0001743907-22-000004 | 10-Q | XBRL Viewer | SUN Country Airlines Holdings INC

FUEL DERIVATIVES AND RISK MANAGEMENT - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fuel Derivative Contracts
FUEL DERIVATIVES AND RISK MANAGEMENT
Outstanding derivative contracts	$ 0	$ 0

REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of significant categories comprising operating revenues

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended March 31,
	2022		2021
Scheduled Service	$	124,068	$	54,620
Charter Service	32,879		25,805
Ancillary	45,086		23,770
Passenger	202,033		104,195
Cargo	21,053		21,585
Other	3,439		1,831
Total Operating Revenue	$	226,525	$	127,611

Schedule of operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Three Months Ended March 31,
	2022		2021
Domestic	$	208,591	$	119,312
Latin America	17,869		7,877
Other	65		422
Total Operating Revenue	$	226,525	$	127,611

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	March 31, 2022		December 31, 2021
Contract Assets
Costs to fulfill contract with Amazon	$	2,658	$	2,819

Air Traffic Liabilities	110,946		118,562
Loyalty Program Liabilities	17,374		19,718
Amazon Deferred Up-front Payment	3,959		4,200
Total Contract Liabilities	$	132,279	$	142,480

Schedule of change in contract with customer, liability

Changes in the Loyalty Program Liabilities are as follows:


	2022		2021
Balance – January 1	$	19,718	$	22,069
Loyalty Points Earned	1,819		857
Loyalty Points Redeemed (1)	(4,163)		(2,152)
Balance – March 31	$	17,374	$	20,774

______________________


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

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 3,186	$ 5,599
Depreciation amortization and aircraft rent	15,928	15,864
Owned
AIRCRAFT - Owned and Leased
Depreciation	8,673	7,830
Finance leases
AIRCRAFT - Owned and Leased
Amortization	4,069	2,435
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 3,186	$ 5,599

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 142,480
Balance – March 31	132,279
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	19,718	$ 22,069
Loyalty Points Earned	1,819	857
Loyalty Points Redeemed	(4,163)	(2,152)
Balance – March 31	$ 17,374	$ 20,774

DEBT - Long-term Debt Schedule (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
DEBT
Total Debt	$ 280,970,000	$ 280,931,000
Less: Unamortized debt issuance costs	(3,685,000)	(3,505,000)
Less: Current Maturities of Long-term Debt	(34,741,000)	(29,412,000)
Total Long-term Debt	242,544,000	248,014,000
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable
DEBT
Total Debt	$ 202,984,000	202,984,000
Face amount			$ 248,587,000
Weighted average interest rate	4.76%
Notes payable under the Company's 2019-1 EETC agreement \| Minimum \| Notes payable
DEBT
Interest Rate			4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Maximum \| Notes payable
DEBT
Interest Rate			6.95%
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable
DEBT
Total Debt	$ 77,986,000	0
Face amount	$ 188,277,000
Weighted average interest rate	5.06%
Notes payable under the Company's 2022-1 EETC agreement \| Minimum \| Notes payable
DEBT
Interest Rate	4.84%
Notes payable under the Company's 2022-1 EETC agreement \| Maximum \| Notes payable
DEBT
Interest Rate	5.75%
Delayed Draw Term Loan Facility \| Loans Payable
DEBT
Total Debt	$ 0	77,481,000
Notes payable
DEBT
Total Debt	$ 0	$ 466,000
Notes payable \| Notes payable
DEBT
Interest Rate	5.00%

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 12 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K. Excluding the items discussed below, there were no additional assets or liabilities measured at fair value on a recurring basis as of March 31, 2022 or December 31, 2021. Financial Instruments – Financial instruments including Cash and Cash Equivalents, Restricted Cash, Investments, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value. 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. Non-Financial Assets – Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of Property & Equipment, Goodwill and Other Intangible Assets are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial assets are assessed for impairment and, if applicable, written down to fair value using significant unobservable inputs, classified as Level 3. Debt – See Note 7 for more information on the Company's debt financings and related fair values.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 7), payments under the TRA (see Note 10), and probable future purchases of aircraft. As of March 31, 2022, the Company had a commitment of approximately $75,000 to purchase four aircraft using proceeds from the 2022-1 EETC, which were delivered in the second quarter of 2022. A deposit totaling $7,500 was remitted to the seller during the first quarter of 2022 and has been accounted for within Other Current Assets on the Condensed Consolidated Balance Sheets as of March 31, 2022. The remaining purchase amount was financed using incremental proceeds from the 2022-1 EETC and were remitted to the seller upon delivery of the aircraft. During the first quarter of 2022, the Company executed an agreement to purchase a flight simulator at a total purchase price of $9,745. An initial installment of $2,934 was remitted to the seller during the first quarter of 2022 and is accounted for within Property & Equipment on the Condensed Consolidated Balance Sheets as of March 31, 2022. The remaining purchase price is to be remitted upon shipment of the simulator. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management does not believe these proceedings will have a materially adverse effect on the Company.

SPECIAL ITEMS, NET

3 Months Ended

Mar. 31, 2022

Unusual or Infrequent Items, or Both [Abstract]

SPECIAL ITEMS, NET

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

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


	Three Months Ended March 31,
	2022		2021
CARES Act grant recognition (see Note 3)	$	—	$	(32,208)
CARES Act employee retention credit (See Note 3)	—		(334)
Aircraft lease buy-out expense (1)	—		5,664
Other	—		7
Total Special Items, net	$	—	$	(26,871)


(1)			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.

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Dec. 13, 2019	Dec. 31, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Maintenance expense			$ 11,995	$ 9,210
Total Contract Liabilities			$ 132,279		$ 142,480
Amazon Agreement
REVENUE
Warrants vested (in shares)	632,183		189,652	189,652
Air Traffic Liabilities
REVENUE
Total Contract Liabilities			$ 110,946		118,562
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities			17,374	$ 20,774	19,718	$ 22,069
Revenue recognized			4,163	2,152
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities			$ 3,959		4,200
Proceeds from startup costs		$ 10,300
Fair value of warrants vested		4,667
Amazon Deferred Up-front Payment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-01
REVENUE
Amortization period			6 years
Amazon Deferred Up-front Payment \| Other Liabilities
REVENUE
Fair value of warrants vested		$ 5,633
Costs to fulfill contract with Amazon
REVENUE
Amortization period			6 years
Maintenance expense			$ 161	138
Contract Assets			2,658		$ 2,819
Passenger
REVENUE
Revenue recognized			87,982
Cargo \| Amazon Deferred Up-front Payment
REVENUE
Revenue recognized			$ 240	$ 231

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of changes in derivative assets (liabilities)

Changes in Derivative Assets (Liabilities) are as follows:


	Three Months Ended March 31,
	2022		2021
Balance - January 1	$	—	$	(1,174)
Non-cash Gains	—		2,386
Contract Settlements	—		(7)
Balance - March 31	$	—	$	1,205

Schedule of fuel derivative gains (losses)

Fuel Derivative Gains consist of the following:


	Three Months Ended March 31,
	2022		2021
Non-cash Gains	$	—	$	2,386
Cash Premiums Paid	—		—
Total Fuel Derivative Gains	$	—	$	2,386

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Total Operating Revenue	$ 226,525	$ 127,611
Passenger
REVENUE
Total Operating Revenue	202,033	104,195
Scheduled Service
REVENUE
Total Operating Revenue	124,068	54,620
Charter Service
REVENUE
Total Operating Revenue	32,879	25,805
Ancillary
REVENUE
Total Operating Revenue	45,086	23,770
Cargo
REVENUE
Total Operating Revenue	21,053	21,585
Other
REVENUE
Total Operating Revenue	$ 3,439	$ 1,831

- Definition

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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 376	$ 250
Inventory, reserve for obsolescence	$ 1,366	$ 1,275
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	995,000,000	995,000,000
Common stock, shares issued (in shares)	57,964,320	57,872,452
Common stock, shares outstanding (in shares)	57,964,320	57,872,452
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

FUEL DERIVATIVES AND RISK MANAGEMENT - Fuel Derivative Gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fuel Derivative Gains (Losses)
Total Fuel Derivative Gains	$ 0	$ 2,386
Fuel Derivative Contracts
Fuel Derivative Gains (Losses)
Non-cash Gains	0	2,386
Cash Premiums Paid	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Cash flows from Operating Activities
Net Income	$ 3,637	$ 12,416
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	15,328	12,615
Tax Receivable Agreement	6,800	0
Operating Lease Right-of-use Assets	2,989	5,401
Non-Cash Gain on Asset Transactions, net	(2)	(8,729)
Unrealized Gain on Fuel Derivatives	0	(2,386)
Amortization of Over-market Liabilities	(921)	(2,004)
Deferred Income Taxes	2,782	5,406
Amazon Warrants Vested	1,400	1,400
Stock-based Compensation Expense	920	2,870
Amortization of Debt Issuance Costs	270	272
Loss on Extinguishment of Debt	1,557	1,224
Changes in Operating Assets and Liabilities:
Accounts Receivable	(1,577)	2,358
Inventory	(346)	(173)
Prepaid Expenses	(1,655)	(3,676)
Lessor Maintenance Deposits	(3,919)	(2,219)
Aircraft Deposits	(1,044)	2,226
Other Assets	(6,262)	233
Accounts Payable	9,500	626
Accrued Transportation Taxes	1,362	4,519
Air Traffic Liabilities	(7,616)	(6,343)
Loyalty Program Liabilities	(2,344)	(1,295)
Operating Lease Obligations	(3,240)	(10,722)
Other Liabilities	594	1,820
Net Cash Provided by Operating Activities	18,213	15,839
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(49,683)	(54,399)
Proceeds from the Sale of Property & Equipment	5	0
Purchase of Investments	(3)	(337)
Proceeds from the Sale of Investments	53	184
Net Cash Used in Investing Activities	(49,628)	(54,552)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	0	235,894
Costs of Stock Offering	0	(7,226)
Proceeds from Stock Option and Warrant Exercises	523	0
Proceeds from Borrowings	77,986	68,000
Repayment of Finance Lease Obligations	(4,466)	(3,911)
Repayment of Borrowings	(77,947)	(46,068)
Debt Issuance Costs	(1,979)	(2,721)
Net Cash (Used In) Provided by Financing Activities	(5,883)	243,968
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(37,298)	205,255
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	317,785	70,363
Cash, Cash Equivalents and Restricted Cash--End of the Period	280,487	275,618
Non-cash transactions:
Lease Deposits Applied Against the Purchase of Aircraft	0	2,766
Aircraft and Flight Equipment Acquired through Finance Leases	19,928	0
Finance Lease Asset Modifications	46,311	0
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	272,402	269,599
Restricted Cash	8,085	6,019
Total Cash, Cash Equivalents and Restricted Cash	$ 280,487	$ 275,618

DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of long term debt

Long-term Debt includes the following:



	March 31, 2022		December 31, 2021
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, in June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95% and the weighted average interest rate is 4.76% as of March 31, 2022.	$	202,984	$	202,984

Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of March 31, 2022.	77,986		—

Delayed Draw Term Loan Facility (see terms and conditions above)	—		77,481

Other Notes payable. These notes bear interest at an annual rate of approximately 5.00% and were repaid in full in February 2022.	—		466

Total Debt	280,970		280,931

Less: Unamortized debt issuance costs	(3,685)		(3,505)

Less: Current Maturities of Long-term Debt	(34,741)		(29,412)
Total Long-term Debt	$	242,544	$	248,014

Schedule of future maturities of the outstanding debt

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2022	$	30,917	$	(613)	$	30,304
2023	47,534		(757)		46,777
2024	49,173		(633)		48,540
2025	54,257		(518)		53,739
2026	34,684		(348)		34,336
Thereafter	64,405		(816)		63,589
Total as of March 31, 2022	$	280,970	$	(3,685)	$	277,285

- Definition

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

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-SubTopic 30
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-Paragraph 8
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

SPECIAL ITEMS, NET (Tables)

3 Months Ended

Mar. 31, 2022

Unusual or Infrequent Items, or Both [Abstract]

Schedule of special items, net

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


	Three Months Ended March 31,
	2022		2021
CARES Act grant recognition (see Note 3)	$	—	$	(32,208)
CARES Act employee retention credit (See Note 3)	—		(334)
Aircraft lease buy-out expense (1)	—		5,664
Other	—		7
Total Special Items, net	$	—	$	(26,871)


(1)			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.

DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT

Credit Facilities – On February 10, 2021, the Company executed a five-year credit agreement (the “Credit Agreement”) with a group of lenders that replaced the Company’s prior $25,000 asset-based revolving credit facility. The Credit Agreement includes a $25,000 Revolving Credit Facility (the "Revolving Credit Facility") and a $90,000 Delayed Draw Term Loan Facility (“DDTL”), which are collectively referred to as the “Credit Facilities.” The interest rate in effect as of March 31, 2022 was 6%, which is the minimum interest rate allowed under the Credit Agreement. Borrowings are subject to a possible interest rate adjustment in June 2022. In addition, there is a commitment fee on the unused Revolving Credit Facility of 0.5%. The proceeds from the Revolving Credit Facility can be used for general corporate purposes, whereas the proceeds from the DDTL are to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR ($87,700 as of March 31, 2022 and beyond) and minimum liquidity of $30,000 at the close of any business day. The Company was in compliance with these covenants as of March 31, 2022.

During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. The Company repaid the outstanding balance of the DDTL in full as of March 31, 2022 using proceeds it received from the 2022-1 EETC, which terminated the DDTL. As a result, no amounts under the DDTL were available to the Company as of March 31, 2022. The Company recorded a $1,557 loss on extinguishment of debt related to the refinancing of the DDTL, which represents the write-off of the unamortized deferred financing costs. As of March 31, 2022, the Revolving Credit Facility remained undrawn and available to the Company.

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 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020.

In March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company recorded $1,979 in debt issuance costs associated with the 2022-1 EETC. Five of the 13 aircraft were owned fleet assets previously financed by the DDTL, two of the aircraft were owned outright, five of the aircraft were acquired during the beginning of the second quarter of 2022, and the remaining aircraft is currently under lease and is expected to be purchased from the lessor later in 2022. The Company received gross proceeds of $77,986 with respect to seven of the aircraft on March 31, 2022, and an incremental $94,521 subsequent to March 31, 2022 with respect to five of the aircraft. The remaining $15,770 of gross proceeds is expected to be received on or before September 15, 2022 in connection with purchasing the thirteenth aircraft from the lessor. The Company is required to make semi-annual principal and interest payments each March and September beginning with the first payment on September 15, 2022. The 2022-1 EETC will be secured by a lien on the financed or refinanced aircraft and will be cross-collateralized by the other aircraft financed through the issuance. Total appraised value of the 12 aircraft was approximately $237,936 as of the original date of the agreement.

Long-term Debt includes the following:



	March 31, 2022		December 31, 2021
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, in June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95% and the weighted average interest rate is 4.76% as of March 31, 2022.	$	202,984	$	202,984

Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of March 31, 2022.	77,986		—

Delayed Draw Term Loan Facility (see terms and conditions above)	—		77,481

Other Notes payable. These notes bear interest at an annual rate of approximately 5.00% and were repaid in full in February 2022.	—		466

Total Debt	280,970		280,931

Less: Unamortized debt issuance costs	(3,685)		(3,505)

Less: Current Maturities of Long-term Debt	(34,741)		(29,412)
Total Long-term Debt	$	242,544	$	248,014

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2022	$	30,917	$	(613)	$	30,304
2023	47,534		(757)		46,777
2024	49,173		(633)		48,540
2025	54,257		(518)		53,739
2026	34,684		(348)		34,336
Thereafter	64,405		(816)		63,589
Total as of March 31, 2022	$	280,970	$	(3,685)	$	277,285

The fair value of debt was $271,837 as of March 31, 2022 and $272,004 as of December 31, 2021. 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.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Principal Payments
Remainder of 2022	$ 30,917
2023	47,534
2024	49,173
2025	54,257
2026	34,684
Thereafter	64,405
Total	280,970	$ 280,931
Amortization of Debt Issuance Costs
Remainder of 2022	(613)
2023	(757)
2024	(633)
2025	(518)
2026	(348)
Thereafter	(816)
Total	(3,685)	$ (3,505)
Net Debt
Remainder of 2022	30,304
2023	46,777
2024	48,540
2025	53,739
2026	34,336
Thereafter	63,589
Net Debt	$ 277,285

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 272,402	$ 309,338
Restricted Cash	8,085	8,447
Investments	6,233	6,283
Accounts Receivable, net of an allowance for credit losses of $376 and $250, respectively	31,733	30,156
Short-term Lessor Maintenance Deposits	6,698	5,505
Inventory, net of a reserve for obsolescence of $1,366 and $1,275, respectively	5,624	5,405
Prepaid Expenses	10,166	8,511
Other Current Assets	8,302	1,798
Total Current Assets	349,243	375,443
Property & Equipment, net:
Finance Lease Assets	275,547	209,457
Property & Equipment	804,768	688,624
Accumulated Depreciation & Amortization	(129,119)	(115,013)
Total Property & Equipment, net	675,649	573,611
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net	88,110	89,110
Operating Lease Right-of-use Assets	29,284	61,658
Aircraft Deposits	10,831	10,021
Long-term Lessor Maintenance Deposits	23,071	20,346
Deferred Tax Asset	15,955	18,737
Other Assets	5,226	5,495
Total Other Assets	394,700	427,590
Total Assets	1,419,592	1,376,644
Current Liabilities:
Accounts Payable	49,890	39,805
Accrued Salaries, Wages, and Benefits	24,484	28,527
Accrued Transportation Taxes	14,098	12,736
Air Traffic Liabilities	110,946	118,562
Over-market Liabilities	3,063	4,309
Finance Lease Obligations	31,106	11,705
Loyalty Program Liabilities	11,490	11,451
Operating Lease Obligations	10,176	17,231
Current Maturities of Long-term Debt	34,741	29,412
Other Current Liabilities	11,482	7,913
Total Current Liabilities	301,476	281,651
Long-term Liabilities:
Over-market Liabilities	4,730	10,428
Finance Lease Obligations	239,035	180,450
Loyalty Program Liabilities	5,884	8,267
Operating Lease Obligations	23,864	58,810
Long-term Debt	242,544	248,014
Income Tax Receivable Agreement Liability	105,600	98,800
Other Long-term Liabilities	3,168	3,413
Total Long-term Liabilities	624,825	608,182
Total Liabilities	926,301	889,833
Commitments and Contingencies (see Note 12)
Common Stock
Common stock with $0.01 par value, 995,000,000 shares authorized, 57,964,320 and 57,872,452 issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	580	579
Preferred Stock
Preferred stock with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021.	0	0
Additional Paid-In Capital	488,480	485,638
Retained Earnings	4,231	594
Total Stockholders' Equity	493,291	486,811
Total Liabilities and Stockholders' Equity	1,419,592	1,376,644
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment, gross	486,374	440,356
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property & Equipment, gross	24,451	20,876
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment, gross	9,125	8,785
Rotable Parts
Property & Equipment, net:
Property & Equipment, gross	$ 9,271	$ 9,150

IMPACT OF THE COVID-19 PANDEMIC (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
IMPACT OF THE COVID19 PANDEMIC
Grants recognized	$ 0	$ 32,208
CARES Act employee retention credit	$ 0	334
U. S. Department of the Treasury CARES Act Loan
IMPACT OF THE COVID19 PANDEMIC
Loan received			$ 45,000
PSP2
IMPACT OF THE COVID19 PANDEMIC
Grants recognized		$ 32,208

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment	2
Total Operating Revenue	$ 226,525	$ 127,611
Non-Fuel Operating Expenses	140,148	105,275
Aircraft Fuel	64,544	24,274
Special Items, net	0	(26,871)
Total Operating Expenses	204,692	102,678
Operating Income	21,833	24,933
Interest Income	24	15
Interest Expense	(8,562)	(7,121)
Other, net	(6,876)	(5)
Income Before Income Tax	6,419	17,822
Passenger
OPERATING SEGMENTS
Total Operating Revenue	205,472	106,026
Non-Fuel Operating Expenses	120,810	87,205
Aircraft Fuel	64,544	24,253
Special Items, net	0	(18,206)
Total Operating Expenses	185,354	93,252
Operating Income	20,118	12,774
Cargo
OPERATING SEGMENTS
Total Operating Revenue	21,053	21,585
Non-Fuel Operating Expenses	19,338	18,070
Aircraft Fuel	0	21
Special Items, net	0	(8,665)
Total Operating Expenses	19,338	9,426
Operating Income	$ 1,715	$ 12,159

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through May 6, 2022, the date that the Condensed Consolidated Financial Statements were available to be issued. For more information on the subsequent events, see Note 6 "Aircraft" and Note 7 "Debt" of the Notes to the Condensed Consolidated Financial Statements included elsewhere in this report.

REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Sun Country is a certificated air carrier generating Operating Revenues from Scheduled service, Charter service, Ancillary, Cargo and Other revenue. Scheduled service revenue mainly consists of base fares. Charter service revenue is primarily generated through service provided to the 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 Vacations products.

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended March 31,
	2022		2021
Scheduled Service	$	124,068	$	54,620
Charter Service	32,879		25,805
Ancillary	45,086		23,770
Passenger	202,033		104,195
Cargo	21,053		21,585
Other	3,439		1,831
Total Operating Revenue	$	226,525	$	127,611

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

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

Total Operating Revenues by geographic region are as follows:


	Three Months Ended March 31,
	2022		2021
Domestic	$	208,591	$	119,312
Latin America	17,869		7,877
Other	65		422
Total Operating Revenue	$	226,525	$	127,611

Contract Balances

The Company’s contract assets primarily relate to costs incurred to get Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Condensed Consolidated Balance Sheets. These deferred up-front costs are being amortized into expense on a pro-rata basis over the initial six years of the ATSA. The amount expensed during the three months ended March 31, 2022 and 2021 was $161 and $138, respectively, and is included in Maintenance expense.

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) the 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, 2022		December 31, 2021
Contract Assets
Costs to fulfill contract with Amazon	$	2,658	$	2,819

Air Traffic Liabilities	110,946		118,562
Loyalty Program Liabilities	17,374		19,718
Amazon Deferred Up-front Payment	3,959		4,200
Total Contract Liabilities	$	132,279	$	142,480

The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than twelve months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the three months ended March 31, 2022, $87,982 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2021.

As part of the ATSA executed in December 2019, Amazon paid the Company $10,300 toward start-up costs. Upon signing the ATSA, Amazon received 632,183 fully vested warrants to purchase the Company’s common stock, with a fair value of $4,667. This fair value was assigned to a portion of the $10,300 cash received from Amazon and the remaining $5,633 was recorded in Other Liabilities on the Company’s Condensed Consolidated Balance Sheets. This deferred up-front payment is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA. For the three months ended March 31, 2022 and 2021, $240 and $231 was amortized into Cargo revenue, respectively.

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 impacts the volume of loyalty points awarded through travel or issued to co-branded credit card and other partners (deferral of revenue) and loyalty points redeemed (recognition of revenue). Due to these reasons, the timing of loyalty point redemptions can vary significantly.

Changes in the Loyalty Program Liabilities are as follows:


	2022		2021
Balance – January 1	$	19,718	$	22,069
Loyalty Points Earned	1,819		857
Loyalty Points Redeemed (1)	(4,163)		(2,152)
Balance – March 31	$	17,374	$	20,774

______________________


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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

AIRCRAFT - Aircraft Maintenance Deposits Contra-Assets and Over-market Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($)
AIRCRAFT - Owned and Leased
Number of aircraft modified to finance leases \| aircraft	2
Amount reclassified to finance lease, right-of-use asset	$ 9,687
Over-market maintenance reserve liability reclassified to finance lease liability	6,023
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	22,348	$ 22,348
Over-market lease rates
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets	383	10,363
Over market liabilities	7,793	$ 14,737
Reduction in over-market maintenance reserve liabilities	$ 6,944

AIRCRAFT

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of March 31, 2022, Sun Country operated a fleet of 50 Boeing 737-NG aircraft, consisting of 49 Boeing 737-800s and one Boeing 737-700.

The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2022 and 2021, respectively:


	December 31, 2021	Additions	Removals	March 31, 2022
Passenger:
Owned	21	1	—	22
Finance leases	9	3	—	12
Operating leases	6	—	(2)	4
Sun Country Airlines’ Fleet	36	4	(2)	38
Cargo:
Aircraft Operated for Amazon	12	—	—	12
Total Aircraft Operated	48	4	(2)	50

	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

During the three months ended March 31, 2022, the Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the lease classification from operating leases to finance leases with expiration dates in fiscal year 2026. The Company also acquired two additional 737-800 aircraft, one of which was financed using proceeds from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC") and another through a finance lease arrangement that is set to expire in fiscal year 2030.

Subsequent to March 31, 2022, the Company committed to lease an aircraft for a period of six years at approximately $2,220 per year. The Company expects to take delivery of the aircraft during fiscal year 2022. The Company also purchased an aircraft that was previously under a finance lease before the end of the lease term for a purchase price of $16,784 and took delivery of four incremental aircraft for a total purchase price of approximately $75,000. The Company financed these purchases using incremental 2022-1 EETC funds that were drawn upon subsequent to March 31, 2022.

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 additions were previously accounted for as operating leases.

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


		Three Months Ended March 31,
Aircraft Status	Expense Type	2022		2021
Owned	Depreciation	$	8,673	$	7,830
Finance Leased	Amortization	4,069		2,435
Operating Leased	Aircraft Rent (1)	3,186		5,599
		$	15,928	$	15,864


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

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

Aircraft Maintenance Deposits Contra-Assets

As of the Acquisition Date, the Company established a maintenance deposit contra-asset to offset the acquired maintenance deposits assets included in Short-term Lessor Maintenance Deposits on the Condensed Consolidated Balance Sheets. The assets represent funds paid by the previous owners of the Company to the lessor that were kept as funds on deposit for maintenance events and the contra-assets 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, a portion of the contra-asset is recognized as a reduction to Maintenance Expense on the Condensed Consolidated Statements of Operations due to the fact that the previously acquired maintenance deposit is partially funding the maintenance event. As of March 31, 2022 and December 31, 2021, the remaining balance of the contra-asset was $22,348.

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 over-market lease liability is recorded as a contra-asset offsetting the corresponding lease asset. The remaining unamortized balance of this contra-asset as of March 31, 2022 and December 31, 2021 was $383 and $10,363, respectively and is recorded within the Operating Lease Right-of-Use Assets. During the three months ended March 31, 2022, the Company executed lease amendments which modified two aircraft from operating leases to finance leases. As a result of the modifications, the Company reclassified $9,687 of the over-market lease liability from Operating Lease Right-of-Use Assets to Finance Lease Assets. The resulting reclassification reduces the Depreciation and Amortization for the related Finance Lease Assets.

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, 2022 and December 31, 2021 was $7,793 and $14,737, respectively. Of the $6,944 reduction in the over-market maintenance reserve liabilities during the three months ended March 31, 2022, $6,023 was incorporated into the Finance Lease Assets in accordance with the terms of the executed lease amendments, as described above.

FUEL DERIVATIVES AND RISK MANAGEMENT - Changes in Derivative Assets (Liabilities) (Details) - Fuel Derivative Contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ 0	$ (1,174)
Non-cash Gains	0	2,386
Contract Settlements	0	(7)
Balance - March 31	$ 0	$ 1,205

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net Income	$	3,637	$	12,416

Denominator:
Weighted Average Common Shares Outstanding - Basic	57,907,655		48,496,077
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,824,287		4,012,109
Weighted Average Common Shares Outstanding - Diluted	61,731,942		52,508,186

Basic earnings per share	$	0.06	$	0.26
Diluted earnings per share	$	0.06	$	0.24

______________________


(1)			There were 3,550,810 and 3,557,432 performance-based stock options outstanding at March 31, 2022 and 2021, respectively. As a result of the Company’s initial public offering, 75% of these options are expected to meet the performance conditions and are included in the measure above to the extent they are dilutive at March 31, 2022 and 2021. In March 2022, 25% of the eligible outstanding performance-based stock options vested and were considered exercisable. The vested performance-based stock options are included in the measure above to the extent they are dilutive.

COMPANY BACKGROUND	3 Months Ended
COMPANY BACKGROUND	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPANY BACKGROUND	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, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, 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”). Equity Transactions On April 11, 2018 (the "Acquisition Date"), certain investment funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (“Apollo”) acquired Sun Country, Inc. For more information on the Company’s equity transactions, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the U.S. Securities and Exchange Commission (“2021 10-K”). Initial Public Offering of Common Stock On March 16, 2021, the Company priced its initial public offering of 9,090,909 shares of common stock to the public at $24.00 per share. The stock began trading on the NASDAQ on March 17, 2021 under the symbol "SNCY". The underwriters had an option to purchase an additional 1,363,636 shares from the Company at the public offering price, which they exercised. In total, all 10,454,545 shares were issued on March 19, 2021 and the net proceeds to the Company were $225,329 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, SCA Horus Holdings, LLC, an affiliate of investment funds managed by affiliates of Apollo (the “Apollo Stockholder”), also completed a private placement in which the Apollo Stockholder sold 2,216,312 and 2,216,308 shares of common stock to PAR Investment Partners, L.P. and certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc., respectively. Each of the two sales was based on an aggregate purchase price of $50,000 and a price per share equal to 94% of the initial public offering price of $24.00 per share. Secondary Offerings During May 2021 and October 2021, the Apollo Stockholder and other selling stockholders sold 7,250,000 and 8,500,000 shares of the Company's common stock at the public offering prices of $34.50 and $32.50, respectively. Under both transactions, the underwriters were given options to purchase additional shares of the Company's common stock at the public offering price. During the May 2021 and October 2021 offerings, the underwriters elected to purchase 1,087,500 and 435,291 of the option shares, respectively. The Company incurred offering expenses of $1,763 in conjunction with the two secondary offerings, and did not receive any of the proceeds from these offerings. For more information on the 2021 secondary offerings, see Not e 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. 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”). In connection with the ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. There were 632,183 warrants that vested upon execution of the ATSA and 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the three months ended March 31, 2022 and 2021, 189,652 warrants vested in each respective period. As of March 31, 2022 and March 31, 2021, the cumulative vested warrants held by Amazon were 1,833,311 and 1,074,704, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.

FUEL DERIVATIVES AND RISK MANAGEMENT

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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. As of March 31, 2022 and December 31, 2021, the Company had no outstanding fuel derivative contracts.

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. Derivatives where the payment due date is greater than one year from the balance sheet date are classified as long-term. Fuel derivative gains and losses are classified in Aircraft Fuel on the Condensed Consolidated Statements of Operations.

Changes in Derivative Assets (Liabilities) are as follows:


	Three Months Ended March 31,
	2022		2021
Balance - January 1	$	—	$	(1,174)
Non-cash Gains	—		2,386
Contract Settlements	—		(7)
Balance - March 31	$	—	$	1,205

Fuel Derivative Gains consist of the following:


	Three Months Ended March 31,
	2022		2021
Non-cash Gains	$	—	$	2,386
Cash Premiums Paid	—		—
Total Fuel Derivative Gains	$	—	$	2,386

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 16, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate		43.30%	30.30%
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%
Non-current liability recognized	$ 115,200	$ 105,600		$ 98,800
Decrease to the tax receivable agreement liability		$ 6,800

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three months ended March 31, 2022 and 2021 was 43.3% and 30.3%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The increase in the effective tax rate is primarily due to a non-deductible expense related to the Tax Receivable Agreement (the "Tax Receivable Agreement" or "TRA") liability, partially offset by stock compensation benefits. Tax Receivable Agreement In connection with the Company’s IPO, the Company entered into the TRA with our pre-IPO stockholders (the “TRA holders”). The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or are deemed to realize in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings. Upon the closing of the IPO in the first quarter of 2021, the Company recognized a non-current liability of $115,200, which represented undiscounted aggregate payments that were expected to be paid to the TRA holders under the TRA, with an offset to Stockholders’ Equity. The TRA balance as of March 31, 2022 and December 31, 2021 was $105,600 and $98,800, respectively. The TRA liability is an estimate and actual amounts payable under the Tax Receivable Agreement could differ from this estimate. During the three months ended March 31, 2022, the Company recorded an adjustment to the estimated TRA liability of $6,800. Adjustments to the TRA are recorded in Other, net Non-Operating Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. For more information on the TRA, see Note 13 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.

- Definition

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

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+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net Income	$	3,637	$	12,416

Denominator:
Weighted Average Common Shares Outstanding - Basic	57,907,655		48,496,077
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,824,287		4,012,109
Weighted Average Common Shares Outstanding - Diluted	61,731,942		52,508,186

Basic earnings per share	$	0.06	$	0.26
Diluted earnings per share	$	0.06	$	0.24

______________________


(1)			There were 3,550,810 and 3,557,432 performance-based stock options outstanding at March 31, 2022 and 2021, respectively. As a result of the Company’s initial public offering, 75% of these options are expected to meet the performance conditions and are included in the measure above to the extent they are dilutive at March 31, 2022 and 2021. In March 2022, 25% of the eligible outstanding performance-based stock options vested and were considered exercisable. The vested performance-based stock options are included in the measure above to the extent they are dilutive.

The Company's anti-dilutive shares for the periods presented were not material to the Condensed Consolidated Financial Statements.

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.

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($)	Mar. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Total assets measured at fair value on a recurring basis	$ 0	$ 0
Total liabilities measured at fair value on a recurring basis	$ 0	$ 0

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value	$ 271,837	$ 272,004

AIRCRAFT (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of aircraft fleet activity

The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2022 and 2021, respectively:


	December 31, 2021	Additions	Removals	March 31, 2022
Passenger:
Owned	21	1	—	22
Finance leases	9	3	—	12
Operating leases	6	—	(2)	4
Sun Country Airlines’ Fleet	36	4	(2)	38
Cargo:
Aircraft Operated for Amazon	12	—	—	12
Total Aircraft Operated	48	4	(2)	50

	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

Schedule of depreciation, amortization, and rent expense on aircraft

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


		Three Months Ended March 31,
Aircraft Status	Expense Type	2022		2021
Owned	Depreciation	$	8,673	$	7,830
Finance Leased	Amortization	4,069		2,435
Operating Leased	Aircraft Rent (1)	3,186		5,599
		$	15,928	$	15,864


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

OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

OPERATING SEGMENTS

The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. For more information on the Company’s segments, see Note 17 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.


	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	205,472	$	21,053	$	226,525	$	106,026	$	21,585	$	127,611
Non-Fuel Operating Expenses	120,810		19,338		140,148		87,205		18,070		105,275
Aircraft Fuel	64,544		—		64,544		24,253		21		24,274
Special Items, net	—		—		—		(18,206)		(8,665)		(26,871)
Total Operating Expenses	185,354		19,338		204,692		93,252		9,426		102,678
Operating Income	$	20,118	$	1,715	21,833		$	12,774	$	12,159	24,933
Interest Income					24						15
Interest Expense					(8,562)						(7,121)
Other, net					(6,876)						(5)
Income Before Income Tax					$	6,419					$	17,822

- Definition

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

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+ Details

COMPANY BACKGROUND - Amazon Agreement (Details) - Amazon Agreement $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 13, 2019 USD ($) item $ / shares shares	Mar. 31, 2022 shares	Mar. 31, 2021 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	6 years
Number of extension option \| item	2
Term of renewal of agreement	2 years
Threshold term of agreement	10 years
Warrants issued (in shares)	9,482,606
Exercise price (in dollars per share) \| $ / shares	$ 15.17
Warrants vested (in shares)	632,183	189,652	189,652
Number of warrants that vest on achievement of each milestone (in shares)	63,217
Milestone achievement for warrants to vest \| $	$ 8,000
Cumulative warrants vested (in shares)		1,833,311	1,074,704

DEBT - Lines of Credit (Details)		3 Months Ended		12 Months Ended
DEBT - Lines of Credit (Details)	Feb. 10, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($) aircraft	Dec. 31, 2021 USD ($) aircraft
DEBT
Number of aircrafts previously under operating leases \| aircraft			5
Loss on Extinguishment of Debt		$ 1,557,000	$ 1,224,000
Credit Facilities \| Line of Credit
DEBT
Term of debt	5 years
Minimum EBITDAR required to be maintained		87,700,000
Minimum liquidity required to be maintained		30,000,000
Credit Facilities \| Line of Credit \| Revolving Credit Facility
DEBT
Debt instrument effective interest rate	6.00%
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000
Commitment fee on unused facility (as a percent)	0.50%
Delayed Draw Term Loan Facility
DEBT
Number of aircrafts previously under operating leases \| aircraft				6
Delayed Draw Term Loan Facility \| Loans Payable
DEBT
Maximum borrowing capacity	$ 90,000,000
Amount of draw				$ 80,500,000
Current borrowing capacity		$ 0
Prior revolving credit agreement \| Line of Credit \| Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000

SPECIAL ITEMS, NET - Schedule of Special Items, Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($) aircraft
Unusual or Infrequent Items, or Both [Abstract]
CARES Act grant recognition (see Note 3)	$ 0	$ (32,208)
CARES Act employee retention credit (See Note 3)	0	(334)
Aircraft lease buy-out expense	0	5,664
Other	0	7
Total Special Items, net	$ 0	$ (26,871)
Number of aircrafts previously under operating leases \| aircraft		5

IMPACT OF THE COVID-19 PANDEMIC	3 Months Ended
IMPACT OF THE COVID-19 PANDEMIC	Mar. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]
IMPACT OF THE COVID-19 PANDEMIC	IMPACT OF THE COVID-19 PANDEMIC The COVID-19 pandemic resulted in a dramatic decline in passenger demand across the U.S. airline industry. Sun Country experienced a significant decline in demand related to the COVID-19 pandemic, which caused a material decline in first quarter 2021 revenues as compared to pre-pandemic levels, and negatively impacted the Company’s financial condition and operating results. During the first quarter of 2022, Sun Country continued to see recovery in demand from the COVID-19 pandemic relative to demand in 2021, which may impact the comparability of results to prior periods. However, the ongoing impact of the COVID-19 pandemic on overall demand for air travel remains uncertain and cannot be predicted at this time. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) During 2021 and 2020, the Company received certain funds from the CARES Act. The cash awarded to the Company through the CARES Act was accounted for as grants, debt, and tax credits based on the terms and nature of the funds awarded. During the first quarter of 2021, the Company received and recognized as income within Special Items, net $32,208 from the Treasury under the Payroll Support Program Extension (“PSP2”). The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”) which is a refundable tax credit against certain employment taxes. During March 31, 2021, the Company recorded $334 related to the CARES Employee Retention Credit within Special Items, net. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the Treasury, which was repaid in full on March 24, 2021 using proceeds from the IPO. For more information on funds awarded through the CARES act, see Note 3 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. 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, 2022, if ordered by the Department of Transportation ("DOT"); the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends until September 30, 2022; and restrictions on the payment of certain executive compensation until April 1, 2023. As of March 31, 2022, the Company was in compliance with these provisions.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues:
Total Operating Revenue	$ 226,525	$ 127,611
Operating Expenses:
Aircraft Fuel	64,544	24,274
Salaries, Wages, and Benefits	59,617	44,075
Aircraft Rent	3,186	5,599
Maintenance	11,995	9,210
Sales and Marketing	8,628	5,110
Depreciation and Amortization	15,328	12,615
Ground Handling	7,958	5,230
Landing Fees and Airport Rent	10,286	8,785
Special Items, net	0	(26,871)
Other Operating, net	23,150	14,651
Total Operating Expenses	204,692	102,678
Operating Income	21,833	24,933
Non-operating Income (Expense):
Interest Income	24	15
Interest Expense	(8,562)	(7,121)
Other, net	(6,876)	(5)
Total Non-operating Income (Expense), net	(15,414)	(7,111)
Income Before Income Tax	6,419	17,822
Income Tax Expense	2,782	5,406
Net Income	$ 3,637	$ 12,416
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 0.06	$ 0.26
Diluted (in dollars per share)	$ 0.06	$ 0.24
Shares used for computation:
Basic (in shares)	57,907,655	48,496,077
Diluted (in shares)	61,731,942	52,508,186
Passenger
Operating Revenues:
Total Operating Revenue	$ 202,033	$ 104,195
Cargo
Operating Revenues:
Total Operating Revenue	21,053	21,585
Other
Operating Revenues:
Total Operating Revenue	$ 3,439	$ 1,831

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. 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 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022, see Note 3 for additional information on COVID-19 related government assistance the Company has received.

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE
Total Operating Revenue	$ 226,525	$ 127,611
Domestic
REVENUE
Total Operating Revenue	208,591	119,312
Latin America
REVENUE
Total Operating Revenue	17,869	7,877
Other
REVENUE
Total Operating Revenue	$ 65	$ 422

- Definition

+ References

+ Details

AIRCRAFT - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
AIRCRAFT - Additional Information (Details) $ in Thousands	May 06, 2022 USD ($) aircraft	Mar. 31, 2022 aircraft	Mar. 31, 2021 aircraft	Dec. 31, 2021 aircraft	Dec. 31, 2020 aircraft
AIRCRAFT - Owned and Leased
Number of aircraft		50	43	48	43
Additions		4	5
Number of aircraft modified to finance leases		2
Number of aircrafts previously under operating leases			5
Subsequent Event
AIRCRAFT - Owned and Leased
Lease term	6 years
Annual payment \| $	$ 2,220
Previously Leased Air Transportation Equipment \| Subsequent Event
AIRCRAFT - Owned and Leased
Purchase price \| $	16,784
Aircraft and Flight Equipment \| Subsequent Event
AIRCRAFT - Owned and Leased
Purchase price \| $	$ 75,000
Number of aircraft purchased	4
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft		49
Boeing 737-800 \| Aircraft and Flight Equipment
AIRCRAFT - Owned and Leased
Additions		2
Boeing 737-700
AIRCRAFT - Owned and Leased
Number of aircraft		1

DEBT - Long-term Debt (Details)	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
DEBT - Long-term Debt (Details)	May 06, 2022 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft	Mar. 31, 2021 USD ($)	Sep. 15, 2022 USD ($)	Dec. 31, 2020 aircraft	Dec. 31, 2019 USD ($)
DEBT
Proceeds from debt			$ 77,986,000	$ 68,000,000
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable
DEBT
Face amount							$ 248,587,000
Number of used aircrafts purchased or refinanced \| aircraft						13
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable
DEBT
Face amount		$ 188,277,000	$ 188,277,000
Number of aircraft financed by debt \| aircraft		13	13
Debt issuance costs		$ 1,979,000	$ 1,979,000
Number of aircraft owned and refinanced \| aircraft		5	5
Number of aircraft owned \| aircraft		2	2
Number of aircraft purchased in current fiscal period \| aircraft			7
Proceeds from debt		$ 77,986,000
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable \| Subsequent Event
DEBT
Number of aircraft acquired after current period \| aircraft	5
Number of aircraft purchased in current fiscal period \| aircraft	12
Proceeds from debt	$ 94,521,000
Appraised value	$ 237,936,000
Notes payable under the Company's 2022-1 EETC agreement \| Forecast \| Notes payable
DEBT
Proceeds from debt					$ 15,770,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2022 USD ($) aircraft	Mar. 31, 2021 USD ($)
Long-term Purchase Commitment [Line Items]
Deposit	$ 49,683	$ 54,399
Aircraft and Flight Equipment
Long-term Purchase Commitment [Line Items]
Commitment	$ 75,000
Aircraft and Flight Equipment
Long-term Purchase Commitment [Line Items]
Commitment, number of aircraft to be purchased \| aircraft	4
Deposit	$ 7,500
Flight Simulator
Long-term Purchase Commitment [Line Items]
Commitment	9,745
Deposit	$ 2,934

AIRCRAFT - Aircraft Fleet (Details) - aircraft	3 Months Ended
AIRCRAFT - Aircraft Fleet (Details) - aircraft	Mar. 31, 2022	Mar. 31, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	48	43
Additions	4	5
Removals	(2)	(5)
Balance at end of period	50	43
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	36	31
Additions	4	5
Removals	(2)	(5)
Balance at end of period	38	31
Passenger \| Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	21	14
Additions	1	5
Removals	0	0
Balance at end of period	22	19
Passenger \| Finance leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	9	5
Additions	3	0
Removals	0	0
Balance at end of period	12	5
Passenger \| Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	6	12
Additions	0	0
Removals	(2)	(5)
Balance at end of period	4	7
Cargo \| Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	12	12
Additions	0	0
Removals	0	0
Balance at end of period	12	12

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. 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 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants. During the three months ended March 31, 2022, there were no significant changes to the Company’s critical accounting policies. Due to impacts from the global coronavirus (“COVID-19”) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, uncertainties in pilot staffing and other factors, operating results for the three months ended March 31, 2022 are not necessarily indicative of operating results for future quarters or for the year ending December 31, 2022. 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. Recently Adopted Accounting Standards On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022, see Note 3 for additional information on COVID-19 related government assistance the Company has received.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Loans to Stockholders	Additional Paid-in Capital	Retained Earnings (Deficit)
Balances, at Beginning of period at Dec. 31, 2020	$ 283,817	$ 468	$ (3,500)	$ 248,525	$ 38,324
Balances, at Beginning of period (in shares) at Dec. 31, 2020		46,839,659
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Surrendered by Stockholders	0	$ (1)	3,500	(3,499)
Shares Surrendered by Stockholders (in shares)		(140,737)
Initial Public Offering, net	224,657	$ 105		224,552
Initial Public Offering, net (in shares)		10,454,545
Net Income	12,416				12,416
Income Tax Receivable Agreement	(115,200)				(115,200)
Amazon Warrants	1,400			1,400
Stock-based Compensation	2,870			2,870
Balances, at End of period at Mar. 31, 2021	409,960	$ 572	$ 0	473,848	(64,460)
Balances, at End of period (in shares) at Mar. 31, 2021		57,153,467
Balances, at Beginning of period at Dec. 31, 2021	486,811	$ 579		485,638	594
Balances, at Beginning of period (in shares) at Dec. 31, 2021		57,872,452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Option Exercises	523	$ 1		522
Stock Option Exercises (in shares)		91,868
Net Income	3,637				3,637
Amazon Warrants	1,400			1,400
Stock-based Compensation	920			920
Balances, at End of period at Mar. 31, 2022	$ 493,291	$ 580		$ 488,480	$ 4,231
Balances, at End of period (in shares) at Mar. 31, 2022		57,964,320

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net Income		$ 3,637	$ 12,416
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)		57,907,655	48,496,077
Dilutive effect of Stock Options, RSUs and Warrants (in shares)		3,824,287	4,012,109
Weighted Average Common Shares Outstanding - Diluted (in shares)		61,731,942	52,508,186
Basic earnings per share (in dollars per share)		$ 0.06	$ 0.26
Diluted earnings per share (in dollars per share)		$ 0.06	$ 0.24
Performance-based stock options
Denominator:
Outstanding shares (in shares)	3,550,810	3,550,810	3,557,432
Percentage of stock options expected to meet performance conditions		75.00%	75.00%
Percentage of stock options vested and exercisable	25.00%

COMPANY BACKGROUND - Offerings (Details) - USD ($)				1 Months Ended		3 Months Ended		6 Months Ended
COMPANY BACKGROUND - Offerings (Details) - USD ($)	Mar. 19, 2021	Mar. 17, 2021	Mar. 16, 2021	Oct. 31, 2021	May 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Oct. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)				8,500,000	7,250,000
Share price (in dollars per share)				$ 32.50	$ 34.50			$ 32.50
Proceeds from issuance of common stock								$ 0
Offering expenses						$ 0	$ 7,226,000	$ 1,763,000
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	10,454,545		9,090,909
Share price (in dollars per share)			$ 24.00
Proceeds from issuance of common stock	$ 225,329,000
Underwriters option
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)		1,363,636		435,291	1,087,500
Private placement \| PAR Investment Partners, L.P
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,312
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94.00%
Private placement \| Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,308
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94.00%

OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of financial information for the operating segments


	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	205,472	$	21,053	$	226,525	$	106,026	$	21,585	$	127,611
Non-Fuel Operating Expenses	120,810		19,338		140,148		87,205		18,070		105,275
Aircraft Fuel	64,544		—		64,544		24,253		21		24,274
Special Items, net	—		—		—		(18,206)		(8,665)		(26,871)
Total Operating Expenses	185,354		19,338		204,692		93,252		9,426		102,678
Operating Income	$	20,118	$	1,715	21,833		$	12,774	$	12,159	24,933
Interest Income					24						15
Interest Expense					(8,562)						(7,121)
Other, net					(6,876)						(5)
Income Before Income Tax					$	6,419					$	17,822