Delaware | 71-0879698 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) |
3375 Koapaka Street, | Suite G-350 | ||
Honolulu, | HI | 96819 | |
(Address of Principal Executive Offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common Stock ($0.01 par value) | HA | NASDAQ Stock Market, LLC | ||
(NASDAQ Global Select Market) | ||||
Securities registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Operating Revenue: | ||||||||
Passenger | $ | 503,469 | $ | 601,304 | ||||
Other | 55,675 | 55,447 | ||||||
Total | 559,144 | 656,751 | ||||||
Operating Expenses: | ||||||||
Wages and benefits | 188,254 | 175,065 | ||||||
Aircraft fuel, including taxes and delivery | 113,478 | 126,104 | ||||||
Maintenance, materials and repairs | 60,409 | 63,045 | ||||||
Aircraft and passenger servicing | 38,283 | 38,900 | ||||||
Depreciation and amortization | 39,449 | 38,151 | ||||||
Aircraft rent | 27,004 | 30,396 | ||||||
Commissions and other selling | 26,716 | 30,836 | ||||||
Other rentals and landing fees | 29,766 | 31,046 | ||||||
Purchased services | 34,241 | 32,453 | ||||||
Special items | 126,904 | — | ||||||
Other | 42,736 | 38,079 | ||||||
Total | 727,240 | 604,075 | ||||||
Operating Income (Loss) | (168,096 | ) | 52,676 | |||||
Nonoperating Income (Expense): | ||||||||
Interest expense and amortization of debt discounts and issuance costs | (6,795 | ) | (7,530 | ) | ||||
Gains (losses) on fuel derivatives | (6,452 | ) | 570 | |||||
Interest income | 3,020 | 2,983 | ||||||
Capitalized interest | 831 | 1,285 | ||||||
Other, net | 2,304 | (1,025 | ) | |||||
Total | (7,092 | ) | (3,717 | ) | ||||
Income (Loss) Before Income Taxes | (175,188 | ) | 48,959 | |||||
Income tax expense (benefit) | (30,816 | ) | 12,601 | |||||
Net Income (Loss) | $ | (144,372 | ) | $ | 36,358 | |||
Net Income (Loss) Per Share | ||||||||
Basic | $ | (3.14 | ) | $ | 0.75 | |||
Diluted | $ | (3.14 | ) | $ | 0.75 | |||
Weighted Average Number of Common Stock Shares Outstanding: | ||||||||
Basic | 45,967 | 48,392 | ||||||
Diluted | 45,967 | 48,429 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(unaudited) | ||||||||||||||||
Operating Revenue: | ||||||||||||||||
Passenger | $ | 634,475 | $ | 591,496 | $ | 1,765,275 | $ | 1,592,095 | ||||||||
Other | 85,084 | 80,341 | 243,804 | 225,512 | ||||||||||||
Total | 719,559 | 671,837 | 2,009,079 | 1,817,607 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Wages and benefits | 161,059 | 136,356 | 466,772 | 395,718 | ||||||||||||
Aircraft fuel, including taxes and delivery | 110,111 | 94,818 | 316,423 | 248,516 | ||||||||||||
Maintenance, materials and repairs | 49,396 | 51,812 | 161,366 | 166,901 | ||||||||||||
Aircraft and passenger servicing | 36,360 | 33,971 | 104,569 | 93,245 | ||||||||||||
Aircraft rent | 35,195 | 32,891 | 102,883 | 92,345 | ||||||||||||
Commissions and other selling | 32,930 | 29,480 | 98,668 | 93,936 | ||||||||||||
Other rentals and landing fees | 30,989 | 28,926 | 86,763 | 78,338 | ||||||||||||
Depreciation and amortization | 28,447 | 27,495 | 83,787 | 81,629 | ||||||||||||
Purchased services | 24,736 | 25,614 | 79,428 | 72,889 | ||||||||||||
Special items | — | — | 23,450 | — | ||||||||||||
Other | 36,585 | 31,565 | 101,376 | 94,279 | ||||||||||||
Total | 545,808 | 492,928 | 1,625,485 | 1,417,796 | ||||||||||||
Operating Income | 173,751 | 178,909 | 383,594 | 399,811 | ||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||
Other nonoperating special items | (50,202 | ) | — | (50,202 | ) | — | ||||||||||
Interest expense and amortization of debt discounts and issuance costs | (7,578 | ) | (8,539 | ) | (23,292 | ) | (28,453 | ) | ||||||||
Gains (losses) on fuel derivatives | 3,282 | (3,601 | ) | (10,228 | ) | 15,421 | ||||||||||
Other components of net periodic benefit cost | (3,792 | ) | (5,054 | ) | (13,293 | ) | (15,218 | ) | ||||||||
Interest income | 1,861 | 1,113 | 4,480 | 3,044 | ||||||||||||
Capitalized interest | 2,416 | 719 | 6,258 | 1,407 | ||||||||||||
Loss on extinguishment of debt | — | — | — | (9,993 | ) | |||||||||||
Other, net | (100 | ) | 612 | 3,161 | 9,884 | |||||||||||
Total | (54,113 | ) | (14,750 | ) | (83,116 | ) | (23,908 | ) | ||||||||
Income Before Income Taxes | 119,638 | 164,159 | 300,478 | 375,903 | ||||||||||||
Income tax expense | 45,072 | 61,705 | 108,567 | 142,413 | ||||||||||||
Net Income | $ | 74,566 | $ | 102,454 | $ | 191,911 | $ | 233,490 | ||||||||
Net Income Per Share | ||||||||||||||||
Basic | $ | 1.40 | $ | 1.92 | $ | 3.59 | $ | 4.37 | ||||||||
Diluted | $ | 1.39 | $ | 1.91 | $ | 3.57 | $ | 4.35 |
Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(unaudited) | ||||||||
Net Income | $ | 74,566 | $ | 102,454 | ||||
Other comprehensive income (loss), net: | ||||||||
Net change related to employee benefit plans, net of tax expense of $15,247 and $714 for 2017 and 2016, respectively | 25,042 | 1,293 | ||||||
Net change in derivative instruments, net of tax benefit of $198 and $1,141 for 2017 and 2016, respectively | (326 | ) | (1,858 | ) | ||||
Net change in available-for-sale investments, net of tax expense of $43 and net of tax benefit of $150 for 2017 and 2016, respectively | 70 | (246 | ) | |||||
Total other comprehensive income (loss) | 24,786 | (811 | ) | |||||
Total Comprehensive Income | $ | 99,352 | $ | 101,643 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Net Income (Loss) | $ | (144,372 | ) | $ | 36,358 | |||
Other comprehensive income, net: | ||||||||
Net change related to employee benefit plans, net of tax expense of $197 and $135 for 2020 and 2019, respectively | 598 | 576 | ||||||
Net change in derivative instruments, net of tax expense of $113 and $374 for 2020 and 2019, respectively | 344 | 1,145 | ||||||
Net change in available-for-sale investments, net of tax expense of $128 and $175 for 2020 and 2019, respectively | 389 | 540 | ||||||
Total other comprehensive income | 1,331 | 2,261 | ||||||
Total Comprehensive Income (Loss) | $ | (143,041 | ) | $ | 38,619 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(unaudited) | ||||||||
Net Income | $ | 191,911 | $ | 233,490 | ||||
Other comprehensive income (loss), net: | ||||||||
Net change related to employee benefit plans, net of tax expense of $17,040 and $2,028 for 2017 and 2016, respectively | 27,900 | 3,448 | ||||||
Net change in derivative instruments, net of tax benefit of $3,756 and $10,457 for 2017 and 2016, respectively | (6,162 | ) | (17,166 | ) | ||||
Net change in available-for-sale investments, net of tax expense of $115 and $266 for 2017 and 2016, respectively | 188 | 437 | ||||||
Total other comprehensive income (loss) | 21,926 | (13,281 | ) | |||||
Total Comprehensive Income | $ | 213,837 | $ | 220,209 |
September 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 348,049 | $ | 325,991 | ||||
Restricted cash | 1,000 | 5,000 | ||||||
Short-term investments | 270,697 | 284,075 | ||||||
Accounts receivable, net | 118,622 | 96,067 | ||||||
Spare parts and supplies, net | 26,560 | 20,363 | ||||||
Prepaid expenses and other | 56,783 | 66,740 | ||||||
Total | 821,711 | 798,236 | ||||||
Property and equipment, less accumulated depreciation and amortization of $533,964 and $454,231 as of September 30, 2017 and December 31, 2016, respectively | 1,753,946 | 1,654,567 | ||||||
Other Assets: | ||||||||
Long-term prepayments and other | 124,926 | 132,724 | ||||||
Intangible assets, less accumulated amortization of $21,301 and $20,337 as of September 30, 2017 and December 31, 2016, respectively | 15,447 | 16,411 | ||||||
Goodwill | 106,663 | 106,663 | ||||||
Total Assets | $ | 2,822,693 | $ | 2,708,601 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 118,810 | $ | 116,507 | ||||
Air traffic liability | 573,373 | 482,496 | ||||||
Other accrued liabilities | 157,760 | 172,214 | ||||||
Current maturities of long-term debt and capital lease obligations | 58,585 | 58,899 | ||||||
Total | 908,528 | 830,116 | ||||||
Long-Term Debt and Capital Lease Obligations | 447,533 | 497,908 | ||||||
Other Liabilities and Deferred Credits: | ||||||||
Accumulated pension and other post-retirement benefit obligations | 234,206 | 355,968 | ||||||
Other liabilities and deferred credits | 172,792 | 173,613 | ||||||
Deferred tax liability, net | 218,843 | 170,543 | ||||||
Total | 625,841 | 700,124 | ||||||
Commitments and Contingencies | ||||||||
Shareholders’ Equity: | ||||||||
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of September 30, 2017 and December 31, 2016 | — | — | ||||||
Common stock, $0.01 par value per share, 52,471,736 and 53,435,234 shares outstanding as of September 30, 2017 and December 31, 2016, respectively | 525 | 534 | ||||||
Capital in excess of par value | 73,776 | 127,266 | ||||||
Accumulated income | 848,057 | 656,146 | ||||||
Accumulated other comprehensive loss, net | (81,567 | ) | (103,493 | ) | ||||
Total | 840,791 | 680,453 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 2,822,693 | $ | 2,708,601 |
March 31, 2020 (unaudited) | December 31, 2019 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 600,609 | $ | 373,056 | ||||
Short-term investments | 213,974 | 245,599 | ||||||
Accounts receivable, net | 30,585 | 97,380 | ||||||
Income taxes receivable | 99,665 | 64,192 | ||||||
Spare parts and supplies, net | 38,481 | 37,630 | ||||||
Prepaid expenses and other | 46,133 | 56,849 | ||||||
Total | 1,029,447 | 874,706 | ||||||
Property and equipment, less accumulated depreciation and amortization of $796,958 and $762,544 as of March 31, 2020 and December 31, 2019, respectively | 2,298,735 | 2,316,772 | ||||||
Other Assets: | ||||||||
Operating lease right-of-use assets | 611,693 | 632,545 | ||||||
Long-term prepayments and other | 183,355 | 182,438 | ||||||
Intangible assets, net | 13,500 | 13,500 | ||||||
Goodwill | — | 106,663 | ||||||
Total Assets | $ | 4,136,730 | $ | 4,126,624 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 152,310 | $ | 148,748 | ||||
Air traffic liability and current frequent flyer deferred revenue | 623,741 | 606,684 | ||||||
Other accrued liabilities | 138,355 | 161,430 | ||||||
Current maturities of long-term debt, less discount | 59,794 | 53,273 | ||||||
Current maturities of finance lease obligations | 22,045 | 21,857 | ||||||
Current maturities of operating leases | 79,718 | 83,224 | ||||||
Total | 1,075,963 | 1,075,216 | ||||||
Long-Term Debt | 757,221 | 547,254 | ||||||
Other Liabilities and Deferred Credits: | ||||||||
Noncurrent finance lease obligations | 137,059 | 141,861 | ||||||
Noncurrent operating leases | 495,500 | 514,685 | ||||||
Accumulated pension and other post-retirement benefit obligations | 199,964 | 203,596 | ||||||
Other liabilities and deferred credits | 79,911 | 97,434 | ||||||
Noncurrent frequent flyer deferred revenue | 172,281 | 175,218 | ||||||
Deferred tax liability, net | 294,465 | 289,564 | ||||||
Total | 1,379,180 | 1,422,358 | ||||||
Commitments and Contingencies | ||||||||
Shareholders’ Equity: | ||||||||
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of March 31, 2020 and December 31, 2019 | — | — | ||||||
Common stock, $0.01 par value per share, 45,950,090 and 46,121,859 shares outstanding as of March 31, 2020 and December 31, 2019, respectively | 460 | 461 | ||||||
Capital in excess of par value | 134,285 | 135,651 | ||||||
Accumulated income | 892,173 | 1,049,567 | ||||||
Accumulated other comprehensive loss, net | (102,552 | ) | (103,883 | ) | ||||
Total | 924,366 | 1,081,796 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 4,136,730 | $ | 4,126,624 |
Common Stock(*) | Special Preferred Stock(**) | Capital In Excess of Par Value | Accumulated Income | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 461 | $ | — | $ | 135,651 | $ | 1,049,567 | $ | (103,883 | ) | $ | 1,081,796 | |||||||||||
Net Loss | — | — | — | (144,372 | ) | — | (144,372 | ) | ||||||||||||||||
Dividends declared on common stock ($0.12 per share) | — | — | — | (5,514 | ) | — | (5,514 | ) | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 1,331 | 1,331 | ||||||||||||||||||
Issuance of 88,141 shares of common stock, net of shares withheld for taxes | 1 | — | (1,231 | ) | — | — | (1,230 | ) | ||||||||||||||||
Repurchase and retirement of 259,910 shares common stock | (2 | ) | — | — | (7,508 | ) | — | (7,510 | ) | |||||||||||||||
Share-based compensation expense | — | — | (135 | ) | — | — | (135 | ) | ||||||||||||||||
Balance at March 31, 2020 | $ | 460 | $ | — | $ | 134,285 | $ | 892,173 | $ | (102,552 | ) | $ | 924,366 |
Common Stock(*) | Special Preferred Stock(**) | Capital In Excess of Par Value | Accumulated Income | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 485 | $ | — | $ | 128,448 | $ | 912,201 | $ | (93,140 | ) | $ | 947,994 | |||||||||||
Net Income | — | — | — | 36,358 | — | 36,358 | ||||||||||||||||||
Dividends declared on common stock ($0.12 per share) | — | — | — | (5,811 | ) | — | (5,811 | ) | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 2,261 | 2,261 | ||||||||||||||||||
Issuance of 65,517 shares of common stock, net of shares withheld for taxes | 1 | — | (983 | ) | — | — | (982 | ) | ||||||||||||||||
Repurchase and retirement of 403,598 shares common stock | (4 | ) | — | — | (11,082 | ) | — | (11,086 | ) | |||||||||||||||
Share-based compensation expense | — | — | 1,426 | — | — | 1,426 | ||||||||||||||||||
Cumulative effect of accounting change (ASU 2016-02), net of tax | — | — | — | 4,900 | — | 4,900 | ||||||||||||||||||
Balance at March 31, 2019 | $ | 482 | $ | — | $ | 128,891 | $ | 936,566 | $ | (90,879 | ) | $ | 975,060 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Net cash provided by Operating Activities | $ | 295,477 | $ | 434,922 | $ | 46,887 | $ | 150,680 | ||||||||
Cash flows from Investing Activities: | ||||||||||||||||
Additions to property and equipment, including pre-delivery payments | (212,535 | ) | (104,250 | ) | (46,845 | ) | (74,261 | ) | ||||||||
Proceeds from purchase assignment and leaseback transactions | — | 31,851 | ||||||||||||||
Proceeds from disposition of property and equipment | 33,511 | — | ||||||||||||||
Proceeds from the disposition of aircraft related equipment | — | 2,780 | ||||||||||||||
Purchases of investments | (171,485 | ) | (217,964 | ) | (48,133 | ) | (71,454 | ) | ||||||||
Sales of investments | 183,930 | 208,075 | 80,218 | 137,286 | ||||||||||||
Other | — | (6,275 | ) | |||||||||||||
Net cash used in investing activities | (166,579 | ) | (82,288 | ) | (14,760 | ) | (11,924 | ) | ||||||||
Cash flows from Financing Activities: | ||||||||||||||||
Repayments of long-term debt and capital lease obligations | (52,463 | ) | (205,532 | ) | ||||||||||||
Repurchases and redemptions of convertible notes | — | (1,426 | ) | |||||||||||||
Long-term borrowings | 235,000 | — | ||||||||||||||
Repayments of long-term debt and finance lease obligations | (25,320 | ) | (24,354 | ) | ||||||||||||
Dividend payments | (5,514 | ) | (5,811 | ) | ||||||||||||
Repurchases of common stock | (50,486 | ) | (13,763 | ) | (7,510 | ) | (11,086 | ) | ||||||||
Other | (7,891 | ) | (7,702 | ) | (1,230 | ) | (982 | ) | ||||||||
Net cash used in financing activities | (110,840 | ) | (228,423 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 195,426 | (42,233 | ) | |||||||||||||
Net increase in cash and cash equivalents | 18,058 | 124,211 | 227,553 | 96,523 | ||||||||||||
Cash, cash equivalents, and restricted cash - Beginning of Period | 330,991 | 286,502 | 373,056 | 268,577 | ||||||||||||
Cash, cash equivalents, and restricted cash - End of Period | $ | 349,049 | $ | 410,713 | $ | 600,609 | $ | 365,100 |
Details about accumulated other comprehensive (income) loss components | Three months ended March 31, | Affected line items in the statement where net income is presented | ||||||||
2020 | 2019 | |||||||||
(in thousands) | ||||||||||
Derivative instruments under ASC 815 | ||||||||||
Foreign currency derivative gains, net | $ | (1,114 | ) | $ | (1,587 | ) | Passenger revenue | |||
Foreign currency derivative gains, net | (2,786 | ) | — | Nonoperating Income (Expense), Other, net | ||||||
Total before tax | (3,900 | ) | (1,587 | ) | ||||||
Tax expense | 965 | 391 | ||||||||
Total, net of tax | $ | (2,935 | ) | $ | (1,196 | ) | ||||
Amortization of defined benefit plan items | ||||||||||
Actuarial loss | $ | 922 | $ | 831 | Nonoperating Income (Expense), Other, net | |||||
Prior service cost | 56 | 56 | Nonoperating Income (Expense), Other, net | |||||||
Total before tax | 978 | 887 | ||||||||
Tax benefit | (242 | ) | (168 | ) | ||||||
Total, net of tax | $ | 736 | $ | 719 | ||||||
Short-term investments | ||||||||||
Realized losses (gain) on sales of investments, net | $ | 14 | $ | (98 | ) | Nonoperating Income (Expense), Other, net | ||||
Total before tax | 14 | (98 | ) | |||||||
Tax expense (benefit) | (3 | ) | 24 | |||||||
Total, net of tax | $ | 11 | $ | (74 | ) | |||||
Total reclassifications for the period | $ | (2,188 | ) | $ | (551 | ) |
Details about accumulated other comprehensive (income) loss components | Three months ended September 30, | Nine months ended September 30, | Affected line items in the statement where net income is presented | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
(in thousands) | ||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||||
Foreign currency derivative losses (gains) | $ | (449 | ) | $ | 1,842 | $ | (2,141 | ) | $ | (1,679 | ) | Passenger revenue | ||||||
Interest rate derivative losses, net | — | — | — | 944 | Interest expense | |||||||||||||
Total before tax | (449 | ) | 1,842 | (2,141 | ) | (735 | ) | |||||||||||
Tax expense (benefit) | 170 | (701 | ) | 811 | 272 | |||||||||||||
Total, net of tax | $ | (279 | ) | $ | 1,141 | $ | (1,330 | ) | $ | (463 | ) | |||||||
Amortization of defined benefit plan items | ||||||||||||||||||
Actuarial loss | $ | 2,277 | $ | 1,950 | $ | 6,733 | $ | 5,780 | Other components of net periodic benefit cost | |||||||||
Prior service cost | 65 | 57 | 185 | 171 | Other components of net periodic benefit cost | |||||||||||||
Partial settlement and curtailment loss | 15,001 | — | 15,001 | — | Other nonoperating special items | |||||||||||||
Loss on plan termination | 35,201 | — | 35,201 | — | Other nonoperating special items | |||||||||||||
Total before tax | 52,544 | 2,007 | 57,120 | 5,951 | ||||||||||||||
Tax benefit | (19,883 | ) | (714 | ) | (21,648 | ) | (2,207 | ) | ||||||||||
Total, net of tax | $ | 32,661 | $ | 1,293 | $ | 35,472 | $ | 3,744 | ||||||||||
Short-term investments | ||||||||||||||||||
Realized gain on sales of investments, net | $ | (6 | ) | $ | (129 | ) | $ | (26 | ) | $ | (189 | ) | Other nonoperating income | |||||
Total before tax | (6 | ) | (129 | ) | (26 | ) | (189 | ) | ||||||||||
Tax expense | 2 | 49 | 10 | 69 | ||||||||||||||
Total, net of tax | $ | (4 | ) | $ | (80 | ) | $ | (16 | ) | $ | (120 | ) | ||||||
Total reclassifications for the period | $ | 32,378 | $ | 2,354 | $ | 34,126 | $ | 3,161 |
Three months ended September 30, 2017 | Interest Rate Derivatives | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | — | $ | 1,235 | $ | (107,344 | ) | $ | (244 | ) | $ | (106,353 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (47 | ) | (7,619 | ) | 74 | (7,592 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | (279 | ) | 32,661 | (4 | ) | 32,378 | |||||||||||||
Net current-period other comprehensive income (loss) | — | (326 | ) | 25,042 | 70 | 24,786 | ||||||||||||||
Ending balance | $ | — | $ | 909 | $ | (82,302 | ) | $ | (174 | ) | $ | (81,567 | ) |
Three months ended September 30, 2016 | Interest Rate Derivatives | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | |||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | (10,348 | ) | $ | (101,710 | ) | $ | 311 | $ | (111,747 | ) | $ | 3,341 | $ | (108,028 | ) | $ | 804 | $ | (103,883 | ) | |||||||||||||
Other comprehensive loss before reclassifications, net of tax | — | (2,999 | ) | — | (166 | ) | (3,165 | ) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 3,279 | (138 | ) | 378 | 3,519 | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | 1,141 | 1,293 | (80 | ) | 2,354 | (2,935 | ) | 736 | 11 | (2,188 | ) | ||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | — | (1,858 | ) | 1,293 | (246 | ) | (811 | ) | ||||||||||||||||||||||||||||
Net current-period other comprehensive income | 344 | 598 | 389 | 1,331 | ||||||||||||||||||||||||||||||||
Ending balance | $ | — | $ | (12,206 | ) | $ | (100,417 | ) | $ | 65 | $ | (112,558 | ) | $ | 3,685 | $ | (107,430 | ) | $ | 1,193 | $ | (102,552 | ) |
Nine months ended September 30, 2017 | Interest Rate Derivatives | Foreign Currency Derivatives | Defined Benefit Pension Items | Short-Term Investments | Total | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | — | $ | 7,071 | $ | (110,202 | ) | $ | (362 | ) | $ | (103,493 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (4,832 | ) | (7,572 | ) | 204 | (12,200 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | (1,330 | ) | 35,472 | (16 | ) | 34,126 | |||||||||||||
Net current-period other comprehensive income (loss) | — | (6,162 | ) | 27,900 | 188 | 21,926 | ||||||||||||||
Ending balance | $ | — | $ | 909 | $ | (82,302 | ) | $ | (174 | ) | $ | (81,567 | ) |
Three months ended March 31, 2019 | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 3,317 | $ | (95,855 | ) | $ | (602 | ) | $ | (93,140 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax | 2,341 | (143 | ) | 614 | 2,812 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (1,196 | ) | 719 | (74 | ) | (551 | ) | |||||||||
Net current-period other comprehensive income | 1,145 | 576 | 540 | 2,261 | ||||||||||||
Ending balance | $ | 4,462 | $ | (95,279 | ) | $ | (62 | ) | $ | (90,879 | ) |
Nine months ended September 30, 2016 | Interest Rate Derivatives | Foreign Currency Derivatives | Defined Benefit Pension Items | Short-Term Investments | Total | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | 81 | $ | 4,879 | $ | (103,865 | ) | $ | (372 | ) | $ | (99,277 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | (668 | ) | (16,035 | ) | (296 | ) | 557 | (16,442 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 587 | (1,050 | ) | 3,744 | (120 | ) | 3,161 | |||||||||||||
Net current-period other comprehensive income (loss) | (81 | ) | (17,085 | ) | 3,448 | 437 | (13,281 | ) | ||||||||||||
Ending balance | $ | — | $ | (12,206 | ) | $ | (100,417 | ) | $ | 65 | $ | (112,558 | ) |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands, except for per share data) | ||||||||
Numerator: | ||||||||
Net Income (Loss) | $ | (144,372 | ) | $ | 36,358 | |||
Denominator: | ||||||||
Weighted average common stock shares outstanding - Basic | 45,967 | 48,392 | ||||||
Assumed exercise of stock options and awards | — | 37 | ||||||
Weighted average common stock shares outstanding - Diluted | 45,967 | 48,429 | ||||||
Net Income (Loss) Per Share | ||||||||
Basic | $ | (3.14 | ) | $ | 0.75 | |||
Diluted | $ | (3.14 | ) | $ | 0.75 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands, except for per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net Income | $ | 74,566 | $ | 102,454 | $ | 191,911 | $ | 233,490 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common stock shares outstanding - Basic | 53,185 | 53,427 | 53,456 | 53,488 | ||||||||||||
Assumed exercise of stock options and awards | 324 | 161 | 343 | 219 | ||||||||||||
Assumed conversion of convertible note premium | — | — | — | 8 | ||||||||||||
Weighted average common stock shares outstanding - Diluted | 53,509 | 53,588 | 53,799 | 53,715 | ||||||||||||
Net Income Per Share | ||||||||||||||||
Basic | $ | 1.40 | $ | 1.92 | $ | 3.59 | $ | 4.37 | ||||||||
Diluted | $ | 1.39 | $ | 1.91 | $ | 3.57 | $ | 4.35 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Geographic Information | (in thousands) | |||||||
Domestic | $ | 402,014 | $ | 477,520 | ||||
Pacific | 157,130 | 179,231 | ||||||
Total operating revenue | $ | 559,144 | $ | 656,751 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Passenger Revenue by Type | (in thousands) | |||||||
Passenger revenue, excluding frequent flyer | $ | 474,135 | $ | 567,855 | ||||
Frequent flyer revenue, transportation component | 29,334 | 33,449 | ||||||
Passenger Revenue | $ | 503,469 | $ | 601,304 | ||||
Other revenue (e.g., cargo and other miscellaneous) | $ | 34,183 | $ | 36,231 | ||||
Frequent flyer revenue, marketing and brand component | 21,492 | 19,216 | ||||||
Other Revenue | $ | 55,675 | $ | 55,447 |
March 31, 2020 | December 31, 2019 | |||||||
(in thousands) | ||||||||
Air traffic liability (current portion of frequent flyer revenue) | $ | 187,387 | $ | 174,588 | ||||
Noncurrent frequent flyer deferred revenue | 172,281 | 175,218 | ||||||
Total frequent flyer liability | $ | 359,668 | $ | 349,806 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
September 30, 2017 | (in thousands) | |||||||||||||||
Corporate debt | $ | 167,407 | $ | 67 | $ | (170 | ) | $ | 167,304 | |||||||
U.S. government and agency debt | 50,515 | 1 | (131 | ) | 50,385 | |||||||||||
Municipal bonds | 19,839 | 27 | (30 | ) | 19,836 | |||||||||||
Other fixed income securities | 33,172 | 1 | (1 | ) | 33,172 | |||||||||||
Total short-term investments | $ | 270,933 | $ | 96 | $ | (332 | ) | $ | 270,697 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
December 31, 2016 | (in thousands) | |||||||||||||||
Corporate debt | $ | 171,139 | $ | 84 | $ | (357 | ) | $ | 170,866 | |||||||
U.S. government and agency debt | 53,916 | 8 | (134 | ) | 53,790 | |||||||||||
Municipal bonds | 22,893 | 1 | (144 | ) | 22,750 | |||||||||||
Other fixed income securities | 36,670 | — | (1 | ) | 36,669 | |||||||||||
Total short-term investments | $ | 284,618 | $ | 93 | $ | (636 | ) | $ | 284,075 |
Under 1 Year | 1 to 5 Years | Total | ||||||||||
(in thousands) | ||||||||||||
Corporate debt | $ | 72,879 | $ | 94,425 | $ | 167,304 | ||||||
U.S. government and agency debt | 34,320 | 16,065 | 50,385 | |||||||||
Municipal bonds | 6,942 | 12,894 | 19,836 | |||||||||
Other fixed income securities | 24,535 | 8,637 | 33,172 | |||||||||
Total short-term investments | $ | 138,676 | $ | 132,021 | $ | 270,697 |
Fair Value Measurements as of September 30, 2017 | Fair Value Measurements as of March 31, 2020 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 198,018 | $ | 171,936 | $ | 26,082 | $ | — | $ | 244,469 | $ | 238,478 | $ | 5,991 | $ | — | ||||||||||||||||
Restricted cash | 1,000 | 1,000 | — | — | ||||||||||||||||||||||||||||
Short-term investments | 270,697 | — | 270,697 | — | ||||||||||||||||||||||||||||
Fuel derivative contracts: | ||||||||||||||||||||||||||||||||
Crude oil call options | 8,184 | — | 8,184 | — | ||||||||||||||||||||||||||||
Jet fuel swaps | 566 | — | 566 | — | ||||||||||||||||||||||||||||
Corporate debt securities | 99,686 | — | 99,686 | — | ||||||||||||||||||||||||||||
U.S. government and agency securities | 69,853 | — | 69,853 | — | ||||||||||||||||||||||||||||
Other fixed income securities | 44,435 | — | 44,435 | — | ||||||||||||||||||||||||||||
Total short-term investments | 213,974 | — | 213,974 | — | ||||||||||||||||||||||||||||
Fuel derivative contracts | 520 | — | 520 | — | ||||||||||||||||||||||||||||
Foreign currency derivatives | 4,721 | — | 4,721 | — | 5,632 | — | 5,632 | — | ||||||||||||||||||||||||
Total assets measured at fair value | $ | 483,186 | $ | 172,936 | $ | 310,250 | $ | — | $ | 464,595 | $ | 238,478 | $ | 226,117 | $ | — | ||||||||||||||||
Fuel derivative contracts: | ||||||||||||||||||||||||||||||||
Jet fuel swaps | $ | 21 | $ | — | $ | 21 | $ | — | ||||||||||||||||||||||||
Foreign currency derivatives | 2,612 | — | 2,612 | — | 587 | — | 587 | — | ||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 2,633 | $ | — | $ | 2,633 | $ | — | $ | 587 | $ | — | $ | 587 | $ | — |
Fair Value Measurements as of December 31, 2016 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | 123,120 | $ | 104,113 | $ | 19,007 | $ | — | ||||||||
Restricted cash | 5,000 | 5,000 | — | — | ||||||||||||
Short-term investments | 284,075 | — | 284,075 | — | ||||||||||||
Fuel derivative contracts: | ||||||||||||||||
Crude oil call options | 8,489 | — | 8,489 | — | ||||||||||||
Heating oil swaps | 6,601 | — | 6,601 | — | ||||||||||||
Foreign currency derivatives | 12,906 | — | 12,906 | — | ||||||||||||
Total assets measured at fair value | $ | 440,191 | $ | 109,113 | $ | 331,078 | $ | — | ||||||||
Foreign currency derivatives | 1,469 | — | 1,469 | — | ||||||||||||
Total liabilities measured at fair value | $ | 1,469 | $ | — | $ | 1,469 | $ | — |
Fair Value Measurements as of December 31, 2019 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
(in thousands) | ||||||||||||||||
Cash equivalents | $ | 216,491 | $ | 205,943 | $ | 10,548 | $ | — | ||||||||
Short-term investments | ||||||||||||||||
Corporate debt securities | 100,713 | — | 100,713 | — | ||||||||||||
U.S. government and agency securities | 75,481 | — | 75,481 | — | ||||||||||||
Other fixed income securities | 69,405 | — | 69,405 | — | ||||||||||||
Total short-term investments | 245,599 | — | 245,599 | — | ||||||||||||
Fuel derivative contracts | 5,878 | — | 5,878 | — | ||||||||||||
Foreign currency derivatives | 4,424 | — | 4,424 | — | ||||||||||||
Total assets measured at fair value | $ | 472,392 | $ | 205,943 | $ | 266,449 | $ | — | ||||||||
Foreign currency derivatives | 593 | — | 593 | — | ||||||||||||
Total liabilities measured at fair value | $ | 593 | $ | — | $ | 593 | $ | — |
Fair Value of Debt | ||||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
$ | 826,335 | $ | 776,800 | $ | — | $ | — | $ | 776,800 | $ | 610,397 | $ | 605,286 | $ | — | $ | — | $ | 605,286 |
Fair Value of Debt | ||||||||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
$ | 438,843 | $ | 449,761 | $ | — | $ | — | $ | 449,761 | $ | 481,874 | $ | 484,734 | $ | — | $ | — | $ | 484,734 |
Three months ended March 31, | ||||||||
Fuel derivative contracts | 2020 | 2019 | ||||||
(in thousands) | ||||||||
Losses realized at settlement | $ | (3,086 | ) | $ | (2,844 | ) | ||
Reversal of prior period unrealized amounts | 2,488 | 8,181 | ||||||
Unrealized losses that will settle in future periods | (5,854 | ) | (4,767 | ) | ||||
Gains (losses) on fuel derivatives recorded as nonoperating income (expense) | $ | (6,452 | ) | $ | 570 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Fuel derivative contracts | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | ||||||||||||||||
Losses realized at settlement | $ | (2,787 | ) | $ | (2,525 | ) | $ | (2,100 | ) | $ | (30,349 | ) | ||||
Reversal of prior period unrealized amounts | 6,251 | (7,115 | ) | (7,946 | ) | 39,731 | ||||||||||
Unrealized gains (losses) that will settle in future periods | (182 | ) | 6,039 | (182 | ) | 6,039 | ||||||||||
Gains (losses) on fuel derivatives recorded as Nonoperating income (expense) | $ | 3,282 | $ | (3,601 | ) | $ | (10,228 | ) | $ | 15,421 |
Balance Sheet Location | Notional Amount | Final Maturity Date | Gross fair value of assets | Gross fair value of (liabilities) | Net derivative position | Balance Sheet Location | Notional Amount | Final Maturity Date | Gross fair value of assets | Gross fair value of (liabilities) | Net derivative position | |||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 15,704,725 Japanese Yen 46,792 Australian Dollars | September 2018 | 3,594 | (2,340 | ) | 1,254 | Prepaid expenses and other | 13,581,500 Japanese Yen 28,291 Australian Dollars | March 2021 | 3,689 | (384 | ) | 3,305 | ||||||||||||||||
Long-term prepayments and other | 4,812,000 Japanese Yen 8,247 Australian Dollars | September 2019 | 952 | (242 | ) | 710 | Long-term prepayments and other | 5,021,900 Japanese Yen 5,628 Australian Dollars | February 2022 | 1,055 | (104 | ) | 951 | |||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 924,350 Japanese Yen 3,776 Australian Dollars | December 2017 | 175 | (30 | ) | 145 | Prepaid expenses and other | 4,446,350 Japanese Yen 3,601 Australian Dollars | June 2020 | 888 | (99 | ) | 789 | ||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other | 94,332 gallons | September 2018 | 8,750 | (21 | ) | 8,729 | Prepaid expenses and other | 92,316 gallons | March 2021 | 520 | — | 520 |
Balance Sheet Location | Notional Amount | Final Maturity Date | Gross fair value of assets | Gross fair value of (liabilities) | Net derivative position | ||||||||||
(in thousands) | (in thousands) | ||||||||||||||
Derivatives designated as hedges | |||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 19,270,650 Japanese Yen 44,468 Australian Dollars | December 2020 | 3,787 | (358 | ) | 3,429 | ||||||||
Long-term prepayments and other | 5,487,250 Japanese Yen 8,429 Australian Dollars | December 2021 | 618 | (193 | ) | 425 | |||||||||
Derivatives not designated as hedges | |||||||||||||||
Foreign currency derivatives | Other accrued liabilities | 694,050 Japanese Yen 2,438 Australian Dollars | March 2020 | 19 | (42 | ) | (23 | ) | |||||||
Fuel derivative contracts | Prepaid expenses and other | 97,986 gallons | December 2020 | 5,878 | — | 5,878 |
Balance Sheet Location | Notional Amount | Final Maturity Date | Gross fair value of assets | Gross fair value of (liabilities) | Net derivative position | ||||||||||
(in thousands) | (in thousands) | ||||||||||||||
Derivatives designated as hedges | |||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 16,121,500 Japanese Yen 41,917 Australian Dollars | December 2017 | 9,803 | (1,349 | ) | 8,454 | ||||||||
Long-term prepayments and other | 4,371,900 Japanese Yen 8,434 Australian Dollars | December 2018 | 2,632 | (59 | ) | 2,573 | |||||||||
Derivatives not designated as hedges | |||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 879,050 Japanese Yen 5,802 Australian Dollars | March 2017 | 471 | (61 | ) | 410 | ||||||||
Fuel derivative contracts | Prepaid expenses and other | 17,850 gallons | December 2017 | 15,090 | — | 15,090 |
(Gain) loss recognized in AOCI on derivatives (effective portion) | (Gain) loss reclassified from AOCI into income (effective portion) | (Gain) loss recognized in nonoperating (income) expense (ineffective portion) | ||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Foreign currency derivatives | $ | 75 | $ | 4,841 | $ | (449 | ) | $ | 1,842 | $ | — | $ | — | |||||||||||
Interest rate derivatives | — | — | — | — | — | — |
Gain recognized in AOCI on derivatives | Gain reclassified from AOCI into income | |||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Foreign currency derivatives | $ | (1,571 | ) | $ | (3,106 | ) | $ | (3,900 | ) | $ | (1,587 | ) |
(Gain) loss recognized in AOCI on derivatives (effective portion) | (Gain) loss reclassified from AOCI into income (effective portion) | (Gain) loss recognized in nonoperating (income) expense (ineffective portion) | ||||||||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Foreign currency derivatives | $ | 7,780 | $ | 24,996 | $ | (2,141 | ) | $ | (1,679 | ) | $ | — | $ | — | ||||||||||
Interest rate derivatives | — | 923 | — | 944 | — | — |
Remaining months in 2020 | $ | 35,732 | |
2021 | 82,658 | ||
2022 | 324,935 | ||
2023 | 54,917 | ||
2024 | 52,815 | ||
Thereafter | 275,278 | ||
$ | 826,335 |
Remaining months in 2017 | $ | 5,771 | |
2018 | 48,244 | ||
2019 | 72,927 | ||
2020 | 21,413 | ||
2021 | 49,060 | ||
Thereafter | 241,428 | ||
$ | 438,843 |
Aircraft | Other | ||||||
(in thousands) | |||||||
Remaining in 2017 | $ | 31,984 | $ | 1,643 | |||
2018 | 127,235 | 7,311 | |||||
2019 | 118,070 | 6,939 | |||||
2020 | 97,717 | 6,690 | |||||
2021 | 64,730 | 6,768 | |||||
Thereafter | 222,227 | 107,760 | |||||
$ | 661,963 | $ | 137,111 |
Three months ended March 31, | ||||||||
Components of Net Period Benefit Cost | 2020 | 2019 | ||||||
(in thousands) | ||||||||
Service cost | $ | 2,667 | $ | 2,096 | ||||
Other cost: | ||||||||
Interest cost | 4,970 | 5,608 | ||||||
Expected return on plan assets | (6,286 | ) | (5,483 | ) | ||||
Recognized net actuarial loss | 978 | 887 | ||||||
Total other components of the net periodic benefit cost | (338 | ) | 1,012 | |||||
Net periodic benefit cost | $ | 2,329 | $ | 3,108 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Components of Net Period Benefit Cost | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | ||||||||||||||||
Service cost | $ | 3,296 | $ | 3,438 | $ | 10,922 | $ | 10,864 | ||||||||
Other cost: | ||||||||||||||||
Interest cost | 5,983 | 7,518 | 20,502 | 22,682 | ||||||||||||
Expected return on plan assets | (4,533 | ) | (4,472 | ) | (14,125 | ) | (13,416 | ) | ||||||||
Recognized net actuarial loss | 2,342 | 2,008 | 6,916 | 5,952 | ||||||||||||
Total other components of the net periodic benefit cost | 3,792 | 5,054 | 13,293 | 15,218 | ||||||||||||
Partial settlement and curtailment loss | 15,001 | — | 15,001 | — | ||||||||||||
Loss on plan termination | 35,201 | — | 35,201 | — | ||||||||||||
Net periodic benefit cost | $ | 57,290 | $ | 8,492 | $ | 74,417 | $ | 26,082 |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||
A321neo aircraft | 1 | 9 | In 2020 | |||||
B787-9 aircraft | 10 | 10 | Between 2021 and 2025 | |||||
General Electric GEnx spare engines: | ||||||||
B787-9 spare engines | 2 | 2 | Between 2021 and 2025 |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||
A321neo aircraft | 16 | 9 | Between 2017 and 2020 | |||||
A330-800neo aircraft | 6 | 6 | Between 2019 and 2021 | |||||
Pratt & Whitney spare engines: | ||||||||
A321neo spare engines | 3 | 2 | Between 2017 and 2019 | |||||
Rolls-Royce spare engines: | ||||||||
A330-800neo spare engines | 2 | 2 | Between 2019 and 2026 |
Aircraft and aircraft related | Other | Total Committed Expenditures | ||||||||||
(in thousands) | ||||||||||||
Remaining in 2020 | $ | 133,444 | $ | 62,241 | $ | 195,685 | ||||||
2021 | 308,784 | 83,315 | 392,099 | |||||||||
2022 | 426,537 | 73,214 | 499,751 | |||||||||
2023 | 243,683 | 65,506 | 309,189 | |||||||||
2024 | 338,951 | 57,450 | 396,401 | |||||||||
Thereafter | 106,022 | 131,266 | 237,288 | |||||||||
$ | 1,557,421 | $ | 472,992 | $ | 2,030,413 |
Capital | Operating | Total Committed Expenditures | ||||||||||
(in thousands) | ||||||||||||
Remaining in 2017 | $ | 114,916 | $ | 23,089 | $ | 138,005 | ||||||
2018 | 454,848 | 73,242 | 528,090 | |||||||||
2019 | 500,811 | 60,228 | 561,039 | |||||||||
2020 | 242,152 | 58,708 | 300,860 | |||||||||
2021 | 170,406 | 56,551 | 226,957 | |||||||||
Thereafter | 131,834 | 400,430 | 532,264 | |||||||||
$ | 1,614,967 | $ | 672,248 | $ | 2,287,215 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
Operating: | ||||||||||||||||
Loss on sale of aircraft | — | — | 4,771 | — | ||||||||||||
Collective bargaining charge | — | — | 18,679 | — | ||||||||||||
Special items | $ | — | $ | — | $ | 23,450 | $ | — | ||||||||
Nonoperating: | ||||||||||||||||
Partial settlement and curtailment loss | 15,001 | — | 15,001 | — | ||||||||||||
Loss on plan termination | 35,201 | — | 35,201 | — | ||||||||||||
Other nonoperating special items | $ | 50,202 | $ | — | $ | 50,202 | $ | — |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Collective bargaining agreement payment (1) | $ | 20,242 | $ | — | ||||
Goodwill impairment (2) | 106,662 | — | ||||||
Total Special items | $ | 126,904 | $ | — |
(1) | In March 2020, the Company reached an agreement in principle with the flight attendants of Hawaiian, represented by the Association of Flight Attendants (the AFA) on a new five-year contract that runs through April 2025. On April 3, 2020, the Company received notice from the AFA that the collective bargaining agreement (CBA) was ratified by its members. The ratified CBA provides for, among other things, a ratification payment to be paid over a one-year term, increased medical cost sharing, improved pay scales, and a one-time medical savings contribution to eligible flights attendants upon retirement. As of March 31, 2020, the Company accrued $23.5 million, of which $20.2 million was related to service prior to January 1, 2020, and recorded as a Special item in the unaudited Consolidated Statements of Operations. The remaining $3.3 million was recorded as a component of Wages and benefits in the unaudited Consolidated Statements of Operations. |
(2) | As discussed in Note 2, the Company recognized a goodwill impairment charge of $106.7 million during the three months ended March 31, 2020. |
Nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Investing and Financing Activities Not Affecting Cash: | |||||||
Property and equipment acquired through a capital lease | $ | — | $ | 6,092 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 559,162 | $ | 3,890 | $ | (3,908 | ) | $ | 559,144 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Wages and benefits | — | 188,254 | — | — | 188,254 | |||||||||||||||
Aircraft fuel, including taxes and delivery | — | 113,478 | — | — | 113,478 | |||||||||||||||
Maintenance, materials and repairs | — | 59,066 | 1,897 | (554 | ) | 60,409 | ||||||||||||||
Aircraft and passenger servicing | — | 38,283 | — | — | 38,283 | |||||||||||||||
Commissions and other selling | 19 | 26,700 | 42 | (45 | ) | 26,716 | ||||||||||||||
Aircraft rent | — | 27,023 | (19 | ) | — | 27,004 | ||||||||||||||
Other rentals and landing fees | — | 29,793 | ��� | (27 | ) | 29,766 | ||||||||||||||
Depreciation and amortization | — | 37,477 | 1,972 | — | 39,449 | |||||||||||||||
Purchased services | 90 | 37,096 | 321 | (3,266 | ) | 34,241 | ||||||||||||||
Special items | — | 126,904 | — | — | 126,904 | |||||||||||||||
Other | 1,346 | 40,732 | 674 | (16 | ) | 42,736 | ||||||||||||||
Total | 1,455 | 724,806 | 4,887 | (3,908 | ) | 727,240 | ||||||||||||||
Operating Loss | (1,455 | ) | (165,644 | ) | (997 | ) | — | (168,096 | ) | |||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net loss of subsidiaries | (143,225 | ) | — | — | 143,225 | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | — | (6,795 | ) | — | — | (6,795 | ) | |||||||||||||
Interest income | 3 | 3,017 | — | — | 3,020 | |||||||||||||||
Capitalized interest | — | 831 | — | — | 831 | |||||||||||||||
Losses on fuel derivatives | — | (6,452 | ) | — | — | (6,452 | ) | |||||||||||||
Other, net | — | 2,305 | (1 | ) | — | 2,304 | ||||||||||||||
Total | (143,222 | ) | (7,094 | ) | (1 | ) | 143,225 | (7,092 | ) | |||||||||||
Loss Before Income Taxes | (144,677 | ) | (172,738 | ) | (998 | ) | 143,225 | (175,188 | ) | |||||||||||
Income tax benefit | (305 | ) | (30,301 | ) | (210 | ) | — | (30,816 | ) | |||||||||||
Net Income | $ | (144,372 | ) | $ | (142,437 | ) | $ | (788 | ) | $ | 143,225 | $ | (144,372 | ) | ||||||
Comprehensive Loss | $ | (143,041 | ) | $ | (141,106 | ) | $ | (788 | ) | $ | 141,894 | $ | (143,041 | ) |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 656,090 | $ | 792 | $ | (131 | ) | $ | 656,751 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Wages and benefits | — | 175,065 | — | — | 175,065 | |||||||||||||||
Aircraft fuel, including taxes and delivery | — | 126,104 | — | — | 126,104 | |||||||||||||||
Maintenance, materials and repairs | — | 61,802 | 1,243 | — | 63,045 | |||||||||||||||
Aircraft and passenger servicing | — | 38,900 | — | — | 38,900 | |||||||||||||||
Commissions and other selling | — | 30,865 | 18 | (47 | ) | 30,836 | ||||||||||||||
Aircraft rent | — | 30,367 | 29 | — | 30,396 | |||||||||||||||
Depreciation and amortization | — | 36,492 | 1,659 | — | 38,151 | |||||||||||||||
Other rentals and landing fees | — | 31,019 | 27 | — | 31,046 | |||||||||||||||
Purchased services | 54 | 32,193 | 222 | (16 | ) | 32,453 | ||||||||||||||
Other | 1,842 | 35,856 | 449 | (68 | ) | 38,079 | ||||||||||||||
Total | 1,896 | 598,663 | 3,647 | (131 | ) | 604,075 | ||||||||||||||
Operating Income (Loss) | (1,896 | ) | 57,427 | (2,855 | ) | — | 52,676 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 37,849 | — | — | (37,849 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | — | (7,514 | ) | (16 | ) | — | (7,530 | ) | ||||||||||||
Interest income | 8 | 2,975 | — | — | 2,983 | |||||||||||||||
Capitalized interest | — | 1,285 | — | — | 1,285 | |||||||||||||||
Gains on fuel derivatives | — | 570 | — | — | 570 | |||||||||||||||
Other, net | — | (1,069 | ) | 44 | — | (1,025 | ) | |||||||||||||
Total | 37,857 | (3,753 | ) | 28 | (37,849 | ) | (3,717 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 35,961 | 53,674 | (2,827 | ) | (37,849 | ) | 48,959 | |||||||||||||
Income tax expense (benefit) | (397 | ) | 13,591 | (593 | ) | — | 12,601 | |||||||||||||
Net Income (Loss) | $ | 36,358 | $ | 40,083 | $ | (2,234 | ) | $ | (37,849 | ) | $ | 36,358 | ||||||||
Comprehensive Income (Loss) | $ | 38,619 | $ | 42,344 | $ | (2,234 | ) | $ | (40,110 | ) | $ | 38,619 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 717,812 | $ | 1,853 | $ | (106 | ) | $ | 719,559 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Wages and benefits | — | 161,059 | — | — | 161,059 | |||||||||||||||
Aircraft fuel, including taxes and delivery | — | 110,111 | — | — | 110,111 | |||||||||||||||
Maintenance materials and repairs | — | 48,987 | 409 | — | 49,396 | |||||||||||||||
Aircraft and passenger servicing | — | 36,360 | — | — | 36,360 | |||||||||||||||
Commissions and other selling | 18 | 32,924 | 19 | (31 | ) | 32,930 | ||||||||||||||
Aircraft rent | — | 35,090 | 105 | — | 35,195 | |||||||||||||||
Other rentals and landing fees | — | 30,989 | — | — | 30,989 | |||||||||||||||
Depreciation and amortization | — | 27,491 | 956 | — | 28,447 | |||||||||||||||
Purchased services | 117 | 24,428 | 206 | (15 | ) | 24,736 | ||||||||||||||
Other | 1,498 | 34,678 | 469 | (60 | ) | 36,585 | ||||||||||||||
Total | 1,633 | 542,117 | 2,164 | (106 | ) | 545,808 | ||||||||||||||
Operating Income (Loss) | (1,633 | ) | 175,695 | (311 | ) | — | 173,751 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 75,469 | — | — | (75,469 | ) | — | ||||||||||||||
Other nonoperating special items | — | (50,202 | ) | — | — | (50,202 | ) | |||||||||||||
Interest expense and amortization of debt discounts and issuance costs | — | (7,578 | ) | — | — | (7,578 | ) | |||||||||||||
Other components of net periodic pension cost | — | (3,792 | ) | — | — | (3,792 | ) | |||||||||||||
Interest income | 76 | 1,785 | — | — | 1,861 | |||||||||||||||
Capitalized interest | — | 2,416 | — | — | 2,416 | |||||||||||||||
Gains on fuel derivatives | — | 3,282 | — | — | 3,282 | |||||||||||||||
Other, net | — | (100 | ) | — | — | (100 | ) | |||||||||||||
Total | 75,545 | (54,189 | ) | — | (75,469 | ) | (54,113 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 73,912 | 121,506 | (311 | ) | (75,469 | ) | 119,638 | |||||||||||||
Income tax expense (benefit) | (654 | ) | 45,726 | — | — | 45,072 | ||||||||||||||
Net Income (Loss) | $ | 74,566 | $ | 75,780 | $ | (311 | ) | $ | (75,469 | ) | $ | 74,566 | ||||||||
Comprehensive Income (Loss) | $ | 99,352 | $ | 100,566 | $ | (311 | ) | $ | (100,255 | ) | $ | 99,352 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 670,115 | $ | 1,800 | $ | (78 | ) | $ | 671,837 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 94,818 | — | — | 94,818 | |||||||||||||||
Wages and benefits | — | 136,356 | — | — | 136,356 | |||||||||||||||
Aircraft rent | — | 32,891 | — | — | 32,891 | |||||||||||||||
Maintenance materials and repairs | — | 51,354 | 458 | — | 51,812 | |||||||||||||||
Aircraft and passenger servicing | — | 33,971 | — | — | 33,971 | |||||||||||||||
Commissions and other selling | — | 29,494 | 15 | (29 | ) | 29,480 | ||||||||||||||
Depreciation and amortization | — | 26,496 | 999 | — | 27,495 | |||||||||||||||
Other rentals and landing fees | — | 28,926 | — | — | 28,926 | |||||||||||||||
Purchased services | 34 | 25,404 | 191 | (15 | ) | 25,614 | ||||||||||||||
Other | 1,348 | 29,807 | 444 | (34 | ) | 31,565 | ||||||||||||||
Total | 1,382 | 489,517 | 2,107 | (78 | ) | 492,928 | ||||||||||||||
Operating Income (Loss) | (1,382 | ) | 180,598 | (307 | ) | — | 178,909 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 103,211 | — | — | (103,211 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | — | (8,539 | ) | — | — | (8,539 | ) | |||||||||||||
Other components of net periodic pension cost | — | (5,054 | ) | — | — | (5,054 | ) | |||||||||||||
Interest income | 71 | 1,042 | — | — | 1,113 | |||||||||||||||
Capitalized interest | — | 719 | — | — | 719 | |||||||||||||||
Losses on fuel derivatives | — | (3,601 | ) | — | — | (3,601 | ) | |||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | |||||||||||||||
Other, net | — | 612 | — | — | 612 | |||||||||||||||
Total | 103,282 | (14,821 | ) | — | (103,211 | ) | (14,750 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 101,900 | 165,777 | (307 | ) | (103,211 | ) | 164,159 | |||||||||||||
Income tax expense (benefit) | (554 | ) | 62,259 | — | — | 61,705 | ||||||||||||||
Net Income (Loss) | $ | 102,454 | $ | 103,518 | $ | (307 | ) | $ | (103,211 | ) | $ | 102,454 | ||||||||
Comprehensive Income (Loss) | $ | 101,643 | $ | 102,707 | $ | (307 | ) | $ | (102,400 | ) | $ | 101,643 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 2,003,961 | $ | 5,436 | $ | (318 | ) | $ | 2,009,079 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 316,423 | — | — | 316,423 | |||||||||||||||
Wages and benefits | — | 466,772 | — | — | 466,772 | |||||||||||||||
Aircraft rent | — | 102,408 | 475 | — | 102,883 | |||||||||||||||
Maintenance materials and repairs | — | 158,417 | 2,949 | — | 161,366 | |||||||||||||||
Aircraft and passenger servicing | — | 104,569 | — | — | 104,569 | |||||||||||||||
Commissions and other selling | 42 | 98,677 | 57 | (108 | ) | 98,668 | ||||||||||||||
Depreciation and amortization | — | 80,927 | 2,860 | — | 83,787 | |||||||||||||||
Other rentals and landing fees | — | 86,763 | — | — | 86,763 | |||||||||||||||
Purchased services | 400 | 78,428 | 645 | (45 | ) | 79,428 | ||||||||||||||
Special items | — | 23,450 | — | — | 23,450 | |||||||||||||||
Other | 3,958 | 96,132 | 1,451 | (165 | ) | 101,376 | ||||||||||||||
Total | 4,400 | 1,612,966 | 8,437 | (318 | ) | 1,625,485 | ||||||||||||||
Operating Income (Loss) | (4,400 | ) | 390,995 | (3,001 | ) | — | 383,594 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 193,581 | — | — | (193,581 | ) | — | ||||||||||||||
Other nonoperating special items | — | (50,202 | ) | — | — | (50,202 | ) | |||||||||||||
Interest expense and amortization of debt discounts and issuance costs | — | (23,292 | ) | — | — | (23,292 | ) | |||||||||||||
Other components of net periodic pension cost | — | (13,293 | ) | — | — | (13,293 | ) | |||||||||||||
Interest income | 216 | 4,264 | — | — | 4,480 | |||||||||||||||
Capitalized interest | — | 6,258 | — | — | 6,258 | |||||||||||||||
Losses on fuel derivatives | — | (10,228 | ) | — | — | (10,228 | ) | |||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | |||||||||||||||
Other, net | — | 3,161 | — | — | 3,161 | |||||||||||||||
Total | 193,797 | (83,332 | ) | — | (193,581 | ) | (83,116 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 189,397 | 307,663 | (3,001 | ) | (193,581 | ) | 300,478 | |||||||||||||
Income tax expense (benefit) | (2,514 | ) | 111,081 | — | — | 108,567 | ||||||||||||||
Net Income (Loss) | $ | 191,911 | $ | 196,582 | $ | (3,001 | ) | $ | (193,581 | ) | $ | 191,911 | ||||||||
Comprehensive Income (Loss) | $ | 213,837 | $ | 218,508 | $ | (3,001 | ) | $ | (215,507 | ) | $ | 213,837 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 1,813,410 | $ | 4,478 | $ | (281 | ) | $ | 1,817,607 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 248,516 | — | — | 248,516 | |||||||||||||||
Wages and benefits | — | 395,718 | — | — | 395,718 | |||||||||||||||
Aircraft rent | — | 92,345 | — | — | 92,345 | |||||||||||||||
Maintenance materials and repairs | — | 164,395 | 2,506 | — | 166,901 | |||||||||||||||
Aircraft and passenger servicing | — | 93,245 | — | — | 93,245 | |||||||||||||||
Commissions and other selling | 1 | 93,983 | 52 | (100 | ) | 93,936 | ||||||||||||||
Depreciation and amortization | — | 79,136 | 2,493 | — | 81,629 | |||||||||||||||
Other rentals and landing fees | — | 78,338 | — | — | 78,338 | |||||||||||||||
Purchased services | 121 | 72,363 | 450 | (45 | ) | 72,889 | ||||||||||||||
Other | 4,135 | 89,381 | 899 | (136 | ) | 94,279 | ||||||||||||||
Total | 4,257 | 1,407,420 | 6,400 | (281 | ) | 1,417,796 | ||||||||||||||
Operating Income (Loss) | (4,257 | ) | 405,990 | (1,922 | ) | — | 399,811 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 235,353 | — | — | (235,353 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | 117 | (28,570 | ) | — | — | (28,453 | ) | |||||||||||||
Other components of net periodic pension cost | — | (15,218 | ) | — | — | (15,218 | ) | |||||||||||||
Interest income | 195 | 2,849 | — | — | 3,044 | |||||||||||||||
Capitalized interest | — | 1,407 | — | — | 1,407 | |||||||||||||||
Gains on fuel derivatives | — | 15,421 | — | — | 15,421 | |||||||||||||||
Loss on extinguishment of debt | — | (9,993 | ) | — | — | (9,993 | ) | |||||||||||||
Other, net | — | 9,884 | — | — | 9,884 | |||||||||||||||
Total | 235,665 | (24,220 | ) | — | (235,353 | ) | (23,908 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 231,408 | 381,770 | (1,922 | ) | (235,353 | ) | 375,903 | |||||||||||||
Income tax expense (benefit) | (2,082 | ) | 144,495 | — | — | 142,413 | ||||||||||||||
Net Income (Loss) | $ | 233,490 | $ | 237,275 | $ | (1,922 | ) | $ | (235,353 | ) | $ | 233,490 | ||||||||
Comprehensive Income (Loss) | $ | 220,209 | $ | 223,994 | $ | (1,922 | ) | $ | (222,072 | ) | $ | 220,209 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 63,745 | $ | 279,055 | $ | 5,249 | $ | — | $ | 348,049 | $ | 354 | $ | 591,450 | $ | 8,805 | $ | — | $ | 600,609 | ||||||||||||||||||||
Restricted cash | — | 1,000 | — | — | 1,000 | |||||||||||||||||||||||||||||||||||
Short-term investments | — | 270,697 | — | — | 270,697 | — | 213,974 | — | — | 213,974 | ||||||||||||||||||||||||||||||
Accounts receivable, net | 29 | 117,103 | 1,687 | (197 | ) | 118,622 | — | 28,991 | 2,341 | (747 | ) | 30,585 | ||||||||||||||||||||||||||||
Income taxes receivable | — | 99,665 | — | — | 99,665 | |||||||||||||||||||||||||||||||||||
Spare parts and supplies, net | — | 26,560 | — | — | 26,560 | — | 38,481 | — | — | 38,481 | ||||||||||||||||||||||||||||||
Prepaid expenses and other | 145 | 56,409 | 229 | — | 56,783 | 132 | 45,779 | 222 | — | 46,133 | ||||||||||||||||||||||||||||||
Total | 63,919 | 750,824 | 7,165 | (197 | ) | 821,711 | 486 | 1,018,340 | 11,368 | (747 | ) | 1,029,447 | ||||||||||||||||||||||||||||
Property and equipment at cost | — | 2,214,015 | 73,895 | — | 2,287,910 | — | 2,997,359 | 98,334 | — | 3,095,693 | ||||||||||||||||||||||||||||||
Less accumulated depreciation and amortization | — | (523,089 | ) | (10,875 | ) | — | (533,964 | ) | — | (772,372 | ) | (24,586 | ) | — | (796,958 | ) | ||||||||||||||||||||||||
Property and equipment, net | — | 1,690,926 | 63,020 | — | 1,753,946 | — | 2,224,987 | 73,748 | — | 2,298,735 | ||||||||||||||||||||||||||||||
Operating lease right-of-use assets | — | 611,693 | — | — | 611,693 | |||||||||||||||||||||||||||||||||||
Long-term prepayments and other | — | 124,874 | 52 | — | 124,926 | 50 | 182,895 | 410 | — | 183,355 | ||||||||||||||||||||||||||||||
Deferred tax assets, net | 31,271 | — | — | (31,271 | ) | — | ||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | — | 120,839 | 1,271 | — | 122,110 | — | 13,000 | 500 | — | 13,500 | ||||||||||||||||||||||||||||||
Intercompany receivable | — | 342,113 | — | (342,113 | ) | — | — | 573,580 | — | (573,580 | ) | — | ||||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,077,365 | — | — | (1,077,365 | ) | — | 1,486,632 | — | 504 | (1,487,136 | ) | — | ||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 1,172,555 | $ | 3,029,576 | $ | 71,508 | $ | (1,450,946 | ) | $ | 2,822,693 | $ | 1,487,168 | $ | 4,624,495 | $ | 86,530 | $ | (2,061,463 | ) | $ | 4,136,730 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 703 | $ | 117,454 | $ | 850 | $ | (197 | ) | $ | 118,810 | $ | 504 | $ | 147,510 | $ | 5,043 | $ | (747 | ) | $ | 152,310 | ||||||||||||||||||
Air traffic liability | — | 569,638 | 3,735 | — | 573,373 | |||||||||||||||||||||||||||||||||||
Air traffic liability and current frequent flyer deferred revenue | — | 618,126 | 5,615 | — | 623,741 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 131 | 157,383 | 246 | — | 157,760 | — | 138,205 | 150 | — | 138,355 | ||||||||||||||||||||||||||||||
Current maturities of long-term debt, less discount, and capital lease obligations | — | 58,585 | — | — | 58,585 | |||||||||||||||||||||||||||||||||||
Current maturities of long-term debt, less discount | — | 59,794 | — | — | 59,794 | |||||||||||||||||||||||||||||||||||
Current maturities of finance lease obligations | — | 22,045 | — | — | 22,045 | |||||||||||||||||||||||||||||||||||
Current maturities of operating leases | — | 79,718 | — | — | 79,718 | |||||||||||||||||||||||||||||||||||
Total | 834 | 903,060 | 4,831 | (197 | ) | 908,528 | 504 | 1,065,398 | 10,808 | (747 | ) | 1,075,963 | ||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | — | 447,533 | — | — | 447,533 | |||||||||||||||||||||||||||||||||||
Long-term debt | — | 757,221 | — | — | 757,221 | |||||||||||||||||||||||||||||||||||
Intercompany payable | 330,930 | — | 11,183 | (342,113 | ) | — | 562,298 | — | 11,282 | (573,580 | ) | — | ||||||||||||||||||||||||||||
Other liabilities and deferred credits: | =sum(C32:I32) | |||||||||||||||||||||||||||||||||||||||
Noncurrent finance lease obligations | — | 137,059 | — | — | 137,059 | |||||||||||||||||||||||||||||||||||
Noncurrent operating leases | — | 495,500 | — | — | 495,500 | |||||||||||||||||||||||||||||||||||
Accumulated pension and other post-retirement benefit obligations | — | 234,206 | — | — | 234,206 | — | 199,964 | — | — | 199,964 | ||||||||||||||||||||||||||||||
Other liabilities and deferred credits | — | 171,937 | 855 | — | 172,792 | — | 78,808 | 1,103 | — | 79,911 | ||||||||||||||||||||||||||||||
Noncurrent frequent flyer deferred revenue | — | 172,281 | — | — | 172,281 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities, net | — | 250,114 | — | (31,271 | ) | 218,843 | — | 294,465 | — | — | 294,465 | |||||||||||||||||||||||||||||
Total | — | 656,257 | 855 | (31,271 | ) | 625,841 | — | 1,378,077 | 1,103 | — | 1,379,180 | |||||||||||||||||||||||||||||
Shareholders’ equity | 840,791 | 1,022,726 | 54,639 | (1,077,365 | ) | 840,791 | 924,366 | 1,423,799 | 63,337 | (1,487,136 | ) | 924,366 | ||||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,172,555 | $ | 3,029,576 | $ | 71,508 | $ | (1,450,946 | ) | $ | 2,822,693 | $ | 1,487,168 | $ | 4,624,495 | $ | 86,530 | $ | (2,061,463 | ) | $ | 4,136,730 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,228 | $ | 362,933 | $ | 8,895 | $ | — | $ | 373,056 | ||||||||||
Short-term investments | — | 245,599 | — | — | 245,599 | |||||||||||||||
Accounts receivable, net | — | 95,141 | 3,188 | (949 | ) | 97,380 | ||||||||||||||
Income taxes receivable, net | — | 64,192 | — | — | 64,192 | |||||||||||||||
Spare parts and supplies, net | — | 37,630 | — | — | 37,630 | |||||||||||||||
Prepaid expenses and other | 90 | 56,743 | 16 | — | 56,849 | |||||||||||||||
Total | 1,318 | 862,238 | 12,099 | (949 | ) | 874,706 | ||||||||||||||
Property and equipment at cost | — | 2,987,222 | 92,094 | — | 3,079,316 | |||||||||||||||
Less accumulated depreciation and amortization | — | (739,930 | ) | (22,614 | ) | — | (762,544 | ) | ||||||||||||
Property and equipment, net | — | 2,247,292 | 69,480 | — | 2,316,772 | |||||||||||||||
Operating lease right-of-use assets | — | 632,545 | — | — | 632,545 | |||||||||||||||
Long-term prepayments and other | — | 182,051 | 387 | — | 182,438 | |||||||||||||||
Goodwill and other intangible assets, net | — | 119,663 | 500 | — | 120,163 | |||||||||||||||
Intercompany receivable | — | 550,075 | — | (550,075 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 1,619,949 | — | 504 | (1,620,453 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 1,621,267 | $ | 4,593,864 | $ | 82,970 | $ | (2,171,477 | ) | $ | 4,126,624 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 529 | $ | 139,764 | $ | 9,404 | $ | (949 | ) | $ | 148,748 | |||||||||
Air traffic liability and current frequent flyer deferred revenue | — | 600,851 | 5,833 | — | 606,684 | |||||||||||||||
Other accrued liabilities | — | 161,125 | 305 | — | 161,430 | |||||||||||||||
Current maturities of long-term debt, less discount | — | 53,273 | — | — | 53,273 | |||||||||||||||
Current maturities of finance lease obligations | — | 21,857 | — | — | 21,857 | |||||||||||||||
Current maturities of operating leases | — | 83,224 | — | — | 83,224 | |||||||||||||||
Total | 529 | 1,060,094 | 15,542 | (949 | ) | 1,075,216 | ||||||||||||||
Long-term debt | — | 547,254 | — | — | 547,254 | |||||||||||||||
Intercompany payable | 538,942 | — | 11,133 | (550,075 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | 0 | |||||||||||||||||||
Noncurrent finance lease obligations | — | 141,861 | — | — | 141,861 | |||||||||||||||
Noncurrent operating leases | — | 514,685 | — | — | 514,685 | |||||||||||||||
Accumulated pension and other post-retirement benefit obligations | — | 203,596 | — | — | 203,596 | |||||||||||||||
Other liabilities and deferred credits | — | 96,338 | 1,096 | — | 97,434 | |||||||||||||||
Noncurrent frequent flyer deferred revenue | — | 175,218 | — | — | 175,218 | |||||||||||||||
Deferred tax liabilities, net | — | 289,564 | — | — | 289,564 | |||||||||||||||
Total | — | 1,421,262 | 1,096 | — | 1,422,358 | |||||||||||||||
Shareholders’ equity | 1,081,796 | 1,565,254 | 55,199 | (1,620,453 | ) | 1,081,796 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,621,267 | $ | 4,593,864 | $ | 82,970 | $ | (2,171,477 | ) | $ | 4,126,624 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 67,629 | $ | 249,985 | $ | 8,377 | $ | — | $ | 325,991 | ||||||||||
Restricted cash | — | 5,000 | — | — | 5,000 | |||||||||||||||
Short-term investments | — | 284,075 | — | — | 284,075 | |||||||||||||||
Accounts receivable, net | 28 | 94,852 | 1,392 | (205 | ) | 96,067 | ||||||||||||||
Spare parts and supplies, net | — | 20,363 | — | — | 20,363 | |||||||||||||||
Prepaid expenses and other | 29 | 66,665 | 46 | — | 66,740 | |||||||||||||||
Total | 67,686 | 720,940 | 9,815 | (205 | ) | 798,236 | ||||||||||||||
Property and equipment at cost | — | 2,038,931 | 69,867 | — | 2,108,798 | |||||||||||||||
Less accumulated depreciation and amortization | — | (445,868 | ) | (8,363 | ) | — | (454,231 | ) | ||||||||||||
Property and equipment, net | — | 1,593,063 | 61,504 | — | 1,654,567 | |||||||||||||||
Long-term prepayments and other | — | 132,724 | — | — | 132,724 | |||||||||||||||
Deferred tax assets, net | 28,757 | — | — | (28,757 | ) | — | ||||||||||||||
Goodwill and other intangible assets, net | — | 121,456 | 1,618 | — | 123,074 | |||||||||||||||
Intercompany receivable | — | 277,732 | — | (277,732 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 855,289 | — | — | (855,289 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 951,732 | $ | 2,845,915 | $ | 72,937 | $ | (1,161,983 | ) | $ | 2,708,601 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 492 | $ | 114,935 | $ | 1,285 | $ | (205 | ) | $ | 116,507 | |||||||||
Air traffic liability | — | 478,109 | 4,387 | — | 482,496 | |||||||||||||||
Other accrued liabilities | 4,088 | 167,864 | 262 | — | 172,214 | |||||||||||||||
Current maturities of long-term debt, less discount, and capital lease obligations | — | 58,899 | — | — | 58,899 | |||||||||||||||
Total | 4,580 | 819,807 | 5,934 | (205 | ) | 830,116 | ||||||||||||||
Long-term debt and capital lease obligations | — | 497,908 | — | — | 497,908 | |||||||||||||||
Intercompany payable | 266,699 | — | 11,033 | (277,732 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | 0 | |||||||||||||||||||
Accumulated pension and other post-retirement benefit obligations | — | 355,968 | — | — | 355,968 | |||||||||||||||
Other liabilities and deferred credits | — | 172,783 | 830 | — | 173,613 | |||||||||||||||
Deferred tax liabilities, net | — | 199,300 | — | (28,757 | ) | 170,543 | ||||||||||||||
Total | — | 728,051 | 830 | (28,757 | ) | 700,124 | ||||||||||||||
Shareholders’ equity | 680,453 | 800,149 | 55,140 | (855,289 | ) | 680,453 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 951,732 | $ | 2,845,915 | $ | 72,937 | $ | (1,161,983 | ) | $ | 2,708,601 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non- Guarantor Subsidiaries | Eliminations | Consolidated | Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (3,491 | ) | $ | 300,820 | $ | (1,852 | ) | $ | — | $ | 295,477 | $ | (976 | ) | $ | 50,724 | $ | (2,861 | ) | $ | — | $ | 46,887 | ||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||||||||||||||||||||||
Net payments to affiliates | (2,500 | ) | (52,507 | ) | — | 55,007 | — | (9,000 | ) | (22,126 | ) | — | 31,126 | — | ||||||||||||||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (208,759 | ) | (3,776 | ) | — | (212,535 | ) | — | (40,616 | ) | (6,229 | ) | — | (46,845 | ) | ||||||||||||||||||||||||
Proceeds from disposition of property and equipment | — | 33,511 | — | — | 33,511 | |||||||||||||||||||||||||||||||||||
Purchases of investments | — | (171,485 | ) | — | — | (171,485 | ) | — | (48,133 | ) | — | — | (48,133 | ) | ||||||||||||||||||||||||||
Sales of investments | — | 183,930 | — | — | 183,930 | — | 80,218 | — | — | 80,218 | ||||||||||||||||||||||||||||||
Net cash used in investing activities | (2,500 | ) | (215,310 | ) | (3,776 | ) | 55,007 | (166,579 | ) | (9,000 | ) | (30,657 | ) | (6,229 | ) | 31,126 | (14,760 | ) | ||||||||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||||||||||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (52,463 | ) | — | — | (52,463 | ) | |||||||||||||||||||||||||||||||||
Long-term borrowings | — | 235,000 | — | — | 235,000 | |||||||||||||||||||||||||||||||||||
Repayments of long-term debt and finance lease obligations | — | (25,320 | ) | — | — | (25,320 | ) | |||||||||||||||||||||||||||||||||
Dividend payments | (5,514 | ) | — | — | — | (5,514 | ) | |||||||||||||||||||||||||||||||||
Net payments from affiliates | 52,507 | — | 2,500 | (55,007 | ) | — | 22,126 | — | 9,000 | (31,126 | ) | — | ||||||||||||||||||||||||||||
Repurchases of common stock | (50,486 | ) | — | — | — | (50,486 | ) | (7,510 | ) | — | — | — | (7,510 | ) | ||||||||||||||||||||||||||
Other | 86 | (7,977 | ) | — | — | (7,891 | ) | — | (1,230 | ) | — | — | (1,230 | ) | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 2,107 | (60,440 | ) | 2,500 | (55,007 | ) | (110,840 | ) | ||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 9,102 | 208,450 | 9,000 | (31,126 | ) | 195,426 | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,884 | ) | 25,070 | (3,128 | ) | — | 18,058 | (874 | ) | 228,517 | (90 | ) | — | 227,553 | ||||||||||||||||||||||||||
Cash, cash equivalents, & restricted cash - Beginning of Period | 67,629 | 254,985 | 8,377 | — | 330,991 | 1,228 | 362,933 | 8,895 | — | 373,056 | ||||||||||||||||||||||||||||||
Cash, cash equivalents, & restricted cash - End of Period | $ | 63,745 | $ | 280,055 | $ | 5,249 | $ | — | $ | 349,049 | $ | 354 | $ | 591,450 | $ | 8,805 | $ | — | $ | 600,609 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (670 | ) | $ | 152,752 | $ | (1,402 | ) | $ | — | $ | 150,680 | ||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments to affiliates | (4,250 | ) | (20,920 | ) | — | 25,170 | — | |||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (71,978 | ) | (2,283 | ) | — | (74,261 | ) | ||||||||||||
Proceeds from the sale and sale leaseback of aircraft and aircraft related equipment | — | 2,780 | — | — | 2,780 | |||||||||||||||
Purchases of investments | — | (71,454 | ) | — | — | (71,454 | ) | |||||||||||||
Sales of investments | — | 137,286 | — | — | 137,286 | |||||||||||||||
Other | — | (6,275 | ) | — | — | (6,275 | ) | |||||||||||||
Net cash used in investing activities | (4,250 | ) | (30,561 | ) | (2,283 | ) | 25,170 | (11,924 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Repayments of long-term debt and finance lease obligations | — | (24,352 | ) | (2 | ) | — | (24,354 | ) | ||||||||||||
Dividend payments | (5,811 | ) | — | — | — | (5,811 | ) | |||||||||||||
Net payments from affiliates | 20,920 | — | 4,250 | (25,170 | ) | — | ||||||||||||||
Repurchases of Common Stock | (11,086 | ) | — | — | — | (11,086 | ) | |||||||||||||
Other | — | (982 | ) | — | — | (982 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 4,023 | (25,334 | ) | 4,248 | (25,170 | ) | (42,233 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (897 | ) | 96,857 | 563 | — | 96,523 | ||||||||||||||
Cash, cash equivalents, & restricted cash - Beginning of Period | 5,154 | 255,279 | 8,144 | — | 268,577 | |||||||||||||||
Cash, cash equivalents, & restricted cash - End of Period | $ | 4,257 | $ | 352,136 | $ | 8,707 | $ | — | $ | 365,100 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (4,036 | ) | $ | 438,596 | $ | 362 | $ | — | $ | 434,922 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments to affiliates | — | (27,796 | ) | — | 27,796 | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (92,185 | ) | (12,065 | ) | — | (104,250 | ) | ||||||||||||
Proceeds from purchase assignment and leaseback transaction | — | 31,851 | — | — | 31,851 | |||||||||||||||
Purchases of investments | — | (217,964 | ) | — | — | (217,964 | ) | |||||||||||||
Sales of investments | — | 208,075 | — | — | 208,075 | |||||||||||||||
Net cash used in investing activities | — | (98,019 | ) | (12,065 | ) | 27,796 | (82,288 | ) | ||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (205,532 | ) | — | — | (205,532 | ) | |||||||||||||
Repurchase of convertible notes | (1,426 | ) | — | — | — | (1,426 | ) | |||||||||||||
Net payments from affiliates | 16,763 | — | 11,033 | (27,796 | ) | — | ||||||||||||||
Repurchases of Common Stock | (13,763 | ) | — | — | — | (13,763 | ) | |||||||||||||
Other | 423 | (8,125 | ) | — | — | (7,702 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 1,997 | (213,657 | ) | 11,033 | (27,796 | ) | (228,423 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (2,039 | ) | 126,920 | (670 | ) | — | 124,211 | |||||||||||||
Cash, cash equivalents, & restricted cash - Beginning of Period | 69,420 | 208,406 | 8,676 | — | 286,502 | |||||||||||||||
Cash, cash equivalents, & restricted cash - End of Period | $ | 67,381 | $ | 335,326 | $ | 8,006 | $ | — | $ | 410,713 |
September 30, 2016 | September 30, 2017 | September 30, 2018 | March 31, 2019 | March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | Leased (2) | Owned | Total | Leased (2) | Owned | Total | Leased (2) | Owned | Total | Leased (1) | Owned (2) | Total | Leased (1) | Owned (2) | Total | Leased (1) | Owned (2) | Total | ||||||||||||||||||||||||||||||||||||
A330-200 | 11 | 12 | 23 | 11 | 13 | 24 | 11 | 13 | 24 | 12 | 12 | 24 | 12 | 12 | 24 | 12 | 12 | 24 | ||||||||||||||||||||||||||||||||||||
767-300 | 4 | 4 | 8 | 7 | 1 | 8 | 7 | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||
A321neo (3) | 2 | 10 | 12 | 2 | 15 | 17 | 2 | 16 | 18 | |||||||||||||||||||||||||||||||||||||||||||||
787-9 (4) | — | — | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
717-200 | 3 | 15 | 18 | 5 | 15 | 20 | 5 | 15 | 20 | 5 | 15 | 20 | 5 | 15 | 20 | 5 | 14 | 19 | ||||||||||||||||||||||||||||||||||||
ATR turboprop (1) | — | 6 | 6 | — | 6 | 6 | — | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
A321neo | — | — | — | — | — | — | 2 | 8 | 10 | |||||||||||||||||||||||||||||||||||||||||||||
ATR 42-500 (5) | — | 4 | 4 | — | 4 | 4 | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
ATR 72-200 (5) | — | 3 | 3 | — | 4 | 4 | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Total | 18 | 37 | 55 | 23 | 35 | 58 | 25 | 43 | 68 | 19 | 44 | 63 | 19 | 50 | 69 | 19 | 51 | 70 | ||||||||||||||||||||||||||||||||||||
(1) | Leased aircraft include aircraft under both finance and operating leases. |
(2) | Includes unencumbered aircraft as well as those purchased and under various debt financing. |
(3) | We expect to take delivery of our final Airbus A321-200 aircraft in the second quarter of 2020. |
(4) | In July 2018, we entered into a purchase agreement for the purchase of 10 Boeing 787-9 "Dreamliner" aircraft with purchase rights for an additional 10 aircraft with scheduled delivery from 2021 to 2025. The first aircraft is scheduled for delivery in the first quarter of 2021. |
(5) | The ATR 42-500 turboprop and ATR 72-200 turboprop aircraft are owned by Airline Contract Maintenance & Equipment, Inc., a wholly-owned subsidiary of the Company. The ATR 42-500 turboprop aircraft are used for passenger operations under a Capacity Purchase Agreement (CPA) with a third-party provider. The ATR 72-200 turboprop aircraft are used for our cargo operations under the aforementioned CPA. |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | |||||||||||||||||||
(in thousands, except as otherwise indicated) | (in thousands, except as otherwise indicated) | |||||||||||||||||||||||
Scheduled Operations (a) : | ||||||||||||||||||||||||
Scheduled Operations (a): | ||||||||||||||||||||||||
Revenue passengers flown | 3,000 | 2,916 | 8,588 | 8,317 | 2,360 | 2,821 | ||||||||||||||||||
Revenue passenger miles (RPM) | 4,290,499 | 4,166,487 | 12,187,344 | 11,554,522 | 3,711,474 | 4,127,729 | ||||||||||||||||||
Available seat miles (ASM) | 4,946,678 | 4,887,608 | 14,203,112 | 13,805,563 | 4,974,971 | 4,850,723 | ||||||||||||||||||
Passenger revenue per RPM (Yield) | 14.79 | ¢ | 14.20 | ¢ | 14.48 | ¢ | 13.78 | ¢ | 13.57 | ¢ | 14.57 | ¢ | ||||||||||||
Passenger load factor (RPM/ASM) | 86.7 | % | 85.2 | % | 85.8 | % | 83.7 | % | 74.6 | % | 85.1 | % | ||||||||||||
Passenger revenue per ASM (PRASM) | 12.83 | ¢ | 12.10 | ¢ | 12.43 | ¢ | 11.53 | ¢ | 10.12 | ¢ | 12.40 | ¢ | ||||||||||||
Total Operations (a) : | ||||||||||||||||||||||||
Total Operations (a): | ||||||||||||||||||||||||
Revenue passengers flown | 3,001 | 2,918 | 8,592 | 8,321 | 2,362 | 2,823 | ||||||||||||||||||
RPM | 4,293,095 | 4,170,671 | 12,190,846 | 11,559,795 | 3,714,773 | 4,128,485 | ||||||||||||||||||
ASM | 4,950,800 | 4,894,768 | 14,208,642 | 13,813,955 | 4,979,529 | 4,851,921 | ||||||||||||||||||
Operating revenue per ASM (RASM) | 14.53 | ¢ | 13.73 | ¢ | 14.14 | ¢ | 13.16 | ¢ | 11.23 | ¢ | 13.54 | ¢ | ||||||||||||
Operating cost per ASM (CASM) | 11.02 | ¢ | 10.07 | ¢ | 11.44 | ¢ | 10.26 | ¢ | 14.60 | ¢ | 12.45 | ¢ | ||||||||||||
CASM excluding aircraft fuel and special items (b) | 8.80 | ¢ | 8.13 | ¢ | 9.04 | ¢ | 8.46 | ¢ | ||||||||||||||||
CASM excluding aircraft fuel, gain on sale of aircraft, and special items (b) | 9.78 | ¢ | 9.87 | ¢ | ||||||||||||||||||||
Aircraft fuel expense per ASM (c) | 2.22 | ¢ | 1.94 | ¢ | 2.23 | ¢ | 1.80 | ¢ | 2.27 | ¢ | 2.60 | ¢ | ||||||||||||
Revenue block hours operated | 49,384 | 47,534 | 141,955 | 134,627 | 52,860 | 51,627 | ||||||||||||||||||
Gallons of aircraft fuel consumed | 67,160 | 64,918 | 193,404 | 182,471 | 63,822 | 64,521 | ||||||||||||||||||
Average cost per gallon of aircraft fuel (actual) (c) | $ | 1.64 | $ | 1.46 | $ | 1.64 | $ | 1.36 | ||||||||||||||||
Average cost per gallon of aircraft fuel (c) | $ | 1.78 | $ | 1.95 |
(a) | Includes the operations of our contract carrier under a capacity purchase agreement. |
(b) | Represents adjusted unit costs, a non-GAAP measure. We believe this is a useful measure because it better reflects our controllable costs. See “Non-GAAP Financial Measures” below for a reconciliation of non-GAAP measures. |
(c) | Includes applicable taxes and fees. |
Three months ended September 30, 2017 as compared to three months ended September 30, 2016 | Nine months ended September 30, 2017 as compared to nine months ended September 30, 2016 | Increase (Decrease) vs. Three Months Ended March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Change in scheduled passenger revenue | Change in Yield | Change in RPM | Change in ASM | Change in scheduled passenger revenue | Change in Yield | Change in RPM | Change in ASM | ||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Three months ended March 31, 2020 | Passenger Revenue | Yield | RPMs | ASMs | PRASM | |||||||||||||||||||||||||||||||||||||||
Domestic | $ | 11.1 | 4.3 | % | (1.7 | )% | (2.7 | )% | $ | 63.8 | 6.9 | % | (1.6 | )% | (4.1 | )% | $ | 366,473 | (17.7 | )% | (9.6 | )% | (8.9 | )% | 7.0 | % | (21.4 | )% | |||||||||||||||||
International | 31.8 | 7.8 | 14.2 | 9.7 | 109.4 | 7.2 | 23.3 | 18.7 | 136,996 | (12.1 | ) | 0.5 | (12.5 | ) | (6.4 | ) | (10.0 | ) | |||||||||||||||||||||||||||
Total scheduled | $ | 42.9 | 4.2 | % | 3.0 | % | 1.2 | % | $ | 173.2 | 5.1 | % | 5.5 | % | 2.9 | % | $ | 503,469 | (16.3 | )% | (6.9 | )% | (10.1 | )% | 2.6 | % | (16.7 | )% |
Increase / (decrease) for the three months ended March 31, 2020 compared to the three months ended March 31, 2019 | |||||||
$ | % | ||||||
Operating expenses | (in thousands) | ||||||
Wages and benefits | $ | 13,189 | 7.5 | % | |||
Aircraft fuel, including taxes and delivery | (12,626 | ) | (10.0 | ) | |||
Maintenance, materials and repairs | (2,636 | ) | (4.2 | ) | |||
Aircraft and passenger servicing | (617 | ) | (1.6 | ) | |||
Commissions and other selling | (4,120 | ) | (13.4 | ) | |||
Aircraft rent | (3,392 | ) | (11.2 | ) | |||
Other rentals and landing fees | (1,280 | ) | (4.1 | ) | |||
Depreciation and amortization | 1,298 | 3.4 | |||||
Purchased services | 1,788 | 5.5 | |||||
Special items | 126,904 | — | |||||
Other | 4,657 | 12.2 | |||||
Total | $ | 123,165 | 20.4 | % |
Increase / (decrease) for the three months ended September 30, 2017 compared to the three months ended September 30, 2016 | Increase / (decrease) for the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016 | |||||||||||||
$ | % | $ | % | |||||||||||
Operating expenses | (in thousands) | (in thousands) | ||||||||||||
Wages and benefits | $ | 24,703 | 18.1 | % | $ | 71,054 | 18.0 | % | ||||||
Aircraft fuel, including taxes and delivery | 15,293 | 16.1 | 67,907 | 27.3 | ||||||||||
Maintenance, materials and repairs | (2,416 | ) | (4.7 | ) | (5,535 | ) | (3.3 | ) | ||||||
Aircraft and passenger servicing | 2,389 | 7.0 | 11,324 | 12.1 | ||||||||||
Commissions and other selling | 3,450 | 11.7 | 4,732 | 5.0 | ||||||||||
Aircraft rent | 2,304 | 7.0 | 10,538 | 11.4 | ||||||||||
Other rentals and landing fees | 2,063 | 7.1 | 8,425 | 10.8 | ||||||||||
Depreciation and amortization | 952 | 3.5 | 2,158 | 2.6 | ||||||||||
Purchased services | (878 | ) | (3.4 | ) | 6,539 | 9.0 | ||||||||
Special items | — | — | 23,450 | 100.0 | ||||||||||
Other | 5,020 | 15.9 | 7,097 | 7.5 | ||||||||||
Total | $ | 52,880 | 10.7 | % | $ | 207,689 | 14.6 | % |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | (in thousands, except per-gallon amounts) | (in thousands, except per-gallon amounts) | |||||||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 110,111 | $ | 94,818 | 16.1 | % | $ | 316,423 | $ | 248,516 | 27.3 | % | $ | 113,478 | $ | 126,104 | (10.0 | )% | |||||||||||||||
Fuel gallons consumed | 67,160 | 64,918 | 3.5 | % | 193,404 | 182,471 | 6.0 | % | 63,822 | 64,521 | (1.1 | )% | |||||||||||||||||||||
Average fuel price per gallon, including taxes and delivery | $ | 1.64 | $ | 1.46 | 12.3 | % | $ | 1.64 | $ | 1.36 | 20.6 | % | $ | 1.78 | $ | 1.95 | (8.7 | )% |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||
(in thousands, except per-gallon amounts) | (in thousands, except per-gallon amounts) | (in thousands, except per-gallon amounts) | |||||||||||||||||||||||||||||||
Aircraft fuel expense, including taxes and delivery | $ | 110,111 | $ | 94,818 | 16.1 | % | $ | 316,423 | $ | 248,516 | 27.3 | % | $ | 113,478 | $ | 126,104 | (10.0 | )% | |||||||||||||||
Realized losses on settlement of fuel derivative contracts | 2,787 | 2,525 | 10.4 | % | 2,100 | 30,349 | (93.1 | )% | 3,086 | 2,844 | 8.5 | % | |||||||||||||||||||||
Economic fuel expense | $ | 112,898 | $ | 97,343 | 16.0 | % | $ | 318,523 | $ | 278,865 | 14.2 | % | $ | 116,564 | $ | 128,948 | (9.6 | )% | |||||||||||||||
Fuel gallons consumed | 67,160 | 64,918 | 3.5 | % | 193,404 | 182,471 | 6.0 | % | 63,822 | 64,521 | (1.1 | )% | |||||||||||||||||||||
Economic fuel costs per gallon | $ | 1.68 | $ | 1.50 | 12.0 | % | $ | 1.65 | $ | 1.53 | 7.8 | % | $ | 1.83 | $ | 2.00 | (8.5 | )% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Loss on sale of aircraft | $ | — | $ | — | $ | 4,771 | $ | — | |||||||
Collective bargaining charge | — | — | 18,679 | — | |||||||||||
Total Special items | $ | — | $ | — | $ | 23,450 | $ | — |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Partial settlement and curtailment loss | $ | 15,001 | $ | — | $ | 15,001 | $ | — | |||||||
Loss on plan termination | 35,201 | — | 35,201 | — | |||||||||||
Total special items | $ | 50,202 | $ | — | $ | 50,202 | $ | — |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||
A321neo aircraft | 1 | 9 | In 2020 | |||||
B787-9 aircraft | 10 | 10 | Between 2021 and 2025 | |||||
General Electric GEnx spare engines: | ||||||||
B787-9 spare engines | 2 | 2 | Between 2021 and 2025 |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||
A321neo aircraft | 16 | 9 | Between 2017 and 2020 | |||||
A330-800neo aircraft | 6 | 6 | Between 2019 and 2021 | |||||
Pratt & Whitney spare engines: | ||||||||
A321neo spare engines | 3 | 2 | Between 2017 and 2019 | |||||
Rolls-Royce spare engines: | ||||||||
A330-800neo spare engines | 2 | 2 | Between 2019 and 2026 |
Contractual Obligations | Total | Remaining in 2017 | 2018 - 2019 | 2020 - 2021 | 2022 and thereafter | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Debt and capital lease obligations (1) | $ | 625,737 | $ | 11,882 | $ | 192,341 | $ | 119,008 | $ | 302,506 | ||||||||||
Operating leases—aircraft and related equipment (2) | 661,964 | 31,984 | 245,306 | 162,447 | 222,227 | |||||||||||||||
Operating leases—non-aircraft | 137,112 | 1,643 | 14,250 | 13,459 | 107,760 | |||||||||||||||
Purchase commitments - Capital (3) | 1,614,967 | 114,916 | 955,659 | 412,558 | 131,834 | |||||||||||||||
Purchase commitments - Operating (4) | 672,248 | 23,089 | 133,470 | 115,259 | 400,430 | |||||||||||||||
Projected employee benefit contributions (5) | 30,710 | 1,510 | 29,200 | — | — | |||||||||||||||
Total contractual obligations | $ | 3,742,738 | $ | 185,024 | $ | 1,570,226 | $ | 822,731 | $ | 1,164,757 |
Contractual Obligations | Total | Remaining in 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and thereafter | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Debt obligations, including principal and interest (1) | $ | 906,549 | $ | 43,626 | $ | 453,322 | $ | 123,614 | $ | 285,987 | ||||||||||
Finance lease obligations, including principal and interest (2) | 190,083 | 21,661 | 55,083 | 44,989 | 68,350 | |||||||||||||||
Operating lease obligations (3) | 745,550 | 78,933 | 191,485 | 162,385 | 312,747 | |||||||||||||||
Aircraft purchase commitments (4) | 1,557,422 | 133,444 | 735,322 | 582,634 | 106,022 | |||||||||||||||
Other commitments (5) | 472,991 | 62,241 | 156,529 | 122,956 | 131,265 | |||||||||||||||
Projected employee benefit contributions (6) | 46,000 | — | 33,700 | 8,200 | 4,100 | |||||||||||||||
Total contractual obligations | $ | 3,918,595 | $ | 339,905 | $ | 1,625,441 | $ | 1,044,778 | $ | 908,471 |
(1) | Represents scheduled and estimated interest payments under our long-term debt based on interest rates specified in the applicable debt agreements. Principal and interest payments for debt denominated in Japanese Yen is estimated using the spot rate as of March 31, 2020. |
(2) | Amounts reflect |
(3) | Amounts reflect leases for eleven Airbus A330-200 aircraft, four Boeing 717-200 aircraft, and office space. |
(4) | Amounts include our firm commitments for aircraft and aircraft related equipment. |
Amounts include commitments for services provided by third-parties for aircraft maintenance, |
Amounts include our estimated minimum contributions to our pension plans (based on actuarially determined estimates) and contributions to our pilots’ disability plan. Amounts are subject to change based on numerous factors, including interest rate levels, the amount and timing of asset returns and the impact of future legislation. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||
Total | Diluted Per Share | Total | Diluted Per Share | Total | Diluted Per Share | Total | Diluted Per Share | |||||||||||||||||||||||||
GAAP net income, as reported | $ | 74,566 | $ | 1.39 | $ | 102,454 | $ | 1.91 | $ | 191,911 | $ | 3.57 | $ | 233,490 | $ | 4.35 | ||||||||||||||||
Add (deduct): changes in fair value of derivative contracts | (6,069 | ) | (0.11 | ) | 1,076 | 0.02 | 8,128 | 0.15 | (45,770 | ) | (0.85 | ) | ||||||||||||||||||||
Add: loss on extinguishment of debt | — | — | — | — | — | — | 9,993 | 0.19 | ||||||||||||||||||||||||
Add: special items | — | — | — | — | 23,450 | $ | 0.44 | — | $ | — | ||||||||||||||||||||||
Add: other nonoperating special items | 50,202 | 0.94 | — | — | 50,202 | 0.93 | — | — | ||||||||||||||||||||||||
Add (deduct): tax effect of adjustments | (16,091 | ) | (0.30 | ) | (409 | ) | (0.01 | ) | (29,817 | ) | (0.55 | ) | 13,595 | 0.25 | ||||||||||||||||||
Adjusted net income | $ | 102,608 | $ | 1.92 | $ | 103,121 | $ | 1.92 | $ | 243,874 | $ | 4.54 | $ | 211,308 | $ | 3.94 |
Three months ended March 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Net Loss | Diluted Net Loss Per Share | Total | Diluted Per Share | |||||||||||||
(in thousands, except for per share data) | ||||||||||||||||
GAAP Net Income, as reported | $ | (144,372 | ) | $ | (3.14 | ) | $ | 36,358 | $ | 0.75 | ||||||
Adjusted for: | ||||||||||||||||
CARES Act - carryback of additional NOLs | (14,156 | ) | (0.31 | ) | — | — | ||||||||||
Changes in fair value of fuel derivative contracts | 3,366 | 0.07 | (3,414 | ) | (0.07 | ) | ||||||||||
Gain on sale of aircraft equipment | — | — | (1,097 | ) | (0.02 | ) | ||||||||||
Unrealized loss (gain) on foreign debt | 743 | 0.02 | (630 | ) | (0.01 | ) | ||||||||||
Unrealized gain on non-designated fx positions | (812 | ) | (0.02 | ) | — | — | ||||||||||
Special items | 126,904 | 2.76 | — | — | ||||||||||||
Tax effect of adjustments | (5,722 | ) | (0.12 | ) | 1,337 | 0.02 | ||||||||||
Adjusted Net Income (Loss) | $ | (34,049 | ) | $ | (0.74 | ) | $ | 32,554 | $ | 0.67 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands, except as otherwise indicated) | ||||||||||||||||
GAAP operating expenses | $ | 545,808 | $ | 492,928 | $ | 1,625,485 | $ | 1,417,796 | ||||||||
Less: aircraft fuel, including taxes and delivery | (110,111 | ) | (94,818 | ) | (316,423 | ) | (248,516 | ) | ||||||||
Less: special items | $ | — | $ | — | $ | (23,450 | ) | $ | — | |||||||
Adjusted operating expenses - excluding aircraft fuel and special items | $ | 435,697 | $ | 398,110 | $ | 1,285,612 | $ | 1,169,280 | ||||||||
Available Seat Miles | 4,950,800 | 4,894,768 | 14,208,642 | 13,813,955 | ||||||||||||
CASM - GAAP | 11.02 | ¢ | 10.07 | ¢ | 11.44 | ¢ | 10.26 | ¢ | ||||||||
Less: aircraft fuel | (2.22 | ) | (1.94 | ) | (2.23 | ) | (1.80 | ) | ||||||||
Less: special items | — | — | (0.17 | ) | — | |||||||||||
CASM - excluding aircraft fuel and special items | 8.80 | ¢ | 8.13 | ¢ | 9.04 | ¢ | 8.46 | ¢ |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands, except as otherwise indicated) | ||||||||
GAAP Operating Expenses | $ | 727,240 | $ | 604,075 | ||||
Adjusted for: | ||||||||
Aircraft fuel, including taxes and delivery | (113,478 | ) | (126,104 | ) | ||||
Gain on sale of aircraft and equipment | — | 1,097 | ||||||
Special items | (126,904 | ) | — | |||||
Adjusted Operating Expenses | $ | 486,858 | $ | 479,068 | ||||
Available Seat Miles | 4,979,529 | 4,851,921 | ||||||
CASM - GAAP | 14.60 | ¢ | 12.45 | ¢ | ||||
Adjusted for: | ||||||||
Aircraft fuel, including taxes and delivery | (2.27 | ) | (2.60 | ) | ||||
Gain on sale of aircraft and equipment | — | 0.02 | ||||||
Special items | (2.55 | ) | — | |||||
Adjusted CASM | 9.78 | ¢ | 9.87 | ¢ |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||
A321neo aircraft | 1 | 9 | In 2020 | |||||
B787-9 aircraft | 10 | 10 | Between 2021 and 2025 |
Period | Total number of shares purchased (i) | Average price paid per share (ii) | Total number of shares purchased as part of publicly announced plans or programs (i) | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (i) | ||||||||||
July 1, 2017 - July 31, 2017 | 89,092 | $ | 43.48 | 89,092 | ||||||||||
August 1, 2017 - August 31, 2017 | 417,878 | 41.54 | 417,878 | |||||||||||
September 1, 2017 - September 30, 2017 | 620,559 | 40.21 | 620,559 | |||||||||||
Total | 1,127,529 | 1,127,529 | $ | 49.5 |
Period | Total number of shares purchased (i) | Average price paid per share (ii) | Total number of shares purchased as part of publicly announced plans or programs (i) | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (i) | ||||||||||
January 1, 2020 - January 31, 2020 | 236,003 | $ | 29.02 | 236,003 | ||||||||||
February 1, 2020 - February 29, 2020 | 23,907 | 27.61 | 23,907 | |||||||||||
March 1, 2020 - March 31, 2020 | — | — | — | |||||||||||
Total | 259,910 | 259,910 | $ | 21.2 |
(i) | In November 2018, our Board of Directors approved the repurchase of up to an additional $100 million of our outstanding common stock through December 2020. On March 18, 2020, we announced the suspension of our repurchase program and pursuant to our receipt of relief under the CARES Act, we are restricted from repurchases through September 30, 2021. |
(ii) | Weighted average price paid per share is calculated on a settlement basis and excludes commission. |
Exhibit No. | Description | |
4.2 | ||
4.3 | ||
10.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Valuation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data Files (formatted as inline XBRL and contained in Exhibit 101) |
HAWAIIAN HOLDINGS, INC. | |||
Date: | By: | /s/ Shannon L. Okinaka | |
Shannon L. Okinaka | |||
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |