0001743907-23-000018 | 10-Q | XBRL Viewer | SUN Country Airlines Holdings INC

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Long-term Debt includes the following:


	June 30, 2023		December 31, 2022
2019-1 EETC (see terms and conditions above)	$	168,598	$	176,697
2022-1 EETC (see terms and conditions above)	168,897		179,019
Term Loan Credit Facility (see terms and conditions above)	115,614		—
Total Debt	453,109		355,716
Less: Unamortized debt issuance costs	(4,694)		(3,481)
Less: Current Maturities of Long-term Debt	(83,204)		(57,548)
Total Long-term Debt, net	$	365,211	$	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	$	47,567	$	(680)	$	46,887
2024	75,617		(1,168)		74,449
2025	80,009		(944)		79,065
2026	61,072		(705)		60,367
2027	65,097		(530)		64,567
Thereafter	123,747		(667)		123,080
Total as of June 30, 2023	$	453,109	$	(4,694)	$	448,415

- Definition

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

+ References

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+ Details

ASSET ACQUISITIONS

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

ASSET ACQUISITIONS

During the six months ended June 30, 2023, the Company acquired five Aircraft Held for Operating Lease. The table below reflects the cumulative balances of the five aircraft as of the acquisition dates:


Asset	Balance Sheet Classification
Aircraft Held for Operating Lease	Aircraft and Flight Equipment Held for Operating Lease	$	114,628
Maintenance Rights Asset	Aircraft and Flight Equipment Held for Operating Lease	39,533
Over-Market Asset	Other Intangible Assets, net	3,741
Total		$	157,902

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.

The purchase of the Aircraft Held for Operating Lease was financed using the proceeds from a term loan credit facility with a face amount of $119,200 and the Company's cash. For more information on the term loan credit facility, see Note 6 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 are 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 Company has recognized $5,871 of rental revenue during the six months ended June 30, 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 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 aircraft, which range from 1.4-2.4 years as of June 30, 2023. The amortization will be recognized as contra-revenue, offsetting the rental revenue associated with the Aircraft Held for Operating Lease included in Other revenue.

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	$ 0	$ 485,638	$ 4,372	$ 0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2021				0
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 (Loss)	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	$ 0	488,480	8,009	0
Treasury Stock, at end of period (in shares) at Mar. 31, 2022				0
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	$ 0	485,638	4,372	0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2021				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(285)
Warrants, outstanding, at end of period (in shares) at Jun. 30, 2022		2,022,964
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2022			58,145,724
Balances, at end of period at Jun. 30, 2022	495,888		$ 581	$ (52)	491,492	4,087	(220)
Treasury Stock, at end of period (in shares) at Jun. 30, 2022				1,823
Warrants, outstanding, at beginning of period (in shares) at Mar. 31, 2022		1,833,312
Common stock, outstanding, at beginning of period (in shares) at Mar. 31, 2022			57,964,320
Balances, at beginning of period at Mar. 31, 2022	497,069		$ 580	$ 0	488,480	8,009	0
Treasury Stock, at beginning of period (in shares) at Mar. 31, 2022				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued for Stock-Based Awards (in shares)			181,404
Stock Issued for Stock-Based Awards	1,038		$ 1		1,037
Net Stock Settlement of Stock-Based Awards (in shares)				1,823
Net Stock Settlement of Stock-Based Awards	(52)			$ (52)
Net Income (Loss)	(3,922)					(3,922)
Amazon warrants (in shares)		189,652
Amazon Warrants	1,400				1,400
Stock-based Compensation	575				575
Other Comprehensive Income (Loss)	(220)						(220)
Warrants, outstanding, at end of period (in shares) at Jun. 30, 2022		2,022,964
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2022			58,145,724
Balances, at end of period at Jun. 30, 2022	$ 495,888		$ 581	$ (52)	491,492	4,087	(220)
Treasury Stock, at end of period (in shares) at Jun. 30, 2022				1,823
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 (Loss)	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 (Loss)	389						389
Warrants, outstanding, at end of period (in shares) at Mar. 31, 2023		2,591,920
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2023			58,364,752
Balances, at end of period at Mar. 31, 2023	$ 521,007		$ 584	$ (40,162)	500,627	60,376	(418)
Treasury Stock, at end of period (in shares) at Mar. 31, 2023				2,123,747
Warrants, outstanding, at beginning of period (in shares) at Dec. 31, 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]
Net Income (Loss)	$ 58,946
Warrants, outstanding, at end of period (in shares) at Jun. 30, 2023		2,844,789
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2023	56,012,229		58,552,727
Balances, at end of period at Jun. 30, 2023	$ 540,765		$ 586	$ (47,673)	507,522	80,994	(664)
Treasury Stock, at end of period (in shares) at Jun. 30, 2023	2,540,498			2,540,498
Warrants, outstanding, at beginning of period (in shares) at Mar. 31, 2023		2,591,920
Common stock, outstanding, at beginning of period (in shares) at Mar. 31, 2023			58,364,752
Balances, at beginning of period at Mar. 31, 2023	$ 521,007		$ 584	$ (40,162)	500,627	60,376	(418)
Treasury Stock, at beginning of period (in shares) at Mar. 31, 2023				2,123,747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued for Stock-Based Awards (in shares)			187,975
Stock Issued for Stock-Based Awards	615		$ 2		613
Common stock repurchases (in shares)				416,751
Common Stock Repurchases	(7,511)			$ (7,511)	0
Net Income (Loss)	20,618					20,618
Amazon warrants (in shares)		252,869
Amazon Warrants	1,867				1,867
Stock-based Compensation	4,415				4,415
Other Comprehensive Income (Loss)	$ (246)						(246)
Warrants, outstanding, at end of period (in shares) at Jun. 30, 2023		2,844,789
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2023	56,012,229		58,552,727
Balances, at end of period at Jun. 30, 2023	$ 540,765		$ 586	$ (47,673)	$ 507,522	$ 80,994	$ (664)
Treasury Stock, at end of period (in shares) at Jun. 30, 2023	2,540,498			2,540,498

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 15, 2023 USD ($) $ / shares shares	Dec. 13, 2019 extension $ / shares shares	Jan. 31, 2023 $ / shares shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 shares	Aug. 04, 2023 USD ($)	Oct. 31, 2022 USD ($)
Class of Stock [Line Items]
Offering price (in dollars per share) \| $ / shares	$ 19.75
Offering price total \| $	$ 14,812			$ 7,511	$ 15,048
Offering expenses \| $	$ 640
Amazon Agreement
Class of Stock [Line Items]
Term of agreement (in years)		6 years
Number of extension option \| extension		2
Term of renewal of agreement (in years)		2 years
Threshold term of agreement (in years)		10 years
Warrants issued (in shares)		9,482,606
Exercise price (in dollars per share) \| $ / shares		$ 15.17
Warrants vested (in shares)							442,521	379,304
Cumulative warrants vested (in shares)				2,844,789			2,844,789	2,022,964
2022 Repurchase Program
Class of Stock [Line Items]
Offering price total \| $							$ 22,249
Repurchase program, authorized amount \| $						$ 25,000				$ 50,000
Stock repurchased (in shares)			480,932			890,586
Accelerated share repurchases (in dollars per share) \| $ / shares			$ 18.23			$ 19.65	$ 19.07
Stocks repurchased (in shares)			1,371,518				1,166,751
Remaining authorized repurchase amount \| $				$ 2,759			$ 2,759
2022 Repurchase Program \| Subsequent Event
Class of Stock [Line Items]
Repurchase program, authorized amount \| $									$ 30,000
Remaining authorized repurchase amount \| $									$ 32,759
Secondary Public Stock Offering
Class of Stock [Line Items]
Secondary public offering (in shares)	5,250,000
Underwriters option
Class of Stock [Line Items]
Secondary public offering (in shares)	787,500
Common stock repurchases (in shares)	750,000

AIRCRAFT - Aircraft Fleet (Details) - aircraft	6 Months Ended
AIRCRAFT - Aircraft Fleet (Details) - aircraft	Jun. 30, 2023	Jun. 30, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	54	48
Additions	6	6
Reclassifications	0	0
Removals	0	(1)
Balance at end of period	60	53
Reclassifications	0	0
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	42	36
Additions	1	6
Reclassifications	0	0
Removals	0	(1)
Balance at end of period	43	41
Reclassifications	0	0
Passenger \| Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	29	21
Additions	1	5
Reclassifications	0	1
Removals	0	(1)
Balance at end of period	30	26
Reclassifications	0	1
Passenger \| Finance leases (1)
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	11	9
Additions	0	1
Reclassifications	1	1
Removals	0	0
Balance at end of period	12	11
Reclassifications	1	1
Reclassifications with separate finance lease purchase option exercised		2
Passenger \| Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	2	6
Additions	0	0
Reclassifications	(1)	(2)
Removals	0	0
Balance at end of period	1	4
Reclassifications	(1)	(2)
Cargo \| Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	12	12
Additions	0	0
Reclassifications	0	0
Removals	0	0
Balance at end of period	12	12
Reclassifications	0	0
Other Aircraft \| Aircraft Held for Operating Lease
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	0
Additions	5
Reclassifications	0
Removals	0
Balance at end of period	5
Reclassifications	0

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of debt securities by major security type:


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities: (1)
Municipal Debt Securities	$	18,694	$	—	$	(118)	$	18,576
Corporate Debt Securities	64,329		—		(256)		64,073
U.S. Government Agency Securities	69,299		—		(487)		68,812
Total	$	152,322	$	—	$	(861)	$	151,461


	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 $6,716 and $6,301 as of June 30, 2023 and December 31, 2022, respectively.

- Definition

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

+ References

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-Topic 320
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+ Details

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
REVENUE
Contract Assets	$ 1,855	$ 2,195
Total Contract Liabilities	146,684	176,703
Air Traffic Liabilities
REVENUE
Total Contract Liabilities	130,264	157,995
Loyalty Program Liabilities
REVENUE
Total Contract Liabilities	13,656	15,437	$ 16,604	$ 19,718
Amazon Deferred Up-front Payment
REVENUE
Total Contract Liabilities	2,764	3,271
Costs to fulfill contract with Amazon
REVENUE
Contract Assets	$ 1,855	$ 2,195

- Definition

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

+ References + Details

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock compensation expense was $4,415 and $575, during the three months ended June 30, 2023 and June 30, 2022, respectively; and $7,093 and $1,495 during the six months ended June 30, 2023 and June 30, 2022, respectively. During the three months ended June 30, 2023, all conditions associated with the time-based and performance-based options granted under the SCA Acquisition Holdings, LLC Amended and Restated Equity Incentive Plan were met. As a result, 100% of the performance-based stock options and all remaining unvested time-based options vested. Therefore, during the three months ended June 30, 2023, the Company recognized an acceleration of stock-based compensation expense for the time-based and performance-based stock options totaling $2,960. As of June 30, 2023, there was $8,661 of total unrecognized compensation expense related to Restricted Stock Units ("RSUs"). This unrecognized compensation is expected to be fully recognized over a weighted average period of approximately 2.3 years.

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment			2
Total Operating Revenues	$ 261,086	$ 219,067	$ 555,201	$ 445,591
Non-Fuel Operating Expenses	173,139	138,751	339,181	278,898
Aircraft Fuel	52,360	76,947	124,650	141,492
Total Operating Expenses	225,499	215,698	463,831	420,390
Operating Income (Loss)	35,587	3,369	91,370	25,201
Interest Income	2,545	532	5,286	556
Interest Expense	(11,239)	(7,042)	(19,869)	(15,604)
Other, net	(143)	(1,702)	(355)	(8,577)
Income (Loss) Before Income Tax	26,750	(4,843)	76,432	1,576
Passenger
OPERATING SEGMENTS
Total Operating Revenues	236,069	197,877	506,823	403,348
Non-Fuel Operating Expenses	146,207	117,297	286,843	238,105
Aircraft Fuel	52,347	76,947	124,613	141,492
Total Operating Expenses	198,554	194,244	411,456	379,597
Operating Income (Loss)	37,515	3,633	95,367	23,751
Cargo
OPERATING SEGMENTS
Total Operating Revenues	25,017	21,190	48,378	42,243
Non-Fuel Operating Expenses	26,932	21,454	52,338	40,793
Aircraft Fuel	13	0	37	0
Total Operating Expenses	26,945	21,454	52,375	40,793
Operating Income (Loss)	$ (1,928)	$ (264)	$ (3,997)	$ 1,450

OPERATING SEGMENTS

6 Months Ended

Jun. 30, 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 June 30, 2023						Three Months Ended June 30, 2022
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	236,069	$	25,017	$	261,086	$	197,877	$	21,190	$	219,067
Non-Fuel Operating Expenses	146,207		26,932		173,139		117,297		21,454		138,751
Aircraft Fuel	52,347		13		52,360		76,947		—		76,947
Total Operating Expenses	198,554		26,945		225,499		194,244		21,454		215,698
Operating Income (Loss)	$	37,515	$	(1,928)	35,587		$	3,633	$	(264)	3,369
Interest Income					2,545						532
Interest Expense					(11,239)						(7,042)
Other, net					(143)						(1,702)
Income (Loss) Before Income Tax					$	26,750					$	(4,843)


	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	506,823	$	48,378	$	555,201	$	403,348	$	42,243	$	445,591
Non-Fuel Operating Expenses	286,843		52,338		339,181		238,105		40,793		278,898
Aircraft Fuel	124,613		37		124,650		141,492		—		141,492
Total Operating Expenses	411,456		52,375		463,831		379,597		40,793		420,390
Operating Income (Loss)	$	95,367	$	(3,997)	91,370		$	23,751	$	1,450	25,201
Interest Income					5,286						556
Interest Expense					(19,869)						(15,604)
Other, net					(355)						(8,577)
Income Before Income Tax					$	76,432					$	1,576

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

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

+ Details

REVENUE

6 Months Ended

Jun. 30, 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 rental revenue related to certain transactions where the Company acts as a lessor.

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Scheduled Service	$	111,467	$	108,412	$	264,124	$	232,479
Charter Service	49,626		42,749		95,813		75,628
Ancillary	66,773		44,201		135,198		89,287
Passenger	227,866		195,362		495,135		397,394
Cargo	25,017		21,190		48,378		42,243
Other	8,203		2,515		11,688		5,954
Total Operating Revenues	$	261,086	$	219,067	$	555,201	$	445,591

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Domestic	$	251,582	$	211,012	$	526,071	$	419,851
Latin America	9,451		8,014		28,555		25,634
Other	53		41		575		106
Total Operating Revenues	$	261,086	$	219,067	$	555,201	$	445,591

Contract Balances

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

The Company’s contract liabilities are comprised of: 1) ticket sales for transportation that 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:


	June 30, 2023		December 31, 2022
Contract Assets
Costs to fulfill contract with Amazon	$	1,855	$	2,195
Total Contract Assets	$	1,855	$	2,195

Contract Liabilities
Air Traffic Liabilities	$	130,264	$	157,995
Loyalty Program Liabilities	13,656		15,437
Amazon Deferred Up-front Payment	2,764		3,271
Total Contract Liabilities	$	146,684	$	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 six months ended June 30, 2023, $146,904 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	4,262		3,471
Loyalty Points Redeemed (1)	(6,043)		(6,585)
Balance – June 30	$	13,656	$	16,604

______________________


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

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

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

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

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

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

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

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

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

+ Details

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Principal Payments
Remainder of 2023	$ 47,567
2024	75,617
2025	80,009
2026	61,072
2027	65,097
Thereafter	123,747
Total	453,109	$ 355,716
Amortization of Debt Issuance Costs
Remainder of 2023	(680)
2024	(1,168)
2025	(944)
2026	(705)
2027	(530)
Thereafter	(667)
Total	(4,694)	$ (3,481)
Net Debt
Remainder of 2023	46,887
2024	74,449
2025	79,065
2026	60,367
2027	64,567
Thereafter	123,080
Net Debt	$ 448,415

DEBT - Credit Facilities (Details)		12 Months Ended
DEBT - Credit Facilities (Details)	Feb. 10, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) aircraft	Jun. 30, 2023 USD ($)	Mar. 31, 2022 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

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 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. The Company completed its public float calculation for SEC reporting purposes as of June 30, 2023, as required. The Company will be a large accelerated filer as of December 31, 2023. 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 six months ended June 30, 2023 are not necessarily indicative of operating results for future quarters or for the year ending December 31, 2023.

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 152,322	$ 173,683
Gross Unrealized Gains	0	19
Gross Unrealized Losses	(861)	(1,067)
Fair Value	151,461	172,635
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	18,694	47,897
Gross Unrealized Gains	0	16
Gross Unrealized Losses	(118)	(258)
Fair Value	18,576	47,655
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	64,329	93,460
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(256)	(683)
Fair Value	64,073	92,778
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	69,299	32,326
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(487)	(126)
Fair Value	68,812	32,202
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,716	$ 6,301

AIRCRAFT (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of aircraft fleet activity

The following tables summarize the Company’s aircraft fleet activity for the six months ended June 30, 2023 and 2022, respectively:


	December 31, 2022	Additions	Reclassifications	Removals	June 30, 2023
Passenger:
Owned	29	1	—	—	30
Finance leases (1)	11	—	1	—	12
Operating leases	2	—	(1)	—	1
Sun Country Airlines’ Fleet	42	1	—	—	43
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other Owned:
Aircraft Held for Operating Lease	—	5	—	—	5
Total Aircraft	54	6	—	—	60

	December 31, 2021	Additions	Reclassifications	Removals	June 30, 2022
Passenger:
Owned	21	5	1	(1)	26
Finance leases (2)	9	1	1	—	11
Operating leases	6	—	(2)	—	4
Sun Country Airlines’ Fleet	36	6	—	(1)	41
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft	48	6	—	(1)	53


(1)			One aircraft operating lease was reclassified into a finance lease, as further described below.
(2)			Two aircraft operating leases were reclassified into finance leases and a separate aircraft finance lease purchase option was exercised, resulting in a net change of one finance lease reclassification.

Schedule of depreciation, amortization, and rent expense on aircraft

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


		Three Months Ended June 30,				Six Months Ended June 30,
Aircraft Status	Expense Type	2023		2022		2023		2022
Owned	Depreciation	$	14,443	$	10,175	$	26,315	$	18,848
Finance Leased	Amortization	4,875		4,044		9,558		8,113
Operating Leased	Aircraft Rent (1)	779		2,211		2,259		5,397
		$	20,097	$	16,430	$	38,132	$	32,358


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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from Operating Activities
Net Income (Loss)	$ 58,946	$ (285)
Adjustments to reconcile Net Income (Loss) to Cash from Operating Activities:
Depreciation and Amortization	41,815	32,182
Deferred Income Taxes	16,269	1,861
Other, net	11,677	18,356
Changes in Operating Assets and Liabilities:
Accounts Receivable	9,199	(8,023)
Inventory	(1,012)	(1,184)
Prepaid Expenses	(780)	(7,733)
Lessor Maintenance Deposits	(5,635)	(7,356)
Aircraft Deposits	(427)	(1,720)
Other Assets	1,269	18
Accounts Payable	(2,744)	15,692
Accrued Transportation Taxes	(2,178)	1,813
Air Traffic Liabilities	(27,731)	5,396
Loyalty Program Liabilities	(1,781)	(3,113)
Operating Lease Obligations	(2,999)	(5,698)
Other Liabilities	1,805	(3,146)
Net Cash Provided by Operating Activities	95,693	37,060
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(192,352)	(137,647)
Purchases of Investments	(49,437)	(71,629)
Proceeds from the Maturities of Investments	71,795	0
Other, net	1,953	10,315
Net Cash Used in Investing Activities	(168,041)	(198,961)
Cash Flows from Financing Activities:
Common Stock Repurchases	(22,249)	0
Proceeds from Borrowings	119,200	172,507
Repayment of Finance Lease Obligations	(8,671)	(24,293)
Repayment of Borrowings	(21,808)	(86,046)
Other, net	(2,841)	(1,062)
Net Cash Provided by Financing Activities	63,631	61,106
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(8,717)	(100,795)
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	102,928	317,785
Cash, Cash Equivalents and Restricted Cash--End of the Period	94,211	216,990
Non-cash transactions:
Aircraft and Flight Equipment Acquired through Finance Leases	0	19,928
Changes to Finance Lease Assets due to Lease Modifications	14,095	46,311
Aircraft Acquired From Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	$ 0	$ 19,083

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax expense	$ (73)	$ (66)	$ 43	$ (66)

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,415	$ 575	$ 7,093	$ 1,495
Acceleration of stock-based compensation expense for time-based and performance-based stock options	2,960
Performance-based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of stock options expected to meet performance conditions				74.00%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 8,661		$ 8,661
Compensation expense, period for recognition			2 years 3 months 18 days

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(1)(iv)(04)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	86,930	$	—	$	—	$	86,930
Available-for-Sale Securities:
Municipal Debt Securities	—		18,576		—		18,576
Corporate Debt Securities	—		64,073		—		64,073
U.S. Government Agency Securities	—		68,812		—		68,812
Total Available-for-Sale Securities	—		151,461		—		151,461
Total Assets Measured at Fair Value on a Recurring Basis	$	86,930	$	151,461	$	—	$	238,391


	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

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective tax rate	22.90%	19.00%	22.90%	118.10%
Increase to the tax receivable agreement liability		$ 1,700		$ 8,500
Non-current liability recognized	$ 101,020		$ 101,020		$ 103,800
TRA Holders
Income Tax Contingency [Line Items]
Payments to pre-IPO stockholders			$ 2,425

SUBSEQUENT EVENTS (Details) - 2022 Repurchase Program - USD ($) $ in Thousands	Aug. 04, 2023	Jun. 30, 2023	Dec. 31, 2022	Oct. 31, 2022
Subsequent Event [Line Items]
Repurchase program, authorized amount			$ 25,000	$ 50,000
Remaining authorized repurchase amount		$ 2,759
Subsequent Event
Subsequent Event [Line Items]
Repurchase program, authorized amount	$ 30,000
Remaining authorized repurchase amount	$ 32,759

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss)	$ 20,618	$ 38,328	$ (3,922)	$ 3,637	$ 58,946	$ (285)
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	56,084,759		58,060,716		56,364,170	57,984,608
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	3,627,289		0		3,265,838	0
Weighted Average Common Shares Outstanding - Diluted (in shares)	59,712,048		58,060,716		59,630,008	57,984,608
Basic earnings per share (in dollars per share)	$ 0.37		$ (0.07)		$ 1.05	$ 0.00
Diluted earnings per share (in dollars per share)	$ 0.35		$ (0.07)		$ 0.99	$ 0.00
Antidilutive securities excluded from computation of earnings per share (in shares)			3,529,406			3,676,847
Performance-based stock options
Denominator:
Outstanding shares (in shares)	3,051,025		3,372,527		3,051,025	3,372,527
Percentage of stock options expected to meet performance conditions						74.00%
Percentage of stock options vested and exercisable					100.00%

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events for the period from the Balance Sheet date through August 4, 2023, the date that the Condensed Consolidated Financial Statements were available to be issued. The Company executed a purchase amendment for an aircraft lease subsequent to June 30, 2023. The purchase amendment added a purchase obligation for the aircraft at the end of the lease term, which modified the classification of this lease from an operating lease to a finance lease. The amended aircraft lease has an expiration date in fiscal year 2024. Subsequent to June 30, 2023, the Company's Board of Directors authorized the addition of $30,000 to the Company's existing stock repurchase program, which increased the total amount of authorization remaining to repurchase shares of the Company's Common Stock to $32,759. The stock repurchase program has no expiration date and may be modified, suspended, or terminated at any time.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net Income (Loss)	$	20,618	$	(3,922)	$	58,946	$	(285)

Denominator:
Weighted Average Common Shares Outstanding - Basic	56,084,759		58,060,716		56,364,170		57,984,608
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,627,289		—		3,265,838		—
Weighted Average Common Shares Outstanding - Diluted	59,712,048		58,060,716		59,630,008		57,984,608

Basic earnings per share	$	0.37	$	(0.07)	$	1.05	$	0.00
Diluted earnings per share	$	0.35	$	(0.07)	$	0.99	$	0.00

______________________


(1)			There were 3,051,025 and 3,372,527 performance-based stock options outstanding at June 30, 2023 and 2022, respectively. As of June 30, 2023, 100% of the performance-based stock options have vested. As of June 30, 2022, 74% of the performance-based stock options were expected to vest.

Due to the Net Loss there were 3,529,406 and 3,676,847 stock options, restricted stock units, and vested warrants for the three and six months ended June 30, 2022, respectively, that were not included in the computation of diluted earnings per share due to their anti-dilutive effect. The Company's anti-dilutive shares for all other periods presented were not material to the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Revenues:
Total Operating Revenues	$ 261,086	$ 219,067	$ 555,201	$ 445,591
Operating Expenses:
Aircraft Fuel	52,360	76,947	124,650	141,492
Salaries, Wages, and Benefits	75,919	60,298	151,349	119,915
Aircraft Rent	779	2,211	2,259	5,397
Maintenance	15,942	12,782	28,981	24,777
Sales and Marketing	8,507	7,881	18,436	16,509
Depreciation and Amortization	22,355	16,854	41,815	32,182
Ground Handling	11,311	8,212	22,349	16,170
Landing Fees and Airport Rent	12,962	9,496	25,013	19,782
Other Operating, net	25,364	21,017	48,979	44,166
Total Operating Expenses	225,499	215,698	463,831	420,390
Operating Income	35,587	3,369	91,370	25,201
Non-operating Income (Expense):
Interest Income	2,545	532	5,286	556
Interest Expense	(11,239)	(7,042)	(19,869)	(15,604)
Other, net	(143)	(1,702)	(355)	(8,577)
Total Non-operating Expense, net	(8,837)	(8,212)	(14,938)	(23,625)
Income (Loss) Before Income Tax	26,750	(4,843)	76,432	1,576
Income Tax Expense (Benefit)	6,132	(921)	17,486	1,861
Net Income (Loss)	$ 20,618	$ (3,922)	$ 58,946	$ (285)
Net Income (Loss) per share to common stockholders:
Basic (in dollars per share)	$ 0.37	$ (0.07)	$ 1.05	$ 0.00
Diluted (in dollars per share)	$ 0.35	$ (0.07)	$ 0.99	$ 0.00
Shares used for computation:
Basic (in shares)	56,084,759	58,060,716	56,364,170	57,984,608
Diluted (in shares)	59,712,048	58,060,716	59,630,008	57,984,608
Passenger
Operating Revenues:
Total Operating Revenues	$ 227,866	$ 195,362	$ 495,135	$ 397,394
Cargo
Operating Revenues:
Total Operating Revenues	25,017	21,190	48,378	42,243
Other
Operating Revenues:
Total Operating Revenues	$ 8,203	$ 2,515	$ 11,688	$ 5,954

AIRCRAFT - Additional Information (Details) - aircraft	3 Months Ended	6 Months Ended
AIRCRAFT - Additional Information (Details) - aircraft	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
AIRCRAFT - Owned and Leased
Number of aircraft	53	60	53	54	48
Number of aircraft purchased		5
Reclassifications		0	0
Number of aircraft owned and refinanced		35
Number of aircrafts retired			1
Number of aircrafts financed using proceeds from issuance of pass-through trust certificates	5
Aircraft Held for Operating Lease
AIRCRAFT - Owned and Leased
Number of aircraft purchased		5
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft		54
Number of aircraft purchased	6		6
B-737-900
AIRCRAFT - Owned and Leased
Number of aircraft		5
Boeing 737-700
AIRCRAFT - Owned and Leased
Number of aircraft		1
Passenger
AIRCRAFT - Owned and Leased
Number of aircraft	41	43	41	42	36
Reclassifications		0	0
Number of aircrafts financed		31
Number of aircrafts unencumbered		4

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,618	$ 38,328	$ (3,922)	$ 3,637	$ 58,946	$ (285)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 6
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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+ Details

DEBT - Long-term Debt (Details)	1 Months Ended	3 Months Ended	6 Months Ended
DEBT - Long-term Debt (Details)	Dec. 31, 2019 USD ($) aircraft	Jun. 30, 2023 USD ($) aircraft	Jun. 30, 2023 USD ($)	Mar. 31, 2022 USD ($) aircraft
Line of Credit \| Secured Debt
DEBT
Margin (as a percent)			0.10%
Interest rate		8.90%	8.90%
Loan-to -value ratio		75.00%	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		$ 1,820,000	$ 1,820,000
Term Loan \| Notes payable
DEBT
Face amount		$ 119,200,000	$ 119,200,000
Number of aircraft held for operating lease \| aircraft		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 \| aircraft				13
Weighted average interest rate		5.06%	5.06%
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable \| Minimum
DEBT
Interest rate		4.84%	4.84%
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable \| Maximum
DEBT
Interest rate		5.75%	5.75%
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable
DEBT
Face amount	$ 248,587,000
Weighted average interest rate		4.69%	4.69%
Number of used aircrafts purchased or refinanced \| aircraft	13
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable \| Minimum
DEBT
Interest rate		4.13%	4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable \| Maximum
DEBT
Interest rate		6.95%	6.95%

REVENUE - Additional Information (Details) $ in Thousands	6 Months Ended
REVENUE - Additional Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Passenger
REVENUE
Revenue recognized	$ 146,904

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 176,703
Balance – June 30	146,684
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	15,437	$ 19,718
Loyalty Points Earned	4,262	3,471
Loyalty Points Redeemed	(6,043)	(6,585)
Balance – June 30	$ 13,656	$ 16,604

ASSET ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

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


Asset	Balance Sheet Classification
Aircraft Held for Operating Lease	Aircraft and Flight Equipment Held for Operating Lease	$	114,628
Maintenance Rights Asset	Aircraft and Flight Equipment Held for Operating Lease	39,533
Over-Market Asset	Other Intangible Assets, net	3,741
Total		$	157,902

REVENUE (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Scheduled Service	$	111,467	$	108,412	$	264,124	$	232,479
Charter Service	49,626		42,749		95,813		75,628
Ancillary	66,773		44,201		135,198		89,287
Passenger	227,866		195,362		495,135		397,394
Cargo	25,017		21,190		48,378		42,243
Other	8,203		2,515		11,688		5,954
Total Operating Revenues	$	261,086	$	219,067	$	555,201	$	445,591

Schedule of operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Domestic	$	251,582	$	211,012	$	526,071	$	419,851
Latin America	9,451		8,014		28,555		25,634
Other	53		41		575		106
Total Operating Revenues	$	261,086	$	219,067	$	555,201	$	445,591

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	June 30, 2023		December 31, 2022
Contract Assets
Costs to fulfill contract with Amazon	$	1,855	$	2,195
Total Contract Assets	$	1,855	$	2,195

Contract Liabilities
Air Traffic Liabilities	$	130,264	$	157,995
Loyalty Program Liabilities	13,656		15,437
Amazon Deferred Up-front Payment	2,764		3,271
Total Contract Liabilities	$	146,684	$	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	4,262		3,471
Loyalty Points Redeemed (1)	(6,043)		(6,585)
Balance – June 30	$	13,656	$	16,604

______________________


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

OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023						Three Months Ended June 30, 2022
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	236,069	$	25,017	$	261,086	$	197,877	$	21,190	$	219,067
Non-Fuel Operating Expenses	146,207		26,932		173,139		117,297		21,454		138,751
Aircraft Fuel	52,347		13		52,360		76,947		—		76,947
Total Operating Expenses	198,554		26,945		225,499		194,244		21,454		215,698
Operating Income (Loss)	$	37,515	$	(1,928)	35,587		$	3,633	$	(264)	3,369
Interest Income					2,545						532
Interest Expense					(11,239)						(7,042)
Other, net					(143)						(1,702)
Income (Loss) Before Income Tax					$	26,750					$	(4,843)


	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	506,823	$	48,378	$	555,201	$	403,348	$	42,243	$	445,591
Non-Fuel Operating Expenses	286,843		52,338		339,181		238,105		40,793		278,898
Aircraft Fuel	124,613		37		124,650		141,492		—		141,492
Total Operating Expenses	411,456		52,375		463,831		379,597		40,793		420,390
Operating Income (Loss)	$	95,367	$	(3,997)	91,370		$	23,751	$	1,450	25,201
Interest Income					5,286						556
Interest Expense					(19,869)						(15,604)
Other, net					(355)						(8,577)
Income Before Income Tax					$	76,432					$	1,576

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 86,930	$ 92,086
Restricted Cash	7,281	10,842
Investments	158,177	178,936
Accounts Receivable, net of an allowance for credit losses of $241 and $231, respectively	26,937	35,124
Short-term Lessor Maintenance Deposits	999	1,241
Inventory, net of a reserve for obsolescence of $1,190 and $1,107, respectively	7,365	7,659
Prepaid Expenses	12,209	11,423
Other Current Assets	2,365	8,179
Total Current Assets	302,263	345,490
Property & Equipment, net:
Finance Lease Assets	276,086	261,991
Total Property & Equipment	1,159,288	962,413
Accumulated Depreciation & Amortization	(211,227)	(176,746)
Total Property & Equipment, net	948,061	785,667
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net of accumulated amortization of $21,325 and $18,890, respectively	86,416	85,110
Operating Lease Right-of-use Assets	18,715	22,182
Aircraft Deposits	9,614	9,134
Long-term Lessor Maintenance Deposits	38,310	32,433
Deferred Tax Asset	0	12,956
Other Assets	9,021	9,217
Total Other Assets	384,299	393,255
Total Assets	1,634,623	1,524,412
Current Liabilities:
Accounts Payable	56,143	62,370
Accrued Salaries, Wages, and Benefits	30,095	26,521
Accrued Transportation Taxes	15,488	17,666
Air Traffic Liabilities	130,264	157,995
Finance Lease Obligations	33,641	17,990
Loyalty Program Liabilities	8,962	13,963
Operating Lease Obligations	4,485	6,296
Current Maturities of Long-term Debt, net	83,204	57,548
Income Tax Receivable Agreement Liability	8,000	2,260
Other Current Liabilities	12,973	14,519
Total Current Liabilities	383,255	377,128
Long-term Liabilities:
Finance Lease Obligations	223,647	233,306
Loyalty Program Liabilities	4,694	1,474
Operating Lease Obligations	18,264	19,836
Long-term Debt, net	365,211	294,687
Deferred Tax Liability	3,356	0
Income Tax Receivable Agreement Liability	93,020	101,540
Other Long-term Liabilities	2,411	3,729
Total Long-term Liabilities	710,603	654,572
Total Liabilities	1,093,858	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, 58,552,727 and 58,217,647 issued and 56,012,229 and 57,325,238 outstanding at June 30, 2023 and December 31, 2022, respectively	586	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 June 30, 2023 and December 31, 2022	0	0
Treasury stock, at cost, 2,540,498 and 892,409 shares held at June 30, 2023 and December 31, 2022, respectively	(47,673)	(17,605)
Additional Paid-In Capital	507,522	488,494
Retained Earnings	80,994	22,048
Accumulated Other Comprehensive Loss	(664)	(807)
Total Stockholders' Equity	540,765	492,712
Total Liabilities and Stockholders' Equity	1,634,623	1,524,412
Aircraft and Flight Equipment
Property & Equipment, net:
Property & Equipment, net:	664,757	636,584
Aircraft and Flight Equipment Held for Operating Lease
Property & Equipment, net:
Property & Equipment, net:	154,161	0
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Property & Equipment, net:	38,690	35,948
Computer Hardware and Software
Property & Equipment, net:
Property & Equipment, net:	10,388	10,831
Rotable Parts
Property & Equipment, net:
Property & Equipment, net:	$ 15,206	$ 17,059

AIRCRAFT

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of June 30, 2023, Sun Country's fleet consisted of 60 Boeing 737-NG aircraft, comprised of 54 Boeing 737-800s, five Boeing 737-900ERs and one Boeing 737-700.

The following tables summarize the Company’s aircraft fleet activity for the six months ended June 30, 2023 and 2022, respectively:


	December 31, 2022	Additions	Reclassifications	Removals	June 30, 2023
Passenger:
Owned	29	1	—	—	30
Finance leases (1)	11	—	1	—	12
Operating leases	2	—	(1)	—	1
Sun Country Airlines’ Fleet	42	1	—	—	43
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Other Owned:
Aircraft Held for Operating Lease	—	5	—	—	5
Total Aircraft	54	6	—	—	60

	December 31, 2021	Additions	Reclassifications	Removals	June 30, 2022
Passenger:
Owned	21	5	1	(1)	26
Finance leases (2)	9	1	1	—	11
Operating leases	6	—	(2)	—	4
Sun Country Airlines’ Fleet	36	6	—	(1)	41
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft	48	6	—	(1)	53


(1)			One aircraft operating lease was reclassified into a finance lease, as further described below.
(2)			Two aircraft operating leases were reclassified into finance leases and a separate aircraft finance lease purchase option was exercised, resulting in a net change of one finance lease reclassification.

During the six months ended June 30, 2023, the Company acquired five 737-900ERs that are currently on lease to an unaffiliated airline ("Aircraft Held for Operating Lease"). The five Aircraft Held for Operating Lease were financed through a term loan arrangement. See Note 5 of these Condensed Consolidated Financial Statements for more information on this transaction. Additionally, during the six months ended June 30, 2023, the Company acquired an incremental aircraft and executed a lease amendment to purchase one aircraft at the end of its lease term. An additional aircraft purchase amendment was executed subsequent to June 30, 2023. The lease amendments modified the classification of these leases from operating leases to finance leases and have expiration dates in fiscal year 2024. Of the 35 Owned aircraft

and Aircraft Held for Operating Lease as of June 30, 2023, 31 were financed and four aircraft were unencumbered.

During the six months ended June 30, 2022, the Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the lease classification from operating leases to finance leases with expiration dates in fiscal year 2026 and retired one aircraft. Further, the Company purchased an aircraft previously classified as a finance lease using proceeds of the from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC"). The Company also acquired six incremental 737-800 aircraft, five of which were financed using proceeds from 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 June 30,				Six Months Ended June 30,
Aircraft Status	Expense Type	2023		2022		2023		2022
Owned	Depreciation	$	14,443	$	10,175	$	26,315	$	18,848
Finance Leased	Amortization	4,875		4,044		9,558		8,113
Operating Leased	Aircraft Rent (1)	779		2,211		2,259		5,397
		$	20,097	$	16,430	$	38,132	$	32,358


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

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Fair value	$ 425,031	$ 324,059

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2023 USD ($) aircraft
Long-term Purchase Commitment [Line Items]
Number of aircraft to lease \| aircraft	3
Lease term (in years)	6 years
Accrual estimate	$ 0
Commitments
Long-term Purchase Commitment [Line Items]
Commitment to purchase	$ 2,000,000

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 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. ("the Apollo Stockholder"). The underwriters were given an option to purchase an additional 787,500 shares of Common Stock. In connection with the offering, the underwriters agreed to sell to the Company, and the Company agreed to purchase from the underwriters, an aggregate of 750,000 shares of Common Stock at a price of $19.75 per share, the same price at which the underwriters purchased the Common Stock from the selling stockholder, for a total of $14,812. The Company incurred offering expenses of $640 in connection with this offering and did not receive any of the proceeds. 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. During the six months ended June 30, 2023, the Company repurchased 1,166,751 shares of its Common Stock at a total cost of $22,249, or an average price of $19.07 per share. The repurchase was part of a secondary public offering of the Company's shares by the Apollo Stockholder, as well as open market purchases completed in the second quarter. As of June 30, 2023, the Company had $2,759 of Board authorization remaining to repurchase additional shares of its Common Stock. Subsequent to June 30, 2023, the Company's Board of Directors authorized the addition of $30,000 to the Company's existing stock repurchase program, which increased the total amount of authorization remaining to repurchase shares of the Company's Common Stock to $32,759. 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 six months ended June 30, 2023 and June 30, 2022, 442,521 and 379,304 warrants vested, respectively. As of June 30, 2023 and June 30, 2022, the cumulative vested warrants held by Amazon were 2,844,789 and 2,022,964, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.

- Definition

The entire disclosure for equity.

+ References

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+ Details

ASSET ACQUISITIONS - Asset Acquisition (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Asset Acquisition [Line Items]
Total	$ 157,902
Aircraft Held for Operating Lease
Asset Acquisition [Line Items]
Aircraft Held for Operating Lease	114,628
Maintenance Rights Asset
Asset Acquisition [Line Items]
Maintenance Rights Asset	39,533
Over-Market Asset
Asset Acquisition [Line Items]
Over-Market Asset	$ 3,741

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net Income (Loss)	$	20,618	$	(3,922)	$	58,946	$	(285)

Denominator:
Weighted Average Common Shares Outstanding - Basic	56,084,759		58,060,716		56,364,170		57,984,608
Dilutive effect of Stock Options, RSUs and Warrants (1)	3,627,289		—		3,265,838		—
Weighted Average Common Shares Outstanding - Diluted	59,712,048		58,060,716		59,630,008		57,984,608

Basic earnings per share	$	0.37	$	(0.07)	$	1.05	$	0.00
Diluted earnings per share	$	0.35	$	(0.07)	$	0.99	$	0.00

______________________


(1)			There were 3,051,025 and 3,372,527 performance-based stock options outstanding at June 30, 2023 and 2022, respectively. As of June 30, 2023, 100% of the performance-based stock options have vested. As of June 30, 2022, 74% of the performance-based stock options were expected to vest.

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 779	$ 2,211	$ 2,259	$ 5,397
Depreciation amortization and aircraft rent	20,097	16,430	38,132	32,358
Owned
AIRCRAFT - Owned and Leased
Depreciation	14,443	10,175	26,315	18,848
Finance leases (1)
AIRCRAFT - Owned and Leased
Amortization	4,875	4,044	9,558	8,113
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 779	$ 2,211	$ 2,259	$ 5,397

DEBT

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2023. The Company recorded a $1,557 loss on extinguishment of debt in 2022 in connection with the repayment of the DDTL, which represents the write-off of the unamortized deferred financing costs. As of June 30, 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 six months ended June 30, 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 six months ended June 30, 2023, the Company recorded $1,820 in debt issuance costs associated with the term loan credit facility.

The interest rate on the term loan credit facility is determined by using a base rate, which resets monthly, plus an applicable margin, and a fixed credit spread adjustment of 0.1%. The applicable margin during the lease term is fixed at 3.75%, and is subsequently reduced to 3.25% once the aircraft have been redelivered to the Company and a Loan-to-Value ("LTV") ratio calculation is completed at the end of the lease term. The interest rate in effect as of June 30, 2023 on the term loan was 8.9%. To the extent that the LTV exceeds 75% at the end of the lease term, 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

During March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company is required to make bi-annual principal and interest payments each March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75%. The weighted average interest rate was 5.06% as of June 30, 2023.

In December 2019, the Company arranged for the issuance of Class A, Class B and Class C trust certificates Series 2019-1 (the “2019-1 EETC”), in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020. The Company is required to make bi-annual principal and interest payments each June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95%. The weighted average interest rate was 4.69% as of June 30, 2023.

Long-term Debt includes the following:


	June 30, 2023		December 31, 2022
2019-1 EETC (see terms and conditions above)	$	168,598	$	176,697
2022-1 EETC (see terms and conditions above)	168,897		179,019
Term Loan Credit Facility (see terms and conditions above)	115,614		—
Total Debt	453,109		355,716
Less: Unamortized debt issuance costs	(4,694)		(3,481)
Less: Current Maturities of Long-term Debt	(83,204)		(57,548)
Total Long-term Debt, net	$	365,211	$	294,687

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2023	$	47,567	$	(680)	$	46,887
2024	75,617		(1,168)		74,449
2025	80,009		(944)		79,065
2026	61,072		(705)		60,367
2027	65,097		(530)		64,567
Thereafter	123,747		(667)		123,080
Total as of June 30, 2023	$	453,109	$	(4,694)	$	448,415

The fair value of Debt was $425,031 as of June 30, 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

ASSET ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Asset Acquisition [Line Items]
Total Operating Revenues	$ 261,086	$ 219,067	$ 555,201	$ 445,591
Rental Revenue
Asset Acquisition [Line Items]
Total Operating Revenues			$ 5,871
Minimum
Asset Acquisition [Line Items]
Amortization period (in years)	1 year 4 months 24 days		1 year 4 months 24 days
Maximum
Asset Acquisition [Line Items]
Amortization period (in years)	2 years 4 months 24 days		2 years 4 months 24 days
Notes payable \| Term Loan
Asset Acquisition [Line Items]
Face amount	$ 119,200		$ 119,200

- 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.

+ References

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

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE
Total Operating Revenues	$ 261,086	$ 219,067	$ 555,201	$ 445,591
Domestic
REVENUE
Total Operating Revenues	251,582	211,012	526,071	419,851
Latin America
REVENUE
Total Operating Revenues	9,451	8,014	28,555	25,634
Other
REVENUE
Total Operating Revenues	$ 53	$ 41	$ 575	$ 106

- Definition

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

+ References + Details

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents	$ 86,930	$ 92,086	$ 212,858
Restricted Cash	7,281	10,842	4,132
Total Cash, Cash Equivalents and Restricted Cash	$ 94,211	$ 102,928	$ 216,990	$ 317,785

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 6), payments under the TRA (see Note 10), and probable future purchases of aircraft. As of June 30, 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. During the twelve months ended June 30, 2022, the compensation payable to an executive officer temporarily exceeded the restrictions on the payment of certain executive compensation under the 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 June 30, 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. 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.

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE
Total Operating Revenues	$ 261,086	$ 219,067	$ 555,201	$ 445,591
Passenger
REVENUE
Total Operating Revenues	227,866	195,362	495,135	397,394
Scheduled Service
REVENUE
Total Operating Revenues	111,467	108,412	264,124	232,479
Charter Service
REVENUE
Total Operating Revenues	49,626	42,749	95,813	75,628
Ancillary
REVENUE
Total Operating Revenues	66,773	44,201	135,198	89,287
Cargo
REVENUE
Total Operating Revenues	25,017	21,190	48,378	42,243
Other
REVENUE
Total Operating Revenues	$ 8,203	$ 2,515	$ 11,688	$ 5,954

- Definition

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

+ References + Details

- Definition

+ References

+ Details

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for both the three and six months ended June 30, 2023 was 22.9%. The effective tax rate for the three and six months ended June 30, 2022 was 19.0% and 118.1%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The effective tax rates for the three and six months ended June 30, 2022 were primarily impacted by the $1,700 and $8,500 non-deductible adjustments to increase the tax receivable liability related to the Tax Receivable Agreement (the "Tax Receivable Agreement" or "TRA"), respectively. Tax Receivable Agreement The TRA balance as of June 30, 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 six months ended June 30, 2023, the Company recorded an immaterial adjustment to the estimated TRA liability. During the six months ended June 30, 2022, the Company recorded an $8,500 adjustment to increase the estimated TRA liability. During the six months ended June 30, 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 members of the Company's Board of Directors. The payment is included within Financing Activities on the Condensed Consolidated Statements of Cash Flows. Payments will be made in future periods as attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”) are utilized.

- Definition

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

+ References

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+ Details

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 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.
Aircraft Held for Operating Lease, Maintenance Rights Asset, and Over-Market Asset	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 are 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 Company has recognized $5,871 of rental revenue during the six months ended June 30, 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 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 aircraft, which range from 1.4-2.4 years as of June 30, 2023. The amortization will be recognized as contra-revenue, offsetting the rental revenue associated with the Aircraft Held for Operating Lease included in Other revenue.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income (Loss)	$ 20,618	$ (3,922)	$ 58,946	$ (285)
Other Comprehensive Income (Loss):
Net unrealized gains (losses) on Available-for-Sale securities, net of deferred tax expense (benefit) of $(73), $(66), $43 and $(66), respectively	(246)	(220)	143	(220)
Other Comprehensive Income (Loss)	(246)	(220)	143	(220)
Comprehensive Income (Loss)	$ 20,372	$ (4,142)	$ 59,089	$ (505)

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted, terminated or modified by our directors and executive officers during the three months ended June 30, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name and Title

Adoption, Termination or Modification

Date of Adoption, Termination or Modification

Duration of Plan (Scheduled Expiration Date of Plan)

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

Eric Levenhagen, Senior Vice President and Chief Human Resources Officer

Adoption

May 3, 2023

April 30, 2024

(119,037)

Gregory Mays, Executive Vice President and Chief Operating Officer

Termination

May 3, 2023

December 29, 2023

(262,559)

Gregory Mays, Executive Vice President and Chief Operating Officer

Adoption

May 5, 2023

December 29, 2023

(200,000)

Erin Rose Neale, General Counsel and Senior Vice President

Termination

June 2, 2023

April 1, 2024

(23,436)

Erin Rose Neale, General Counsel and Senior Vice President

Adoption

June 5, 2023

April 5, 2024

(10,184)

Grant Whitney, Senior Vice President and Chief Revenue Officer

Adoption

May 5, 2023

April 2, 2024

(142,463)

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Eric Levenhagen [Member]

Trading Arrangements, by Individual

Name

Eric Levenhagen

Title

Senior Vice President and Chief Human Resources Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 3, 2023

Aggregate Available

(119,037)

Grant Whitney [Member]

Trading Arrangements, by Individual

Name

Grant Whitney

Title

Senior Vice President and Chief Revenue Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 5, 2023

Aggregate Available

(142,463)

Gregory Mays May 3, 2023 Plan [Member] | Gregory Mays [Member]

Trading Arrangements, by Individual

Name

Gregory Mays

Title

Executive Vice President and Chief Operating Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

May 3, 2023

Aggregate Available

(262,559)

Gregory Mays May 5, 2023 Plan [Member]

Trading Arrangements, by Individual

Name

Gregory Mays

Title

Executive Vice President and Chief Operating Officer

Gregory Mays May 5, 2023 Plan [Member] | Gregory Mays [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 5, 2023

Aggregate Available

(200,000)

Erin Rose June 2, 2023 Plan [Member] | Erin Rose Neale [Member]

Trading Arrangements, by Individual

Name

Erin Rose Neale

Title

General Counsel and Senior Vice President

Rule 10b5-1 Arrangement Terminated

true

Termination Date

June 2, 2023

Aggregate Available

(23,436)

Erin Rose June 5, 2023 Plan [Member] | Erin Rose Neale [Member]

Trading Arrangements, by Individual

Name

Erin Rose Neale

Title

General Counsel and Senior Vice President

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 5, 2023

Aggregate Available

(10,184)

Cover	6 Months Ended
Cover	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	56,012,229
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 241	$ 231
Inventory, reserve for obsolescence	1,190	1,107
Accumulated amortization	$ 21,325	$ 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)	58,552,727	58,217,647
Common stock, shares outstanding (in shares)	56,012,229	57,325,238
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	2,540,498	892,409

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	86,930	$	—	$	—	$	86,930
Available-for-Sale Securities:
Municipal Debt Securities	—		18,576		—		18,576
Corporate Debt Securities	—		64,073		—		64,073
U.S. Government Agency Securities	—		68,812		—		68,812
Total Available-for-Sale Securities	—		151,461		—		151,461
Total Assets Measured at Fair Value on a Recurring Basis	$	86,930	$	151,461	$	—	$	238,391


	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

DEBT - Long-term Debt Schedule (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2019
DEBT
Total Debt	$ 453,109,000	$ 355,716,000
Less: Unamortized debt issuance costs	(4,694,000)	(3,481,000)
Less: Current Maturities of Long-term Debt	(83,204,000)	(57,548,000)
Total Long-term Debt, net	365,211,000	294,687,000
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable
DEBT
Total Debt	$ 168,598,000	176,697,000
Face amount				$ 248,587,000
Weighted average interest rate	4.69%
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	$ 115,614,000	$ 0

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	$ 151,461	$ 172,635
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	18,576	47,655
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	64,073	92,778
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	68,812	32,202
Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	86,930	92,086
Available-for-Sale Securities:	151,461	172,635
Total Assets Measured at Fair Value on a Recurring Basis	238,391	264,721
Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	18,576	47,655
Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	64,073	92,778
Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	68,812	32,202
Recurring \| Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	86,930	73,727
Available-for-Sale Securities:	0	0
Total Assets Measured at Fair Value on a Recurring Basis	86,930	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:	151,461	172,635
Total Assets Measured at Fair Value on a Recurring Basis	151,461	190,994
Recurring \| Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	18,576	47,655
Recurring \| Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	64,073	92,778
Recurring \| Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	68,812	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

INVESTMENTS

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

A summary of debt securities by major security type:


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities: (1)
Municipal Debt Securities	$	18,694	$	—	$	(118)	$	18,576
Corporate Debt Securities	64,329		—		(256)		64,073
U.S. Government Agency Securities	69,299		—		(487)		68,812
Total	$	152,322	$	—	$	(861)	$	151,461


	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 $6,716 and $6,301 as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, substantially all of the Company's investments 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 June 30, 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.