0001743907-23-000013 | 10-Q | XBRL Viewer | SUN Country Airlines Holdings INC

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 71,587	$ 92,086
Restricted Cash	22,776	10,842
Investments	171,638	178,936
Accounts Receivable, net of an allowance for credit losses of $245 and $231, respectively	35,464	35,124
Short-term Lessor Maintenance Deposits	1,279	1,241
Inventory, net of a reserve for obsolescence of $1,183 and $1,107, respectively	6,805	7,659
Prepaid Expenses	11,621	11,423
Other Current Assets	4,823	8,179
Total Current Assets	325,993	345,490
Property & Equipment, net:
Finance Lease Assets	261,991	261,991
Total Property & Equipment	1,058,851	962,413
Accumulated Depreciation & Amortization	(190,580)	(176,746)
Total Property & Equipment, net	868,271	785,667
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net of accumulated amortization of $19,890 and $18,890, respectively	86,109	85,110
Operating Lease Right-of-use Assets	21,929	22,182
Aircraft Deposits	9,374	9,134
Long-term Lessor Maintenance Deposits	35,253	32,433
Deferred Tax Asset	2,389	12,956
Other Assets	10,185	9,217
Total Other Assets	387,462	393,255
Total Assets	1,581,726	1,524,412
Current Liabilities:
Accounts Payable	58,455	62,370
Accrued Salaries, Wages, and Benefits	28,523	26,521
Accrued Transportation Taxes	15,403	17,666
Air Traffic Liabilities	141,613	157,995
Finance Lease Obligations	18,506	17,990
Loyalty Program Liabilities	9,664	13,963
Operating Lease Obligations	6,578	6,296
Current Maturities of Long-term Debt, net	66,194	57,548
Income Tax Receivable Agreement Liability	8,165	2,260
Other Current Liabilities	13,267	14,519
Total Current Liabilities	366,368	377,128
Long-term Liabilities:
Finance Lease Obligations	228,513	233,306
Loyalty Program Liabilities	4,135	1,474
Operating Lease Obligations	19,521	19,836
Long-term Debt, net	346,065	294,687
Income Tax Receivable Agreement Liability	92,855	101,540
Other Long-term Liabilities	3,262	3,729
Total Long-term Liabilities	694,351	654,572
Total Liabilities	1,060,719	1,031,700
Commitments and Contingencies (see Note 12)
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, with $0.01 par value, 995,000,000 shares authorized, 58,364,752 and 58,217,647 issued and 56,241,005 and 57,325,238 outstanding at March 31, 2023 and December 31, 2022, respectively	584	582
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred stock, with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Treasury stock, at cost, 2,123,747 and 892,409 shares held at March 31, 2023 and December 31, 2022, respectively	(40,162)	(17,605)
Additional Paid-In Capital	500,627	488,494
Retained Earnings	60,376	22,048
Accumulated Other Comprehensive Loss	(418)	(807)
Total Stockholders' Equity	521,007	492,712
Total Liabilities and Stockholders' Equity	1,581,726	1,524,412
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment, net:	643,924	636,584
Aircraft and Flight Equipment Held for Operating Lease
Property & Equipment, net:
Property & Equipment, net:	92,627	0
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property & Equipment, net:	37,664	35,948
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment, net:	9,327	10,831
Rotable Parts
Property & Equipment, net:
Property & Equipment, net:	$ 13,318	$ 17,059

AIRCRAFT (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022, respectively:


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

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

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	2023		2022
Owned	Depreciation	$	11,872	$	8,673
Finance Leased	Amortization	4,683		4,069
Operating Leased	Aircraft Rent (1)	1,480		3,186
		$	18,035	$	15,928


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

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
REVENUE
Contract Assets	$ 2,026	$ 2,195
Total Contract Liabilities	158,431	176,703
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	141,613	157,995
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	13,799	15,437	$ 17,374	$ 19,718
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	3,019	3,271
Costs to fulfill contract with Amazon
REVENUE
Contract Assets	$ 2,026	$ 2,195

ASSET ACQUISITIONS - Additional Information (Details) $ in Thousands			3 Months Ended
	Apr. 04, 2023 USD ($) aircraft	Mar. 29, 2023 aircraft	Mar. 31, 2023 USD ($) aircraft	Mar. 31, 2022 aircraft
Asset Acquisition [Line Items]
Additions \| aircraft		3	3	2
Number of aircraft purchased \| aircraft				2
Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Number of aircraft to be purchased \| aircraft			5
Number of aircraft purchased \| aircraft			2
Restricted cash			$ 13,103
Minimum
Asset Acquisition [Line Items]
Amortization period (in years)			1 year 8 months 12 days
Maximum
Asset Acquisition [Line Items]
Amortization period (in years)			2 years 8 months 12 days
Subsequent Event \| Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Consideration transferred	$ 63,000
Number of aircraft purchased \| aircraft	2
B-737-900 \| Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Consideration transferred			$ 158,000
B-737-900 \| Subsequent Event
Asset Acquisition [Line Items]
Lease gross proceeds	$ 47,920
Notes payable \| Term Loan
Asset Acquisition [Line Items]
Face amount			119,200
Secured Debt \| Notes payable
Asset Acquisition [Line Items]
Term loan credit facility outstanding			$ 71,280

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 1,480	$ 3,186
Depreciation amortization and aircraft rent	18,035	15,928
Owned
AIRCRAFT - Owned and Leased
Depreciation	11,872	8,673
Finance leases
AIRCRAFT - Owned and Leased
Amortization	4,683	4,069
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 1,480	$ 3,186

Cover	3 Months Ended
Cover	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	56,241,005
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues:
Total Operating Revenues	$ 294,115	$ 226,525
Operating Expenses:
Aircraft Fuel	72,290	64,544
Salaries, Wages, and Benefits	75,430	59,617
Aircraft Rent	1,480	3,186
Maintenance	13,039	11,995
Sales and Marketing	9,929	8,628
Depreciation and Amortization	19,460	15,328
Ground Handling	11,038	7,958
Landing Fees and Airport Rent	12,051	10,286
Other Operating, net	23,615	23,150
Total Operating Expenses	238,332	204,692
Operating Income	55,783	21,833
Non-operating Income (Expense):
Interest Income	2,741	24
Interest Expense	(8,630)	(8,562)
Other, net	(212)	(6,876)
Total Non-operating Expense, net	(6,101)	(15,414)
Income Before Income Tax	49,682	6,419
Income Tax Expense	11,354	2,782
Net Income	$ 38,328	$ 3,637
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 0.68	$ 0.06
Diluted (in dollars per share)	$ 0.64	$ 0.06
Shares used for computation:
Basic (in shares)	56,630,656	57,907,655
Diluted (in shares)	59,535,045	61,731,942
Passenger
Operating Revenues:
Total Operating Revenues	$ 267,269	$ 202,033
Cargo
Operating Revenues:
Total Operating Revenues	23,361	21,053
Other
Operating Revenues:
Total Operating Revenues	$ 3,485	$ 3,439

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Feb. 15, 2023 USD ($) $ / shares shares	Dec. 13, 2019 item $ / shares shares	Jan. 31, 2023 $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2022 shares	Oct. 31, 2022 USD ($)
Class of Stock [Line Items]
Offering price (in dollars per share) \| $ / shares	$ 19.75
Offering price total \| $	$ 14,812			$ 15,048
Offering expenses \| $	$ 528
Stock repurchased (in shares)			480,932
Stocks repurchased (in shares)			1,371,518
Amazon Agreement
Class of Stock [Line Items]
Term of agreement (in years)		6 years
Number of extension option \| item		2
Term of renewal of agreement (in years)		2 years
Threshold term of agreement (in years)		10 years
Warrants issued (in shares)		9,482,606
Exercise price (in dollars per share) \| $ / shares		$ 15.17
Warrants vested (in shares)				189,652		189,652
Cumulative warrants vested (in shares)				2,591,920		1,833,312
Underwriters option
Class of Stock [Line Items]
Secondary public offering (in shares)	787,500
Common stock repurchases (in shares)	750,000
Secondary Public Stock Offering
Class of Stock [Line Items]
Secondary public offering (in shares)	5,250,000
2022 Repurchase Program
Class of Stock [Line Items]
Repurchase program, authorized amount \| $					$ 25,000		$ 50,000
Stock repurchased (in shares)					890,586
Accelerated share repurchases (in dollars per share) \| $ / shares			$ 18.23		$ 19.65
Remaining authorized repurchase amount \| $				$ 10,188

ASSET ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The table below reflects the cumulative balances recognized upon acquisition of the three aircraft on March 29, 2023:


Asset	Balance Sheet Classification
Aircraft Held for Operating Lease	Aircraft and Flight Equipment Held for Operating Lease	$	67,959
Maintenance Rights Asset	Aircraft and Flight Equipment Held for Operating Lease	24,668
Over-Market Asset	Other Intangible Assets, net	2,004
Total		$	94,631

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	$ 165,277	$ 172,635
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	27,474	47,655
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	88,659	92,778
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	49,144	32,202
Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	71,587	92,086
Available-for-Sale Securities:	165,277	172,635
Total Assets Measured at Fair Value on a Recurring Basis	236,864	264,721
Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	27,474	47,655
Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	88,659	92,778
Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	49,144	32,202
Recurring \| Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	71,587	73,727
Available-for-Sale Securities:	0	0
Total Assets Measured at Fair Value on a Recurring Basis	71,587	73,727
Recurring \| Level 1 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 1 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 1 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	18,359
Available-for-Sale Securities:	165,277	172,635
Total Assets Measured at Fair Value on a Recurring Basis	165,277	190,994
Recurring \| Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	27,474	47,655
Recurring \| Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	88,659	92,778
Recurring \| Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	49,144	32,202
Recurring \| Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Available-for-Sale Securities:	0	0
Total Assets Measured at Fair Value on a Recurring Basis	0	0
Recurring \| Level 3 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 3 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0	0
Recurring \| Level 3 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	$ 0	$ 0

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net Income	$ 38,328	$ 3,637
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	56,630,656	57,907,655
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	2,904,389	3,824,287
Weighted Average Common Shares Outstanding - Diluted (in shares)	59,535,045	61,731,942
Basic earnings per share (in dollars per share)	$ 0.68	$ 0.06
Diluted earnings per share (in dollars per share)	$ 0.64	$ 0.06
Performance-based stock options
Denominator:
Outstanding shares (in shares)	3,117,544	3,550,810
Percentage of stock options expected to meet performance conditions	64.00%	75.00%
Performance-Based Stock Options
Denominator:
Percentage of stock options vested and exercisable		43.00%

ASSET ACQUISITIONS

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ASSET ACQUISITIONS

During the three months ended March 31, 2023, the Company entered into an agreement to acquire five Aircraft Held for Operating Lease for approximately $158,000. On March 29, 2023, the Company acquired three of the Aircraft Held for Operating Lease. The table below reflects the cumulative balances recognized upon acquisition of the three aircraft on March 29, 2023:


Asset	Balance Sheet Classification
Aircraft Held for Operating Lease	Aircraft and Flight Equipment Held for Operating Lease	$	67,959
Maintenance Rights Asset	Aircraft and Flight Equipment Held for Operating Lease	24,668
Over-Market Asset	Other Intangible Assets, net	2,004
Total		$	94,631

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

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

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

On April 4, 2023, the Company completed the transaction resulting in the acquisition of the two additional Aircraft Held for Operating Lease for the remaining consideration of approximately $63,000. The acquisition cost of the aircraft will be allocated between Aircraft Held for Operating Lease, Maintenance Rights, and Over-Market Assets on a relative fair value basis.

As of March 31, 2023, the Company's restricted cash balance also included $13,103 that was deposited in relation to the purchase of the two remaining Aircraft Held for Operating Lease. Upon acquisition, the deposited amounts were remitted to the seller.

The purchase of the Aircraft Held for Operating Lease was financed primarily using the proceeds from a term loan credit facility with a face amount of $119,200 and the Company's cash. As of March 31, 2023, $71,280 of the term loan credit facility was outstanding with respect to three Aircraft Held for Operating Lease acquired during the three months ended March 31, 2023. The remaining $47,920 of financing available under the term loan credit facility was drawn on April 4, 2023 related to the purchase of the two remaining Aircraft Held for Operating Lease. For more information on the term loan credit facility, see Note 7 of these Condensed Consolidated Financial Statements.

Aircraft Held for Operating Lease

The Company obtained outright ownership of the Aircraft Held for Operating Lease upon purchase and assumed the position of lessor until the end of the lease terms. The Company is entitled to fixed payments over the remaining lease term for each aircraft, which expire at various dates between the fourth quarter of 2024 and the fourth quarter of 2025. On each lease expiry date, the Aircraft Held for Operating Lease will be redelivered to Sun Country and is expected to be inducted into the Company’s fleet. The rental revenue associated with the Aircraft Held for Operating Lease is recognized as it is earned and is included in Other revenue. The rental revenue was not material to the Company's results of operations for the three months ended March 31, 2023.

Maintenance Rights Asset

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

Over-Market Asset

Upon purchase of the Aircraft Held for Operating Lease, the Company recognized an intangible asset representing lease terms which are favorable to the lessor (unfavorable to the lessee) as compared with market terms of similar leases. The asset will be amortized over the remaining lease terms for the respective aircrafts, which ranges from approximately 1.7-2.7 years. The amortization will be recognized as a contra-revenue, offsetting the rental revenue associated with the Aircraft Held for Operating Lease included in Other revenue.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	The Company has prepared the unaudited Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for Form 10-Q. Therefore, the accompanying Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC ("2022 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. 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.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through April 28, 2023, the date that the Condensed Consolidated Financial Statements were available to be issued. During the three months ended March 31, 2023, the Company entered into an agreement to acquire five Aircraft Held for Operating Lease. On April 4, 2023, the Company completed the transaction resulting in the acquisition of two Aircraft Held for Operating Lease for total consideration of approximately $63,000. The purchase price was primarily financed with the remaining $47,920 available under the term loan credit facility and $13,103 of the Company’s restricted cash that was previously deposited. For more information on the subsequent events, see Note 5, No te 6, and Note 7 of the Notes to the Condensed Consolidated Financial Statements included elsewhere in this report.

AIRCRAFT - Aircraft Fleet (Details) - aircraft		3 Months Ended
AIRCRAFT - Aircraft Fleet (Details) - aircraft	Mar. 29, 2023	Mar. 31, 2023	Mar. 31, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		54	48
Additions	3	3	2
Reclassifications		0	0
Removals		0	0
Balance at end of period		57	50
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		42	36
Additions		0	2
Reclassifications		0	0
Removals		0	0
Balance at end of period		42	38
Passenger \| Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		29	21
Additions		0	1
Reclassifications		0	0
Removals		0	0
Balance at end of period		29	22
Passenger \| Finance leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		11	9
Additions		0	1
Reclassifications		0	2
Removals		0	0
Balance at end of period		11	12
Passenger \| Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		2	6
Additions		0	0
Reclassifications		0	(2)
Removals		0	0
Balance at end of period		2	4
Cargo \| Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		12	12
Additions		0	0
Reclassifications		0	0
Removals		0	0
Balance at end of period		12	12
Other Aircraft \| Aircraft Held for Operating Lease
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period		0
Additions		3
Reclassifications		0
Removals		0
Balance at end of period		3

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment	2
Total Operating Revenues	$ 294,115	$ 226,525
Non-Fuel Operating Expenses	166,042	140,148
Aircraft Fuel	72,290	64,544
Total Operating Expenses	238,332	204,692
Operating Income (Loss)	55,783	21,833
Interest Income	2,741	24
Interest Expense	(8,630)	(8,562)
Other, net	(212)	(6,876)
Income Before Income Tax	49,682	6,419
Passenger
OPERATING SEGMENTS
Total Operating Revenues	270,754	205,472
Non-Fuel Operating Expenses	140,637	120,810
Aircraft Fuel	72,266	64,544
Total Operating Expenses	212,903	185,354
Operating Income (Loss)	57,851	20,118
Cargo
OPERATING SEGMENTS
Total Operating Revenues	23,361	21,053
Non-Fuel Operating Expenses	25,405	19,338
Aircraft Fuel	24	0
Total Operating Expenses	25,429	19,338
Operating Income (Loss)	$ (2,068)	$ 1,715

INVESTMENTS

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

A summary of debt securities by major security type:


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities: (1)
Municipal Debt Securities	$	27,601	$	5	$	(132)	$	27,474
Corporate Debt Securities	89,045		—		(386)		88,659
U.S. Government Agency Securities	49,174		69		(99)		49,144
Total	$	165,820	$	74	$	(617)	$	165,277


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


(1)			The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,361 and $6,301 as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023, the Company's investments that have unrealized losses have been in a continuous unrealized loss position for less than 12 months. The unrealized losses were the result of increases in market interest rates and were not the result of a deterioration in the credit quality of the securities. As of March 31, 2023, the Company believes that any unrealized losses are recoverable prior to the investment's conversion to cash. Therefore, the Company believes these losses to be temporary and no impairments have been recognized.

DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

Credit Facilities

On February 10, 2021, the Company executed a five-year credit agreement (the “Credit Agreement”) with a group of lenders. The Credit Agreement includes a $25,000 Revolving Credit Facility (the "Revolving Credit Facility") and a $90,000 Delayed Draw Term Loan Facility (“DDTL”), which are collectively referred to as the

“Credit Facilities.” The proceeds from the Revolving Credit Facility can be used for general corporate purposes, whereas the proceeds from the DDTL were to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR ($87,700 as of March 31, 2022 and beyond) and minimum liquidity of $30,000 at the close of any business day. The Company was in compliance with these covenants as of March 31, 2023.

During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. During 2022, the Company repaid the outstanding balance of the DDTL in full using proceeds 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, 2023. The Company recorded a $1,557 loss on extinguishment of debt during the three months ended March 31, 2022 in connection with the repayment of the DDTL, which represents the write-off of the unamortized deferred financing costs. As of March 31, 2023, the Company had $24,650 of financing available through the Revolving Credit Facility, as $350 had been pledged to support a letter of credit.

Long-term Debt

Term Loan Credit Facility

During the three months ended March 31, 2023, the Company executed a term loan credit facility with a face amount of $119,200 for the purpose of financing the five Aircraft Held for Operating Lease. The loan is to be repaid monthly over 7 years. During the lease term, payments collected from the lessee will be applied directly to the repayment of principal and interest on the term loan credit facility. The Aircraft Held for Operating Lease, as well as the related lease payments received from the lessee, are pledged as collateral. During the three months ended March 31, 2023, the Company received gross proceeds of $71,280 with respect to three of the Aircraft Held for Operating Lease. An incremental $47,920 of gross proceeds were received subsequent to March 31, 2023 upon the completion of the transaction resulting in the acquisition of two additional Aircraft Held for Operating Lease. During the three months ended March 31, 2023, the Company recorded $1,388 in debt issuance costs associated with the term loan credit facility.

The interest rate on the term loan credit facility is determined by using a base rate, which resets monthly, plus an applicable margin, and a fixed credit spread adjustment of 0.1%. The applicable margin during the lease term is fixed at 3.75%, and is subsequently reduced to 3.25% once the aircraft have been redelivered to the Company at the end of the lease term and a Loan-to-Value ("LTV") ratio calculation is completed. The interest rate in effect as of March 31, 2023 on the term loan was 8.6%. To the extent that the LTV exceeds 75%, a principal prepayment will be required in order to reduce the ratio to 75%. Amounts received under the end of lease maintenance compensation clause may be applied towards the LTV payment.

Pass-Through Trust Certificates

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.

In December 2019, the Company arranged for the issuance of Class A, Class B and Class C trust certificates Series 2019-1 (the “2019-1 EETC”), in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020.

Long-term Debt includes the following:


	March 31, 2023		December 31, 2022
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 4.73% as of March 31, 2023.	$	176,697	$	176,697
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, 2023.	168,897		179,019
Term Loan Credit Facility (see terms and conditions on pg 16)	71,280		—
Total Debt	416,874		355,716
Less: Unamortized debt issuance costs	(4,615)		(3,481)
Less: Current Maturities of Long-term Debt	(66,194)		(57,548)
Total Long-term Debt, net	$	346,065	$	294,687

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2023	$	55,025	$	(982)	$	54,043
2024	69,623		(1,097)		68,526
2025	74,216		(872)		73,344
2026	55,142		(637)		54,505
2027	58,280		(468)		57,812
Thereafter	104,588		(559)		104,029
Total as of March 31, 2023	$	416,874	$	(4,615)	$	412,259

The fair value of Debt was $390,948 as of March 31, 2023 and $324,059 as of December 31, 2022. The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-period estimated incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from Operating Activities
Net Income	$ 38,328	$ 3,637
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	19,460	15,328
Deferred Income Taxes	10,450	2,782
Other, net	4,643	13,013
Changes in Operating Assets and Liabilities:
Accounts Receivable	(468)	(1,577)
Inventory	(305)	(346)
Prepaid Expenses	(198)	(1,655)
Lessor Maintenance Deposits	(2,858)	(3,919)
Aircraft Deposits	(187)	(1,044)
Other Assets	581	(6,262)
Accounts Payable	(288)	9,500
Accrued Transportation Taxes	(2,264)	1,362
Air Traffic Liabilities	(16,382)	(7,616)
Loyalty Program Liabilities	(1,638)	(2,344)
Operating Lease Obligations	(1,434)	(3,240)
Other Liabilities	421	594
Net Cash Provided by Operating Activities	47,861	18,213
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(104,978)	(49,683)
Purchases of Investments	(24,228)	(3)
Proceeds from the Maturities of Investments	32,840	0
Other, net	1,129	58
Net Cash Used in Investing Activities	(95,237)	(49,628)
Cash Flows from Financing Activities:
Common Stock Repurchases	(14,812)	0
Proceeds from Borrowings	71,280	77,986
Repayment of Finance Lease Obligations	(4,277)	(4,466)
Repayment of Borrowings	(10,122)	(77,947)
Other, net	(3,258)	(1,456)
Net Cash Provided by (Used in) Financing Activities	38,811	(5,883)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(8,565)	(37,298)
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	102,928	317,785
Cash, Cash Equivalents and Restricted Cash--End of the Period	94,363	280,487
Non-cash transactions:
Aircraft and Flight Equipment Acquired through Finance Leases	0	19,928
Changes to Finance Lease Assets due to Operating and Finance Lease Modifications	$ 0	$ 46,311

DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of long term debt

Long-term Debt includes the following:


	March 31, 2023		December 31, 2022
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 4.73% as of March 31, 2023.	$	176,697	$	176,697
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, 2023.	168,897		179,019
Term Loan Credit Facility (see terms and conditions on pg 16)	71,280		—
Total Debt	416,874		355,716
Less: Unamortized debt issuance costs	(4,615)		(3,481)
Less: Current Maturities of Long-term Debt	(66,194)		(57,548)
Total Long-term Debt, net	$	346,065	$	294,687

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 2023	$	55,025	$	(982)	$	54,043
2024	69,623		(1,097)		68,526
2025	74,216		(872)		73,344
2026	55,142		(637)		54,505
2027	58,280		(468)		57,812
Thereafter	104,588		(559)		104,029
Total as of March 31, 2023	$	416,874	$	(4,615)	$	412,259

- Definition

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

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+ Details

OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of financial information for the operating segments

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


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	270,754	$	23,361	$	294,115	$	205,472	$	21,053	$	226,525
Non-Fuel Operating Expenses	140,637		25,405		166,042		120,810		19,338		140,148
Aircraft Fuel	72,266		24		72,290		64,544		—		64,544
Total Operating Expenses	212,903		25,429		238,332		185,354		19,338		204,692
Operating Income (Loss)	$	57,851	$	(2,068)	55,783		$	20,118	$	1,715	21,833
Interest Income					2,741						24
Interest Expense					(8,630)						(8,562)
Other, net					(212)						(6,876)
Income Before Income Tax					$	49,682					$	6,419

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Total Operating Revenues	$ 294,115	$ 226,525
Domestic
REVENUE
Total Operating Revenues	273,423	208,591
Latin America
REVENUE
Total Operating Revenues	20,255	17,869
Other
REVENUE
Total Operating Revenues	$ 437	$ 65

- 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

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Sun Country Airlines Holdings, Inc. (together with its consolidated subsidiaries, "Sun Country" or the "Company") is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. The Company has prepared the unaudited Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for Form 10-Q. Therefore, the accompanying Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC ("2022 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. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Due to impacts from seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, uncertainties in pilot staffing, the impact of macroeconomic conditions including inflationary pressures, and other factors, operating results for the three months ended March 31, 2023 are not necessarily indicative of operating results for future quarters or for the year ending December 31, 2023.

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Fair value	$ 390,948	$ 324,059

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2023 USD ($) aircraft
Long-term Purchase Commitment [Line Items]
Number of aircraft to lease \| aircraft	3
Lease term (in years)	6 years
Incremental Aircraft
Long-term Purchase Commitment [Line Items]
Commitment	$ 24,500
Commitments
Long-term Purchase Commitment [Line Items]
Commitment to purchase	$ 2,000

DEBT - Long-term Debt (Details)		1 Months Ended	3 Months Ended
DEBT - Long-term Debt (Details)	Mar. 29, 2023 aircraft	Dec. 31, 2019 USD ($) aircraft	Mar. 31, 2023 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft	Apr. 04, 2023 USD ($) aircraft
DEBT
Number of aircraft purchased				2
Additions	3		3	2
Aircraft Held for Operating Lease
DEBT
Number of aircraft purchased			2
Subsequent Event \| Aircraft Held for Operating Lease
DEBT
Number of aircraft purchased					2
Subsequent Event \| B-737-900
DEBT
Lease gross proceeds \| $					$ 47,920,000
Line of Credit \| Secured Debt
DEBT
Margin (as a percent)			0.10%
Interest rate			8.60%
Loan-to -value ratio			75.00%
Line of Credit \| Secured Debt \| Minimum
DEBT
Margin (as a percent)			3.25%
Line of Credit \| Secured Debt \| Maximum
DEBT
Margin (as a percent)			3.75%
Notes payable
DEBT
Debt issuance costs \| $			$ 1,388,000
Notes payable \| Secured Debt
DEBT
Term loan credit facility outstanding \| $			71,280,000
Term Loan \| Notes payable
DEBT
Face amount \| $			$ 119,200,000
Number of aircraft held for operating lease			5
Term of debt (in years)			7 years
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable
DEBT
Face amount \| $				$ 188,277,000
Number of aircraft financed by debt				13
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable \| Minimum
DEBT
Interest rate				4.84%
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable \| Maximum
DEBT
Interest rate				5.75%
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		13
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable \| Minimum
DEBT
Interest rate		4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable \| Maximum
DEBT
Interest rate		6.95%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income	$ 38,328	$ 3,637
Other Comprehensive Income:
Net unrealized gains on Available-for-Sale securities, net of deferred tax expense of $116 and $—, respectively	389	0
Other Comprehensive Income	389	0
Comprehensive Income	$ 38,717	$ 3,637

- Definition

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

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- Definition

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

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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 7), payments under the TRA (see Note 10), and probable future purchases of aircraft. During the second quarter of 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The best estimate of this event was recorded during 2022. The contingency has been finalized and the impact of the retirement was not material to the Company's Condensed Consolidated Results of Operations. As of March 31, 2023 the Company had a commitment to lease three aircraft with deliveries spanning the fourth quarter of 2023 and the first quarter of 2024. The leases will each have annual lease payments of approximately $2,000 for six years. As of March 31, 2023, the Company had a commitment to purchase an incremental aircraft for approximately $24,500. The Company is expected to take delivery of the aircraft in the second quarter of 2023. 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.

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Numerator:
Net Income	$	38,328	$	3,637

Denominator:
Weighted Average Common Shares Outstanding - Basic	56,630,656		57,907,655
Dilutive effect of Stock Options, RSUs and Warrants (1)	2,904,389		3,824,287
Weighted Average Common Shares Outstanding - Diluted	59,535,045		61,731,942

Basic earnings per share	$	0.68	$	0.06
Diluted earnings per share	$	0.64	$	0.06

______________________


(1)			There were 3,117,544 and 3,550,810 performance-based stock options outstanding at March 31, 2023 and 2022, respectively. As of March 31, 2023 and 2022, the Company expected approximately 64% and 75% of these options to vest, respectively. As of March 31, 2023, 43% of the eligible outstanding performance-based stock options have vested. These amounts are included in the measure above to the extent they are dilutive.

Business Combinations and Asset Acquisitions (Policies)	3 Months Ended
Business Combinations and Asset Acquisitions (Policies)	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Revenue Recognition Leases, Operating	Aircraft Held for Operating Lease The Company obtained outright ownership of the Aircraft Held for Operating Lease upon purchase and assumed the position of lessor until the end of the lease terms. The Company is entitled to fixed payments over the remaining lease term for each aircraft, which expire at various dates between the fourth quarter of 2024 and the fourth quarter of 2025. On each lease expiry date, the Aircraft Held for Operating Lease will be redelivered to Sun Country and is expected to be inducted into the Company’s fleet. The rental revenue associated with the Aircraft Held for Operating Lease is recognized as it is earned and is included in Other revenue. The rental revenue was not material to the Company's results of operations for the three months ended March 31, 2023. Maintenance Rights Asset Upon purchase of the Aircraft Held for Operating Lease, the Company recognized a Maintenance Rights Asset which represents the Company’s contractual right to receive the aircraft in a specified maintenance condition at the end of the lease. The acquired leases contain an end of lease compensation clause whereby the lessee is required to remit a cash payment as a means to true-up the aircraft’s maintenance condition to full-life or perform the maintenance tasks needed to physically restore the airframe and engines to such a condition. The asset represents the difference between the Aircraft Held for Operating Lease’s physical maintenance condition as of the purchase date and the contractual return condition at the end of the lease term. The Maintenance Rights Asset is not depreciated over the lease term, nor will it accrete as additional life is consumed on the aircraft. Over-Market Asset Upon purchase of the Aircraft Held for Operating Lease, the Company recognized an intangible asset representing lease terms which are favorable to the lessor (unfavorable to the lessee) as compared with market terms of similar leases. The asset will be amortized over the remaining lease terms for the respective aircrafts, which ranges from approximately 1.7-2.7 years. The amortization will be recognized as a contra-revenue, offsetting the rental revenue associated with the Aircraft Held for Operating Lease included in Other revenue.

DEBT - Long-term Debt Schedule (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2019
DEBT
Total Debt	$ 416,874,000	$ 355,716,000
Less: Unamortized debt issuance costs	(4,615,000)	(3,481,000)
Less: Current Maturities of Long-term Debt	(66,194,000)	(57,548,000)
Total Long-term Debt, net	346,065,000	294,687,000
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable
DEBT
Total Debt	$ 176,697,000	176,697,000
Face amount				$ 248,587,000
Weighted average interest rate	4.73%
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	$ 168,897,000	179,019,000
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
DEBT
Total Debt	$ 71,280,000	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Warrants	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 2021		1,643,660
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2021			57,872,452
Balances, at beginning of period at Dec. 31, 2021	$ 490,589		$ 579		$ 485,638	$ 4,372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued for Stock-Based Awards (in shares)			91,868
Stock Issued for Stock-Based Awards	523		$ 1		522
Net Income	3,637					3,637
Amazon warrants (in shares)		189,652
Amazon Warrants	1,400				1,400
Stock-based Compensation	920				920
Warrants, outstanding, at end of period (in shares) at Mar. 31, 2022		1,833,312
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2022			57,964,320
Balances, at end of period at Mar. 31, 2022	$ 497,069		$ 580		488,480	8,009
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 2022		2,402,268
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2022	57,325,238		58,217,647
Balances, at beginning of period at Dec. 31, 2022	$ 492,712		$ 582	$ (17,605)	488,494	22,048	$ (807)
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2022	892,409			892,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued for Stock-Based Awards (in shares)			147,105
Stock Issued for Stock-Based Awards	$ 556		$ 2		554
Net Stock Settlement of Stock-Based Awards (in shares)				406
Net Stock Settlement of Stock-Based Awards	(8)			$ (8)
Common stock repurchases (in shares)				1,230,932
Common Stock Repurchases	(15,048)			$ (22,549)	7,501
Net Income	38,328					38,328
Amazon warrants (in shares)		189,652
Amazon Warrants	1,400				1,400
Stock-based Compensation	2,678				2,678
Other Comprehensive Income	$ 389						389
Warrants, outstanding, at end of period (in shares) at Mar. 31, 2023		2,591,920
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2023	56,241,005		58,364,752
Balances, at end of period at Mar. 31, 2023	$ 521,007		$ 584	$ (40,162)	$ 500,627	$ 60,376	$ (418)
Treasury Stock, at end of period (in shares) at Mar. 31, 2023	2,123,747			2,123,747

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Principal Payments
Remainder of 2023	$ 55,025
2024	69,623
2025	74,216
2026	55,142
2027	58,280
Thereafter	104,588
Total	416,874	$ 355,716
Amortization of Debt Issuance Costs
Remainder of 2023	(982)
2024	(1,097)
2025	(872)
2026	(637)
2027	(468)
Thereafter	(559)
Total	(4,615)	$ (3,481)
Net Debt
Remainder of 2023	54,043
2024	68,526
2025	73,344
2026	54,505
2027	57,812
Thereafter	104,029
Net Debt	$ 412,259

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax expense	$ 116	$ 0

AIRCRAFT

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of March 31, 2023, Sun Country's fleet consisted of 57 Boeing 737-NG aircraft, comprised of 53 Boeing 737-800s, three Boeing 737-900ERs and one Boeing 737-700.

The following tables summarize the Company’s aircraft fleet activity for the three months ended March 31, 2023 and 2022, respectively:


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

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

During the three months ended March 31, 2023, the Company entered into an agreement to acquire five 737-900ERs that are currently on lease to an unaffiliated airline ("Aircraft Held for Operating Lease"). As of March 31, 2023, three of the Aircraft Held for Operating Lease had been acquired. Subsequent to March 31, 2023, the transaction was completed resulting in the acquisition of the two remaining Aircraft Held for Operating Lease. The five Aircraft Held for Operating Lease were financed through a term loan arrangement. See Note 6 of these Condensed Consolidated Financial Statements for more information on this transaction. As of March 31, 2023, 29 of the owned aircraft and Aircraft Held for Operating Lease were financed and three aircraft were unencumbered.

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 incremental 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.

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


		Three Months Ended March 31,
Aircraft Status	Expense Type	2023		2022
Owned	Depreciation	$	11,872	$	8,673
Finance Leased	Amortization	4,683		4,069
Operating Leased	Aircraft Rent (1)	1,480		3,186
		$	18,035	$	15,928


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

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	71,587	$	—	$	—	$	71,587
Available-for-Sale Securities:
Municipal Debt Securities	—		27,474		—		27,474
Corporate Debt Securities	—		88,659		—		88,659
U.S. Government Agency Securities	—		49,144		—		49,144
Total Available-for-Sale Securities	—		165,277		—		165,277
Total Assets Measured at Fair Value on a Recurring Basis	$	71,587	$	165,277	$	—	$	236,864


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

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 245	$ 231
Inventory, reserve for obsolescence	1,183	1,107
Accumulated amortization	$ 19,890	$ 18,890
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	995,000,000	995,000,000
Common stock, shares issued (in shares)	58,364,752	58,217,647
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	2,123,747	892,409
Common stock, shares outstanding (in shares)	56,241,005	57,325,238

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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

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


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	71,587	$	—	$	—	$	71,587
Available-for-Sale Securities:
Municipal Debt Securities	—		27,474		—		27,474
Corporate Debt Securities	—		88,659		—		88,659
U.S. Government Agency Securities	—		49,144		—		49,144
Total Available-for-Sale Securities	—		165,277		—		165,277
Total Assets Measured at Fair Value on a Recurring Basis	$	71,587	$	165,277	$	—	$	236,864


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

- Definition

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.

+ References + Details

AIRCRAFT - Additional Information (Details) - aircraft		3 Months Ended
AIRCRAFT - Additional Information (Details) - aircraft	Mar. 29, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 04, 2023	Dec. 31, 2022	Dec. 31, 2021
AIRCRAFT - Owned and Leased
Number of aircraft		57	50		54	48
Additions	3	3	2
Number of aircraft purchased			2
Number of aircrafts financed using proceeds from issuance of pass-through trust certificates			1
Aircraft Held for Operating Lease
AIRCRAFT - Owned and Leased
Number of aircraft to be purchased		5
Number of aircraft purchased		2
Subsequent Event \| Aircraft Held for Operating Lease
AIRCRAFT - Owned and Leased
Number of aircraft purchased				2
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft		53
Number of aircraft purchased			2
B-737-900
AIRCRAFT - Owned and Leased
Number of aircraft		3
Boeing 737-700
AIRCRAFT - Owned and Leased
Number of aircraft		1
Passenger
AIRCRAFT - Owned and Leased
Number of aircraft		42	38		42	36
Additions		0	2
Number of aircrafts financed		29
Number of aircrafts unencumbered		3

ASSET ACQUISITIONS - Asset Acquisition (Details) $ in Thousands	Mar. 29, 2023 USD ($)
Asset Acquisition [Line Items]
Total	$ 94,631
Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Aircraft Held for Operating Lease	67,959
Maintenance Rights Asset
Asset Acquisition [Line Items]
Maintenance Rights Asset	24,668
Over-Market Asset
Asset Acquisition [Line Items]
Over-Market Asset	$ 2,004

REVENUE (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Scheduled Service	$	152,657	$	124,068
Charter Service	46,187		32,879
Ancillary	68,425		45,086
Passenger	267,269		202,033
Cargo	23,361		21,053
Other	3,485		3,439
Total Operating Revenues	$	294,115	$	226,525

Schedule of operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Three Months Ended March 31,
	2023		2022
Domestic	$	273,423	$	208,591
Latin America	20,255		17,869
Other	437		65
Total Operating Revenues	$	294,115	$	226,525

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	March 31, 2023		December 31, 2022
Contract Assets
Costs to fulfill contract with Amazon	$	2,026	$	2,195
Total Contract Assets	$	2,026	$	2,195

Contract Liabilities
Air Traffic Liabilities	$	141,613	$	157,995
Loyalty Program Liabilities	13,799		15,437
Amazon Deferred Up-front Payment	3,019		3,271
Total Contract Liabilities	$	158,431	$	176,703

Schedule of change in contract with customer, liability

Changes in the Loyalty Program Liabilities are as follows:


	2023		2022
Balance – January 1	$	15,437	$	19,718
Loyalty Points Earned	2,294		1,819
Loyalty Points Redeemed (1)	(3,932)		(4,163)
Balance – March 31	$	13,799	$	17,374

______________________


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

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three months ended March 31, 2023 and 2022 was 22.9% and 43.3%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The 20.4% decrease in the effective tax rate was primarily due to the $6,800 non-deductible adjustment to increase the tax receivable liability related to the Tax Receivable Agreement (the "Tax Receivable Agreement" or "TRA") in the prior period, partially offset by stock compensation benefits. Tax Receivable Agreement The TRA balance as of March 31, 2023 and December 31, 2022 was $101,020 and $103,800, 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, 2023, the Company recorded an immaterial adjustment to the estimated TRA liability. During the three months ended March 31, 2022, the Company recorded an adjustment to the estimated TRA liability of $6,800. During the three months ended March 31, 2023, the Company made a payment of $2,425 to the pre-IPO stockholders (the “TRA holders”), which includes certain members of the Company's management and certain of the Company's Board of Directors. The payment is included within Financing Activities on the Condensed Consolidated Statements of Cash Flows. Payments will be made in future periods as attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”) are utilized.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT	3 Months Ended
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT	Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract]
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT	CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACTDuring the twelve months ended June 30, 2022, the compensation payable to an executive officer temporarily exceeded the restrictions on the payment of certain executive compensation under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Once the issue was identified, the executive officer voluntarily rescinded the unvested portion of the equity grant that caused the executive’s compensation to exceed the CARES Act limit. At no point did the executive's cash compensation and equity awards that could be monetized exceed the CARES Act limit. The Company did not accrue any amounts related to this matter as of March 31, 2023. To the extent we are deemed to have failed to remain in full compliance with the CARES Act and the applicable rules and regulations thereunder, we may become subject to fines or other enforcement actions.

SUBSEQUENT EVENTS (Details) $ in Thousands		3 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	Apr. 04, 2023 USD ($) aircraft	Mar. 31, 2023 USD ($) aircraft	Mar. 31, 2022 aircraft
Subsequent Event [Line Items]
Number of aircraft purchased \| aircraft			2
Aircraft Held for Operating Lease
Subsequent Event [Line Items]
Number of aircraft to be purchased \| aircraft		5
Number of aircraft purchased \| aircraft		2
Restricted cash \| $		$ 13,103
Aircraft Held for Operating Lease \| B-737-900
Subsequent Event [Line Items]
Consideration transferred \| $		$ 158,000
Subsequent Event \| B-737-900
Subsequent Event [Line Items]
Lease gross proceeds \| $	$ 47,920
Subsequent Event \| Aircraft Held for Operating Lease
Subsequent Event [Line Items]
Number of aircraft purchased \| aircraft	2
Consideration transferred \| $	$ 63,000

OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

OPERATING SEGMENTS

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


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	270,754	$	23,361	$	294,115	$	205,472	$	21,053	$	226,525
Non-Fuel Operating Expenses	140,637		25,405		166,042		120,810		19,338		140,148
Aircraft Fuel	72,266		24		72,290		64,544		—		64,544
Total Operating Expenses	212,903		25,429		238,332		185,354		19,338		204,692
Operating Income (Loss)	$	57,851	$	(2,068)	55,783		$	20,118	$	1,715	21,833
Interest Income					2,741						24
Interest Expense					(8,630)						(8,562)
Other, net					(212)						(6,876)
Income Before Income Tax					$	49,682					$	6,419

- Definition

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

+ References

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+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of debt securities by major security type:


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities: (1)
Municipal Debt Securities	$	27,601	$	5	$	(132)	$	27,474
Corporate Debt Securities	89,045		—		(386)		88,659
U.S. Government Agency Securities	49,174		69		(99)		49,144
Total	$	165,820	$	74	$	(617)	$	165,277


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


(1)			The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,361 and $6,301 as of March 31, 2023 and December 31, 2022, respectively.

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Total Operating Revenues	$ 294,115	$ 226,525
Passenger
REVENUE
Total Operating Revenues	267,269	202,033
Scheduled Service
REVENUE
Total Operating Revenues	152,657	124,068
Charter Service
REVENUE
Total Operating Revenues	46,187	32,879
Ancillary
REVENUE
Total Operating Revenues	68,425	45,086
Cargo
REVENUE
Total Operating Revenues	23,361	21,053
Other
REVENUE
Total Operating Revenues	$ 3,485	$ 3,439

- Definition

+ References

+ Details

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 165,820	$ 173,683
Gross Unrealized Gains	74	19
Gross Unrealized Losses	(617)	(1,067)
Fair Value	165,277	172,635
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	27,601	47,897
Gross Unrealized Gains	5	16
Gross Unrealized Losses	(132)	(258)
Fair Value	27,474	47,655
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	89,045	93,460
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(386)	(683)
Fair Value	88,659	92,778
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	49,174	32,326
Gross Unrealized Gains	69	2
Gross Unrealized Losses	(99)	(126)
Fair Value	49,144	32,202
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,361	$ 6,301

REVENUE - Additional Information (Details) $ in Thousands	3 Months Ended
REVENUE - Additional Information (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Passenger
REVENUE
Revenue recognized	$ 123,574

REVENUE

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUESun 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, passenger interface fees and on-board sales. Cargo consists of revenue earned from flying cargo aircraft for Amazon.com Services, Inc. (together with its affiliates, “Amazon”) under the Air Transportation Services Agreement (the “ATSA”). Other

revenue consists primarily of revenue from services in connection with Sun Country Vacations products and revenue related to certain transactions where the Company acts as a lessor. The amounts included in Other revenue are not material to the Company's results at the individual or aggregate level.

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended March 31,
	2023		2022
Scheduled Service	$	152,657	$	124,068
Charter Service	46,187		32,879
Ancillary	68,425		45,086
Passenger	267,269		202,033
Cargo	23,361		21,053
Other	3,485		3,439
Total Operating Revenues	$	294,115	$	226,525

The Company attributes and measures its Operating Revenues by geographic region as defined by the Department of Transportation ("DOT") for airline reporting based upon the origin of each passenger and cargo flight segment.

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

Total Operating Revenues by geographic region are as follows:


	Three Months Ended March 31,
	2023		2022
Domestic	$	273,423	$	208,591
Latin America	20,255		17,869
Other	437		65
Total Operating Revenues	$	294,115	$	226,525

Contract Balances

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

The Company’s 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 Current Liabilities and Other Long-term Liabilities on the Condensed Consolidated Balance Sheets).

Contract Assets and Liabilities are as follows:


	March 31, 2023		December 31, 2022
Contract Assets
Costs to fulfill contract with Amazon	$	2,026	$	2,195
Total Contract Assets	$	2,026	$	2,195

Contract Liabilities
Air Traffic Liabilities	$	141,613	$	157,995
Loyalty Program Liabilities	13,799		15,437
Amazon Deferred Up-front Payment	3,019		3,271
Total Contract Liabilities	$	158,431	$	176,703

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, 2023, $123,574 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2022.

Loyalty Program

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

Changes in the Loyalty Program Liabilities are as follows:


	2023		2022
Balance – January 1	$	15,437	$	19,718
Loyalty Points Earned	2,294		1,819
Loyalty Points Redeemed (1)	(3,932)		(4,163)
Balance – March 31	$	13,799	$	17,374

______________________


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

- Definition

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

+ References

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

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-Name Accounting Standards Codification
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+ Details

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 176,703
Balance – March 31	158,431
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	15,437	$ 19,718
Loyalty Points Earned	2,294	1,819
Loyalty Points Redeemed	(3,932)	(4,163)
Balance – March 31	$ 13,799	$ 17,374

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents	$ 71,587	$ 92,086	$ 272,402
Restricted Cash	22,776	10,842	8,085
Total Cash, Cash Equivalents and Restricted Cash	$ 94,363	$ 102,928	$ 280,487	$ 317,785

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

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


	Three Months Ended March 31,
	2023		2022
Numerator:
Net Income	$	38,328	$	3,637

Denominator:
Weighted Average Common Shares Outstanding - Basic	56,630,656		57,907,655
Dilutive effect of Stock Options, RSUs and Warrants (1)	2,904,389		3,824,287
Weighted Average Common Shares Outstanding - Diluted	59,535,045		61,731,942

Basic earnings per share	$	0.68	$	0.06
Diluted earnings per share	$	0.64	$	0.06

______________________


(1)			There were 3,117,544 and 3,550,810 performance-based stock options outstanding at March 31, 2023 and 2022, respectively. As of March 31, 2023 and 2022, the Company expected approximately 64% and 75% of these options to vest, respectively. As of March 31, 2023, 43% of the eligible outstanding performance-based stock options have vested. These amounts are included in the measure above to the extent they are dilutive.

DEBT - Credit Facilities (Details)		3 Months Ended	12 Months Ended
DEBT - Credit Facilities (Details)	Feb. 10, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) aircraft	Mar. 31, 2023 USD ($)
DEBT
Loss on extinguishment of debt		$ 1,557,000
Line of Credit
DEBT
Pledge for letter of credit				$ 350,000
Credit Facilities \| Line of Credit
DEBT
Term of debt (in years)	5 years
Minimum EBITDAR required to be maintained				87,700,000
Minimum liquidity required to be maintained				30,000,000
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000,000
Line of credit facility, amount available				24,650,000
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

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Equity Transactions Secondary Offerings On February 15, 2023, the Company announced the commencement of a secondary public offering of 5,250,000 shares of its Common Stock by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. (“Apollo”). The underwriters were given an option to purchase an additional 787,500 shares of Common Stock. In connection with the offering, the underwriters agreed to sell to the Company, and the Company agreed to purchase from the underwriters, an aggregate of 750,000 shares of Common Stock at a price of $19.75 per share, the same price at which the underwriters purchased the Common Stock from the selling stockholder, for a total of $14,812. The Company incurred offering expenses of $528 in connection to this offering and did not receive any of the proceeds. Common Stock Repurchases On October 31, 2022, the Company’s Board of Directors authorized a $50,000 stock repurchase program. During the fourth quarter of 2022, the Company entered into a $25,000 Accelerated Share Repurchase Program. The Company received an initial delivery of 890,586 shares at an average price of $19.65 per share during the fourth quarter of 2022. The settlement of the program occurred during January 2023, upon which the Company received an additional 480,932 shares. In total, the Company repurchased 1,371,518 shares at an average price of $18.23 per share. The Company also repurchased $14,812 of its Common Stock as part of the secondary offering by the selling stockholder. See above for more details. As of March 31, 2023, the Company had $10,188 of Board authorization remaining to repurchase additional shares of its Common Stock. The stock repurchase program has no expiration date and may be modified, suspended, or terminated at any time. Amazon Agreement On December 13, 2019, the Company signed a six-year contract (with two, two-year extension options, for a maximum term of 10 years) with Amazon to provide cargo services under the ATSA. In connection with the ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. During the three months ended March 31, 2023 and March 31, 2022, 189,652 warrants vested in each respective period. As of March 31, 2023 and March 31, 2022, the cumulative vested warrants held by Amazon were 2,591,920 and 1,833,312, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	22.90%	43.30%
Effective Income Tax Rate Reconciliation, Percent, Decrease	(20.40%)
Increase to the tax receivable agreement liability		$ 6,800
Non-current liability recognized	$ 101,020		$ 103,800
Payment to stockholders	$ 2,425