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, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Operating Revenue: | ||||||||||||||||||||||||||
Passenger | $ | 137,469 | $ | 503,469 | ||||||||||||||||||||||
Other | 44,748 | 55,675 | ||||||||||||||||||||||||
Total | 182,217 | 559,144 | ||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Wages and benefits | 12,809 | 188,254 | ||||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | 47,736 | 113,478 | ||||||||||||||||||||||||
Maintenance, materials and repairs | 34,252 | 60,409 | ||||||||||||||||||||||||
Aircraft and passenger servicing | 17,251 | 38,283 | ||||||||||||||||||||||||
Depreciation and amortization | 35,356 | 39,449 | ||||||||||||||||||||||||
Aircraft rent | 29,841 | 27,004 | ||||||||||||||||||||||||
Commissions and other selling | 11,409 | 26,716 | ||||||||||||||||||||||||
Other rentals and landing fees | 19,668 | 29,766 | ||||||||||||||||||||||||
Purchased services | 24,097 | 34,241 | ||||||||||||||||||||||||
Special items | 0 | 126,904 | ||||||||||||||||||||||||
Other | 22,962 | 42,736 | ||||||||||||||||||||||||
Total | 255,381 | 727,240 | ||||||||||||||||||||||||
Operating Loss | (73,164) | (168,096) | ||||||||||||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (23,693) | (6,795) | ||||||||||||||||||||||||
Gains (losses) on fuel derivatives | 217 | (6,452) | ||||||||||||||||||||||||
Other components of net periodic benefit cost | 981 | 338 | ||||||||||||||||||||||||
Interest income | 1,249 | 3,020 | ||||||||||||||||||||||||
Capitalized interest | 684 | 831 | ||||||||||||||||||||||||
Loss on extinguishment of debt | (3,994) | 0 | ||||||||||||||||||||||||
Other, net | 20,896 | 1,966 | ||||||||||||||||||||||||
Total | (3,660) | (7,092) | ||||||||||||||||||||||||
Loss Before Income Taxes | (76,824) | (175,188) | ||||||||||||||||||||||||
Income tax benefit | (16,133) | (30,816) | ||||||||||||||||||||||||
Net Loss | $ | (60,691) | $ | (144,372) | ||||||||||||||||||||||
Net Loss Per Share | ||||||||||||||||||||||||||
Basic | $ | (1.23) | $ | (3.14) | ||||||||||||||||||||||
Diluted | $ | (1.23) | $ | (3.14) | ||||||||||||||||||||||
Weighted Average Number of Common Stock Shares Outstanding: | ||||||||||||||||||||||||||
Basic | 49,472 | 45,967 | ||||||||||||||||||||||||
Diluted | 49,472 | 45,967 | ||||||||||||||||||||||||
Cash dividends declared per common stock share | $ | 0 | $ | 0.12 |
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 March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(unaudited) | ||||||||||||||
Net Loss | $ | (60,691) | $ | (144,372) | ||||||||||
Other comprehensive income (loss), net: | ||||||||||||||
Net change related to employee benefit plans, net of tax benefit of $39 and net of tax expense of $197 for 2021 and 2020, respectively | 1,117 | 598 | ||||||||||||
Net change in derivative instruments, net of tax expense of $113 for 2020 | — | 344 | ||||||||||||
Net change in available-for-sale investments, net of tax benefit of $468 and net of tax expense of $128 for 2021 and 2020, respectively | (1,441) | 389 | ||||||||||||
Total other comprehensive income (loss) | (324) | 1,331 | ||||||||||||
Total Comprehensive Loss | $ | (61,015) | $ | (143,041) |
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 |
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, 2021 (unaudited) | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | 987,865 | $ | 509,639 | ||||||||||
Restricted cash | 31,817 | 0 | ||||||||||||
Short-term investments | 889,962 | 354,782 | ||||||||||||
Accounts receivable, net | 57,887 | 67,527 | ||||||||||||
Income taxes receivable | 94,724 | 95,002 | ||||||||||||
Spare parts and supplies, net | 36,014 | 35,442 | ||||||||||||
Prepaid expenses and other | 74,340 | 56,086 | ||||||||||||
Total | 2,172,609 | 1,118,478 | ||||||||||||
Property and equipment, less accumulated depreciation and amortization of $928,892 and $894,519 as of March 31, 2021 and December 31, 2020, respectively | 2,063,134 | 2,085,030 | ||||||||||||
Other Assets: | ||||||||||||||
Operating lease right-of-use assets | 604,766 | 627,359 | ||||||||||||
Long-term prepayments and other | 118,890 | 133,663 | ||||||||||||
Intangible assets, net | 13,500 | 13,500 | ||||||||||||
Total Assets | $ | 4,972,899 | $ | 3,978,030 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable | $ | 117,288 | $ | 112,002 | ||||||||||
Air traffic liability and current frequent flyer deferred revenue | 687,323 | 533,702 | ||||||||||||
Other accrued liabilities | 145,701 | 140,081 | ||||||||||||
Current maturities of long-term debt, less discount | 142,051 | 115,019 | ||||||||||||
Current maturities of finance lease obligations | 22,545 | 21,290 | ||||||||||||
Current maturities of operating leases | 83,428 | 82,454 | ||||||||||||
Total | 1,198,336 | 1,004,548 | ||||||||||||
Long-Term Debt | 1,863,999 | 1,034,805 | ||||||||||||
Other Liabilities and Deferred Credits: | ||||||||||||||
Noncurrent finance lease obligations | 115,447 | 120,618 | ||||||||||||
Noncurrent operating leases | 482,140 | 503,376 | ||||||||||||
Accumulated pension and other post-retirement benefit obligations | 212,853 | 217,737 | ||||||||||||
Other liabilities and deferred credits | 79,688 | 78,908 | ||||||||||||
Noncurrent frequent flyer deferred revenue | 207,610 | 201,239 | ||||||||||||
Deferred tax liability, net | 200,824 | 216,642 | ||||||||||||
Total | 1,298,562 | 1,338,520 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||
Shareholders’ Equity: | ||||||||||||||
Special preferred stock, $0.01 par value per share, 3 shares issued and outstanding as of March 31, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||
Common stock, $0.01 par value per share, 51,107,210 and 48,145,093 shares outstanding as of March 31, 2021 and December 31, 2020, respectively | 511 | 481 | ||||||||||||
Capital in excess of par value | 261,423 | 188,593 | ||||||||||||
Accumulated income | 464,919 | 525,610 | ||||||||||||
Accumulated other comprehensive loss, net | (114,851) | (114,527) | ||||||||||||
Total | 612,002 | 600,157 | ||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 4,972,899 | $ | 3,978,030 |
Common Stock(*) | Special Preferred Stock(**) | Capital In Excess of Par Value | Accumulated Income | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 481 | $ | 0 | $ | 188,593 | $ | 525,610 | $ | (114,527) | $ | 600,157 | ||||||||||||||||||||||||||
Net Loss | — | — | — | (60,691) | — | (60,691) | ||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (324) | (324) | ||||||||||||||||||||||||||||||||
Issuance of 101,907 shares of common stock, net of shares withheld for taxes | 1 | — | (1,567) | — | — | (1,566) | ||||||||||||||||||||||||||||||||
Issuance of 2,860,210 shares of common stock related to at-the-market offering | 29 | — | 69,940 | — | — | 69,969 | ||||||||||||||||||||||||||||||||
CARES Act warrant issuance, net of tax | — | — | 2,251 | — | — | 2,251 | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 2,206 | — | — | 2,206 | ||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 511 | $ | 0 | $ | 261,423 | $ | 464,919 | $ | (114,851) | $ | 612,002 | ||||||||||||||||||||||||||
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 | $ | 0 | $ | 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 | $ | 0 | $ | 134,285 | $ | 892,173 | $ | (102,552) | $ | 924,366 | ||||||||||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | 2021 | 2020 | |||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||
Net cash provided by Operating Activities | $ | 295,477 | $ | 434,922 | Net cash provided by Operating Activities | $ | 122,009 | $ | 46,887 | |||||||||||||
Cash flows from Investing Activities: | Cash flows from Investing Activities: | |||||||||||||||||||||
Additions to property and equipment, including pre-delivery payments | (212,535 | ) | (104,250 | ) | Additions to property and equipment, including pre-delivery payments | (10,417) | (46,845) | |||||||||||||||
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 | Proceeds from the disposition of aircraft related equipment | 117 | 0 | |||||||||||||||||||
Purchases of investments | (171,485 | ) | (217,964 | ) | Purchases of investments | (655,266) | (48,133) | |||||||||||||||
Sales of investments | 183,930 | 208,075 | Sales of investments | 117,857 | 80,218 | |||||||||||||||||
Net cash used in investing activities | (166,579 | ) | (82,288 | ) | Net cash used in investing activities | (547,709) | (14,760) | |||||||||||||||
Cash flows from Financing Activities: | 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 | ) | |||||||||||||||||||
Proceeds from the issuance of common stock | Proceeds from the issuance of common stock | 68,132 | 0 | |||||||||||||||||||
Long-term borrowings | Long-term borrowings | 1,220,259 | 235,000 | |||||||||||||||||||
Repayments of long-term debt and finance lease obligations | Repayments of long-term debt and finance lease obligations | (328,256) | (25,320) | |||||||||||||||||||
Dividend payments | Dividend payments | 0 | (5,514) | |||||||||||||||||||
Debt issuance costs | Debt issuance costs | (24,664) | 0 | |||||||||||||||||||
Repurchases of common stock | (50,486 | ) | (13,763 | ) | Repurchases of common stock | 0 | (7,510) | |||||||||||||||
Payment for taxes withheld for stock compensation | Payment for taxes withheld for stock compensation | (1,565) | (1,230) | |||||||||||||||||||
Other | (7,891 | ) | (7,702 | ) | Other | 1,837 | 0 | |||||||||||||||
Net cash used in financing activities | (110,840 | ) | (228,423 | ) | ||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 935,743 | 195,426 | |||||||||||||||||||
Net increase in cash and cash equivalents | 18,058 | 124,211 | Net increase in cash and cash equivalents | 510,043 | 227,553 | |||||||||||||||||
Cash, cash equivalents, and restricted cash - Beginning of Period | 330,991 | 286,502 | Cash, cash equivalents, and restricted cash - Beginning of Period | 509,639 | 373,056 | |||||||||||||||||
Cash, cash equivalents, and restricted cash - End of Period | $ | 349,049 | $ | 410,713 | Cash, cash equivalents, and restricted cash - End of Period | $ | 1,019,682 | $ | 600,609 |
Details about accumulated other comprehensive income (loss) components | Three months ended March 31, | Affected line items in the statement where net income is presented | ||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Derivative instruments under ASC 815 | ||||||||||||||||||||||||||||||||
Foreign currency derivative gains, net | $ | 0 | $ | (1,114) | Passenger revenue | |||||||||||||||||||||||||||
Foreign currency derivative gains, net | 0 | (2,786) | Nonoperating Income (Expense), Other, net | |||||||||||||||||||||||||||||
Total before tax | 0 | (3,900) | ||||||||||||||||||||||||||||||
Tax expense | 0 | 965 | ||||||||||||||||||||||||||||||
Total, net of tax | $ | — | $ | (2,935) | ||||||||||||||||||||||||||||
Amortization of defined benefit plan items | ||||||||||||||||||||||||||||||||
Actuarial loss | $ | 986 | $ | 922 | Nonoperating Income (Expense), Other, net | |||||||||||||||||||||||||||
Prior service cost | 92 | 56 | Nonoperating Income (Expense), Other, net | |||||||||||||||||||||||||||||
Total before tax | 1,078 | 978 | ||||||||||||||||||||||||||||||
Tax expense (benefit) | 39 | (242) | ||||||||||||||||||||||||||||||
Total, net of tax | $ | 1,117 | $ | 736 | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Realized losses (gain) on sales of investments, net | $ | (76) | $ | 14 | Nonoperating Income (Expense), Other, net | |||||||||||||||||||||||||||
Total before tax | (76) | 14 | ||||||||||||||||||||||||||||||
Tax expense (benefit) | 19 | (3) | ||||||||||||||||||||||||||||||
Total, net of tax | $ | (57) | $ | 11 | ||||||||||||||||||||||||||||
Total reclassifications for the period | $ | 1,060 | $ | (2,188) |
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 March 31, 2021 | Defined Benefit Plan Items | Short-Term Investments | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Beginning balance | $ | (116,181) | $ | 1,654 | $ | (114,527) | ||||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | 0 | (1,384) | (1,384) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 1,117 | (57) | 1,060 | |||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 1,117 | (1,441) | (324) | |||||||||||||||||||||||
Ending balance | $ | (115,064) | $ | 213 | $ | (114,851) |
Three months ended September 30, 2017 | Interest Rate Derivatives | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | Three months ended March 31, 2020 | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | 1,235 | $ | (107,344 | ) | $ | (244 | ) | $ | (106,353 | ) | Beginning balance | $ | 3,341 | $ | (108,028) | $ | 804 | $ | (103,883) | ||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (47 | ) | (7,619 | ) | 74 | (7,592 | ) | 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 | — | (279 | ) | 32,661 | (4 | ) | 32,378 | Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2,935) | 736 | 11 | (2,188) | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | — | (326 | ) | 25,042 | 70 | 24,786 | ||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income | Net current-period other comprehensive income | 344 | 598 | 389 | 1,331 | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | — | $ | 909 | $ | (82,302 | ) | $ | (174 | ) | $ | (81,567 | ) | Ending balance | $ | 3,685 | $ | (107,430) | $ | 1,193 | $ | (102,552) |
Three months ended September 30, 2016 | Interest Rate Derivatives | Foreign Currency Derivatives | Defined Benefit Plan Items | Short-Term Investments | Total | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | — | $ | (10,348 | ) | $ | (101,710 | ) | $ | 311 | $ | (111,747 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | — | (2,999 | ) | — | (166 | ) | (3,165 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | — | 1,141 | 1,293 | (80 | ) | 2,354 | ||||||||||||||
Net current-period other comprehensive income (loss) | — | (1,858 | ) | 1,293 | (246 | ) | (811 | ) | ||||||||||||
Ending balance | $ | — | $ | (12,206 | ) | $ | (100,417 | ) | $ | 65 | $ | (112,558 | ) |
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 | ) |
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, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands, except for per share data) | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net Loss | $ | (60,691) | $ | (144,372) | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average common stock shares outstanding - Basic | 49,472 | 45,967 | ||||||||||||||||||||||||
Weighted average common stock shares outstanding - Diluted | 49,472 | 45,967 | ||||||||||||||||||||||||
Net Loss Per Share | ||||||||||||||||||||||||||
Basic | $ | (1.23) | $ | (3.14) | ||||||||||||||||||||||
Diluted | $ | (1.23) | $ | (3.14) |
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, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Geographic Information | (in thousands) | |||||||||||||||||||||||||
Domestic | $ | 165,702 | $ | 402,014 | ||||||||||||||||||||||
Pacific | 16,515 | 157,130 | ||||||||||||||||||||||||
Total operating revenue | $ | 182,217 | $ | 559,144 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Passenger Revenue by Type | (in thousands) | |||||||||||||||||||||||||
Passenger revenue, excluding frequent flyer | $ | 124,786 | $ | 474,135 | ||||||||||||||||||||||
Frequent flyer revenue, transportation component | 12,683 | 29,334 | ||||||||||||||||||||||||
Passenger Revenue | $ | 137,469 | $ | 503,469 | ||||||||||||||||||||||
Other revenue (e.g., cargo and other miscellaneous) | $ | 27,216 | $ | 34,183 | ||||||||||||||||||||||
Frequent flyer revenue, marketing and brand component | 17,532 | 21,492 | ||||||||||||||||||||||||
Other Revenue | $ | 44,748 | $ | 55,675 |
March 31, 2021 | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Air traffic liability (current portion of frequent flyer revenue) | $ | 225,818 | $ | 218,886 | ||||||||||
Noncurrent frequent flyer deferred revenue | 207,610 | 201,239 | ||||||||||||
Total frequent flyer liability | $ | 433,428 | $ | 420,125 |
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 |
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Balance at January 1 | $ | 420,125 | $ | 349,806 | ||||||||||
Miles awarded | 26,276 | 40,208 | ||||||||||||
Travel miles redeemed (Passenger Revenue) | (12,683) | (29,334) | ||||||||||||
Non-travel miles redeemed (Other Revenue) | (290) | (1,012) | ||||||||||||
Balance at March 31 | $ | 433,428 | $ | 359,668 |
Fair Value Measurements as of September 30, 2017 | Fair Value Measurements as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | — | Cash equivalents | $ | 432,320 | $ | 356,314 | $ | 76,006 | $ | 0 | |||||||||||||||||||||||||
Restricted cash | 1,000 | 1,000 | — | — | ||||||||||||||||||||||||||||||||||||||
Short-term investments | 270,697 | — | 270,697 | — | Short-term investments | |||||||||||||||||||||||||||||||||||||
Fuel derivative contracts: | ||||||||||||||||||||||||||||||||||||||||||
Crude oil call options | 8,184 | — | 8,184 | — | ||||||||||||||||||||||||||||||||||||||
Jet fuel swaps | 566 | — | 566 | — | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 455,857 | 0 | 455,857 | 0 | |||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | 308,374 | 0 | 308,374 | 0 | |||||||||||||||||||||||||||||||||||||
Other fixed income securities | Other fixed income securities | 125,731 | 0 | 125,731 | 0 | |||||||||||||||||||||||||||||||||||||
Total short-term investments | Total short-term investments | 889,962 | 0 | 889,962 | 0 | |||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Fuel derivative contracts | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 4,721 | — | 4,721 | — | Foreign currency derivatives | 398 | 0 | 398 | 0 | |||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 483,186 | $ | 172,936 | $ | 310,250 | $ | — | Total assets measured at fair value | $ | 1,322,680 | $ | 356,314 | $ | 966,366 | $ | 0 | |||||||||||||||||||||||||
Fuel derivative contracts: | ||||||||||||||||||||||||||||||||||||||||||
Jet fuel swaps | $ | 21 | $ | — | $ | 21 | $ | — | ||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 2,612 | — | 2,612 | — | Foreign currency derivatives | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 2,633 | $ | — | $ | 2,633 | $ | — | Total liabilities measured at fair value | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Fair Value Measurements as of December 31, 2020 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Cash equivalents | $ | 345,766 | $ | 297,698 | $ | 48,068 | $ | 0 | ||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Corporate debt securities | 198,355 | 0 | 198,355 | 0 | ||||||||||||||||||||||
U.S. government and agency securities | 156,427 | 0 | 156,427 | 0 | ||||||||||||||||||||||
Total short-term investments | 354,782 | 0 | 354,782 | 0 | ||||||||||||||||||||||
Fuel derivative contracts | 43 | 0 | 43 | 0 | ||||||||||||||||||||||
Foreign currency derivatives | 31 | 0 | 31 | 0 | ||||||||||||||||||||||
Total assets measured at fair value | $ | 700,622 | $ | 297,698 | $ | 402,924 | $ | 0 | ||||||||||||||||||
Foreign currency derivatives | 1,382 | 0 | 1,382 | 0 | ||||||||||||||||||||||
Total liabilities measured at fair value | $ | 1,382 | $ | 0 | $ | 1,382 | $ | 0 |
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 of Debt | Fair Value of Debt | Fair Value of Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 438,843 | $ | 449,761 | $ | — | $ | — | $ | 449,761 | $ | 481,874 | $ | 484,734 | $ | — | $ | — | $ | 484,734 | 2,049,543 | $ | 2,142,513 | $ | 0 | $ | 0 | $ | 2,142,513 | $ | 1,171,349 | $ | 1,054,410 | $ | 0 | $ | 0 | $ | 1,054,410 |
Three months ended March 31, | ||||||||||||||||||||||||||
Fuel derivative contracts | 2021 | 2020 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Losses realized at settlement | $ | (165) | $ | (3,086) | ||||||||||||||||||||||
Reversal of prior period unrealized amounts | 382 | 2,488 | ||||||||||||||||||||||||
Unrealized losses that will settle in future periods | 0 | (5,854) | ||||||||||||||||||||||||
Gains (losses) on fuel derivatives recorded as nonoperating income (expense) | $ | 217 | $ | (6,452) |
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges | Derivatives not 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 | Foreign currency derivatives | Prepaid expenses and other | 1,000,400 Japanese Yen | February 2022 | 398 | 0 | 398 | |||||||||||||||||||||||||||||||||||||||
Long-term prepayments and other | 4,812,000 Japanese Yen 8,247 Australian Dollars | September 2019 | 952 | (242 | ) | 710 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other | 94,332 gallons | September 2018 | 8,750 | (21 | ) | 8,729 |
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 | 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 | 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 | Foreign currency derivatives | Other accrued liabilities | 4,062,950 Japanese Yen 2,852 Australian Dollars | December 2021 | 31 | (1,156) | (1,125) | |||||||||||||||||||||||||||||||||||||||
Other liabilities and deferred credits | 789,000 Japanese Yen | February 2022 | 0 | (226) | (226) | ||||||||||||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other | 17,850 gallons | December 2017 | 15,090 | — | 15,090 | Fuel derivative contracts | Prepaid expenses and other | 8,652 gallons | March 2021 | 43 | 0 | 43 |
(Gain) loss recognized in AOCI on derivatives | (Gain) loss reclassified from AOCI into income | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Foreign currency derivatives | $ | 0 | $ | (1,571) | $ | 0 | $ | (3,900) | ||||||||||||||||||||||||||||||
(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) 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 | — | — |
March 31, 2021 | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Class A EETC-13, fixed interest rate of 3.9%, semiannual principal and interest payments, remaining balance due at maturity in January 2026 | $ | 207,821 | $ | 214,923 | ||||||||||
Class B EETC-13, fixed interest rate of 4.95%, semiannual principal and interest payments, remaining balance due at maturity in January 2022 | 65,650 | 75,565 | ||||||||||||
Japanese Yen denominated financing, fixed interest rate of 1.05%, quarterly principal and interest payments, remaining balance due at maturity in May 2030 | 34,037 | 37,526 | ||||||||||||
Japanese Yen denominated financing, fixed interest rate of 1.01%, semiannual principal and interest payments, remaining balance due at maturity in June 2030 | 31,234 | 33,573 | ||||||||||||
Japanese Yen denominated financing, fixed interest rate of 0.65%, quarterly principal and interest payments, remaining balance due at maturity in March 2025 | 108,424 | 121,480 | ||||||||||||
Japanese Yen denominated financing, fixed interest rate of 0.76%, semiannual principal and interest payments, remaining balance due at maturity in September 2031 | 76,530 | 86,018 | ||||||||||||
Revolving credit facility, variable interest rate of LIBOR plus a margin of 2.25%, monthly interest payments, principal balance due at maturity in December 2022 | 0 | 235,000 | ||||||||||||
Class A EETC-20, fixed interest rate of 7.375%, semiannual principal and interest payments, remaining balance due at maturity in September 2027 | 204,524 | 216,976 | ||||||||||||
Class B EETC-20, fixed interest rate of 11.25%, semiannual principal and interest payments, remaining balance due at maturity in September 2025 | 40,787 | 45,010 | ||||||||||||
CARES Act Payroll Support Program, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in April 2030 through September 2030 | 60,278 | 60,278 | ||||||||||||
CARES Act Economic Relief Program, variable interest rate of LIBOR plus a margin of 2.5%, quarterly interest payments, principal balance due at maturity in June 2024 | 0 | 45,000 | ||||||||||||
Payroll Support Extension Program, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in January 2031 | 20,259 | 0 | ||||||||||||
Loyalty Program Financing, fixed interest of 5.75%, quarterly interest payments, principal balance due at maturity in January 2026 | 1,200,000 | 0 | ||||||||||||
Unamortized debt discount and issuance costs | (43,494) | (21,525) | ||||||||||||
Total Debt | $ | 2,006,050 | $ | 1,149,824 | ||||||||||
Less: Current maturities of long-term debt | (142,051) | (115,019) | ||||||||||||
Long-Term Debt, less discount | $ | 1,863,999 | $ | 1,034,805 |
Summary of payroll support program activity | ||||||||||||||||||||||||||||||||
(in millions, except percentages) | Total Amount | Grant | Loan | Number of warrants | Percentage of outstanding shares at March 31, 2021 | |||||||||||||||||||||||||||
Payroll Support Program | $ | 300.9 | $ | 240.6 | $ | 60.3 | 0.5 | 1.0 | % | |||||||||||||||||||||||
Payroll Support Program Extension(1) | 167.5 | 147.3 | 20.2 | 0.1 | 0.2 | % | ||||||||||||||||||||||||||
Remaining months in 2021 | $ | 72,603 | |||
2022 | 122,545 | ||||
2023 | 87,522 | ||||
2024 | 85,415 | ||||
2025 | 105,017 | ||||
Thereafter | 1,576,442 | ||||
$ | 2,049,544 |
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 September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Components of Net Period Benefit Cost | 2017 | 2016 | 2017 | 2016 | Components of Net Period Benefit Cost | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 3,296 | $ | 3,438 | $ | 10,922 | $ | 10,864 | Service cost | $ | 2,739 | $ | 2,667 | |||||||||||||||||||||||||||||
Other cost: | Other cost: | |||||||||||||||||||||||||||||||||||||||||
Interest cost | 5,983 | 7,518 | 20,502 | 22,682 | Interest cost | 4,216 | 4,970 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (4,533 | ) | (4,472 | ) | (14,125 | ) | (13,416 | ) | Expected return on plan assets | (6,275) | (6,286) | |||||||||||||||||||||||||||||||
Recognized net actuarial loss | 2,342 | 2,008 | 6,916 | 5,952 | Recognized net actuarial loss | 1,078 | 978 | |||||||||||||||||||||||||||||||||||
Total other components of the net periodic benefit cost | 3,792 | 5,054 | 13,293 | 15,218 | Total other components of the net periodic benefit cost | (981) | (338) | |||||||||||||||||||||||||||||||||||
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 | Net periodic benefit cost | $ | 1,758 | $ | 2,329 |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||||||||||||||
A321neo aircraft | 0 | 9 | N/A | |||||||||||||||||
B787-9 aircraft | 10 | 10 | Between 2022 and 2026 | |||||||||||||||||
General Electric GEnx spare engines: | ||||||||||||||||||||
B787-9 spare engines | 2 | 2 | Between 2022 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 2021 | $ | 7,895 | $ | 62,703 | $ | 70,598 | ||||||||||||||
2022 | 341,905 | 75,702 | 417,607 | |||||||||||||||||
2023 | 158,380 | 70,529 | 228,909 | |||||||||||||||||
2024 | 497,161 | 61,285 | 558,446 | |||||||||||||||||
2025 | 404,363 | 48,915 | 453,278 | |||||||||||||||||
Thereafter | 228,450 | 90,647 | 319,097 | |||||||||||||||||
$ | 1,638,154 | $ | 409,781 | $ | 2,047,935 |
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, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Collective bargaining agreement payment (1) | $ | 0 | $ | 20,242 | ||||||||||||||||||||||
Goodwill impairment (2) | 0 | 106,662 | ||||||||||||||||||||||||
Total operating special items | $ | 0 | $ | 126,904 | ||||||||||||||||||||||
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 | $ | 0 | $ | 181,538 | $ | 3,423 | $ | (2,744) | $ | 182,217 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||
Wages and benefits | 0 | 12,809 | 0 | 0 | 12,809 | |||||||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | 0 | 47,736 | 0 | 0 | 47,736 | |||||||||||||||||||||||||||
Maintenance, materials and repairs | 0 | 34,237 | 15 | 0 | 34,252 | |||||||||||||||||||||||||||
Aircraft and passenger servicing | 0 | 17,251 | 0 | 0 | 17,251 | |||||||||||||||||||||||||||
Commissions and other selling | 0 | 11,421 | 9 | (21) | 11,409 | |||||||||||||||||||||||||||
Aircraft rent | 0 | 29,841 | 0 | 0 | 29,841 | |||||||||||||||||||||||||||
Other rentals and landing fees | 0 | 19,697 | 0 | (29) | 19,668 | |||||||||||||||||||||||||||
Depreciation and amortization | 0 | 34,459 | 897 | 0 | 35,356 | |||||||||||||||||||||||||||
Purchased services | 1,888 | 24,570 | 313 | (2,674) | 24,097 | |||||||||||||||||||||||||||
Other | 1,726 | 20,961 | 295 | (20) | 22,962 | |||||||||||||||||||||||||||
Total | 3,614 | 252,982 | 1,529 | (2,744) | 255,381 | |||||||||||||||||||||||||||
Operating Income (Loss) | (3,614) | (71,444) | 1,894 | 0 | (73,164) | |||||||||||||||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||||||||||||||
Undistributed net loss of subsidiaries | (57,087) | (10,817) | 0 | 67,904 | 0 | |||||||||||||||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | 0 | (12,908) | (11,238) | 453 | (23,693) | |||||||||||||||||||||||||||
Interest income | 10 | 1,239 | 453 | (453) | 1,249 | |||||||||||||||||||||||||||
Capitalized interest | 0 | 684 | 0 | 0 | 684 | |||||||||||||||||||||||||||
Gains on fuel derivatives | 0 | 217 | 0 | 0 | 217 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | 0 | (3,994) | 0 | 0 | (3,994) | |||||||||||||||||||||||||||
Other components of net periodic pension cost | 0 | 981 | 0 | 0 | 981 | |||||||||||||||||||||||||||
Other, net | 0 | 20,896 | 0 | 0 | 20,896 | |||||||||||||||||||||||||||
Total | (57,077) | (3,702) | (10,785) | 67,904 | (3,660) | |||||||||||||||||||||||||||
Loss Before Income Taxes | (60,691) | (75,146) | (8,891) | 67,904 | (76,824) | |||||||||||||||||||||||||||
Income tax benefit | 0 | (16,133) | 0 | 0 | (16,133) | |||||||||||||||||||||||||||
Net Income (Loss) | $ | (60,691) | $ | (59,013) | $ | (8,891) | $ | 67,904 | $ | (60,691) | ||||||||||||||||||||||
Comprehensive Loss | $ | (61,015) | $ | (59,337) | $ | (8,891) | $ | 68,228 | $ | (61,015) |
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 | $ | 0 | $ | 559,162 | $ | 3,890 | $ | (3,908) | $ | 559,144 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||
Wages and benefits | 0 | 188,254 | 0 | 0 | 188,254 | |||||||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | 0 | 113,478 | 0 | 0 | 113,478 | |||||||||||||||||||||||||||
Maintenance, materials and repairs | 0 | 59,066 | 1,897 | (554) | 60,409 | |||||||||||||||||||||||||||
Aircraft and passenger servicing | 0 | 38,283 | 0 | 0 | 38,283 | |||||||||||||||||||||||||||
Commissions and other selling | 19 | 26,700 | 42 | (45) | 26,716 | |||||||||||||||||||||||||||
Aircraft rent | 0 | 27,023 | (19) | 0 | 27,004 | |||||||||||||||||||||||||||
Depreciation and amortization | 0 | 37,477 | 1,972 | 0 | 39,449 | |||||||||||||||||||||||||||
Other rentals and landing fees | 0 | 29,793 | 0 | (27) | 29,766 | |||||||||||||||||||||||||||
Purchased services | 90 | 37,096 | 321 | (3,266) | 34,241 | |||||||||||||||||||||||||||
Special items | 0 | 126,904 | 0 | 0 | 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) | 0 | (168,096) | |||||||||||||||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||||||||||||||
Undistributed net loss of subsidiaries | (143,225) | 0 | 0 | 143,225 | 0 | |||||||||||||||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | 0 | (6,795) | 0 | 0 | (6,795) | |||||||||||||||||||||||||||
Interest income | 3 | 3,017 | 0 | 0 | 3,020 | |||||||||||||||||||||||||||
Capitalized interest | 0 | 831 | 0 | 0 | 831 | |||||||||||||||||||||||||||
Losses on fuel derivatives | 0 | (6,452) | 0 | 0 | (6,452) | |||||||||||||||||||||||||||
Other components of net periodic pension cost | 0 | 338 | 0 | 0 | 338 | |||||||||||||||||||||||||||
Other, net | 0 | 1,967 | (1) | 0 | 1,966 | |||||||||||||||||||||||||||
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) | 0 | (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 | $ | — | $ | 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 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,448 | $ | 941,042 | $ | 33,375 | $ | 0 | $ | 987,865 | ||||||||||||||||||||||
Restricted cash | 0 | 0 | 31,817 | 0 | 31,817 | |||||||||||||||||||||||||||
Short-term investments | 0 | 889,962 | 0 | 0 | 889,962 | |||||||||||||||||||||||||||
Accounts receivable, net | 0 | 55,162 | 3,437 | (712) | 57,887 | |||||||||||||||||||||||||||
Income taxes receivable | 0 | 94,724 | 0 | 0 | 94,724 | |||||||||||||||||||||||||||
Spare parts and supplies, net | 0 | 36,014 | 0 | 0 | 36,014 | |||||||||||||||||||||||||||
Prepaid expenses and other | 128 | 74,058 | 154 | 0 | 74,340 | |||||||||||||||||||||||||||
Total | 13,576 | 2,090,962 | 68,783 | (712) | 2,172,609 | |||||||||||||||||||||||||||
Property and equipment at cost | 0 | 2,929,126 | 62,900 | 0 | 2,992,026 | |||||||||||||||||||||||||||
Less accumulated depreciation and amortization | 0 | (899,428) | (29,464) | 0 | (928,892) | |||||||||||||||||||||||||||
Property and equipment, net | 0 | 2,029,698 | 33,436 | 0 | 2,063,134 | |||||||||||||||||||||||||||
Operating lease right-of-use assets | 0 | 604,766 | 0 | 0 | 604,766 | |||||||||||||||||||||||||||
Long-term prepayments and other | 50 | 118,367 | 1,200,473 | (1,200,000) | 118,890 | |||||||||||||||||||||||||||
Goodwill and other intangible assets, net | 0 | 0 | 13,500 | 0 | 13,500 | |||||||||||||||||||||||||||
Intercompany receivable | 0 | 544,707 | 0 | (544,707) | 0 | |||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,052,077 | 2,183 | 503 | (1,054,763) | 0 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 1,065,703 | $ | 5,390,683 | $ | 1,316,695 | $ | (2,800,182) | $ | 4,972,899 | ||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable | $ | 738 | $ | 115,871 | $ | 939 | $ | (260) | $ | 117,288 | ||||||||||||||||||||||
Air traffic liability and current frequent flyer deferred revenue | 0 | 681,254 | 6,069 | 0 | 687,323 | |||||||||||||||||||||||||||
Other accrued liabilities | 0 | 135,493 | 10,660 | (452) | 145,701 | |||||||||||||||||||||||||||
Current maturities of long-term debt, less discount | 0 | 142,051 | 0 | 0 | 142,051 | |||||||||||||||||||||||||||
Current maturities of finance lease obligations | 0 | 22,545 | 0 | 0 | 22,545 | |||||||||||||||||||||||||||
Current maturities of operating leases | 0 | 83,428 | 0 | 0 | 83,428 | |||||||||||||||||||||||||||
Total | 738 | 1,180,642 | 17,668 | (712) | 1,198,336 | |||||||||||||||||||||||||||
Long-term debt | 0 | 1,887,967 | 1,176,032 | (1,200,000) | 1,863,999 | |||||||||||||||||||||||||||
Intercompany payable | 452,963 | 0 | 91,744 | (544,707) | 0 | |||||||||||||||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||||||||||||||
Noncurrent finance lease obligations | 0 | 115,447 | 0 | 0 | 115,447 | |||||||||||||||||||||||||||
Noncurrent operating leases | 0 | 482,140 | 0 | 0 | 482,140 | |||||||||||||||||||||||||||
Accumulated pension and other post-retirement benefit obligations | 0 | 212,853 | 0 | 0 | 212,853 | |||||||||||||||||||||||||||
Other liabilities and deferred credits | 0 | 78,560 | 1,128 | 0 | 79,688 | |||||||||||||||||||||||||||
Noncurrent frequent flyer deferred revenue | 0 | 207,610 | 0 | 0 | 207,610 | |||||||||||||||||||||||||||
Deferred tax liabilities, net | 0 | 200,824 | 0 | 0 | 200,824 | |||||||||||||||||||||||||||
Total | 0 | 1,297,434 | 1,128 | 0 | 1,298,562 | |||||||||||||||||||||||||||
Shareholders’ equity | 612,002 | 1,024,640 | 30,123 | (1,054,763) | 612,002 | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,065,703 | $ | 5,390,683 | $ | 1,316,695 | $ | (2,800,182) | $ | 4,972,899 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 63,745 | $ | 279,055 | $ | 5,249 | $ | — | $ | 348,049 | ||||||||||
Restricted cash | — | 1,000 | — | — | 1,000 | |||||||||||||||
Short-term investments | — | 270,697 | — | — | 270,697 | |||||||||||||||
Accounts receivable, net | 29 | 117,103 | 1,687 | (197 | ) | 118,622 | ||||||||||||||
Spare parts and supplies, net | — | 26,560 | — | — | 26,560 | |||||||||||||||
Prepaid expenses and other | 145 | 56,409 | 229 | — | 56,783 | |||||||||||||||
Total | 63,919 | 750,824 | 7,165 | (197 | ) | 821,711 | ||||||||||||||
Property and equipment at cost | — | 2,214,015 | 73,895 | — | 2,287,910 | |||||||||||||||
Less accumulated depreciation and amortization | — | (523,089 | ) | (10,875 | ) | — | (533,964 | ) | ||||||||||||
Property and equipment, net | — | 1,690,926 | 63,020 | — | 1,753,946 | |||||||||||||||
Long-term prepayments and other | — | 124,874 | 52 | — | 124,926 | |||||||||||||||
Deferred tax assets, net | 31,271 | — | — | (31,271 | ) | — | ||||||||||||||
Goodwill and other intangible assets, net | — | 120,839 | 1,271 | — | 122,110 | |||||||||||||||
Intercompany receivable | — | 342,113 | — | (342,113 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 1,077,365 | — | — | (1,077,365 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 1,172,555 | $ | 3,029,576 | $ | 71,508 | $ | (1,450,946 | ) | $ | 2,822,693 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 703 | $ | 117,454 | $ | 850 | $ | (197 | ) | $ | 118,810 | |||||||||
Air traffic liability | — | 569,638 | 3,735 | — | 573,373 | |||||||||||||||
Other accrued liabilities | 131 | 157,383 | 246 | — | 157,760 | |||||||||||||||
Current maturities of long-term debt, less discount, and capital lease obligations | — | 58,585 | — | — | 58,585 | |||||||||||||||
Total | 834 | 903,060 | 4,831 | (197 | ) | 908,528 | ||||||||||||||
Long-term debt and capital lease obligations | — | 447,533 | — | — | 447,533 | |||||||||||||||
Intercompany payable | 330,930 | — | 11,183 | (342,113 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | =sum(C32:I32) | |||||||||||||||||||
Accumulated pension and other post-retirement benefit obligations | — | 234,206 | — | — | 234,206 | |||||||||||||||
Other liabilities and deferred credits | — | 171,937 | 855 | — | 172,792 | |||||||||||||||
Deferred tax liabilities, net | — | 250,114 | — | (31,271 | ) | 218,843 | ||||||||||||||
Total | — | 656,257 | 855 | (31,271 | ) | 625,841 | ||||||||||||||
Shareholders’ equity | 840,791 | 1,022,726 | 54,639 | (1,077,365 | ) | 840,791 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,172,555 | $ | 3,029,576 | $ | 71,508 | $ | (1,450,946 | ) | $ | 2,822,693 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 24,088 | $ | 476,409 | $ | 9,142 | $ | 0 | $ | 509,639 | ||||||||||||||||||||||
Short-term investments | 0 | 354,782 | 0 | 0 | 354,782 | |||||||||||||||||||||||||||
Accounts receivable, net | 0 | 67,831 | 424 | (728) | 67,527 | |||||||||||||||||||||||||||
Income taxes receivable, net | 0 | 95,002 | 0 | 0 | 95,002 | |||||||||||||||||||||||||||
Spare parts and supplies, net | 0 | 35,442 | 0 | 0 | 35,442 | |||||||||||||||||||||||||||
Prepaid expenses and other | 21 | 56,046 | 19 | 0 | 56,086 | |||||||||||||||||||||||||||
Total | 24,109 | 1,085,512 | 9,585 | (728) | 1,118,478 | |||||||||||||||||||||||||||
Property and equipment at cost | 0 | 2,916,850 | 62,699 | 0 | 2,979,549 | |||||||||||||||||||||||||||
Less accumulated depreciation and amortization | 0 | (865,952) | (28,567) | 0 | (894,519) | |||||||||||||||||||||||||||
Property and equipment, net | 0 | 2,050,898 | 34,132 | 0 | 2,085,030 | |||||||||||||||||||||||||||
Operating lease right-of-use assets | 0 | 627,359 | 0 | 0 | 627,359 | |||||||||||||||||||||||||||
Long-term prepayments and other | 50 | 133,143 | 470 | 0 | 133,663 | |||||||||||||||||||||||||||
Goodwill and other intangible assets, net | 0 | 13,000 | 500 | 0 | 13,500 | |||||||||||||||||||||||||||
Intercompany receivable | 0 | 540,491 | 0 | (540,491) | 0 | |||||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,106,627 | 0 | 503 | (1,107,130) | 0 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 1,130,786 | $ | 4,450,403 | $ | 45,190 | $ | (1,648,349) | $ | 3,978,030 | ||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Accounts payable | $ | 720 | $ | 110,070 | $ | 1,940 | $ | (728) | $ | 112,002 | ||||||||||||||||||||||
Air traffic liability and current frequent flyer deferred revenue | 0 | 527,440 | 6,262 | 0 | 533,702 | |||||||||||||||||||||||||||
Other accrued liabilities | 0 | 139,878 | 203 | 0 | 140,081 | |||||||||||||||||||||||||||
Current maturities of long-term debt, less discount | 0 | 115,019 | 0 | 0 | 115,019 | |||||||||||||||||||||||||||
Current maturities of finance lease obligations | 0 | 21,290 | 0 | 0 | 21,290 | |||||||||||||||||||||||||||
Current maturities of operating leases | 0 | 82,454 | 0 | 0 | 82,454 | |||||||||||||||||||||||||||
Total | 720 | 996,151 | 8,405 | (728) | 1,004,548 | |||||||||||||||||||||||||||
Long-term debt | 0 | 1,034,805 | 0 | 0 | 1,034,805 | |||||||||||||||||||||||||||
Intercompany payable | 529,909 | 0 | 10,582 | (540,491) | 0 | |||||||||||||||||||||||||||
Other liabilities and deferred credits: | 0 | |||||||||||||||||||||||||||||||
Noncurrent finance lease obligations | 0 | 120,618 | 0 | 0 | 120,618 | |||||||||||||||||||||||||||
Noncurrent operating leases | 0 | 503,376 | 0 | 0 | 503,376 | |||||||||||||||||||||||||||
Accumulated pension and other post-retirement benefit obligations | 0 | 217,737 | 0 | 0 | 217,737 | |||||||||||||||||||||||||||
Other liabilities and deferred credits | 0 | 77,803 | 1,105 | 0 | 78,908 | |||||||||||||||||||||||||||
Noncurrent frequent flyer deferred revenue | 0 | 201,239 | 0 | 0 | 201,239 | |||||||||||||||||||||||||||
Deferred tax liabilities, net | 0 | 216,642 | 0 | 0 | 216,642 | |||||||||||||||||||||||||||
Total | 0 | 1,337,415 | 1,105 | 0 | 1,338,520 | |||||||||||||||||||||||||||
Shareholders’ equity | 600,157 | 1,082,032 | 25,098 | (1,107,130) | 600,157 | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,130,786 | $ | 4,450,403 | $ | 45,190 | $ | (1,648,349) | $ | 3,978,030 |
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 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (3,448) | $ | 114,495 | $ | 10,962 | $ | 0 | $ | 122,009 | ||||||||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||||||||||||||
Net payments to affiliates | (900) | 1,207,207 | (1,130,946) | (75,361) | 0 | |||||||||||||||||||||||||||
Additions to property and equipment, including pre-delivery deposits | 0 | (10,215) | (202) | 0 | (10,417) | |||||||||||||||||||||||||||
Proceeds from the disposition of aircraft related equipment | 0 | 117 | 0 | 0 | 117 | |||||||||||||||||||||||||||
Purchases of investments | 0 | (655,266) | 0 | 0 | (655,266) | |||||||||||||||||||||||||||
Sales of investments | 0 | 117,857 | 0 | 0 | 117,857 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (900) | 659,700 | (1,131,148) | (75,361) | (547,709) | |||||||||||||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | 68,132 | 0 | 0 | 0 | 68,132 | |||||||||||||||||||||||||||
Long-term borrowings | 0 | 20,259 | 1,200,000 | 0 | 1,220,259 | |||||||||||||||||||||||||||
Repayments of long-term debt and finance lease obligations | 0 | (328,256) | 0 | 0 | (328,256) | |||||||||||||||||||||||||||
Debt issuance costs | 0 | 0 | (24,664) | 0 | (24,664) | |||||||||||||||||||||||||||
Net payments from affiliates | (76,261) | 0 | 900 | 75,361 | 0 | |||||||||||||||||||||||||||
Payment for taxes withheld for stock compensation | 0 | (1,565) | 0 | 0 | (1,565) | |||||||||||||||||||||||||||
Other | 1,837 | 0 | 0 | 0 | 1,837 | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (6,292) | (309,562) | 1,176,236 | 75,361 | 935,743 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (10,640) | 464,633 | 56,050 | 0 | 510,043 | |||||||||||||||||||||||||||
Cash, cash equivalents, & restricted cash - Beginning of Period | 24,088 | 476,409 | 9,142 | 0 | 509,639 | |||||||||||||||||||||||||||
Cash, cash equivalents, & restricted cash - End of Period | $ | 13,448 | $ | 941,042 | $ | 65,192 | $ | 0 | $ | 1,019,682 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (3,491 | ) | $ | 300,820 | $ | (1,852 | ) | $ | — | $ | 295,477 | ||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments to affiliates | (2,500 | ) | (52,507 | ) | — | 55,007 | — | |||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (208,759 | ) | (3,776 | ) | — | (212,535 | ) | ||||||||||||
Proceeds from disposition of property and equipment | — | 33,511 | — | — | 33,511 | |||||||||||||||
Purchases of investments | — | (171,485 | ) | — | — | (171,485 | ) | |||||||||||||
Sales of investments | — | 183,930 | — | — | 183,930 | |||||||||||||||
Net cash used in investing activities | (2,500 | ) | (215,310 | ) | (3,776 | ) | 55,007 | (166,579 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (52,463 | ) | — | — | (52,463 | ) | |||||||||||||
Net payments from affiliates | 52,507 | — | 2,500 | (55,007 | ) | — | ||||||||||||||
Repurchases of common stock | (50,486 | ) | — | — | — | (50,486 | ) | |||||||||||||
Other | 86 | (7,977 | ) | — | — | (7,891 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 2,107 | (60,440 | ) | 2,500 | (55,007 | ) | (110,840 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,884 | ) | 25,070 | (3,128 | ) | — | 18,058 | |||||||||||||
Cash, cash equivalents, & restricted cash - Beginning of Period | 67,629 | 254,985 | 8,377 | — | 330,991 | |||||||||||||||
Cash, cash equivalents, & restricted cash - End of Period | $ | 63,745 | $ | 280,055 | $ | 5,249 | $ | — | $ | 349,049 |
Parent Issuer / Guarantor | Subsidiary Issuer / Guarantor | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (976) | $ | 50,724 | $ | (2,861) | $ | 0 | $ | 46,887 | ||||||||||||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||||||||||||||
Net payments to affiliates | (9,000) | (22,126) | 0 | 31,126 | 0 | |||||||||||||||||||||||||||
Additions to property and equipment, including pre-delivery deposits | 0 | (40,616) | (6,229) | 0 | (46,845) | |||||||||||||||||||||||||||
Purchases of investments | 0 | (48,133) | 0 | 0 | (48,133) | |||||||||||||||||||||||||||
Sales of investments | 0 | 80,218 | 0 | 0 | 80,218 | |||||||||||||||||||||||||||
Net cash used in investing activities | (9,000) | (30,657) | (6,229) | 31,126 | (14,760) | |||||||||||||||||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||||||||||||||
Long-term borrowings | 0 | 235,000 | 0 | 0 | 235,000 | |||||||||||||||||||||||||||
Repayments of long-term debt and finance lease obligations | 0 | (25,320) | 0 | 0 | (25,320) | |||||||||||||||||||||||||||
Dividend payments | (5,514) | 0 | 0 | 0 | (5,514) | |||||||||||||||||||||||||||
Net payments from affiliates | 22,126 | 0 | 9,000 | (31,126) | 0 | |||||||||||||||||||||||||||
Repurchases of Common Stock | (7,510) | 0 | 0 | 0 | (7,510) | |||||||||||||||||||||||||||
Payment for taxes withheld for stock compensation | 0 | (1,230) | 0 | 0 | (1,230) | |||||||||||||||||||||||||||
Net cash provided by financing activities | 9,102 | 208,450 | 9,000 | (31,126) | 195,426 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (874) | 228,517 | (90) | 0 | 227,553 | |||||||||||||||||||||||||||
Cash, cash equivalents, & restricted cash - Beginning of Period | 1,228 | 362,933 | 8,895 | 0 | 373,056 | |||||||||||||||||||||||||||
Cash, cash equivalents, & restricted cash - End of Period | $ | 354 | $ | 591,450 | $ | 8,805 | $ | 0 | $ | 600,609 |
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 |
March 31, 2020 | March 31, 2021 | March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | Leased (1) | Owned (2) | Total | Leased (1) | Owned (2) | Total | Leased (1) | Owned (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||
A330-200 | 12 | 12 | 24 | 12 | 12 | 24 | 12 | 12 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||
A321neo (3) | 2 | 15 | 17 | 4 | 14 | 18 | 4 | 14 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||
717-200 | 5 | 15 | 20 | 5 | 14 | 19 | 5 | 14 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
ATR 42-500 (4) | — | 4 | 4 | — | 4 | 4 | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
ATR 72-200 (4) | — | 4 | 4 | — | 4 | 4 | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 19 | 50 | 69 | 21 | 48 | 69 | 21 | 48 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2016 | September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||
Aircraft Type | Leased (2) | Owned | Total | Leased (2) | Owned | Total | Leased (2) | Owned | Total | ||||||||||||||||||
A330-200 | 11 | 12 | 23 | 11 | 13 | 24 | 11 | 13 | 24 | ||||||||||||||||||
767-300 | 4 | 4 | 8 | 7 | 1 | 8 | 7 | — | 7 | ||||||||||||||||||
717-200 | 3 | 15 | 18 | 5 | 15 | 20 | 5 | 15 | 20 | ||||||||||||||||||
ATR turboprop (1) | — | 6 | 6 | — | 6 | 6 | — | 7 | 7 | ||||||||||||||||||
A321neo | — | — | — | — | — | — | 2 | 8 | 10 | ||||||||||||||||||
Total | 18 | 37 | 55 | 23 | 35 | 58 | 25 | 43 | 68 | ||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | (in thousands, except as otherwise indicated) | ||||||||||||||||||||||||||||||||||||||
(in thousands, except as otherwise indicated) | ||||||||||||||||||||||||||||||||||||||||||
Scheduled Operations (a) : | ||||||||||||||||||||||||||||||||||||||||||
Scheduled Operations (a): | Scheduled Operations (a): | |||||||||||||||||||||||||||||||||||||||||
Revenue passengers flown | 3,000 | 2,916 | 8,588 | 8,317 | Revenue passengers flown | 733 | 2,360 | |||||||||||||||||||||||||||||||||||
Revenue passenger miles (RPM) | 4,290,499 | 4,166,487 | 12,187,344 | 11,554,522 | Revenue passenger miles (RPM) | 1,054,128 | 3,711,474 | |||||||||||||||||||||||||||||||||||
Available seat miles (ASM) | 4,946,678 | 4,887,608 | 14,203,112 | 13,805,563 | Available seat miles (ASM) | 2,466,043 | 4,974,971 | |||||||||||||||||||||||||||||||||||
Passenger revenue per RPM (Yield) | 14.79 | ¢ | 14.20 | ¢ | 14.48 | ¢ | 13.78 | ¢ | Passenger revenue per RPM (Yield) | 13.04 | ¢ | 13.57 | ¢ | |||||||||||||||||||||||||||||
Passenger load factor (RPM/ASM) | 86.7 | % | 85.2 | % | 85.8 | % | 83.7 | % | Passenger load factor (RPM/ASM) | 42.7 | % | 74.6 | % | |||||||||||||||||||||||||||||
Passenger revenue per ASM (PRASM) | 12.83 | ¢ | 12.10 | ¢ | 12.43 | ¢ | 11.53 | ¢ | Passenger revenue per ASM (PRASM) | 5.57 | ¢ | 10.12 | ¢ | |||||||||||||||||||||||||||||
Total Operations (a) : | ||||||||||||||||||||||||||||||||||||||||||
Total Operations (a): | Total Operations (a): | |||||||||||||||||||||||||||||||||||||||||
Revenue passengers flown | 3,001 | 2,918 | 8,592 | 8,321 | Revenue passengers flown | 737 | 2,362 | |||||||||||||||||||||||||||||||||||
RPM | 4,293,095 | 4,170,671 | 12,190,846 | 11,559,795 | RPM | 1,062,317 | 3,714,773 | |||||||||||||||||||||||||||||||||||
ASM | 4,950,800 | 4,894,768 | 14,208,642 | 13,813,955 | ASM | 2,481,647 | 4,979,529 | |||||||||||||||||||||||||||||||||||
Operating revenue per ASM (RASM) | 14.53 | ¢ | 13.73 | ¢ | 14.14 | ¢ | 13.16 | ¢ | Operating revenue per ASM (RASM) | 7.34 | ¢ | 11.23 | ¢ | |||||||||||||||||||||||||||||
Operating cost per ASM (CASM) | 11.02 | ¢ | 10.07 | ¢ | 11.44 | ¢ | 10.26 | ¢ | Operating cost per ASM (CASM) | 10.29 | ¢ | 14.60 | ¢ | |||||||||||||||||||||||||||||
CASM excluding aircraft fuel and special items (b) | 8.80 | ¢ | 8.13 | ¢ | 9.04 | ¢ | 8.46 | ¢ | ||||||||||||||||||||||||||||||||||
CASM excluding aircraft fuel and non-recurring items (b) | CASM excluding aircraft fuel and non-recurring items (b) | 14.30 | ¢ | 9.78 | ¢ | |||||||||||||||||||||||||||||||||||||
Aircraft fuel expense per ASM (c) | 2.22 | ¢ | 1.94 | ¢ | 2.23 | ¢ | 1.80 | ¢ | Aircraft fuel expense per ASM (c) | 1.92 | ¢ | 2.27 | ¢ | |||||||||||||||||||||||||||||
Revenue block hours operated | 49,384 | 47,534 | 141,955 | 134,627 | Revenue block hours operated | 26,995 | 52,860 | |||||||||||||||||||||||||||||||||||
Gallons of aircraft fuel consumed | 67,160 | 64,918 | 193,404 | 182,471 | Gallons of aircraft fuel consumed | 29,945 | 63,822 | |||||||||||||||||||||||||||||||||||
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) | Average cost per gallon of aircraft fuel (c) | $ | 1.59 | $ | 1.78 |
Increase (Decrease) vs. Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Three months ended March 31, 2021 | Passenger Revenue | Yield | RPMs | ASMs | PRASM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | $ | 128,384 | (65.0) | % | (12.3) | % | (60.1) | % | (34.4) | % | (45.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
International | 9,085 | (93.4) | (100.0) | (97.4) | (87.7) | (100.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total scheduled | $ | 137,469 | (72.7) | % | (3.9) | % | (71.6) | % | (50.4) | % | (40.0) | % |
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 | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Domestic | $ | 11.1 | 4.3 | % | (1.7 | )% | (2.7 | )% | $ | 63.8 | 6.9 | % | (1.6 | )% | (4.1 | )% | ||||||||||
International | 31.8 | 7.8 | 14.2 | 9.7 | 109.4 | 7.2 | 23.3 | 18.7 | ||||||||||||||||||
Total scheduled | $ | 42.9 | 4.2 | % | 3.0 | % | 1.2 | % | $ | 173.2 | 5.1 | % | 5.5 | % | 2.9 | % |
Increase / (decrease) for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 | ||||||||||||||||||||||||||
$ | % | |||||||||||||||||||||||||
Operating expenses | (in thousands) | |||||||||||||||||||||||||
Wages and benefits | $ | (175,445) | (93.2) | % | ||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | (65,742) | (57.9) | ||||||||||||||||||||||||
Maintenance, materials and repairs | (26,157) | (43.3) | ||||||||||||||||||||||||
Aircraft and passenger servicing | (21,032) | (54.9) | ||||||||||||||||||||||||
Commissions and other selling | (15,307) | (57.3) | ||||||||||||||||||||||||
Aircraft rent | 2,837 | 10.5 | ||||||||||||||||||||||||
Other rentals and landing fees | (10,098) | (33.9) | ||||||||||||||||||||||||
Depreciation and amortization | (4,093) | (10.4) | ||||||||||||||||||||||||
Purchased services | (10,144) | (29.6) | ||||||||||||||||||||||||
Special items | (126,904) | 100.0 | ||||||||||||||||||||||||
Other | (19,774) | (46.3) | ||||||||||||||||||||||||
Total | $ | (471,859) | (64.9) | % |
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 | 2021 | 2020 | % 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 | % | Aircraft fuel expense, including taxes and delivery | $ | 47,736 | $ | 113,478 | (57.9) | % | |||||||||||||||||||||||||||||||||||||||||
Fuel gallons consumed | 67,160 | 64,918 | 3.5 | % | 193,404 | 182,471 | 6.0 | % | Fuel gallons consumed | 29,945 | 63,822 | (53.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Average fuel price per gallon, including taxes and delivery | $ | 1.64 | $ | 1.46 | 12.3 | % | $ | 1.64 | $ | 1.36 | 20.6 | % | Average fuel price per gallon, including taxes and delivery | $ | 1.59 | $ | 1.78 | (10.7) | % |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2021 | 2020 | % 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 | % | Aircraft fuel expense, including taxes and delivery | $ | 47,736 | $ | 113,478 | (57.9) | % | |||||||||||||||||||||||||||||||||||||||||
Realized losses on settlement of fuel derivative contracts | 2,787 | 2,525 | 10.4 | % | 2,100 | 30,349 | (93.1 | )% | Realized losses on settlement of fuel derivative contracts | 165 | 3,086 | (94.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Economic fuel expense | $ | 112,898 | $ | 97,343 | 16.0 | % | $ | 318,523 | $ | 278,865 | 14.2 | % | Economic fuel expense | $ | 47,901 | $ | 116,564 | (58.9) | % | |||||||||||||||||||||||||||||||||||||||||
Fuel gallons consumed | 67,160 | 64,918 | 3.5 | % | 193,404 | 182,471 | 6.0 | % | Fuel gallons consumed | 29,945 | 63,822 | (53.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Economic fuel costs per gallon | $ | 1.68 | $ | 1.50 | 12.0 | % | $ | 1.65 | $ | 1.53 | 7.8 | % | Economic fuel costs per gallon | $ | 1.60 | $ | 1.83 | (12.6) | % |
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 | 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 Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||||||||||||||
A321neo aircraft | — | 9 | N/A | |||||||||||||||||
B787-9 aircraft | 10 | 10 | Between 2022 and 2026 | |||||||||||||||||
General Electric GEnx spare engines: | ||||||||||||||||||||
B787-9 spare engines | 2 | 2 | Between 2022 and 2025 |
Contractual Obligations | Total | Remaining in 2021 | 2022 - 2023 | 2024 - 2025 | 2026 and thereafter | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Debt obligations, including principal and interest (1) | $ | 2,194,565 | $ | 92,017 | $ | 268,955 | $ | 233,143 | $ | 1,600,450 | ||||||||||||||||||||||
Finance lease obligations, including principal and interest (2) | 162,448 | 20,821 | 56,330 | 29,162 | 56,135 | |||||||||||||||||||||||||||
Operating lease obligations (3) | 754,414 | 83,208 | 196,234 | 158,539 | 316,433 | |||||||||||||||||||||||||||
Aircraft purchase commitments (4) | 1,638,153 | 7,895 | 500,285 | 901,524 | 228,449 | |||||||||||||||||||||||||||
Other commitments (5) | 409,781 | 62,703 | 146,230 | 110,200 | 90,648 | |||||||||||||||||||||||||||
Projected employee benefit contributions (6) | 78,600 | — | 25,900 | 38,000 | 14,700 | |||||||||||||||||||||||||||
Total contractual obligations | $ | 5,237,961 | $ | 266,644 | $ | 1,193,934 | $ | 1,470,568 | $ | 2,306,815 |
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 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Diluted Net Loss Per Share | Total | Diluted Net Loss Per Share | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP Net Income (Loss), as reported | $ | (60,691) | $ | (1.23) | $ | (144,372) | $ | (3.14) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||||||||||||
CARES Act - carryback of additional NOLs | — | — | (14,156) | (0.31) | ||||||||||||||||||||||||||||||||||||||||||||||
Payroll support programs grant recognition | (147,270) | (2.98) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 3,994 | 0.08 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of fuel derivative contracts | (382) | (0.01) | 3,366 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (gains) losses on foreign debt | (19,043) | (0.38) | 743 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains on non-designated fx positions | (1,749) | (0.03) | (812) | (0.02) | ||||||||||||||||||||||||||||||||||||||||||||||
Special items | — | — | 126,904 | 2.76 | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effect of adjustments | 34,534 | 0.70 | (5,722) | (0.12) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net loss | $ | (190,607) | $ | (3.85) | $ | (34,049) | $ | (0.74) |
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Total | Margin | Total | Margin | |||||||||||||||||||||||||||||||||||
(in thousands, except margin data) | ||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes, as reported | $ | (76,824) | (42.2) | % | $ | (175,188) | (31.3) | % | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||
Payroll support programs grant recognition | (147,270) | (80.8) | — | — | ||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | 3,994 | 2.2 | — | — | ||||||||||||||||||||||||||||||||||
Changes in fair value of fuel derivative contracts | (382) | (0.2) | 3,366 | 0.6 | ||||||||||||||||||||||||||||||||||
Unrealized (gains) losses on foreign debt | (19,043) | (10.4) | 743 | 0.1 | ||||||||||||||||||||||||||||||||||
Unrealized gains on non-designated foreign exchange positions | (1,749) | (1.0) | (812) | (0.1) | ||||||||||||||||||||||||||||||||||
Special items | — | — | 126,904 | 22.7 | ||||||||||||||||||||||||||||||||||
Adjusted Income Before Income Taxes | $ | (241,274) | (132.4) | % | $ | (44,987) | (8.0) | % |
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, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands, except as otherwise indicated) | ||||||||||||||||||||||||||
GAAP Operating Expenses | $ | 255,381 | $ | 727,240 | ||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Payroll support programs grant recognition | 147,270 | — | ||||||||||||||||||||||||
Special items | — | (126,904) | ||||||||||||||||||||||||
Operating expenses excluding non-recurring items | $ | 402,651 | $ | 600,336 | ||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | (47,736) | (113,478) | ||||||||||||||||||||||||
Operating expenses excluding aircraft fuel and non-recurring items | $ | 354,915 | $ | 486,858 | ||||||||||||||||||||||
Available Seat Miles | 2,481,647 | 4,979,529 | ||||||||||||||||||||||||
CASM - GAAP | 10.29 | ¢ | 14.60 | ¢ | ||||||||||||||||||||||
Payroll support programs grant recognition | 5.93 | — | ||||||||||||||||||||||||
Special items | — | (2.55) | ||||||||||||||||||||||||
Aircraft fuel, including taxes and delivery | (1.92) | (2.27) | ||||||||||||||||||||||||
CASM excluding aircraft fuel and non-recurring items | 14.30 | ¢ | 9.78 | ¢ |
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net Loss | $ | (60,691) | $ | (144,372) | |||||||||||||
Income tax benefit | (16,133) | (30,816) | |||||||||||||||
Depreciation and amortization | 35,356 | 39,449 | |||||||||||||||
Aircraft rent | 29,841 | 27,004 | |||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | 23,693 | 6,795 | |||||||||||||||
EBITDAR, as reported | $ | 12,066 | $ | (101,940) | |||||||||||||
Adjusted for: | |||||||||||||||||
Payroll support programs grant recognition | (147,270) | — | |||||||||||||||
Changes in fair value of fuel derivative instruments | (382) | 3,366 | |||||||||||||||
Unrealized gains on non-designated foreign exchange positions | (1,749) | (812) | |||||||||||||||
Unrealized (gains) losses on foreign debt | (19,043) | 743 | |||||||||||||||
Special items | — | 126,904 | |||||||||||||||
Loss on extinguishment of debt | 3,994 | — | |||||||||||||||
Adjusted EBITDAR | $ | (152,384) | $ | 28,261 |
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 | ¢ |
Aircraft Type | Firm Orders | Purchase Rights | Expected Delivery Dates | |||||||||||||||||
A321neo aircraft | — | 9 | N/A | |||||||||||||||||
B787-9 aircraft | 10 | 10 | Between 2022 and 2026 |
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 |
Exhibit No. | Description | |||||||
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) |