Note 6  Leases, Commitments and Contingencies ? Effective January 1, 2019, the Company adopted Topic 842. The Company leases property and equipment under operating leases. For leases with durations longer than 12 months, the Company recorded the related asset and obligation at the present value of lease payments over the term. The Company used its incremental borrowing rate to discount the lease payments based on information available at lease commencement. ? Aircraft ? During the first quarter of 2019, the Company acquired 52 CRJ aircraft under an early lease buyout arrangement with the lessor for $111.7 million. As of June 30, 2019, the Company had 92 aircraft under operating leases with remaining terms ranging from less than one year to nine years. ? With the adoption of Topic 842, the Company evaluated whether leased aircraft asset groups within the Companys fleet were impaired. Under the transition guidance for Topic 842, a company is permitted to recognize a previously unrecognized impairment related to a right-of-use asset in the period prior to the adoption date of Topic 842 if the event giving rise to the impairment occurred before the adoption date. In 2016, the Company recorded an impairment on certain of its long-lived assets, which included the Companys 50-seat Bombardier CRJ200 regional jet aircraft (CRJ200) . In 2016, the market lease rate was less than the contractual lease rate on the Companys CRJ200 leased aircraft. The Company recorded an impairment of $13.1 million (net of tax) as an adjustment to the Companys January 1, 2019 retained earnings related to the previously unrecognized impairment of these leased CRJ200s. ? Airport facilities ? The Company has operating leases for facility space including airport terminals, office space, cargo warehouses and maintenance facilities. The Company generally leases this space from government agencies that control the use of the airport. The remaining lease terms vary from one month to 37 years. The Companys operating leases with lease rates that are variable based on airport operating costs, use of the facilities or other variable factors are excluded from the Companys right-of-use assets and operating lease liabilities in accordance with accounting guidance. ? Leases ? As of June 30, 2019, the Companys right-of-use assets were $336.7 million, the Companys current maturities of operating lease liabilities were $81.8 million, and the Companys noncurrent lease liabilities were $265.5 million. During the six months ended June 30, 2019, the Company had operating cash flows from operating leases of $43.1 million. ? The table below presents lease related terms and discount rates as of June 30, 2019. ? ? ? ? ? ? ? ? ? ? ? ? ? June 30, 2019 Weighted-average remaining lease term ? Operating leases ? ? 6.5 years ? Weighted-average discount rate ? ? ? Operating leases ? ? 6.4% ? ? ? The Companys lease costs for the three- and six-months ended June 30, 2019 and 2018 included the following components (in thousands): ? ? ? ? ? ? ? ? ? ? For the three months ended June 30, ? 2019 2018 Operating lease cost $ 27,647 $ 45,425 Variable and short-term lease cost ? 1,346 ? 1,392 Total lease cost $ 28,993 $ 46,817 ? ? ? ? ? ? ? ? ? ? For the six months ended June 30, ? 2019 2018 Operating lease cost $ 54,868 $ 98,258 Variable and short-term lease cost ? 2,821 ? 2,811 Total lease cost $ 57,689 $ 101,069 ? ? As of June 30, 2019, the Company leased aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases, which are generally on a long-term, triple-net lease basis pursuant to which the Company pays taxes, maintenance, insurance and certain other operating expenses applicable to the leased property. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases, or the property may be purchased rather than leased. The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of June 30, 2019 (in thousands): ? ? ? ? ? ? July 2019 through December 2019 $ 36,756 2020 ? 93,752 ? 2021 ? 76,687 ? 2022 ? 67,728 ? 2023 ? 62,558 ? Thereafter ? 88,144 ? ? ? $ 425,625 ? ? As of June 30, 2019, the Company had a firm purchase commitment for seven E175 aircraft from Embraer, S.A. (Embraer) with scheduled delivery dates through 2021. ? The following table summarizes the Companys commitments and obligations as noted for each of the next five years and thereafter (in thousands): ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Total Jul - Dec 2019 2020 2021 2022 2023 Thereafter Operating lease payments for aircraft and facility obligations ? $ 425,625 ? $ 36,756 ? $ 93,752 ? $ 76,687 ? $ 67,728 ? $ 62,558 ? $ 88,144 Firm aircraft and spare engine commitments ? 313,466 ? ? 79,428 ? ? 136,598 ? ? 97,440 ? ?  ? ?  ? ?  ? Interest commitments (1) ? 615,318 ? ? 63,949 ? ? 116,723 ? ? 101,295 ? ? 87,294 ? ? 71,252 ? ? 174,805 ? Principal maturities on long-term debt ? 3,088,639 ? ? 171,243 ? ? 361,481 ? ? 344,587 ? ? 358,586 ? ? 367,322 ? ? 1,485,420 ? Total commitments and obligations ? $ 4,443,048 ? $ 351,376 ? $ 708,554 ? $ 620,009 ? $ 513,608 ? $ 501,132 ? $ 1,748,369 ? ? (1) At June 30, 2019, the Company had variable rate notes representing only 0.1% of its total long-term debt. ? Disclosures related to periods prior to the adoption of the New Lease Standard ? The following table summarizes future minimum rental payments required under operating leases that have non-cancelable lease terms in excess of one year as of December 31, 2018 (in thousands): ? ? ? ? ? ? 2019 $ 87,256 2020 ? 101,741 ? 2021 ? 90,787 ? 2022 ? 72,593 ? 2023 ? 65,749 ? Thereafter ? 59,820 ? ? ? $ 477,946 ? ?