircraft lease buy-out expense(3)		5,664		—
Other		7		—
Total Special Items, net	$	(26,871)	$	—

(1)

In the quarter ended March 31, 2021, the Treasury awarded the Company a grant under PSP2.

(2)

Relates to a credit recognized under the CARES Act Employee Retention credit which is a refundable tax credit against certain employment taxes.

(3)

Five aircraft were purchased in March 2021 that were previously under operating leases. Aircraft lease buy-out expense represents the net costs incurred to terminate the leases on those five aircraft. This includes the associated lease termination costs, write-off of previously capitalized maintenance deposits, and the write-off of over-market liabilities (see Note 6).

16. SPECIAL ITEMS, NET

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


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
CARES Act grant recognition(1)	$	(62,312)	$	—	$	—	$	—
CARES Act employee retention credit(2)		(2,328)		—		—		—
Contractual obligations for retired technology(3)		—		7,578		—		—
Sale of airport slot rights(4)		—		(1,200)		—		—
Sun Country Rewards program modifications(5)		—		—		(8,463)		—
Early-out payments and other outsourcing expenses(6)		—		—		1,757		271
Other(7)		77		714		—		—
Total Special Items, net	$	(64,563)	$	7,092	$	(6,706)	$	271

(1)

Relates to the credit recognized under the CARES Act Payroll Support Program through December 31, 2020. Under the Payroll Support Program, the United States Department of the Treasury provided the Company with a Payroll Support grant, which was to be used exclusively for the continuation of payments for salaries, wages, and benefits. (see Note 3 for more information).

(2)

Relates to the credit recognized under the CARES Act Employee Retention credit which is a refundable tax credit against certain employment taxes (see Note 3 for more information).

(3)

This was a charge related to contractual obligations for retired technology. In connection with implementing SCA’s new reservations systems, the Company incurred obligations under the contracts for existing systems that were being phased out ahead of their scheduled contract terms.

16. SPECIAL ITEMS, NET (continued)

(4)

Represents proceeds from the sale of unused airport slot rights. SCA does not hold any other remaining airport slot rights; therefore this gain does not reflect the Company’s continuing operations.

(5)

This reduction to expense is associated with changes to the terms of the Sun Country Rewards program. As of November 3, 2018, the Company modified policies within the program which accelerated loyalty point expiration, while making points more valuable for its members.

(6)

Related to early-out payments and other expenses incurred in connection with outsourcing certain operations personnel and other employee initiatives. These efforts were primarily related to airport station, flight attendants and ground handling employees.

(7)

Consists of employee relocation costs due to closing flight attendant bases and costs to exit the Company’s prior headquarters building.

COMMITMENTS AND CONTINGENCIES	3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 7) and future purchases of aircraft. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management believes these proceedings will not have a materially adverse effect on the Company.	17. COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements (see Note 10) and repayment of debt (see Note 9). The Company is subject to various legal proceedings in the normal course of business and records legal costs as incurred. Management believes these proceedings will not have a materially adverse effect on the Company.

OPERATING SEGMENTS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

OPERATING SEGMENTS

OPERATING SEGMENTS

13. OPERATING SEGMENTS

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker and is used in resource allocation and performance assessments. The Company’s chief operating decision maker is considered to be the Company’s Chief Executive Officer. The Company’s chief operating decision maker makes resource allocation decisions to maximize the Company’s consolidated financial results. Substantially all the Company’s tangible assets are located in the U.S. or relate to flight equipment, which is mobile across geographic markets. The Company has two operating segments: Passenger and Cargo.

The Company’s Passenger segment has two internal passenger groups (Scheduled and Charter), but since they share resources and expenses are combined, they are considered one Passenger operating segment. The Company’s Passenger 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. All goodwill is related to the Passenger Operating Segment.

13. OPERATING SEGMENTS (continued)

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 presented net on the Consolidated Statements of Operations. Fuel consumed in Cargo maintenance activities is included in the Cargo segment. Certain operating expenses are directly attributable to this 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 table presents financial information for the Company’s two operating segments: Passenger and Cargo. Assets by segment are not reviewed by the Chief Operating Decision Maker and have not been presented herein.


	Three Months Ended March 31, 2021(1)
	Passenger		Cargo		Consolidated
Operating Revenues	$	106,026	$	21,585	$	127,611
Non-Fuel Operating Expenses		87,205		18,070		105,275
Aircraft Fuel		24,253		21		24,274
Special Items, net		(18,206)		(8,665)		(26,871)
Total Operating Expenses		93,252		9,426		102,678
Operating Income	$	12,774	$	12,159		24,933
Interest Income						15
Interest Expense						(7,121)
Other, net						(5)
Income before Income Tax					$	17,822

(1)

As air cargo operations commenced in May 2020, there is no comparable prior period information.

18. OPERATING SEGMENTS

For the years ended December 31, 2019 and 2018, the Company was managed as a single business unit that provided air transportation and other services for passengers. The Company has two internal passenger groups (Scheduled and Charter), but since they share resources and expenses are combined, they are considered one Passenger operating segment. The Passenger operating revenues include passenger and other revenue. The Company’s chief operating decision maker reviews discrete financial information on a combined basis for passenger and other revenues. The Company’s Passenger 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.

In May 2020, the Company began providing air cargo services under the Amazon Agreement. Beginning in the fourth quarter of 2020, in conjunction with the full deployment of all 12 cargo aircraft under the Amazon Agreement and when our Chief Operating Decision Maker began to regularly review financial information for Cargo operations, Cargo services was identified as a separate operating segment. Certain operating expenses are directly attributable to this operating segment and certain operating expenses are allocated between the operating segments. Fuel consumed in Cargo operations is directly reimbursed by Amazon and therefore presented net on the Consolidated Statements of Operations. 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. The Special Items relate to CARES Act credits and are allocated based on the respective segment salaries, wages, and benefits.

18. OPERATING SEGMENTS (continued)


	Year Ended December 31, 2020
	Passenger		Cargo		Consolidated
Operating Revenues	$	364,677	$	36,809	$	401,486
Non-Fuel Operating Expenses		332,742		32,530		365,272
Aircraft Fuel		83,392		—		83,392
Special Items, net		(53,842)		(10,721)		(64,563)
Total Operating Expenses		362,292		21,809		384,101
Operating Income	$	2,385	$	15,000	$	17,385
Interest Income					$	377
Interest Expense						(22,073)
Other Non-operating Income (Expense), net						(371)
Income / (Loss) before Income Tax					$	(4,682)

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.

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CONDENSED PARENT COMPANY FINANCIAL INFORMATION

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

19. CONDENSED PARENT COMPANY FINANCIAL INFORMATION

The following condensed parent company financial information is presented to show only the parent company, Sun Country Airlines Holdings, Inc.

Condensed Balance Sheets


	December 31,
	2020		2019
ASSETS
Current Assets:
Cash and Equivalents	$	—	$	7
Total Current Assets		—		7
Other Assets:
Investment in Subsidiary		282,569		284,185
Other Assets		1,429		—
Total Other Assets		283,998		284,185
Total Assets	$	283,998	$	284,192
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Other Current Liabilities	$	181	$	468
Total Current Liabilities		181		468
Total Liabilities		181		468
Stockholders’ Equity:
Common Stock		239,162		239,141
Loans to Stockholders		(3,500)		(3,500)
Additional Paid In Capital		9,831		5,855
Retained Earnings		38,324		42,228
Total Stockholders’ Equity		283,817		283,724
Total Liabilities and Stockholders’ Equity	$	283,998	$	284,192

19. CONDENSED PARENT COMPANY FINANCIAL INFORMATION (continued)

Condensed Statements of Operations


					For the Period
	Year Ended December 31,				April 11, 2018 to
	2020		2019		December 31, 2018
Operating Expenses:
Other Operating, net	$	179	$	439	$	564
Total Operating Expenses		179		439		564
Operating Income / (Loss)		(179)		(439)		(564)
Non-operating Income (Expense):
Equity in Income / (Loss) of Subsidiaries		(3,725)		46,283		197
Other, net		—		228		—
Total Non-operating Income/ (Expense), net		(3,725)		46,511		197
Income / (Loss) before Income Tax		(3,904)		46,072		(367)
Income Tax Expense / (Benefit)		—		—		—
Net Income / (Loss)	$	(3,904)	$	46,072	$	(367)

Condensed Statements of Cash Flows


					For the Period
	Year Ended December 31,				April 11, 2018 to
	2020		2019		December 31, 2018
Cash Flows from Operating Activities:
Net Cash Provided by Operating Activities	$	—	$	—	$	—
Cash Flows from Investing Activities:
Net Payments to Subsidiary		(28)		—		(47,866)
Net Cash Used in Investing Activities		(28)		—		(47,866)
Cash Flows from Financing Activities:
Cash Contributions from Stockholders		—		—		47,866
Net Payments from Subsidiary		—		7		—
Proceeds Received from Exercise of Apollo Warrants		21		—		—
Net Cash Provided by Financing Activities		21		7		47,866
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash		(7)		7		—
Cash, Cash Equivalents and Restricted Cash—Beginning of the Period		7		—		—
Cash, Cash Equivalents and Restricted Cash—End of the Period	$	—	$	7	$	—

Basis of Presentation

These condensed Parent company-only financial statements are not general-purpose financial statements and should be read in conjunction with the consolidated financial statements. The Parent’s significant accounting policies are consistent with those described in the consolidated financial statements, except that all subsidiaries are accounted for as equity method investments.

19. CONDENSED PARENT COMPANY FINANCIAL INFORMATION (continued)

Restrictions and Covenants

In accordance with any grants and/or loans received under the CARES Act, we are required to comply with the relevant provisions of the CARES Act and the related implementing agreements which, among other things, include the following: the requirement to use the Payroll Support Payments exclusively for the continuation of payment of crewmember and employee wages, salaries and benefits; the requirement that certain levels of commercial air service be maintained until March 1, 2021, or if ordered by the DOT, March 1, 2022; the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends until the later of March 31, 2022 and one year following repayment of the CARES Act Loan; and restrictions on the payment of certain executive compensation until the later of October 1, 2022 and one year following repayment of the CARES Act Loan.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through May 6, 2021, the date that the Condensed Consolidated Financial Statements were available to be issued. On April 22, 2021, we received $4,831 from the Treasury as a top-off grant under PSP2. Further, the Company was notified on April 15, 2021 that it will receive a grant of approximately $34,547 under PSP3, of which $17,274 was received on April 29, 2021 (see Note 3). * * *

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

21. QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly results of operations for the years ended December 31, 2020 and 2019 are summarized below:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2020
Operating Revenues	$	180,330	$	35,376	$	77,973	$	107,807
Operating Income / (Loss)		15,230		(2,234)		8,817		(4,428)
Net Income / (Loss)	$	7,251	$	(6,040)	$	2,927	$	(8,042)
Earnings / (Loss) Per Share:
Basic	$	0.16	$	(0.13)	$	0.06	$	(0.17)
Diluted	$	0.15	$	(0.13)	$	0.06	$	(0.17)


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019
Operating Revenues	$	196,669	$	169,373	$	171,478	$	163,864
Operating Income		46,502		9,541		10,475		11,604
Net Income	$	33,368	$	3,713	$	3,973	$	5,018
Earnings Per Share:
Basic	$	0.71	$	0.08	$	0.08	$	0.11
Diluted	$	0.71	$	0.08	$	0.08	$	0.10

The sum of the quarterly net income (loss) per common stock share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares.

BASIS OF PRESENTATION (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Principles of Consolidation

Fiscal Year

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

Use of Estimates

Change in Presentation

Lessor Maintenance Deposits

At 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 are performed and maintenance expense is incurred, the contra-asset is recognized as a reduction to Maintenance expense.

Inventory

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Property & Equipment

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)


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		3‑25 years (or life of lease, if shorter)
Rotable Parts		6‑16 years (average remaining life of aircraft fleet)

Finance leases are recorded at net present value of future minimum lease payments.

Evaluation of Long-Lived Assets

Equity Incentive Plan

Stockholders' Equity

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

As of December 31, 2020, Amazon held approximately 885,052 vested warrants to acquire common stock of the Company at an exercise price of approximately $15.17 per share.

Deferred Offering Costs

Goodwill and Other Intangible Assets

Long-term Debt

Long-term Debt—Debt finance costs are capitalized and amortized over the term of the respective agreement.

Revenue Recognition

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Charter revenue is recognized at the time of departure when transportation is provided.

Loyalty Program

Co-branded Credit Card Program

Airframe and Engine Maintenance

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income Taxes

Concentration Risk

Approximately 57%, 58% and 48% of the Company’s fuel purchases were made from two vendors for the years ended December 31, 2020, 2019 and 2018, respectively.

The following table shows the Company’s airline employee groups represented by unions:


Employee Group	Number of Active Employees Represented	Union	Date on which Collective Bargaining Agreement Becomes Amendable
Sun Country Pilots	395	ALPA	October 31, 2020
Sun Country Flight Attendants	466	IBT	December 31, 2019
Sun Country Dispatchers	22	TWU	November 30, 2024

Recently Adopted And Issued Accounting Standards

Recently Adopted Accounting Standards

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Upon adoption of the standard on January 1, 2019 the Company made an adjustment to reduce Retained Earnings by $3,477.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recently Issued Accounting Standards

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

12 Months Ended

Dec. 31, 2020

Schedule of estimated useful lives of property and equipment

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)


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		3‑25 years (or life of lease, if shorter)
Rotable Parts		6‑16 years (average remaining life of aircraft fleet)

Schedule of airline employee groups represented by unions

The following table shows the Company’s airline employee groups represented by unions:


Employee Group	Number of Active Employees Represented	Union	Date on which Collective Bargaining Agreement Becomes Amendable
Sun Country Pilots	395	ALPA	October 31, 2020
Sun Country Flight Attendants	466	IBT	December 31, 2019
Sun Country Dispatchers	22	TWU	November 30, 2024

BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2020

BUSINESS COMBINATION

Summary of fair value of the assets acquired and the liabilities assumed


Assets:
Restricted Cash	$	8,308
Investments		3,810
Accounts Receivable		31,796
Inventory		5,295
Prepaid Expenses		7,617
Property and Equipment		38,511
Goodwill		222,223
Other Intangible Assets		104,000
Aircraft Lease Deposits		17,923
Deferred Tax Asset		49,634
Other Assets		1,071
Total Assets		490,188

Liabilities:
Accounts Payable		50,016
Accrued Salaries, Wages, and Benefits		9,006
Accrued Transportation Taxes		12,237
Air Traffic Liabilities		72,235
Over-market Liabilities		108,017
Finance Lease Obligations		10,038
Loyalty Program Liabilities		37,165
Long-term Debt		941
Other Liabilities		2,758
Total Liabilities		302,413
Total Purchase Price	$	187,775

REVENUE (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

REVENUE

Schedule of significant categories comprising operating revenues


	Three Months Ended March 31,
	2021		2020
Scheduled service	$	54,620	$	114,228
Charter service		25,805		29,227
Ancillary		23,770		35,031
Passenger		104,195		178,486
Cargo		21,585		—
Other		1,831		1,844
Total Operating Revenue	$	127,611	$	180,330

	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Scheduled service	$	193,047	$	396,113	$	224,507	$	132,234
Charter service		98,130		174,562		111,317		40,663
Ancillary(1)		68,055		118,158		—		—
Passenger		359,232		688,833		335,824		172,897
Cargo		36,809		—		—		—
Ancillary(1)		—		—		41,065		15,670
Other		5,445		12,551		8,042		8,885
Total Operating Revenue	$	401,486	$	701,384	$	384,931	$	197,452

(1)

The classification of Ancillary changed as a result of the adoption of ASC 606.

Schedule of operating revenue by geographic region


	Three Months Ended March 31,
	2021		2020
Domestic	$	119,312	$	163,038
Latin America		7,877		17,076
Other		422		216
Total Operating Revenue	$	127,611	$	180,330


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Domestic	$	382,463	$	666,332	$	368,456	$	173,995
Latin America		18,515		33,716		15,628		23,003
Other		508		1,336		847		454
Total Operating Revenue	$	401,486	$	701,384	$	384,931	$	197,452

Summary of contract assets and liabilities


	March 31, 2021		December 31, 2020
Contract Assets
Costs to fulfill contract with Amazon	$	3,312	$	3,614
Air Traffic Liabilities	$	94,733	$	101,075
Loyalty Program Liabilities		20,774		22,068
Amazon Deferred Start-up Costs		5,010		5,240
Total Contract Liabilities	$	120,517	$	128,383


	December 31,
	2020		2019
Contract Assets
Costs to fulfill contract with Amazon	$	3,614	$	—
Air Traffic Liabilities	$	101,075	$	116,660
Loyalty Program Liabilities		22,069		22,892
Amazon Deferred Start-up Costs Payments Received		5,240		1,633
Total Contract Liabilities	$	128,384	$	141,185

Schedule of change in contract with customer, liability


	2021		2020
Balance—January 1	$	22,069	$	22,892
Loyalty Points Earned		857		1,635
Loyalty Points Redeemed(1)		(2,152)		(2,206)
Balance—March 31	$	20,774	$	22,321

(1)

Balance—December 31, 2018			$	23,950
ASC 606 adoption adjustment (January 1, 2019)				4,867
Balance—January 1	$	22,892	$	28,817
Loyalty Points Earned		4,015		6,483
Loyalty Points Redeemed(1)		(4,838)		(12,408)
Balance—December 31	$	22,069	$	22,892

(1)

Principally relates to revenue recognized from the redemption of loyalty points for both air and non-air travel awards. Loyalty points are combined in one homogenous pool and are not separately identifiable. As such, the redemptions are comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as loyalty points that were earned during the period.

EARNINGS PER SHARE (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

EARNINGS PER SHARE

Summary of computation of basic and diluted earnings per share


	Three Months Ended March 31,
	2021		2020
Numerator:
Net Income	$	12,416	$	7,251

Denominator:
Weighted Average Common Shares Outstanding—Basic		48,496,077		46,805,951
Dilutive effect of Stock Options and Warrants (1)		4,012,109		1,419,652
Weighted Average Common Shares Outstanding—Diluted		52,508,186		48,225,603

Basic earnings per share	$	0.26	$	0.16
Diluted earnings per share	$	0.24	$	0.15

(1)

5. EARNINGS PER SHARE (continued)


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Numerator:
Net income / (Loss)	$	(3,904)	$	46,072	$	(367)	$	25,910
Denominator:
Weighted Average Common Shares Outstanding—Basic		46,806,042		46,773,038		46,700,990		100,000,000
Dilutive effects of Warrants		—		—		—		—
Dilutive effect of Stock Options and Warrants(1)		—		1,136,375		—		—
Weighted Average Common Shares Outstanding—Diluted		46,806,042		47,909,413		46,700,990		100,000,000
Basic earnings / (loss) per share	$	(0.08)	$	0.99	$	(0.01)	$	0.26
Diluted earnings / (loss) per share	$	(0.08)	$	0.96	$	(0.01)	$	0.26

(1)

PROPERTY & EQUIPMENT (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

AIRCRAFT - Owned and Leased

Summary of aircraft fleet activity


	December 31, 2020	Additions	Removals	March 31, 2021
Passenger:
Owned	14	5	—	19
Finance leases	5	—	—	5
Operating leases	12	—	(5)	7
Sun Country Airlines' Fleet	31	5	(5)	31
Cargo:
Aircraft Operated for Amazon	12	—	—	12
Total Aircraft Operated	43	5	(5)	43


	December 31, 2019	Additions	Removals	March 31, 2020
Passenger:
Owned	5	3	—	8
Finance leases	10	—	—	10
Operating leases	14	—	(1)	13
Seasonal leases	2	—	(1)	1
Sun Country Airlines' Fleet	31	3	(2)	32


	December 31, 2019	Additions	Removals	December 31, 2020
Passenger:
Owned	5	9	—	14
Finance leases	10	—	(5)	5
Operating leases	14	—	(2)	12
Seasonal leases	2	—	(2)	—
Sun Country Airlines’ Fleet	31	9	(9)	31
Cargo Aircraft Operated for Amazon	—	12	—	12
Total Aircraft Operated	31	21	(9)	43


	December 31, 2018	Additions	Removals	December 31, 2019
Owned	3	2	—	5
Finance leases	5	5	—	10
Operating leases	19	—	(5)	14
Seasonal leases	3	2	(3)	2
Sun Country Airlines’ Fleet	30	9	(8)	31

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of goodwill and other intangible assets

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships		48,000		(10,890)		37,110
Intangible Assets with Indefinite Lives:
Tradename		56,000		—		56,000
Total Other Intangible Assets		104,000		(10,890)		93,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(10,890)	$	315,333


	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Goodwill	$	222,223	$	—	$	222,223
Intangible Assets with Finite Lives:
Customer Relationships		48,000		(6,890)		41,110
Intangible Assets with Indefinite Lives:
Tradename		56,000		—		56,000
Total Other Intangible Assets		104,000		(6,890)		97,110
Total Goodwill and Other Intangible Assets	$	326,223	$	(6,890)	$	319,333

DEBT (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

DEBT

Summary of long term debt


	March 31, 2021		December 31, 2020
Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and are secured by the equipment for which the loan was used.	$	227,347	$	227,347

Delayed Draw Term Loan Facility (see terms and conditions above)		68,000		—

U. S. Department of the Treasury CARES Act Loan (see terms and conditions above)		—		45,419

Notes payable to Wilmington Trust Company. Notes bear interest at an annual rate of 8.45% and mature Nov. 2023 to Feb. 2024.		11,880		12,506

Other Notes payable. These notes bear interest at an annual rate of approximately 5.0% and mature March 2029.		505		529

Total Debt		307,732		285,801

Less: Unamortized debt issuance costs		(4,391)		(3,338)

Less: Current Maturities of Long-term Debt		(29,232)		(26,118)

Total Long-term Debt	$	274,109	$	256,345


	December 31, 2020		December 31, 2019
Notes payable under the Company’s 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments through December 2027. These notes bear interest at an annual rate of between 4.13% and 6.95% and are secured by the equipment for which the loan was used	$	227,347	$	28,280
U. S. Department of the Treasury CARES Act Loan (see terms and conditions above)		45,419		—
Notes payable to Wilmington Trust Company dated October and November 2018, with original loan amounts totaling $55,671 payable in monthly installments through November 2023. These notes bore interest at an annual rate of 8.45%. They were refinanced in January 2020 through 2019-1 EETC notes		—		46,617
Note payable to Wilmington Trust Company dated February 2019, with an original loan amount of $12,750 payable in monthly installments of $151 through January 2024, and then final lump sum payment of $2,825 in February 2024. This note bears interest at an annual rate of 8.45% and is secured by the equipment for which the loan was used		9,813		11,237
Note payable to Wilmington Trust Company dated November 2018, with an original loan amount of $3,671 payable in monthly installments of $44 through October 2023, and then final lump sum payment of $1,101 in November 2023. This note bears interest at an annual rate of 8.45% and is secured by the equipment for which the loan was used		2,693		3,105
Note payable to Alliance Bank dated February 2019, with an original loan amount of $600 payable in monthly installments of $5 through March 2029. This note bears interest at an annual rate of 5.0%		519		569
Notes payable to Riverland Bank dated between April 2015 and May 2016, with original loan amounts totaling $734 payable in monthly installments with expirations between April 2020 and April 2021. The notes bear interest at an annual rate of 5.15% and are secured by the equipment for which the loan was used		10		97
Total Debt		285,801		89,905
Less: Unamortized debt issuance costs		(3,338)		(2,988)
Less: Current Maturities of Long-term Debt		(26,118)		(13,197)
Total Long-term Debt	$	256,345	$	73,720

Schedule of future maturities of the outstanding debt


	Debt Principal		Amortization of Debt
March 31, 2021	Payments		Issuance Costs		Net Debt
Remainder of 2021	$	28,799	$	(775)	$	28,024
2022		32,059		(983)		31,076
2023		44,900		(908)		43,992
2024		43,962		(785)		43,177
2025		45,062		(670)		44,392
Thereafter		112,950		(270)		112,680
Total	$	307,732	$	(4,391)	$	303,341


Year Ending December 31	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
2021	$	26,928	$	(810)	$	26,118
2022		28,846		(752)		28,094
2023		43,819		(678)		43,141
2024		67,659		(554)		67,105
2025		64,810		(342)		64,468
Thereafter		53,739		(202)		53,537
Total	$	285,801	$	(3,338)	$	282,463

Schedule of debt measured at fair value


	March 31, 2021		December 31, 2020
Carrying Amount	$	307,732	$	285,801
Fair Value	$	301,513	$	279,119


	December 31, 2020		December 31, 2019
Carrying Amount	$	285,801	$	89,905
Fair Value	$	279,119	$	96,342

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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Summary of lease-related assets and liabilities

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

LEASES

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


	Classification	December 31, 2020		December 31, 2019
Assets
Finance lease assets, net	Property and Equipment, net	$	104,815	$	194,328
Operating lease assets	Operating Lease Right-of-use Assets		121,269		147,148
Total lease assets		$	226,084	$	341,476
Liabilities
Current:
Finance lease liabilities	Short-term Finance Lease Obligations	$	11,460	$	92,318
Operating lease liabilities	Short-term Operating Lease Obligations		34,492		30,611
Long-term:
Finance lease liabilities	Long-term Finance Lease Obligations		95,710		105,037
Operating lease liabilities	Long-term Operating Lease Obligations		112,707		141,879
Total lease liabilities		$	254,369	$	369,845

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, 2020:


	Finance		Operating Leases
	Leases		Aircraft		Real Estate		Other		Total
2021	$	17,572	$	38,076	$	2,218	$	1,675	$	41,969
2022		15,460		32,842		1,962		1,561		36,365
2023		15,460		32,592		1,466		659		34,717
2024		25,177		24,476		1,466		—		25,942
2025		12,489		9,630		1,466		—		11,096
Thereafter		52,949		8,222		5,071		—		13,293
Total Minimum Lease Payments		139,107		145,838		13,649		3,895		163,382
Less: Amount Representing Interest		(31,937)		(18,034)		(2,662)		(265)		(20,961)
Present Value of Minimum Lease Payments		107,170		127,804		10,987		3,630		142,421
Plus: Tennant Improvements		—		—		4,778		—		4,778
Less: Short-term Obligations		(11,460)		(30,880)		(2,105)		(1,507)		(34,492)
Long-term Lease Obligations	$	95,710	$	96,924	$	13,660	$	2,123	$	112,707

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, 2020:


	Finance		Operating Leases
	Leases		Aircraft		Real Estate		Other		Total
2021	$	17,572	$	38,076	$	2,218	$	1,675	$	41,969
2022		15,460		32,842		1,962		1,561		36,365
2023		15,460		32,592		1,466		659		34,717
2024		25,177		24,476		1,466		—		25,942
2025		12,489		9,630		1,466		—		11,096
Thereafter		52,949		8,222		5,071		—		13,293
Total Minimum Lease Payments		139,107		145,838		13,649		3,895		163,382
Less: Amount Representing Interest		(31,937)		(18,034)		(2,662)		(265)		(20,961)
Present Value of Minimum Lease Payments		107,170		127,804		10,987		3,630		142,421
Plus: Tennant Improvements		—		—		4,778		—		4,778
Less: Short-term Obligations		(11,460)		(30,880)		(2,105)		(1,507)		(34,492)
Long-term Lease Obligations	$	95,710	$	96,924	$	13,660	$	2,123	$	112,707

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:


		Successor						Predecessor
		Year Ended December 31,				For the Period April 11, 2018 to December 31,		For the Period January 1, 2018 to
	Classification	2020		2019		2018		April 10, 2018
Finance lease cost
Amortization of leased assets	Depreciation and Amortization	$	11,948	$	13,104	$	4,475	$	119
Interest on lease liabilities	Interest Expense		8,659		10,741		4,754		293
Operating lease cost
Included in ROU asset—Aircraft	Aircraft Rent(1)		30,717		40,043		33,315		16,177
Included in ROU asset—Other	Ground Handling, Landing Fees and Airport Rent & Other Operating		4,872		5,415		3,832		1,648
Short-term	Aircraft Rent		1,813		5,345		2,622		6,148
Variable—Aircraft	Aircraft Rent(1)		(1,541)		4,520		894		6,004
Variable—Other	Landing Fees & Airport Rentals		1,049		1,345		702		440
Total Lease cost		$	57,517	$	80,513	$	50,594	$	30,829

(1)

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:


	For the Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases	$	34,576	$	50,081
Operating Cash Flows for Finance Leases	$	8,659	$	10,741
Financing Cash Flows for Finance Leases	$	89,697	$	8,258

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:


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term
Operating Leases	4.8	years	6.0	years
Finance Leases	8.6	years	6.0	years
Weighted-average discount rates
Operating Leases	6.0	%	5.8	%
Finance Leases	6.1	%	6.0	%

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION

Summary of stock option activity


	Time-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2018	2,243,588	$	5.29	$	2.39	9.8
Granted	472,253	$	7.93	$	3.14
Forfeited	(434,533)	$	5.29	$	2.39
Outstanding as of December 31, 2019	2,281,308	$	5.84	$	2.54	9.0
Granted	221,941	$	17.99	$	7.02
Forfeited	(173,788)	$	14.65	$	5.70
Outstanding as of December 31, 2020	2,329,461	$	6.36	$	2.74	7.6
Exercisable as of December 31, 2020	1,054,059	$	5.64	$	2.50
Vested or expected to vest, December 31, 2020	2,329,461	$	6.36	$	2.74

11. STOCK-BASED COMPENSATION (continued)


	Performance-Based Stock Options
	Number of shares	Weighted average exercise price per share		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2018	3,583,923	$	5.29	$	1.50	9.8
Granted	746,836	$	7.96	$	2.01
Forfeited	(827,812)	$	5.29	$	1.50
Outstanding as of December 31, 2019	3,502,947	$	5.86	$	1.61	9.0
Granted	346,984	$	17.99	$	4.36
Forfeited	(272,679)	$	14.65	$	3.59
Outstanding as of December 31, 2020	3,577,252	$	6.38	$	1.72	7.6
Exercisable as of December 31, 2020	—	$	—	$	—
Vested or expected to vest, December 31, 2020	—	$	—	$	—

Schedule of stock options valuation assumptions


	2020		2019
Expected Term	5.59	years	5.67	years
Expected Volatility	38.8	%	33.9	%
Risk-free Interest Rate	1.7	%	1.7	%
Expected Dividend Yield	—		—

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

FUEL DERIVATIVES AND RISK MANAGEMENT

Schedule of changes in derivative assets (liabilities)


	Three Months Ended March 31,
	2021		2020
Balance—January 1	$	(1,173)	$	2,233
Non-cash Gains (Losses)		2,386		(21,752)
Contract Settlements		(8)		65
Balance—March 31	$	1,205	$	(19,454)


	Year Ended December 31,
	2020		2019
Balance—January 1	$	2,233	$	(12,006)
Non-cash gains (losses)		(12,206)		10,791
Contract settlements		8,800		3,448
Balance—December 31	$	(1,173)	$	2,233

Schedule of fuel derivative gains (losses)


	Three Months Ended March 31,
	2021		2020
Non-cash Gains (Losses)	$	2,386	$	(21,752)
Cash Premiums Paid		—		(284)
Total Fuel Derivative Gains (Losses)	$	2,386	$	(22,036)


	Year Ended December 31,				For the Period April 11, 2018 to
	2020		2019		December 31, 2018
Non-cash gains (losses)	$	(12,206)	$	10,791	$	(12,006)
Cash Premiums Paid		(2,053)		(665)		(2,280)
Total Fuel Derivative gains (losses)	$	(14,259)	$	10,126	$	(14,286)

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

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


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Fuel Derivative Contracts	$	—	$	1,205	$	—	$	1,205
Total Assets measured at fair value on a recurring basis	$	—	$	1,205	$	—	$	1,205


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Fuel Derivative Contracts	$	—	$	1,173	$	—	$	1,173
Total Liabilities measured at fair value on a recurring basis	$	—	$	1,173	$	—	$	1,173

	Level 1		Level 2		Level 3		Total
Liabilities
Fuel Derivative Contracts	$	—	$	1,173	$	—	$	1,173
Total Liabilities measured at fair value on a recurring basis	$	—	$	1,173	$	—	$	1,173


	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Fuel Derivative Contracts	$	—	$	2,233	$	—	$	2,233
Total Assets measured at fair value on a recurring basis	$	—	$	2,233	$	—	$	2,233

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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

INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2020

INCOME TAXES


	Successor
	Year Ended December 31,				For the period April 11, 2018 to
	2020		2019		December 31, 2018
Current:
Federal	$	—	$	—	$	—
State and Local		10		66		—
Total Current Tax Expense		10		66		—

Deferred:
Federal		(597)		12,509		129
State and Local		(191)		1,513		32
Total Deferred Tax Expense / (Benefit)		(788)		14,022		161
Total Income Tax Expense / (Benefit)	$	(778)	$	14,088	$	161

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


	Successor
	Year Ended December 31,				For the period April 11, 2018 to
	2020		2019		December 31, 2018
Expected Provision at Federal Statutory
Tax Rate	21.0	%	21.0	%	21.0	%
State Tax, net of Federal Impact	3.1	%	2.1	%	(12.0)	%
Employee Parking	(3.3)	%	0.2	%	(40.4)	%
Meals and Entertainment	(2.2)	%	0.2	%	(42.9)	%
Other Permanent Adjustments	(2.0)	%	0.0	%	(3.6)	%
Effective Tax Rate	16.6	%	23.5	%	(77.9)	%

Summary of the significant components of the deferred taxes


	December 31,
	2020		2019
Deferred Tax Assets:
Net Operating Loss	$	75,389	$	24,680
Operating Lease Obligations		32,942		38,629
Finance Lease Obligations		20,095		45,392
Goodwill and Other Intangible Assets		12,586		15,325
Loyalty Program Liabilities		4,911		5,064
Accrued Maintenance		4,434		7,481
Other		4,318		2,769
Total Deferred Tax Assets		154,675		139,340

Deferred Tax Liabilities:
Accelerated Depreciation		(67,105)		(24,858)
Operating Lease Right-of-use Assets		(27,892)		(33,844)
Finance Lease Assets		(23,462)		(44,696)
Unrealized Gain on Fuel Derivatives		—		(514)
Total Deferred Tax Liabilities		(118,459)		(103,912)
Total Net Deferred Tax Assets	$	36,216	$	35,428

DEFINED CONTRIBUTION 401K (Tables)

12 Months Ended

Dec. 31, 2020

DEFINED CONTRIBUTION 401K

Schedule of 401(k) contributions


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
Non-Discretionary	$	1,040	$	908	$	592	$	308
Discretionary		4,263		4,246		2,436		1,026
Total 401(k) Contributions	$	5,303	$	5,154	$	3,028	$	1,334

SPECIAL ITEMS, NET (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

SPECIAL ITEMS, NET

Schedule of special items, net


	Three Months Ended March 31,
	2021		2020
CARES Act grant recognition(1)	$	(32,208)	$	—
CARES Act employee retention credit(2)		(334)		—
Aircraft lease buy-out expense(3)		5,664		—
Other		7		—
Total Special Items, net	$	(26,871)	$	—

(1)

In the quarter ended March 31, 2021, the Treasury awarded the Company a grant under PSP2.

(2)

Relates to a credit recognized under the CARES Act Employee Retention credit which is a refundable tax credit against certain employment taxes.

(3)


	Successor						Predecessor
	Year Ended December 31,				For the Period April 11, 2018 to		For the Period January 1, 2018 to
	2020		2019		December 31, 2018		April 10, 2018
CARES Act grant recognition(1)	$	(62,312)	$	—	$	—	$	—
CARES Act employee retention credit(2)		(2,328)		—		—		—
Contractual obligations for retired technology(3)		—		7,578		—		—
Sale of airport slot rights(4)		—		(1,200)		—		—
Sun Country Rewards program modifications(5)		—		—		(8,463)		—
Early-out payments and other outsourcing expenses(6)		—		—		1,757		271
Other(7)		77		714		—		—
Total Special Items, net	$	(64,563)	$	7,092	$	(6,706)	$	271

(1)

(2)

Relates to the credit recognized under the CARES Act Employee Retention credit which is a refundable tax credit against certain employment taxes (see Note 3 for more information).

(3)

16. SPECIAL ITEMS, NET (continued)

(4)

Represents proceeds from the sale of unused airport slot rights. SCA does not hold any other remaining airport slot rights; therefore this gain does not reflect the Company’s continuing operations.

(5)

(6)

(7)

Consists of employee relocation costs due to closing flight attendant bases and costs to exit the Company’s prior headquarters building.

OPERATING SEGMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

OPERATING SEGMENTS

Summary of financial information for the operating segments


	Three Months Ended March 31, 2021(1)
	Passenger		Cargo		Consolidated
Operating Revenues	$	106,026	$	21,585	$	127,611
Non-Fuel Operating Expenses		87,205		18,070		105,275
Aircraft Fuel		24,253		21		24,274
Special Items, net		(18,206)		(8,665)		(26,871)
Total Operating Expenses		93,252		9,426		102,678
Operating Income	$	12,774	$	12,159		24,933
Interest Income						15
Interest Expense						(7,121)
Other, net						(5)
Income before Income Tax					$	17,822

(1)

As air cargo operations commenced in May 2020, there is no comparable prior period information.


	Year Ended December 31, 2020
	Passenger		Cargo		Consolidated
Operating Revenues	$	364,677	$	36,809	$	401,486
Non-Fuel Operating Expenses		332,742		32,530		365,272
Aircraft Fuel		83,392		—		83,392
Special Items, net		(53,842)		(10,721)		(64,563)
Total Operating Expenses		362,292		21,809		384,101
Operating Income	$	2,385	$	15,000	$	17,385
Interest Income					$	377
Interest Expense						(22,073)
Other Non-operating Income (Expense), net						(371)
Income / (Loss) before Income Tax					$	(4,682)

CONDENSED PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

Schedule of condensed financial statements

Condensed Balance Sheets


	December 31,
	2020		2019
ASSETS
Current Assets:
Cash and Equivalents	$	—	$	7
Total Current Assets		—		7
Other Assets:
Investment in Subsidiary		282,569		284,185
Other Assets		1,429		—
Total Other Assets		283,998		284,185
Total Assets	$	283,998	$	284,192
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Other Current Liabilities	$	181	$	468
Total Current Liabilities		181		468
Total Liabilities		181		468
Stockholders’ Equity:
Common Stock		239,162		239,141
Loans to Stockholders		(3,500)		(3,500)
Additional Paid In Capital		9,831		5,855
Retained Earnings		38,324		42,228
Total Stockholders’ Equity		283,817		283,724
Total Liabilities and Stockholders’ Equity	$	283,998	$	284,192

19. CONDENSED PARENT COMPANY FINANCIAL INFORMATION (continued)

Condensed Statements of Operations


					For the Period
	Year Ended December 31,				April 11, 2018 to
	2020		2019		December 31, 2018
Operating Expenses:
Other Operating, net	$	179	$	439	$	564
Total Operating Expenses		179		439		564
Operating Income / (Loss)		(179)		(439)		(564)
Non-operating Income (Expense):
Equity in Income / (Loss) of Subsidiaries		(3,725)		46,283		197
Other, net		—		228		—
Total Non-operating Income/ (Expense), net		(3,725)		46,511		197
Income / (Loss) before Income Tax		(3,904)		46,072		(367)
Income Tax Expense / (Benefit)		—		—		—
Net Income / (Loss)	$	(3,904)	$	46,072	$	(367)

Condensed Statements of Cash Flows


					For the Period
	Year Ended December 31,				April 11, 2018 to
	2020		2019		December 31, 2018
Cash Flows from Operating Activities:
Net Cash Provided by Operating Activities	$	—	$	—	$	—
Cash Flows from Investing Activities:
Net Payments to Subsidiary		(28)		—		(47,866)
Net Cash Used in Investing Activities		(28)		—		(47,866)
Cash Flows from Financing Activities:
Cash Contributions from Stockholders		—		—		47,866
Net Payments from Subsidiary		—		7		—
Proceeds Received from Exercise of Apollo Warrants		21		—		—
Net Cash Provided by Financing Activities		21		7		47,866
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash		(7)		7		—
Cash, Cash Equivalents and Restricted Cash—Beginning of the Period		7		—		—
Cash, Cash Equivalents and Restricted Cash—End of the Period	$	—	$	7	$	—

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED)

Schedule of quarterly financial data


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2020
Operating Revenues	$	180,330	$	35,376	$	77,973	$	107,807
Operating Income / (Loss)		15,230		(2,234)		8,817		(4,428)
Net Income / (Loss)	$	7,251	$	(6,040)	$	2,927	$	(8,042)
Earnings / (Loss) Per Share:
Basic	$	0.16	$	(0.13)	$	0.06	$	(0.17)
Diluted	$	0.15	$	(0.13)	$	0.06	$	(0.17)


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019
Operating Revenues	$	196,669	$	169,373	$	171,478	$	163,864
Operating Income		46,502		9,541		10,475		11,604
Net Income	$	33,368	$	3,713	$	3,973	$	5,018
Earnings Per Share:
Basic	$	0.71	$	0.08	$	0.08	$	0.11
Diluted	$	0.71	$	0.08	$	0.08	$	0.10

COMPANY BACKGROUND (Details) $ / shares in Units, $ in Thousands				3 Months Ended			12 Months Ended
	Jun. 27, 2020 aircraft	Jun. 26, 2020 aircraft	Dec. 13, 2019 USD ($) item $ / shares shares	Mar. 31, 2021 aircraft $ / shares shares	Jun. 30, 2020 item	Mar. 31, 2020 shares	Dec. 31, 2020 USD ($) aircraft $ / shares shares	Dec. 31, 2019 $ / shares shares	Jan. 31, 2020 $ / shares shares	Jan. 30, 2020 $ / shares	Apr. 11, 2018 $ / shares
Outstanding shares								40,005,885
Additions \| aircraft				5			21
Warrants issued								9,482,606
Exercise price (in dollars per share) \| $ / shares								$ 0.0005		$ 0.0005
Common stock-par value (in dollars per share) \| $ / shares				$ 0.01			$ 0.01	$ 0			$ 0
Apollo
Outstanding shares									40,005,885
Exercise price (in dollars per share) \| $ / shares											$ 0.0005
Common stock-par value (in dollars per share) \| $ / shares									$ 0.01
Amazon Agreement
Term of agreement			6 years		2 years
Number of extension option \| item			2		2
Term of agreement			2 years		180 days
Threshold term of agreement			10 years
Additions \| aircraft	2
Number of aircrafts operated \| aircraft	12	10
Warrants issued			9,482,606					9,482,606
Exercise price (in dollars per share) \| $ / shares			$ 15.17					$ 15.17
Percentage of common stock issued								15.00%
Value of warrants (in dollars per share) \| $ / shares								$ 7.38
Warrants vested			632,183	189,652		0		632,183
Number of warrants that vest on achievement of each milestone			63,217				63,217
Milestone achievement for warrants to vest \| $			$ 8,000				$ 8,000
Cumulative warrants vested				1,074,704			252,869
Amazon Agreement \| Cargo
Additions \| aircraft							12
MN Airlines, LLC
Equity acquired (as a percent)											100.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands				3 Months Ended		12 Months Ended
	Dec. 31, 2018	Apr. 11, 2018	Apr. 10, 2018	Apr. 10, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
Accounts Receivable
Accounts Receivable						$ 28,690	$ 22,408	$ 25,897
Accounts receivable write offs	$ 0	$ 0	$ 0	$ 0	$ 0	982	343
Aircraft Lessors Related to Maintenance Deposits
Accounts Receivable
Accounts Receivable						$ 2,178	$ 5,862

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
PROPERTY & EQUIPMENT
Estimated residual value (as a percent)			10.00%
Parts Related to Flight Equipment
PROPERTY & EQUIPMENT
Depreciation expense	$ 92	$ 308	$ 481	$ 426

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
PROPERTY & EQUIPMENT
Impairment of its long-lived assets	$ 0	$ 0	$ 0	$ 0
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 and Ground Equipment \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life			3 years
Leasehold Improvements and Ground Equipment \| 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
Finance Lease Assets \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life			3 years
Finance Lease Assets \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life			25 years
Rotable Parts \| Minimum
PROPERTY & EQUIPMENT
Estimated useful life			6 years
Rotable Parts \| Maximum
PROPERTY & EQUIPMENT
Estimated useful life			16 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 31, 2020	Dec. 31, 2018	Mar. 31, 2021	Dec. 31, 2020	Jan. 30, 2020	Dec. 31, 2019	Apr. 11, 2018
Stockholders' Equity
Common stock-shares issued			57,153,467	46,839,659		6,800,065	5,326,755
Common stock-par value (in dollars per share)			$ 0.01	$ 0.01		$ 0	$ 0
Exercise price (in dollars per share)					$ 0.0005	$ 0.0005
Initial Public Offering (in shares)		1,416,645
Loans to Stockholders		$ 3,500		$ 3,500		$ 3,500
Apollo
Stockholders' Equity
Common stock-par value (in dollars per share)	$ 0.01
Warrants issued (in shares)							40,005,885
Exercise price (in dollars per share)							$ 0.0005
Exercise of Apollo Warrants (in shares)	40,005,885
Amazon
Stockholders' Equity
Warrants issued (in shares)				885,052
Exercise price (in dollars per share)				$ 15.17

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Offering Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
BASIS OF PRESENTATION
Deferred offering costs	$ 4,552	$ 2,268

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2020 segment aircraft
Goodwill and Other Intangible Assets
Number of reporting units \| segment	2
Cargo
Goodwill and Other Intangible Assets
Number of aircrafts operated \| aircraft	12

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2020 item
Revenue Recognition
Travel credit redemption period	12 months
Co-branded Credit Card Program
Revenue Recognition
Performance obligations	2
Amazon Agreement
Revenue Recognition
Performance obligations	3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details) - employee	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ALPA
Concentration Risk
Number of Active Employees Represented	395
IBT
Concentration Risk
Number of Active Employees Represented	466
TWU
Concentration Risk
Number of Active Employees Represented	22
Accounts Receivable \| Customer Concentration Risk \| Amazon
Concentration Risk
Percentage of concentration risk	41.00%
Accounts Receivable \| Customer Concentration Risk \| Major Financial Credit Card Institutions
Concentration Risk
Percentage of concentration risk	8.00%	19.00%
Accounts Receivable \| Customer Concentration Risk \| One Financial Institution
Concentration Risk
Percentage of concentration risk	5.00%	16.00%
Fuel Purchases \| Supplier Concentration Risk
Concentration Risk
Percentage of concentration risk	57.00%	58.00%	48.00%
Workforce Under Union Contracts \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	52.00%
Workforce Under Union Contracts with Expiring Contracts \| Unionized Employees Concentration Risk
Concentration Risk
Percentage of concentration risk	98.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Recently Adopted Accounting Standards
Retained Earnings (Accumulated Deficit)	$ (64,460)	$ 38,324	$ 42,228
Operating lease assets	80,587	121,269	147,148
Operating Lease Right-of-use Liability		142,421
Over-market Liabilities	$ 16,113	$ 28,128	$ 37,409
Cumulative Effect of New ASU \| ASU 2014-09
Recently Adopted Accounting Standards
Retained Earnings (Accumulated Deficit)				$ (3,477)
Cumulative Effect of New ASU \| ASU 2016-02
Recently Adopted Accounting Standards
Operating lease assets				178,577
Operating Lease Right-of-use Liability				204,790
Over-market Liabilities				27,004
Prepaid rent				791
Cumulative Effect of New ASU \| ASU 2018-15
Recently Adopted Accounting Standards
Hosting agreement capitalized costs				$ 2,167

IMPACT OF THE COVID19 PANDEMIC (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Apr. 22, 2021	Oct. 26, 2020	Mar. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
Grants recognized	$ 4,831		$ 32,208	$ 62,312
Impairment charges				0
Subsequent Event
IMPACT OF THE COVID19 PANDEMIC
Grants recognized	$ 4,831
U. S. Department of the Treasury CARES Act Loan
IMPACT OF THE COVID19 PANDEMIC
Grants recognized				62,312
Loan received		$ 45,000		$ 45,000

IMPACT OF THE COVID19 PANDEMIC - CARES Act (Details) - USD ($) $ in Thousands		1 Months Ended					3 Months Ended	12 Months Ended
	Apr. 22, 2021	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	Apr. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Apr. 15, 2020
Unusual or Infrequent Item, or Both [Line Items]
Grants recognized	$ 4,831						$ 32,208	$ 62,312
CARES Act Payroll Support Program
Unusual or Infrequent Item, or Both [Line Items]
Grants receivable									$ 60,559
Amount of grant received		$ 10,093	$ 10,093	$ 10,093	$ 10,093	$ 20,187
Additional CARES Act grant
Unusual or Infrequent Item, or Both [Line Items]
Grants recognized		$ 1,753

IMPACT OF THE COVID19 PANDEMIC - CARES Employee Retention Credit (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
Maximum Cares Act Employee retention credit per employee		$ 5
Retention credit as a percentage of qualified wages paid to employees		50.00%
Maximum qualified annual wages		$ 10
CARES Act employee retention credit	$ 334	$ 2,328
Percentage of deferred payment of the employer portion of social security taxes due December 31, 2021		50.00%
Percentage of deferred payment of the employer portion of social security taxes due December 31, 2022		50.00%
Amount deferred for employer portion of social security taxes		$ 4,138
Amount deferred for employer portion of social security taxes, current		2,069
Amount deferred for employer portion of social security taxes, noncurrent		$ 2,069

IMPACT OF THE COVID19 PANDEMIC - CARES Act Loan Program (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 26, 2020	Dec. 31, 2020
U. S. Department of the Treasury CARES Act Loan
Unusual or Infrequent Item, or Both [Line Items]
Loan received	$ 45,000	$ 45,000

IMPACT OF THE COVID19 PANDEMIC - United States Department of the Treasury (Details) - USD ($) $ in Thousands			1 Months Ended
	Apr. 29, 2021	Feb. 02, 2021	Mar. 31, 2021	Apr. 15, 2021	Jan. 22, 2021
Forecast
Unusual or Infrequent Item, or Both [Line Items]
Amount of grant received			$ 16,104
Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Grants receivable				$ 34,547
Amount of grant received	$ 17,274	$ 16,104
Payroll Support Program Extension \| Subsequent Event
Unusual or Infrequent Item, or Both [Line Items]
Grants receivable					$ 32,208

BUSINESS COMBINATION - (Details) - USD ($) $ in Thousands	Apr. 11, 2018	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Goodwill		$ 222,223	$ 222,223	$ 222,223
MN Airlines, LLC
BUSINESS COMBINATION
Equity acquired (as a percent)	100.00%
Sale agreement amount	$ 187,775
Assets:
Restricted Cash	8,308
Investments	3,810
Accounts Receivable	31,796
Inventory	5,295
Prepaid Expenses	7,617
Property and Equipment	38,511
Goodwill	222,223
Other Intangible Assets	104,000
Aircraft Lease Deposits	17,923
Deferred Tax Asset	49,634
Other Assets	1,071
Total Assets	490,188
Liabilities:
Accounts Payable	50,016
Accrued Salaries, Wages, and Benefits	9,006
Accrued Transportation Taxes	12,237
Air Traffic Liabilities	72,235
Over-market Liabilities	108,017
Finance Lease Obligations	10,038
Loyalty Program Liabilities	37,165
Long-term Debt	941
Other Liabilities	2,758
Total Liabilities	302,413
Total Purchase Price	187,775
Other disclosures
Tax deductible goodwill	132,606
Unfavorable lease obligations	32,779
Over-market maintenance service liability	75,238
MN Airlines, LLC \| Customer Relationships
Assets:
Other Intangible Assets	$ 48,000
Other disclosures
Useful life	12 years
MN Airlines, LLC \| Trademarks
Assets:
Other Intangible Assets	$ 56,000

REVENUE - Disaggregation of Operating Revenue (Details) - USD ($) $ in Thousands	3 Months Ended										9 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Financial Designation, Predecessor and Successor [Fixed List]										Predecessor	Successor
Operating Revenues	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 163,864	$ 171,478	$ 169,373	$ 196,669	$ 197,452	$ 384,931	$ 401,486	$ 701,384
Domestic
REVENUE
Operating Revenues	119,312				163,038					173,995	368,456	382,463	666,332
Latin America
REVENUE
Operating Revenues	7,877				17,076					23,003	15,628	18,515	33,716
Other
REVENUE
Operating Revenues	422				216					454	847	508	1,336
Passenger
REVENUE
Operating Revenues	104,195				178,486					172,897	335,824	359,232	688,833
Scheduled service
REVENUE
Operating Revenues	54,620				114,228					132,234	224,507	193,047	396,113
Charter service
REVENUE
Operating Revenues	25,805				29,227					40,663	111,317	98,130	174,562
Ancillary
REVENUE
Operating Revenues	23,770				35,031							68,055	118,158
Cargo
REVENUE
Operating Revenues	21,585											36,809
Ancillary
REVENUE
Operating Revenues										15,670	41,065
Other
REVENUE
Operating Revenues										8,885	8,042
Other
REVENUE
Operating Revenues	$ 1,831				$ 1,844					$ 24,555	$ 49,107	$ 5,445	$ 12,551

REVENUE - Contract Balances (Details) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
REVENUE - Contract Balances (Details) $ in Thousands	Mar. 31, 2021 USD ($) aircraft	Mar. 31, 2020 USD ($)	Apr. 10, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) aircraft	Dec. 31, 2019 USD ($)
REVENUE
Maintenance expense	$ 9,210	$ 6,478	$ 9,508	$ 15,491	$ 27,416	$ 35,286
Total Contract Liabilities	120,517				128,383	141,185
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	$ 94,733				$ 101,075	116,660
Threshold period in which tickets can be booked in advance	12 months				12 months
Cash refund to customers						4,502
Customer liability outstanding					$ 1,045
Gift certificates					245
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	$ 20,774	22,321		$ 23,950	22,069	22,892
Revenue recognized	2,152	$ 2,206			4,838	12,408
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	$ 5,010				5,240	$ 1,633
Revenue recognized					$ 393
Costs to fulfill contract with Amazon
REVENUE
Number of cargo aircraft \| aircraft	12				12
Maintenance expense	$ 138				$ 271
Contract Assets	3,312				3,614
Passenger \| Air Traffic Liabilities
REVENUE
Revenue recognized	$ 60,039				$ 110,868

REVENUE (Details) - Amazon Deferred Up-front Payment - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE
Proceeds from startup costs	$ 10,300			$ 6,300
Warrants vested	632,183
Fair value of warrants vested	$ 4,667			4,667
Remaining start up costs	$ 5,633			$ 5,633
Revenue recognized			$ 393
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
REVENUE
Amortization period	6 years			6 years
Cargo
REVENUE
Revenue recognized		$ 231

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Changes in the Loyalty Program Liabilities
Balance - January 1	$ 128,383	$ 141,185	$ 141,185
Balance - March 31	120,517		128,383	$ 141,185
Loyalty Program Liabilities
Changes in the Loyalty Program Liabilities
Balance - January 1	22,069	22,892	22,892	23,950
Loyalty Points Earned	857	1,635	4,015	6,483
Loyalty Points Redeemed	(2,152)	(2,206)	(4,838)	(12,408)
Balance - March 31	$ 20,774	22,321	$ 22,069	22,892
Loyalty points redemption period	2 years		2 years
Loyalty Program Liabilities \| Cumulative Effect of New ASU
Changes in the Loyalty Program Liabilities
Balance - January 1				4,867
Loyalty Program Liabilities \| Adjusted Balance
Changes in the Loyalty Program Liabilities
Balance - January 1		$ 22,892	$ 22,892	28,817
Balance - March 31				$ 22,892

EARNINGS PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended										9 Months Ended	12 Months Ended
	Jan. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net Income / (Loss)		$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	$ 5,018	$ 3,973	$ 3,713	$ 33,368	$ 25,910	$ (367)	$ (3,904)	$ 46,072
Denominator:
Weighted Average Common Shares Outstanding - Basic		48,496,077				46,805,951					100,000,000	46,700,990	46,806,042	46,773,038
Dilutive effect of Stock Options and Warrants		4,012,109				1,419,652								1,136,375
Weighted Average Common Shares Outstanding - Diluted		52,508,186				48,225,603					100,000,000	46,700,990	46,806,042	47,909,413
Basic earnings per share		$ 0.26	$ (0.17)	$ 0.06	$ (0.13)	$ 0.16	$ 0.11	$ 0.08	$ 0.08	$ 0.71	$ 0.26	$ (0.01)	$ (0.08)	$ 0.99
Diluted earnings per share		$ 0.24	$ (0.17)	$ 0.06	$ (0.13)	$ 0.15	$ 0.10	$ 0.08	$ 0.08	$ 0.71	$ 0.26	$ (0.01)	$ (0.08)	$ 0.96
Dilutive effects of Warrants	40,005,885

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

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EARNINGS PER SHARE (Details) - $ / shares		3 Months Ended
EARNINGS PER SHARE (Details) - $ / shares	Jan. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 11, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares						40,005,885
Warrents held	40,005,885
Exercise price (in dollars per share)	$ 0.0005					$ 0.0005
Apollo
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares					40,005,885
Exercise price (in dollars per share)								$ 0.0005
Amazon
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price (in dollars per share)			$ 15.17
Performance-based stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares		3,557,432	3,577,252	3,646,690		3,502,925	3,583,923
Percentage Of Stock Options Expected To Meet Performance Conditions		75.00%

PROPERTY & EQUIPMENT - Aircraft fleet (Details) $ in Thousands	1 Months Ended				3 Months Ended			9 Months Ended	12 Months Ended
	Jan. 31, 2020 aircraft	Dec. 31, 2019 USD ($) aircraft	Aug. 31, 2019 aircraft	Feb. 28, 2019 aircraft	Mar. 31, 2021 USD ($) aircraft	Mar. 31, 2020 USD ($) aircraft	Apr. 10, 2018 USD ($)	Dec. 31, 2018 USD ($) aircraft	Dec. 31, 2020 USD ($) aircraft	Dec. 31, 2019 USD ($) aircraft
PROPERTY & EQUIPMENT
Balance at beginning of period	31				43	31			31
Additions					5				21
Removals					(5)				(9)
Balance at end of period		31			43				43	31
Number of aircrafts previously under operating leases					5				2
Amortization expense \| $							$ 119	$ 4,475	$ 11,948	$ 13,104
Passenger
PROPERTY & EQUIPMENT
Balance at beginning of period	31				31	31			31	30
Additions					5	3			9	9
Removals					(5)	(2)			(9)	(8)
Balance at end of period		31			31	32		30	31	31
Number of aircrafts previously under operating leases					5	3
Number of new aircrafts purchased									2
Number of aircrafts refinanced	3
Passenger \| Owned
PROPERTY & EQUIPMENT
Balance at beginning of period	5				14	5			5	3
Additions					5	3			9	2
Balance at end of period		5			19	8		3	14	5
Number of new aircrafts purchased						2
Accumulated depreciation on owned assets \| $		$ 21,030			$ 57,950				$ 52,048	$ 21,030
Depreciation expense \| $					$ 8,800	$ 5,121	2,315	$ 6,731	$ 31,657	$ 17,347
Passenger \| Finance leases
PROPERTY & EQUIPMENT
Balance at beginning of period	10				5	10			10	5
Additions										5
Removals									(5)
Balance at end of period		10			5	10		5	5	10
Number of aircrafts previously under finance leases									5
Accumulated amortization on finance lease assets \| $		$ 6,698			$ 18,517				$ 13,018	$ 6,698
Amortization expense \| $					$ 2,692	$ 4,290	$ 119	$ 4,476	$ 11,948	$ 13,104
Passenger \| Operating leases
PROPERTY & EQUIPMENT
Balance at beginning of period	14				12	14			14	19
Removals					(5)	(1)			(2)	(5)
Balance at end of period		14			7	13		19	12	14
Number of aircrafts previously under operating leases				1	5	1
Number of operating lease agreements expired		2	1
Passenger \| Seasonal leases
PROPERTY & EQUIPMENT
Balance at beginning of period	2					2			2	3
Additions										2
Removals						(1)			(2)	(3)
Balance at end of period		2				1		3		2
Cargo \| Aircraft Operated for Amazon
PROPERTY & EQUIPMENT
Balance at beginning of period					12
Additions									12
Balance at end of period					12				12

GOODWILL AND OTHER INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 222,223	$ 222,223	$ 222,223
Intangible Assets with Finite Lives
Gross Carrying Amount		48,000	48,000
Accumulated Amortization		(10,890)	(6,890)
Net Carrying Value		37,110	41,110
Total Other Intangible Assets
Gross Carrying Amount		104,000	104,000
Total Other Intangible Assets	$ 92,110	93,110	97,110
Total Goodwill and Other Intangible Assets Gross		326,223	326,223
Total Goodwill and Other Intangible Assets		315,333	319,333
Tradename
Intangible Assets with Indefinite Lives:
Intangible Assets with Indefinite Lives		$ 56,000	$ 56,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Assets estimated life		12 years
Amortization expense	$ 2,890	$ 4,000	$ 4,000
Annual amortization expense fiscal year maturity
Next twelve months		4,000
2021		4,000
2022		4,000
2023		4,000
2024		4,000
thereafter		$ 17,110

DEBT - Lines of Credit (Details) $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
DEBT - Lines of Credit (Details) $ in Thousands	Apr. 06, 2021 USD ($) aircraft	Feb. 10, 2021 USD ($)	May 15, 2020 USD ($)	Mar. 31, 2021 USD ($) aircraft	Mar. 31, 2021 USD ($) aircraft	Dec. 31, 2020 USD ($) aircraft	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
DEBT
Maximum borrowing capacity			$ 25,000					$ 20,000
Extension term of maturity			1 year
Letters of Credit Outstanding, Amount						$ 0
Line of Credit Facility, Remaining Borrowing Capacity						$ 25,000	$ 19,650
Commitment fee on unused facility (as a percent)						0.50%
Number of aircrafts previously under operating leases \| aircraft					5	2
Minimum
DEBT
Maximum borrowing capacity			$ 20,000
Maximum
DEBT
Maximum borrowing capacity			$ 25,000
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
DEBT
Derivative, Basis Spread on Variable Rate						0.50%
Adjusted LIBOR Rate
DEBT
Derivative, Basis Spread on Variable Rate						1.00%
Prior revolving credit agreement
DEBT
Maximum borrowing capacity		$ 25,000
Credit Facilities
DEBT
Term of debt		5 years
Minimum liquidity required to be maintained		$ 30,000
Credit Facilities \| Minimum
DEBT
Minimum EBITDAR required to be maintained					$ 62,100	$ 62,100
Credit Facilities \| Maximum
DEBT
Minimum EBITDAR required to be maintained					87,700	87,700
Credit Facilities \| Base rate
DEBT
Minimum interest rate		2.00%
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%
Amount drawn						$ 0	$ 0
Delayed Draw Term Loan Facility
DEBT
Maximum borrowing capacity		$ 90,000
Amount drawn				$ 68,000	$ 68,000
Number of aircrafts previously under operating leases \| aircraft					5
Delayed Draw Term Loan Facility \| Subsequent Event
DEBT
Amount drawn	$ 12,500			$ 68,000	$ 68,000
Number of aircrafts previously under operating leases \| aircraft	5			5

DEBT - Long-term Debt (Details) $ in Thousands			1 Months Ended	3 Months Ended			12 Months Ended		13 Months Ended
DEBT - Long-term Debt (Details) $ in Thousands	Mar. 24, 2021 USD ($)	Oct. 26, 2020 USD ($)	Dec. 31, 2019 USD ($) aircraft	Mar. 31, 2021 USD ($) aircraft	Jun. 30, 2020 aircraft	Mar. 31, 2020 aircraft	Dec. 31, 2020 USD ($) aircraft	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) aircraft
DEBT
Number Of Aircrafts Purchased \| aircraft				5			21
Number of previously under operating lease \| aircraft					6
Appraised value of aircraft purchased							$ 292,450		$ 292,450
Threshold Average Liquidity							10,000		10,000
Accrued Payment In Kind Interest							419		419
Unamortized Debt Issuance Costs			$ 2,988	$ 4,391			3,338	$ 2,988	3,338
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Face amount			$ 248,587	$ 248,587			$ 248,587	$ 248,587	$ 248,587
Number Of Aircrafts Purchased \| aircraft			1			2
Number of previously under operating lease \| aircraft						1
Number of aircraft refinanced \| aircraft						3
Number of used aircrafts purchased or refinanced \| aircraft									13
ClassA Trust Certificates [Member]
DEBT
Tranche Of Seven Aircrafts							4.13%
Tranche Of Six Aircrafts							4.25%
Class B Trust Certificates [Member]
DEBT
Tranche Of Seven Aircrafts							4.66%
Tranche Of Six Aircrafts							4.78%
Class C Trust Certificates [Member]
DEBT
Tranche Of Seven Aircrafts								6.95%
U. S. Department of the Treasury CARES Act Loan
DEBT
Face amount		$ 45,000
Repayment period prior to expiration date of loyalty program		6 months
Repayment of debt	$ 46,260
U. S. Department of the Treasury CARES Act Loan \| Adjusted LIBOR Rate
DEBT
Margin (as a percent)		6.50%

DEBT - Long-term Debt schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Oct. 26, 2020
DEBT
Total Debt	$ 285,801	$ 89,905	$ 307,732
Less: Unamortized debt issuance costs	(3,338)	(2,988)	(4,391)
Less: Current Maturities of Long-term Debt	(26,118)	(13,197)	(29,232)
Total Long-term Debt	256,345	73,720	274,109
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Total Debt	227,347	28,280	227,347
Face amount	$ 248,587	$ 248,587	$ 248,587
Notes payable under the Company's 2019-1 EETC agreement \| Minimum
DEBT
Interest Rate	4.13%	4.13%	4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Maximum
DEBT
Interest Rate	6.95%	6.95%	6.95%
Delayed Draw Term Loan Facility
DEBT
Total Debt			$ 68,000
U. S. Department of the Treasury CARES Act Loan
DEBT
Total Debt	$ 45,419
Face amount				$ 45,000
Wilmington Trust Company dated October and November 2018
DEBT
Total Debt		$ 46,617
Face amount		$ 55,671
Interest Rate		8.45%
Wilmington Trust Company dated February 2019
DEBT
Total Debt	9,813	$ 11,237
Face amount	$ 12,750	$ 12,750
Interest Rate	8.45%	8.45%
Original loan amount payable in monthly installments	$ 151	$ 151
Final lump sum payment	2,825	2,825
Wilmington Trust Company dated November 2018
DEBT
Total Debt	2,693	3,105
Face amount	$ 3,671	$ 3,671
Interest Rate	8.45%	8.45%
Original loan amount payable in monthly installments	$ 44	$ 44
Final lump sum payment	1,101	1,101
Alliance Bank dated February 2019
DEBT
Total Debt	519	569
Face amount	$ 600	$ 600
Interest Rate	5.00%	5.00%
Original loan amount payable in monthly installments	$ 5	$ 5
Riverland Bank dated between April 2015 and May 2016
DEBT
Total Debt	10	97
Face amount	$ 734	$ 734
Interest Rate	5.15%	5.15%

DEBT - Future maturities of the outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Principal Payments
Remaining 2021	$ 28,799
2021	32,059	$ 26,928
2022	44,900	28,846
2023	43,962	43,819
2024	45,062	67,659
2025		64,810
Thereafter	112,950	53,739
Total	307,732	285,801	$ 89,905
Amortization of Debt Issuance Costs
Remaining 2021	(775)
2021	(983)	(810)
2022	(908)	(752)
2023	(785)	(678)
2024	(670)	(554)
2025		(342)
Thereafter	(270)	(202)
Total	(4,391)	(3,338)	$ (2,988)
Debt, net
Remaining 2021	28,024
2022	31,076	26,118
2023	43,992	28,094
2024	43,177	43,141
2025	44,392	67,105
2025		64,468
Thereafter	112,680	53,537
Net Debt	$ 303,341	$ 282,463

DEBT - Measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
DEBT
Carrying Amount	$ 307,732	$ 285,801	$ 89,905
Fair Value	$ 301,513	$ 279,119	$ 96,342

LEASES - Summary (Details) $ in Thousands	12 Months Ended
LEASES - Summary (Details) $ in Thousands	Dec. 31, 2020 USD ($) lease	Mar. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
LEASES
Number of categories in operating leases \| lease	3
Operating lease assets	$ 121,269	$ 80,587	$ 147,148
Lease liability	$ 142,421
Aircraft Operated for Amazon
LEASES
Number of freighters subleased directly \| lease	12
Operating lease assets				$ 0
Lease liability				$ 0
Aircraft
LEASES
Number of leases for aircraft \| lease	17
Number of leases under finance leases \| lease	5
Number of leases under Right-of-use operating leases \| lease	12
Lease liability	$ 127,804
Real Estate
LEASES
Lease liability	$ 10,987
Real Estate \| Maximum
LEASES
Initial terms	10 years
Other
LEASES
Initial terms	10 years
Lease liability	$ 3,630

LEASES - Lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Finance lease assets, net		$ 104,815	$ 194,328
Operating lease assets	$ 80,587	121,269	147,148
Total lease assets		226,084	341,476
Liabilities
Finance lease liabilities, current	9,995	11,460	92,318
Operating lease liabilities, current	20,672	34,492	30,611
Finance lease liabilities, long-term	93,293	95,710	105,037
Operating lease liabilities, long-term	$ 77,840	112,707	141,879
Total lease liabilities		$ 254,369	$ 369,845

LEASES - Rent payment deferrals (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
LEASES
Aircraft Lease Payment Deferrals	$ 975	$ 7,569
Finance leases
LEASES
Aircraft Lease Payment Deferrals	533	2,133
Operating leases
LEASES
Aircraft Lease Payment Deferrals	$ 442	$ 5,436

LEASES - Finance lease obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance Leases
2021		$ 17,572
2022		15,460
2023		15,460
2024		25,177
2025		12,489
Thereafter		52,949
Total Minimum Lease Payments		139,107
Less: Amount Representing Interest		(31,937)
Present Value of Minimum Lease Payments		107,170
Less: Short-term Obligations	$ (9,995)	(11,460)	$ (92,318)
Finance lease liabilities, long-term	$ 93,293	$ 95,710	$ 105,037

LEASES - Operating lease obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021		$ 41,969
2022		36,365
2023		34,717
2024		25,942
2025		11,096
Thereafter		13,293
Total Minimum Lease Payments		163,382
Less: Amount Representing Interest		(20,961)
Present Value of Minimum Lease Payments		142,421
Plus: Tennant Improvements		4,778
Less: Short-term Obligations	$ (20,672)	(34,492)	$ (30,611)
Operating lease liabilities, long-term	$ 77,840	112,707	$ 141,879
Aircraft
Operating Leases
2021		38,076
2022		32,842
2023		32,592
2024		24,476
2025		9,630
Thereafter		8,222
Total Minimum Lease Payments		145,838
Less: Amount Representing Interest		(18,034)
Present Value of Minimum Lease Payments		127,804
Less: Short-term Obligations		(30,880)
Operating lease liabilities, long-term		96,924
Real Estate
Operating Leases
2021		2,218
2022		1,962
2023		1,466
2024		1,466
2025		1,466
Thereafter		5,071
Total Minimum Lease Payments		13,649
Less: Amount Representing Interest		(2,662)
Present Value of Minimum Lease Payments		10,987
Plus: Tennant Improvements		4,778
Less: Short-term Obligations		(2,105)
Operating lease liabilities, long-term		13,660
Other
Operating Leases
2021		1,675
2022		1,561
2023		659
Total Minimum Lease Payments		3,895
Less: Amount Representing Interest		(265)
Present Value of Minimum Lease Payments		3,630
Less: Short-term Obligations		(1,507)
Operating lease liabilities, long-term		$ 2,123

LEASES - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Lease cost
Financial Designation, Predecessor and Successor [Fixed List]			Predecessor	Successor
Finance lease cost
Amortization of leased assets			$ 119	$ 4,475	$ 11,948	$ 13,104
Interest on lease liabilities			293	4,754	8,659	10,741
Operating lease cost
Short-term			6,148	2,622	1,813	5,345
Total Lease cost			30,829	50,594	57,517	80,513
Over-market rent and maintenance reserves
Operating lease cost
Credits for amortization of Over-market Liabilities	$ 2,755	$ 4,103	0	17,275	14,110	20,386
Aircraft
Operating lease cost
Included in ROU asset			16,177	33,315	30,717	40,043
Variable					(1,541)
Variable			6,004	894		4,520
Other
Operating lease cost
Included in ROU asset			1,648	3,832	4,872	5,415
Variable			$ 440	$ 702	$ 1,049	$ 1,345

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating Cash Flows for Operating Leases					$ 34,576	$ 50,081
Operating Cash Flows for Finance Leases					8,659	10,741
Financing Cash Flows for Finance Leases	$ 3,911	$ 4,256	$ 49	$ 3,160	$ 89,697	$ 8,258

LEASES - Terms and discount rates (Details)	Dec. 31, 2020	Dec. 31, 2019
LEASES
Weighted-average remaining lease term, operating leases	4 years 9 months 18 days	6 years
Weighted-average remaining lease term, finance leases	8 years 7 months 6 days	6 years
Weighted-average discount rates, operating leases	6.00%	5.80%
Weighted-average discount rates, finance leases	6.10%	6.00%

LEASES - Additional disclosures (Details) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
LEASES - Additional disclosures (Details) $ in Thousands	Mar. 31, 2021 USD ($) aircraft	Mar. 31, 2020 USD ($)	Apr. 10, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) aircraft	Dec. 31, 2019 USD ($)
LEASES
Maintenance reserve payments expensed			$ 6,003	$ 12,781	$ 8,691	$ 18,584
Number of aircrafts previously under operating leases \| aircraft	5				2
Aircraft maintenance deposits contra assets
LEASES
Remaining balance of the contra-asset	$ 26,512				$ 36,729	43,844
Reduction in the contra-asset					7,115
Purchase of number of aircrafts previously leased	$ 9,880				$ 5,624
Number of aircrafts previously under operating leases \| aircraft	5				2
Contra-asset as a reduction to Maintenance expense	$ 0	$ 425		$ 6,516	$ 1,402	$ 12,263

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Nov. 07, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2018
STOCK-BASED COMPENSATION
Stock compensation expense		$ 373	$ 2,110	$ 1,888
Total unrecognized compensation expense, expected to be recognized			$ 2,760
Unrecognized compensation expense, weighted average period in which expected to be recognized			1 year 6 months
Time-Based Stock Options \| Employees
STOCK-BASED COMPENSATION
Granted			221,941	472,253
Equity incentive plan
STOCK-BASED COMPENSATION
Authorized					6,985,533
Available for grant			988,383
Stock option exercise price range, lower limit			$ 5.30
Stock option exercise price range, upper limit			$ 18.02
Equity incentive plan \| Employees
STOCK-BASED COMPENSATION
Granted	5,827,511
Equity incentive plan \| Employees \| Time based vesting
STOCK-BASED COMPENSATION
Vesting percentage	38.50%
Equity incentive plan \| Employees \| Performance based vesting
STOCK-BASED COMPENSATION
Vesting percentage	61.50%
Equity incentive plan \| Time-Based Stock Options
STOCK-BASED COMPENSATION
Vesting percentage			25.00%	25.00%
Vesting percentage each year over four years	25.00%

STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted average grant date fair value
Shares issued			1,416,645
Employees
Weighted average grant date fair value
Shares issued	30,820
Time-Based Stock Options \| Employees
Number of shares
Outstanding at beginning of period (in shares)	2,281,308	2,243,588
Granted (in shares)	221,941	472,253
Forfeited (in shares)	(173,788)	(434,533)
Outstanding at end of period (in shares)	2,329,461	2,281,308	2,243,588
Exercisable at end of period (in shares)	1,054,059
Vested or expected to vest, at end of period (in shares)	2,329,461
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 5.84	$ 5.29
Granted (in dollars per share)	17.99	7.93
Forfeited (in dollars per share)	14.65	5.29
Outstanding at end of period (in dollars per share)	6.36	5.84	$ 5.29
Exercisable at end of period (in dollars per share)	5.64
Vested or expected to vest, at end of period (in dollars per share)	6.36
Weighted average grant date fair value
Outstanding at beginning of period (in dollars per share)	2.54	2.39
Granted (in dollars per share)	7.02	3.14
Forfeited (in dollars per share)	5.70	2.39
Outstanding at end of period (in dollars per share)	2.74	$ 2.54	$ 2.39
Exercisable at end of period (in dollars per share)	2.50
Vested or expected to vest, at end of period (in dollars per share)	$ 2.74
Weighted average remaining contractual term, outstanding (in years)	7 years 7 months 6 days	9 years	9 years 9 months 18 days
Performance-Based Stock Options \| Employees
Number of shares
Outstanding at beginning of period (in shares)	3,502,947	3,583,923
Granted (in shares)	346,984	746,836
Forfeited (in shares)	(272,679)	(827,812)
Outstanding at end of period (in shares)	3,577,252	3,502,947	3,583,923
Weighted average exercise price per share
Outstanding at beginning of period (in dollars per share)	$ 5.86	$ 5.29
Granted (in dollars per share)	17.99	7.96
Forfeited (in dollars per share)	14.65	5.29
Outstanding at end of period (in dollars per share)	6.38	5.86	$ 5.29
Weighted average grant date fair value
Outstanding at beginning of period (in dollars per share)	1.61	1.50
Granted (in dollars per share)	4.36	2.01
Forfeited (in dollars per share)	3.59	1.50
Outstanding at end of period (in dollars per share)	$ 1.72	$ 1.61	$ 1.50
Weighted average remaining contractual term, outstanding (in years)	7 years 7 months 6 days	9 years	9 years 9 months 18 days

STOCK-BASED COMPENSATION - Stock options valuation assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected Term	5 years 7 months 2 days	5 years 8 months 1 day
Expected Volatility	38.80%	33.90%
Risk-free Interest Rate	1.70%	1.70%

FUEL DERIVATIVES AND RISK MANAGEMENT (Details) - Fuel Derivative Contracts $ in Thousands, gal in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) gal	Mar. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) gal	Dec. 31, 2019 USD ($)
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ (1,173)	$ 2,233		$ 2,233	$ (12,006)
Non-cash Gains (Losses)	2,386	(21,752)		(12,206)	10,791
Contract Settlements	(8)	65		8,800	3,448
Balance - End of period	1,205	(19,454)	$ (12,006)	(1,173)	2,233
Fuel Derivative Gains (Losses)
Non-cash Gains (Losses)	2,386	(21,752)	(12,006)	(12,206)	10,791
Cash Premiums Paid		(284)	(2,280)	(2,053)	(665)
Total Fuel Derivative Gains (Losses)	$ 2,386	$ (22,036)	$ (14,286)	$ (14,259)	$ 10,126
Outstanding volume \| gal	12.7			21.0

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	$ 1,205		$ 2,233
Total Liabilities measured at fair value on a recurring basis		$ 1,173
Fuel Derivative Contracts
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	1,205		2,233
Total Liabilities measured at fair value on a recurring basis		1,173
Level 2
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	1,205		2,233
Total Liabilities measured at fair value on a recurring basis		1,173
Level 2 \| Fuel Derivative Contracts
FAIR VALUE MEASUREMENTS
Total Assets measured at fair value on a recurring basis	$ 1,205		$ 2,233
Total Liabilities measured at fair value on a recurring basis		$ 1,173

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Current:
State and Local				$ 10	$ 66
Total Current Tax Expense				10	66
Deferred:
Federal			$ 129	(597)	12,509
State and Local			32	(191)	1,513
Total Deferred Tax Expense / (Benefit)	$ 5,406	$ 2,471	147	(789)	14,022
Total Income Tax Expense / (Benefit)	$ 5,406	$ 2,445	$ 161	$ (778)	$ 14,088

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

INCOME TAXES - Tax Rate Reconciliation (Details)	3 Months Ended		9 Months Ended	12 Months Ended
INCOME TAXES - Tax Rate Reconciliation (Details)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Expected Provision at Federal Statutory
Tax Rate			21.00%	21.00%	21.00%
State Tax, net of Federal Impact			(12.00%)	3.10%	2.10%
Employee Parking			(40.40%)	(3.30%)	0.20%
Meals and Entertainment			(42.90%)	(2.20%)	0.20%
Other Permanent Adjustments			(3.60%)	(2.00%)	0.00%
Effective Tax Rate	30.30%	25.20%	(77.90%)	16.60%	23.50%

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets:
Net Operating Loss	$ 75,389	$ 24,680
Operating Lease Obligations	32,942	38,629
Finance Lease Obligations	20,095	45,392
Goodwill and Other Intangible Assets	12,586	15,325
Loyalty Program Liabilities	4,911	5,064
Accrued Maintenance	4,434	7,481
Other	4,318	2,769
Total Deferred Tax Assets	154,675	139,340
Deferred Tax Liabilities:
Accelerated Depreciation	(67,105)	(24,858)
Operating Lease Right-of-use Assets	(27,892)	(33,844)
Finance Lease Assets	(23,462)	(44,696)
Unrealized Gain on Fuel Derivatives		(514)
Total Deferred Tax Liabilities	(118,459)	(103,912)
Total Net Deferred Tax Assets	$ 36,216	$ 35,428

INCOME TAXES - Paragraphs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Federal net operating loss	$ 73,116
State net operating loss	2,273
Liability for unrecognized tax benefits	$ 0	$ 0

DEFINED CONTRIBUTION 401K (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
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			2.00%
Non-Discretionary	$ 308	$ 592	$ 1,040	$ 908
Discretionary	1,026	2,436	4,263	4,246
Total 401(k) Contributions	$ 1,334	$ 3,028	$ 5,303	$ 5,154
Non Pilot Employees [Member]
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation			4.00%
Pilot Employees [Member]
DEFINED CONTRIBUTION 401(K) PLAN
Maximum contribution as a percent of participants' compensation			6.00%

SPECIAL ITEMS, NET - Schedule of special items, net (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended	12 Months Ended
	Apr. 22, 2021	Mar. 31, 2021	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
SPECIAL ITEMS, NET
Financial Designation, Predecessor and Successor [Fixed List]			Predecessor	Successor
CARES Act grant recognition	$ (4,831)	$ (32,208)			$ (62,312)
CARES Act employee retention credit		(334)			(2,328)
Contractual obligations for retired technology						$ 7,578
Sale of airport slot rights						(1,200)
Sun Country Rewards program modifications				$ (8,463)
Early-out payments and other outsourcing expenses			$ 271	1,757
Aircraft purchase impacts		5,664
Other		7			77	714
Total Special Items, net		$ (26,871)	$ 271	$ (6,706)	$ (64,563)	$ 7,092

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended										9 Months Ended	12 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Mar. 31, 2021 USD ($) segment item	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Apr. 10, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) segment item	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 segment
OPERATING SEGMENTS
Number of operating segments \| segment	2											2	2	2
Number of internal passenger groups \| item	2											1
Operating Revenues	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 163,864	$ 171,478	$ 169,373	$ 196,669	$ 197,452	$ 384,931	$ 401,486	$ 701,384
Non-Fuel Operating Expenses	105,275											365,272
Aircraft Fuel	24,274				55,561					45,790	119,553	83,392	165,666
Special Items, net	(26,871)									271	(6,706)	(64,563)	7,092
Total Operating Expenses	102,678				165,100					171,336	377,699	384,101	623,262
Operating Income	24,933	$ (4,428)	$ 8,817	$ (2,234)	15,230	$ 11,604	$ 10,475	$ 9,541	$ 46,502	26,116	7,232	17,385	78,122
Interest Income	15				251					96	258	377	937
Interest Expense	(7,121)				(5,616)					(339)	(6,060)	(22,073)	(17,170)
Other Non-operating Income (Expense), net	(5)				(169)					37	(1,636)	(371)	(1,729)
Income before Income Tax	17,822				$ 9,696					$ 25,910	$ (206)	(4,682)	$ 60,160
Passenger
OPERATING SEGMENTS
Operating Revenues	106,026											364,677
Non-Fuel Operating Expenses	87,205											332,742
Aircraft Fuel	24,253											83,392
Special Items, net	(18,206)											(53,842)
Total Operating Expenses	93,252											362,292
Operating Income	12,774											2,385
Cargo
OPERATING SEGMENTS
Operating Revenues	21,585											36,809
Non-Fuel Operating Expenses	18,070											32,530
Aircraft Fuel	21
Special Items, net	(8,665)											(10,721)
Total Operating Expenses	9,426											21,809
Operating Income	$ 12,159											$ 15,000

CONDENSED PARENT COMPANY FINANCIAL INFORMATION - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and Equivalents	$ 269,599	$ 62,028	$ 53,112	$ 51,006	$ 29,600
Total Current Assets	328,159	126,740		112,525
Other Assets:
Other Assets	6,502	6,357		2,129
Total Other Assets	459,114	512,012		550,274
Total Assets	1,244,202	1,053,267		1,007,876
Current Liabilities:
Other Current Liabilities	8,963	6,841		2,002
Total Current Liabilities	237,640	253,743		353,551
Total Liabilities	834,242	769,450		724,152
Stockholders' Equity:
Common Stock	572	468		239,141
Loans to Stockholders		(3,500)		(3,500)	$ (3,500)
Additional Paid in Capital	473,848	248,525		5,855
Retained Earnings	(64,460)	38,324		42,228
Total Stockholders' Equity	409,960	283,817		283,724
Total Liabilities and Stockholders' Equity	$ 1,244,202	1,053,267		1,007,876
Parent Company
Current Assets:
Cash and Equivalents				7
Total Current Assets				7
Other Assets:
Investment in Subsidiary		282,569		284,185
Other Assets		1,429
Total Other Assets		283,998		284,185
Total Assets		283,998		284,192
Current Liabilities:
Other Current Liabilities		181		468
Total Current Liabilities		181		468
Total Liabilities		181		468
Stockholders' Equity:
Common Stock		239,162		239,141
Loans to Stockholders		(3,500)		(3,500)
Additional Paid in Capital		9,831		5,855
Retained Earnings		38,324		42,228
Total Stockholders' Equity		283,817		283,724
Total Liabilities and Stockholders' Equity		$ 283,998		$ 284,192

CONDENSED PARENT COMPANY FINANCIAL INFORMATION - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended										9 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses:
Other Operating, net	$ 14,651				$ 14,433					$ 17,994	$ 40,877	$ 48,718	$ 68,187
Total Operating Expenses	102,678				165,100					171,336	377,699	384,101	623,262
Operating Income	24,933	$ (4,428)	$ 8,817	$ (2,234)	15,230	$ 11,604	$ 10,475	$ 9,541	$ 46,502	26,116	7,232	17,385	78,122
Non-operating Income (Expense):
Other, net	(5)				(169)					37	(1,636)	(371)	(1,729)
Total Non-operating Expense, net	(7,111)				(5,534)					(206)	(7,438)	(22,067)	(17,962)
Income before Income Tax	17,822				9,696					25,910	(206)	(4,682)	60,160
Income Tax Expense / (Benefit)	5,406				2,445						161	(778)	14,088
Net Income	$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	$ 5,018	$ 3,973	$ 3,713	$ 33,368	$ 25,910	(367)	(3,904)	46,072
Parent Company
Operating Expenses:
Other Operating, net											564	179	439
Total Operating Expenses											564	179	439
Operating Income											(564)	(179)	(439)
Non-operating Income (Expense):
Equity in Income / (Loss) of Subsidiaries											197	(3,725)	46,283
Other, net													228
Total Non-operating Expense, net											197	(3,725)	46,511
Income before Income Tax											(367)	(3,904)	46,072
Net Income											$ (367)	$ (3,904)	$ 46,072

CONDENSED PARENT COMPANY FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net Cash Provided by Operating Activities	$ 15,839	$ 13,858	$ 4,583	$ 13,764	$ 374	$ 63,272
Cash Flows from Investing Activities:
Net Cash Used in Investing Activities	(54,552)	(75,048)	(2,594)	(80,823)	(96,028)	(69,564)
Cash Flows from Financing Activities:
Cash Contributions from Stockholders				47,866
Proceeds Received from Exercise of Apollo Warrants		21			21
Net Cash Provided by Financing Activities	243,968	54,855	(10,680)	102,193	101,539	27,329
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	205,255	(6,335)	(8,691)	35,133	5,885	21,037
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	70,363	64,478	16,999	8,308	64,478	43,441
Cash, Cash Equivalents and Restricted Cash--End of the Period	$ 275,618	58,143	$ 8,308	43,441	70,363	64,478
Parent Company
Cash Flows from Investing Activities:
Net Payments to Subsidiary				(47,866)	(28)
Net Cash Used in Investing Activities				(47,866)	(28)
Cash Flows from Financing Activities:
Cash Contributions from Stockholders				47,866
Net Payments from Subsidiary						7
Proceeds Received from Exercise of Apollo Warrants					21
Net Cash Provided by Financing Activities				$ 47,866	21	7
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash					(7)	7
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period		$ 7			$ 7
Cash, Cash Equivalents and Restricted Cash--End of the Period						$ 7

SUBSEQUENT EVENTS (Details) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	Apr. 06, 2021 USD ($) aircraft	Mar. 31, 2021 USD ($) aircraft shares	Mar. 31, 2021 USD ($) aircraft shares	Mar. 31, 2020 aircraft	Dec. 31, 2020 aircraft shares
SUBSEQUENT EVENTS
Number of aircrafts previously under operating leases			5		2
Stock split ratio			18.8886
Share issued as a result of stock split \| shares			44,226,587
Common stock shares outstanding \| shares					44,359,873
Delayed Draw Term Loan Facility
SUBSEQUENT EVENTS
Amount drawn \| $		$ 68,000	$ 68,000
Number of aircrafts previously under operating leases			5
Passenger
SUBSEQUENT EVENTS
Number of aircrafts previously under operating leases			5	3
Subsequent Event
SUBSEQUENT EVENTS
Stock split ratio		18.8886
Share issued as a result of stock split \| shares		44,226,587
Fractional shares issued \| shares		0	0
Subsequent Event \| Delayed Draw Term Loan Facility
SUBSEQUENT EVENTS
Amount drawn \| $	$ 12,500	$ 68,000	$ 68,000
Number of aircrafts previously under operating leases	5	5
Subsequent Event \| Passenger
SUBSEQUENT EVENTS
Number of aircrafts previously under operating leases		3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended										9 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
QUARTERLY FINANCIAL DATA (UNAUDITED)
Operating Revenues	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 163,864	$ 171,478	$ 169,373	$ 196,669	$ 197,452	$ 384,931	$ 401,486	$ 701,384
Operating Income / (Loss)	24,933	(4,428)	8,817	(2,234)	15,230	11,604	10,475	9,541	46,502	26,116	7,232	17,385	78,122
Net Income / (Loss)	$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	$ 5,018	$ 3,973	$ 3,713	$ 33,368	$ 25,910	$ (367)	$ (3,904)	$ 46,072
Net Income / (Loss) per share to common stockholders:
Basic (in dollars per share)	$ 0.26	$ (0.17)	$ 0.06	$ (0.13)	$ 0.16	$ 0.11	$ 0.08	$ 0.08	$ 0.71	$ 0.26	$ (0.01)	$ (0.08)	$ 0.99
Diluted (in dollars per share)	$ 0.24	$ (0.17)	$ 0.06	$ (0.13)	$ 0.15	$ 0.10	$ 0.08	$ 0.08	$ 0.71	$ 0.26	$ (0.01)	$ (0.08)	$ 0.96

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

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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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and Equivalents	$ 269,599	$ 62,028	$ 51,006
Restricted Cash	6,019	8,335	13,472
Investments	5,777	5,624	5,694
Accounts Receivable, net of an allowance for credit losses of $293 and $224, respectively	25,897	28,690	22,408
Short-term Lessor Maintenance Deposits	1,723	3,101	1,970
Inventory, net of a reserve for obsolescence of $1,089 and $996, respectively	5,457	5,407	5,273
Prepaid Expenses	11,678	8,002	7,717
Derivative Assets	1,205		2,233
Other Current Assets	804	5,553	2,752
Total Current Assets	328,159	126,740	112,525
Property & Equipment, net:
Property & Equipment	533,396	479,580	372,805
Accumulated Depreciation & Amortization	(76,467)	(65,065)	(27,728)
Total Property & Equipment, net	456,929	414,515	345,077
Other Assets:
Goodwill	222,223	222,223	222,223
Other Intangible Assets, net	92,110	93,110	97,110
Operating Lease Right-of-use Assets	80,587	121,269	147,148
Aircraft Lease Deposits	8,027	10,253	17,970
Long-term Lessor Maintenance Deposits	18,855	22,584	28,266
Deferred Tax Asset	30,810	36,216	35,428
Other Assets	6,502	6,357	2,129
Total Other Assets	459,114	512,012	550,274
Total Assets	1,244,202	1,053,267	1,007,876
Current Liabilities:
Accounts Payable	34,171	34,035	43,900
Accrued Salaries, Wages, and Benefits	16,870	16,368	16,621
Accrued Transportation Taxes	10,402	5,883	13,729
Air Traffic Liabilities	94,733	101,075	116,660
Derivative Liabilities		1,174
Over-market Liabilities	5,487	9,281	10,421
Finance Lease Obligations	9,995	11,460	92,318
Loyalty Program Liabilities	7,115	7,016	14,092
Operating Lease Obligations	20,672	34,492	30,611
Current Maturities of Long-term Debt	29,232	26,118	13,197
Other Current Liabilities	8,963	6,841	2,002
Total Current Liabilities	237,640	253,743	353,551
Long-term Liabilities:
Over-market Liabilities	16,113	28,128	37,409
Finance Lease Obligations	93,293	95,710	105,037
Loyalty Program Liabilities	13,659	15,053	8,800
Operating Lease Obligations	77,840	112,707	141,879
Long-term Debt	274,109	256,345	73,720
Income Tax Receivable Agreement	115,200
Other Long-term Liabilities	6,388	7,764	3,756
Total Long-term Liabilities	596,602	515,707	370,601
Total Liabilities	834,242	769,450	724,152
Commitments and Contingencies
Stockholders' Equity:
Common stock with $0.01 par value, 995,000,000 shares authorized, 57,153,467 and 46,839,659 issued at March 31, 2021 and December 31, 2020, respectively.	572	468	239,141
Loans to Stockholders		(3,500)	(3,500)
Additional Paid in Capital	473,848	248,525	5,855
Retained Earnings / (Deficit)	(64,460)	38,324	42,228
Total Stockholders' Equity	409,960	283,817	283,724
Total Liabilities and Stockholders' Equity	1,244,202	1,053,267	1,007,876
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment	384,950	331,685	142,100
Leasehold Improvements and Ground Equipment
Property & Equipment, net:
Property & Equipment	13,856	13,526	12,701
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment	7,949	7,845	8,702
Finance Lease Assets
Property & Equipment, net:
Property & Equipment	117,833	117,833	201,026
Rotable Parts
Property & Equipment, net:
Property & Equipment	$ 8,808	$ 8,691	$ 8,276

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 11, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts Receivable, allowance for credit losses	$ 293	$ 224	$ 630
Inventory, reserve for obsolescence	$ 1,089	$ 996	$ 550
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01	$ 0	$ 0
Common stock-shares authorized	995,000,000	94,443,000	94,443,000
Common stock-shares issued	57,153,467	46,839,659	6,800,065	5,326,755

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended										9 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Apr. 10, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Operating Revenues:
Operating Revenues	$ 127,611	$ 107,807	$ 77,973	$ 35,376	$ 180,330	$ 163,864	$ 171,478	$ 169,373	$ 196,669	$ 197,452	$ 384,931	$ 401,486	$ 701,384
Operating Expenses:
Aircraft Fuel	24,274				55,561					45,790	119,553	83,392	165,666
Salaries, Wages, and Benefits	44,075				38,091					36,964	90,263	141,641	140,739
Aircraft Rent	5,599				11,032					28,329	36,831	30,989	49,908
Maintenance	9,210				6,478					9,508	15,491	27,416	35,286
Sales and Marketing	5,110				8,572					10,854	17,180	16,570	35,388
Depreciation and Amortization	12,615				10,527					2,526	14,405	48,086	34,877
Ground Handling	5,230				9,292					8,619	23,828	20,596	41,719
Landing Fees and Airport Rent	8,785				11,114					10,481	25,977	31,256	44,400
Special Items, net	(26,871)									271	(6,706)	(64,563)	7,092
Other Operating, net	14,651				14,433					17,994	40,877	48,718	68,187
Total Operating Expenses	102,678				165,100					171,336	377,699	384,101	623,262
Operating Income	24,933	(4,428)	8,817	(2,234)	15,230	11,604	10,475	9,541	46,502	26,116	7,232	17,385	78,122
Non-operating Income (Expense):
Interest Income	15				251					96	258	377	937
Interest Expense	(7,121)				(5,616)					(339)	(6,060)	(22,073)	(17,170)
Other, net	(5)				(169)					37	(1,636)	(371)	(1,729)
Total Non-operating Expense, net	(7,111)				(5,534)					(206)	(7,438)	(22,067)	(17,962)
Income before Income Tax	17,822				9,696					25,910	(206)	(4,682)	60,160
Income Tax Expense	5,406				2,445						161	(778)	14,088
Net Income	$ 12,416	$ (8,042)	$ 2,927	$ (6,040)	$ 7,251	$ 5,018	$ 3,973	$ 3,713	$ 33,368	$ 25,910	$ (367)	$ (3,904)	$ 46,072
Net Income per share to common stockholders:
Basic earnings per share	$ 0.26	$ (0.17)	$ 0.06	$ (0.13)	$ 0.16	$ 0.11	$ 0.08	$ 0.08	$ 0.71	$ 0.26	$ (0.01)	$ (0.08)	$ 0.99
Diluted earnings per share	$ 0.24	$ (0.17)	$ 0.06	$ (0.13)	$ 0.15	$ 0.10	$ 0.08	$ 0.08	$ 0.71	$ 0.26	$ (0.01)	$ (0.08)	$ 0.96
Shares used for computation:
Weighted Average Common Shares Outstanding - Basic	48,496,077				46,805,951					100,000,000	46,700,990	46,806,042	46,773,038
Weighted Average Common Shares Outstanding - Diluted	52,508,186				48,225,603					100,000,000	46,700,990	46,806,042	47,909,413
Passenger
Operating Revenues:
Operating Revenues	$ 104,195				$ 178,486					$ 172,897	$ 335,824	$ 359,232	$ 688,833
Cargo
Operating Revenues:
Operating Revenues	21,585											36,809
Other
Operating Revenues:
Operating Revenues	$ 1,831				$ 1,844					$ 24,555	$ 49,107	$ 5,445	$ 12,551

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Warrants	Common Stock	Loans to Stockholders	APIC	Retained Earnings	Total
Balances, at Beginning of period at Dec. 31, 2017						$ 34,422,000
Balances, at Beginning of period (in shares) at Dec. 31, 2017						100,000,000
Stockholder's Equity
Net Income						$ 25,910,000
Balances, at End of period at Apr. 10, 2018						$ 49,783,000
Balances, at End of period (in shares) at Apr. 10, 2018						100,000,000
Balances, at Beginning of period at Dec. 31, 2017						$ 34,422,000
Balances, at Beginning of period (in shares) at Dec. 31, 2017						100,000,000
Stockholder's Equity
Initial Public Offering (in shares)						1,416,645
Balances, at End of period at Dec. 31, 2018		$ 239,141,000	$ (3,500,000)	$ 373,000	$ (367,000)	$ 235,647,000
Balances, at End of period (in shares) at Dec. 31, 2018	40,005,885	6,743,400
Balances, at Beginning of period at Apr. 10, 2018						$ 49,783,000
Balances, at Beginning of period (in shares) at Apr. 10, 2018						100,000,000
Stockholder's Equity
Initial Public Offering		$ 7,500,000	(3,500,000)			$ 4,000,000
Initial Public Offering (in shares)		1,416,645
Net Income					(367,000)	(367,000)
Stock-based Compensation				373,000		373,000
Balances, at End of period at Dec. 31, 2018		$ 239,141,000	(3,500,000)	373,000	(367,000)	235,647,000
Balances, at End of period (in shares) at Dec. 31, 2018	40,005,885	6,743,400
Stockholder's Equity
Initial Public Offering (in shares)		56,665
Net Income					46,072,000	46,072,000
Amazon Warrants				3,594,000		3,594,000
Stock-based Compensation				1,888,000		1,888,000
Balances, at End of period at Dec. 31, 2019		$ 68,000	(3,500,000)	244,928,000	42,228,000	283,724,000
Balances, at End of period (in shares) at Dec. 31, 2019	40,005,885	6,800,065
Stockholder's Equity
Exercise of Apollo Warrants		$ 400,000		(379,000)		21,000
Exercise of Apollo Warrants (in shares)	(40,005,885)	40,005,885
Net Income					7,251,000	7,251,000
Stock-based Compensation				369,000		369,000
Balances, at End of period at Mar. 31, 2020		$ 468,000	(3,500,000)	244,918,000	49,479,000	291,365,000
Balances, at End of period (in shares) at Mar. 31, 2020		46,805,950
Balances, at Beginning of period at Dec. 31, 2019		$ 68,000	(3,500,000)	244,928,000	42,228,000	283,724,000
Balances, at Beginning of period (in shares) at Dec. 31, 2019	40,005,885	6,800,065
Stockholder's Equity
Exercise of Apollo Warrants		$ 21,000				21,000
Exercise of Apollo Warrants (in shares)	(40,005,885)	40,005,885
Net Income					(3,904,000)	(3,904,000)
Amazon Warrants						1,866,000
Stock-based Compensation		$ 33,709				2,110,000
Balances, at End of period at Dec. 31, 2020		$ 468,000	(3,500,000)	248,525,000	38,324,000	283,817,000
Balances, at End of period (in shares) at Dec. 31, 2020		46,839,659
Stockholder's Equity
Shares Surrendered by Stockholders		$ (1,000)	$ 3,500,000	(3,499,000)
Shares Surrendered by Stockholders (in shares)		(140,737)
Initial Public Offering		$ 105,000		224,552,000		224,657,000
Initial Public Offering (in shares)		10,454,545
Net Income					12,416,000	12,416,000
Income Tax Receivable Agreement					(115,200,000)	(115,200,000)
Amazon Warrants				1,400,000		1,400,000
Stock-based Compensation				2,870,000		2,870,000
Balances, at End of period at Mar. 31, 2021		$ 572,000		$ 473,848,000	$ (64,460,000)	$ 409,960,000
Balances, at End of period (in shares) at Mar. 31, 2021		57,153,467

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net Income	$ 12,416
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	12,615
Reduction in Operating Lease Right-of-use Assets	5,401
Non-Cash Loss on Asset Transactions, net	(8,729)
Unrealized Loss (Gain) on Fuel Derivatives	(2,386)
Amortization of Over-market Liabilities	(2,004)
Deferred Income Taxes	5,406
Amazon Warrants Vested	1,400
Stock-based Compensation Expense	2,870
Amortization of Debt Issuance Costs	1,496
Changes in Operating Assets and Liabilities:
Accounts Receivable	2,358
Inventory	(173)
Prepaid Expenses	(3,676)
Lessor Maintenance Deposits	(2,219)
Aircraft Lease Deposits	2,226
Other Assets	233
Accounts Payable	626
Accrued Transportation Taxes	4,519
Air Traffic Liabilities	(6,343)
Loyalty Program Liabilities	(1,295)
Reduction in Operating Lease Obligations	(10,722)
Other Liabilities	1,820
Net Cash Provided by Operating Activities	15,839
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(54,399)
Purchase of Investments	(337)
Proceeds from the Sale of Investments	184
Net Cash Used in Investing Activities	(54,552)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	235,894
Costs of Stock Offering	(7,226)
Proceeds from Borrowings	68,000
Repayment of Finance Lease Obligations	(3,911)
Repayment of Borrowings	(46,068)
Debt Issuance Costs	(2,721)
Net Cash Provided by Financing Activities	243,968
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	205,255
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	70,363
Cash, Cash Equivalents and Restricted Cash--End of the Period	275,618
Supplemental information:
Cash Payments for Interest	2,728
Cash Payments (Receipts) for Income Taxes, net	(7)
Lease Deposits Applied Against the Purchase of Aircraft	2,766
Purchases of Property & Equipment in Accounts Payable	243
Costs of Stock Offering in Accounts Payable	$ 1,829

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 10, 2018	Dec. 31, 2017
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Equivalents	$ 269,599	$ 62,028	$ 53,112	$ 51,006	$ 29,600
Restricted Cash	6,019	8,335	5,031	13,472	13,841	$ 8,308
Total Cash, Cash Equivalents and Restricted Cash	$ 275,618	$ 70,363	$ 58,143	$ 64,478	$ 43,441	$ 8,308	$ 16,999

COMPANY BACKGROUND	3 Months Ended	12 Months Ended
COMPANY BACKGROUND	Mar. 31, 2021	Dec. 31, 2020
COMPANY BACKGROUND
COMPANY BACKGROUND	1. COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, cargo customers, charter air transportation and related services. Services are provided to the general public, Amazon, military branches, wholesale tour operators, individual entities, schools and companies 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 (the “Company” or “Sun Country”). Stock Split In March 2021, the Company effected an approximately 18.8886 for 1 stock split of its common stock (the “Stock Split”), with exercise prices for outstanding warrants and options adjusted accordingly by dividing such prices by the Stock Split ratio. The par value of the common stock was not adjusted as a result of the Stock Split. As a result of the Stock Split, the Company issued an additional 44,226,587 shares of common stock. All references to common stock, warrants to purchase common stock, stock options, per share amounts and related information contained in the accompanying Condensed Consolidated Financial Statements and applicable disclosures have been retroactively adjusted to reflect the effect of the Stock Split for all periods. Initial Public Offering of Common Stock and Concurrent Private Placements 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 $224,657 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, SCA Horus Holdings, LLC, an affiliate of investment funds managed by affiliates of Apollo Global Management (the “Apollo Stockholder”), also completed a concurrent 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. 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.com Services, Inc. (together with its affiliates, “Amazon”) to provide cargo services under an Air Transportation Services Agreement (the “ATSA”). The agreement is structured for the Company to provide crew, maintenance, and insurance (“CMI”) services to Amazon. Sun Country began flying for Amazon in May 2020. On June 27, 2020, Amazon and the Company signed an amendment to the December 2019 agreement that increased the aircraft Sun Country operates from 10 to 12. 1. COMPANY BACKGROUND (continued) In December 2019, 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. The exercise period of these warrants is through the eighth anniversary of the issue date. Of the 9,482,606 total Amazon warrants issued, 632,183 vested upon execution of the ATSA in December 2019. Thereafter, an additional 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the three months ended March 31, 2021, 189,652 warrants vested and the cumulative warrants vested as of March 31, 2021 were 1,074,704. No warrants vested during the three months ended March 31, 2020.	1. COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. f/k/a SCA Acquisition Holdings, LLC (the “Successor”) was formed on December 8, 2017 by funds managed by affiliates of Apollo Global Management (“Apollo”) for the purpose of purchasing (the “Acquisition”) Sun Country, Inc. d/b/a Sun Country Airlines (the “Predecessor”). Sun Country, Inc. f/k/a MN Airlines, LLC is a privately-owned certified air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines are referred to as those of the Company (the “Company”, “SCA” or “Sun Country”). On April 11, 2018 (the “Acquisition Date”), SCA Acquisition Holdings, LLC acquired 100 percent of MN Airlines’ stockholder equity. The Acquisition was accounted for as a business combination using the purchase method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their fair value as of the Acquisition Date. Reorganization Transactions On January 31, 2020, all 40,005,885 outstanding Apollo Warrants were exercised to purchase common stock of SCA Acquisition Holdings, LLC. Also 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 of SCA Acquisition Holdings, LLC common stock with a $0.01 par value were converted into shares of Sun Country Airlines Holdings, Inc. common stock. The outstanding warrants held by Amazon to purchase shares of SCA Acquisition Holdings, LLC common stock were converted into warrants to purchase shares of Sun Country Airlines Holdings, Inc. common stock and all of the outstanding options to purchase shares of SCA Acquisition Holdings, LLC common stock were converted into options to purchase shares of Sun Country Airlines Holdings, Inc. 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.com Services, Inc. (together with its affiliates, “Amazon”) to provide air cargo services (“Amazon Agreement”). The option to renew the Amazon Agreement for two additional two-year terms is at Amazon’s sole discretion, subject to Amazon providing Sun Country with at least 180 days’ prior written notice before the expiration of the then-current term. Sun Country began flying for Amazon in the second quarter of 2020. On June 27, 2020, Amazon and the Company signed an amendment to the December 13, 2019 agreement that added two aircraft. As of December 31, 2020, Sun Country operates 12 Boeing 737‑800 cargo aircraft for Amazon. Amazon supplies the aircraft and reimburses the Company for certain operating expenses, including fuel and heavy maintenance. The aircraft fly under the Company’s air carrier operating certificate and the Company supplies the crew, non-heavy maintenance and insurance for the aircraft. Amazon pays a fixed monthly fee per aircraft as well as a set rate per flight cycle and block hour flown. 1. COMPANY BACKGROUND (continued) In December 2019, in connection with the Amazon Agreement, 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, which represented approximately 15% of the Company’s common stock on that date. The exercise period of these warrants is through the eighth anniversary of the issue date. The Amazon warrants were valued at $7.38 per share. The fair value of the warrants was determined using a Monte Carlo simulation which involves inputs such as expected volatility, the risk-free rate of return and the probability of achieving varying outcomes under the Amazon Agreement. The fair value of warrants that are expected to vest in the future will be recorded as contra-revenue over the vesting term of the warrants on a pro-rata basis as the flights occur. For so long as Amazon holds these warrants or any shares of common stock issued upon exercise of the warrants and the Amazon Agreement remains in effect, Amazon will have the right to nominate a member or an observer to SCA’s board of directors. Of the 9,482,606 total Amazon warrants issued, 632,183 vested upon execution of the Amazon Agreement on December 13, 2019. Thereafter, an additional 63,217 warrants will vest for each milestone of $8 million in payments made by Amazon to the Company, excluding reimbursable and direct pass-through expenses. During the year ended December 31, 2020, 252,869 warrants vested.

BASIS OF PRESENTATION

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020