Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'JETBLUE AIRWAYS CORP | ' | ' |
Entity Central Index Key | '0001158463 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 295,632,350 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $225 | $182 |
Investment securities | 402 | 549 |
Receivables, less allowance (2013-$6; 2012-$7) | 129 | 106 |
Inventories, less allowance (2013-$6; 2012-$5) | 48 | 36 |
Prepaid expenses | 126 | 119 |
Other | 6 | 1 |
Deferred income taxes | 120 | 107 |
Total current assets | 1,056 | 1,100 |
PROPERTY AND EQUIPMENT | ' | ' |
Flight equipment | 5,778 | 5,168 |
Predelivery deposits for flight equipment | 181 | 338 |
Flight equipment, gross plus deposits | 5,959 | 5,506 |
Less accumulated depreciation | 1,185 | 995 |
Flight equipment net | 4,774 | 4,511 |
Other property and equipment | 688 | 585 |
Less accumulated depreciation | 251 | 221 |
Property plant and equipment other net | 437 | 364 |
Assets constructed for others | 561 | 561 |
Less accumulated depreciation | 116 | 93 |
Asset constructed for others net | 445 | 468 |
Total property and equipment | 5,656 | 5,343 |
OTHER ASSETS | ' | ' |
Investment securities | 114 | 136 |
Restricted cash | 57 | 51 |
Other | 467 | 440 |
Total other assets | 638 | 627 |
TOTAL ASSETS | 7,350 | 7,070 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 180 | 153 |
Air traffic liability | 825 | 693 |
Accrued salaries, wages and benefits | 171 | 172 |
Other accrued liabilities | 229 | 196 |
Current maturities of long-term debt and capital leases | 469 | 394 |
Total current liabilities | 1,874 | 1,608 |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | 2,116 | 2,457 |
CONSTRUCTION OBLIGATION | 501 | 514 |
DEFERRED TAXES AND OTHER LIABILITIES | ' | ' |
Deferred income taxes | 605 | 481 |
Other | 120 | 122 |
Total deferred taxes and other liabilities | 725 | 603 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value; 900,000,000 shares authorized, 346,489,574 and 330,589,532 shares issued and 295,587,126 and 281,007,806 shares outstanding at 2013 and 2012, respectively | 3 | 3 |
Treasury stock, at cost; 50,902,448 and 49,581,726 shares at 2013 and 2012, respectively | -43 | -35 |
Additional paid-in capital | 1,573 | 1,495 |
Retained earnings | 601 | 433 |
Accumulated other comprehensive loss | 0 | -8 |
Total stockholders’ equity | 2,134 | 1,888 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $7,350 | $7,070 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for receivables | $6 | $7 |
Allowance for inventories | $6 | $5 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock shares issued | 346,489,574 | 330,589,532 |
Common stock, shares outstanding | 295,587,126 | 281,007,806 |
Treasury stock, shares | 50,902,448 | 49,581,726 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING REVENUES | ' | ' | ' |
Passenger | $4,971 | $4,550 | $4,080 |
Other | 470 | 432 | 424 |
Total operating revenues | 5,441 | 4,982 | 4,504 |
OPERATING EXPENSES | ' | ' | ' |
Aircraft fuel and related taxes | 1,899 | 1,806 | 1,664 |
Salaries, wages and benefits | 1,135 | 1,044 | 947 |
Landing fees and other rents | 305 | 277 | 245 |
Depreciation and amortization | 290 | 258 | 233 |
Aircraft rent | 128 | 130 | 135 |
Sales and marketing | 223 | 204 | 199 |
Maintenance materials and repairs | 432 | 338 | 227 |
Other operating expenses | 601 | 549 | 532 |
Total operating expenses | 5,013 | 4,606 | 4,182 |
OPERATING INCOME | 428 | 376 | 322 |
OTHER INCOME (EXPENSE) | ' | ' | ' |
Interest expense | -161 | -176 | -179 |
Capitalized interest | 13 | 8 | 5 |
Interest income (expense) and other | -1 | 1 | -3 |
Total other income (expense) | -149 | -167 | -177 |
INCOME BEFORE INCOME TAXES | 279 | 209 | 145 |
Income tax expense | 111 | 81 | 59 |
NET INCOME | $168 | $128 | $86 |
EARNINGS PER COMMON SHARE: | ' | ' | ' |
Basic | $0.59 | $0.45 | $0.31 |
Diluted | $0.52 | $0.40 | $0.28 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net Income | $168 | $128 | $86 |
Changes in fair value of derivative instruments, net of reclassifications into earnings (net of $5, $5, and $(4) of taxes in 2013, 2012 and 2011, respectively) | 8 | 7 | -5 |
Total other comprehensive income (loss) | 8 | 7 | -5 |
COMPREHENSIVE INCOME | $176 | $135 | $81 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Loss) Consolidated Statement of Comprehensive Income (Loss) (Parantheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract] | ' | ' | ' |
(net of $5, $5, and $(4) of taxes in 2013, 2012 and 2011, respectively) | $5 | $5 | ($4) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $168 | $128 | $86 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Deferred income taxes | 107 | 76 | 58 |
Depreciation | 258 | 230 | 213 |
Amortization | 48 | 39 | 34 |
Share-based compensation | 14 | 13 | 13 |
Losses (Gains) on sale of assets, debt extinguishment and customer contract termination | -1 | -17 | 6 |
Collateral returned for derivative instruments | 8 | 8 | 10 |
Changes in certain operating assets and liabilities: | ' | ' | ' |
Decrease (Increase) in receivables | -22 | 1 | -10 |
Decrease (Increase) in inventories, prepaid and other | -23 | 38 | 4 |
Increase in air traffic liability | 132 | 66 | 113 |
Increase in accounts payable and other accrued liabilities | 52 | 92 | 26 |
Other, net | 17 | 24 | 61 |
Net cash provided by operating activities | 758 | 698 | 614 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -615 | -542 | -480 |
Predelivery deposits for flight equipment | -22 | -283 | -44 |
Proceeds from the sale of assets | 8 | 46 | 0 |
Assets constructed for others | 0 | -2 | -3 |
Purchase of held-to-maturity investments | -234 | -444 | -450 |
Proceeds from the maturities of held-to-maturity investments | 300 | 434 | 573 |
Purchase of available-for-sale securities | -413 | -532 | -602 |
Sale of available-for-sale securities | 508 | 438 | 503 |
Other, net | -8 | 18 | 1 |
Net cash used in investing activities | -476 | -867 | -502 |
Proceeds from: | ' | ' | ' |
Issuance of common stock | 10 | 9 | 10 |
Issuance of long-term debt | 393 | 215 | 245 |
Short-term borrowings and lines of credit | 190 | 375 | 128 |
Construction Obligation | 0 | 0 | 6 |
Repayment of: | ' | ' | ' |
Long-term debt and capital lease obligations | -612 | -418 | -238 |
Short-term borrowings and lines of credit | -190 | -463 | -40 |
Construction Obligation | -13 | -12 | -10 |
Other, net | -17 | -28 | -5 |
Net cash provided by (used in) financing activities | -239 | -322 | 96 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 43 | -491 | 208 |
Cash and cash equivalents at beginning of period | 182 | 673 | 465 |
Cash and cash equivalents at end of period | $225 | $182 | $673 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Millions, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | ($1,654) | ($3) | $4 | ($1,446) | ($219) | $10 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 322,000,000 | 28,000,000 | ' | ' | ' |
Net income | 86 | ' | ' | ' | 86 | ' |
Changes in comprehensive income | -5 | ' | ' | ' | ' | -5 |
Vesting of restricted stock units | -4 | 0 | -4 | 0 | 0 | 0 |
Vesting of restricted stock units, Shares | ' | 2,000,000 | 1,000,000 | ' | ' | ' |
Stock compensation expense | 15 | ' | ' | 15 | 0 | 0 |
Stock issued under crewmember stock purchase plan | 8 | 0 | 0 | 8 | 0 | 0 |
Stock issued under crewmember stock purchase plan, Shares | ' | 2,000,000 | 0 | ' | ' | ' |
Shares returned pursuant to 2008 share lending | ' | ' | 16,000,000 | ' | ' | ' |
Other | 3 | 0 | 0 | 3 | 0 | 0 |
Other, Shares | ' | 1,000,000 | 0 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 1,757 | 3 | -8 | 1,472 | 305 | -15 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 327,000,000 | 45,000,000 | ' | ' | ' |
Net income | 128 | ' | ' | ' | 128 | ' |
Changes in comprehensive income | 7 | ' | ' | ' | ' | 7 |
Vesting of restricted stock units | -4 | 0 | -4 | 0 | 0 | 0 |
Vesting of restricted stock units, Shares | ' | 2,000,000 | 1,000,000 | ' | ' | ' |
Stock compensation expense | 13 | ' | ' | 13 | 0 | 0 |
Stock issued under crewmember stock purchase plan | 7 | 0 | 0 | 7 | 0 | 0 |
Stock issued under crewmember stock purchase plan, Shares | ' | 2,000,000 | 0 | ' | ' | ' |
Shares repurchased under 2012 share repurchase plan | -23 | ' | -23 | ' | ' | ' |
Shares repurchased under 2012 share repurchase plan, shares | ' | ' | 4,000,000 | ' | ' | ' |
Other | 3 | 0 | 0 | 3 | 0 | 0 |
Other, Shares | ' | 0 | 0 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 1,888 | 3 | -35 | 1,495 | 433 | -8 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 331,000,000 | 50,000,000 | ' | ' | ' |
Net income | 168 | ' | ' | ' | 168 | ' |
Changes in comprehensive income | 8 | ' | ' | ' | ' | 8 |
Vesting of restricted stock units | -5 | 0 | -5 | 0 | 0 | 0 |
Vesting of restricted stock units, Shares | ' | 2,000,000 | 1,000,000 | ' | ' | ' |
Stock compensation expense | 14 | ' | ' | 14 | 0 | 0 |
Stock issued under crewmember stock purchase plan | 10 | 0 | 0 | 10 | 0 | 0 |
Stock issued under crewmember stock purchase plan, Shares | ' | 2,000,000 | 0 | ' | ' | ' |
Shares repurchased under 2012 share repurchase plan | -3 | ' | -3 | ' | ' | ' |
Shares repurchased under 2012 share repurchase plan, shares | 500,000 | ' | 0 | ' | ' | ' |
Convertible debt redemption | 55 | ' | ' | 55 | ' | ' |
Convertible debt redemption, shares | ' | 12,000,000 | ' | ' | ' | ' |
Other | -1 | 0 | 0 | -1 | 0 | 0 |
Other, Shares | ' | 0 | 0 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $2,134 | $3 | ($43) | $1,573 | $601 | $0 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 347,000,000 | 51,000,000 | ' | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Note 1—Summary of Significant Accounting Policies | |||||||||
Basis of Presentation | |||||||||
JetBlue predominately provides air transportation services across the United States, Caribbean and Latin America. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., or U.S. GAAP, and include the accounts of JetBlue and our subsidiaries. All majority-owned subsidiaries are consolidated on a line by line basis, with all intercompany transactions and balances being eliminated. Air transportation services accounted for substantially all of the Company’s operations in 2013, 2012 and 2011. Accordingly, segment information is not provided for LiveTV. In the first half of 2013 we recorded $4 million of maintenance expense and $2 million in other operating expenses that relate to prior years. Such amounts are not considered material to the prior or current year results. | |||||||||
Use of Estimates | |||||||||
The preparation of our consolidated financial statements and accompanying notes in conformity with U.S. GAAP require us to make certain estimates and assumptions. Actual results could differ from those estimates. | |||||||||
Fair Value | |||||||||
The Fair Value Measurements and Disclosures topic of the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification™, or Codification, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The topic also requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs. See Note 14 for more information. | |||||||||
Cash and Cash Equivalents | |||||||||
Our cash and cash equivalents include short-term, highly liquid investments which are readily convertible into cash. These investments include money market securities, treasury bills, and commercial paper with maturities of three months or less when purchased. | |||||||||
Restricted Cash | |||||||||
Restricted cash primarily consists of security deposits, funds held in escrow for estimated workers’ compensation obligations and performance bonds for aircraft and facility leases. | |||||||||
Accounts and Other Receivables | |||||||||
Accounts and other receivables are carried at cost. They primarily consist of amounts due from credit card companies associated with sales of tickets for future travel. We estimate an allowance for doubtful accounts based on known troubled accounts, if any, and historical experience of losses incurred. | |||||||||
Investment Securities | |||||||||
Investment securities consist of available-for-sale investment securities and held-to-maturity investment securities. When sold, we use a specific identification method to determine the cost of the securities. | |||||||||
Available-for-sale investment securities | |||||||||
Our available-for-sale investment securities include (a) highly liquid investments, such as certificates of deposits and treasury bills, with maturities greater than three months when purchased, stated at fair value and (b) commercial paper with maturities between three and twelve months, stated at fair value. | |||||||||
Held-to-maturity investment securities | |||||||||
Our held-to-maturity investments consist of investment-grade interest bearing instruments, primarily corporate bonds, which are stated at amortized cost. We do not intend to sell these investment securities and the contractual maturities are not greater than 24 months. Those with maturities less than twelve months are included in short-term investments on our consolidated balance sheets. Those with remaining maturities in excess of twelve months are included in long-term investments on our consolidated balance sheets. We did not record any material gains or losses on these securities during the years ended December 31, 2013, 2012 or 2011. The estimated fair value of these investments approximated their carrying value as of December 31, 2013 and 2012. | |||||||||
Also included in our held-to-maturity investment securities as of December 31, 2013 are deposits made to lower the interest rate on the debt secured by two aircraft as discussed in Note 2. These funds on deposit are readily available to us and are invested with a bank with a deposit maturity within the next 12 months. If we were to draw upon this deposit, the interest rates on the debt reverts to the higher rates in effect prior to the re-financing. As such, we have classified these time deposits as long-term held-to-maturity investments to reflect our intent to hold them in connection with the maturity of the associated debt. | |||||||||
The carrying values of investment securities consisted of the following at December 31, 2013 and 2012 (in millions): | |||||||||
2013 | 2012 | ||||||||
Available-for-sale securities | |||||||||
Time deposits | $ | 70 | $ | 65 | |||||
Treasury Bills | — | 68 | |||||||
Commercial paper | 118 | 142 | |||||||
188 | 275 | ||||||||
Held-to-maturity securities | |||||||||
Corporate bonds | 275 | 313 | |||||||
Government bonds | — | 40 | |||||||
Time Deposits | 53 | 57 | |||||||
328 | 410 | ||||||||
Total | $ | 516 | $ | 685 | |||||
Derivative Instruments | |||||||||
Derivative instruments, including fuel hedge contracts and interest rate swap agreements, are stated at fair value, net of any collateral postings. Derivative instruments are included in other current assets and other current liabilities in our consolidated balance sheets. See Note 13 for more information. | |||||||||
Inventories | |||||||||
Inventories consist of expendable aircraft spare parts and supplies that are stated at average cost as well as aircraft fuel that is accounted for on a first-in, first-out basis. These items are expensed when used or consumed. An allowance for obsolescence on aircraft spare parts is provided over the remaining useful life of the related aircraft fleet. | |||||||||
Property and Equipment | |||||||||
We record our property and equipment at cost and depreciate these assets on a straight-line basis over their estimated useful lives to their estimated residual values. We capitalize additions, modifications enhancing the operating performance of our assets and the interest related to predelivery deposits used to acquire new aircraft and the construction of our facilities. | |||||||||
Estimated useful lives and residual values for our property and equipment are as follows: | |||||||||
Estimated Useful Life | Residual Value | ||||||||
Aircraft | 25 years | 20 | % | ||||||
In-flight entertainment systems | 5-10 years | 0 | % | ||||||
Aircraft parts | Fleet life | 10 | % | ||||||
Flight equipment leasehold improvements | Lower of lease term or economic life | 0 | % | ||||||
Ground property and equipment | 2-10 years | 0 | % | ||||||
Leasehold improvements—other | Lower of lease term or economic life | 0 | % | ||||||
Buildings on leased land | Lease term | 0 | % | ||||||
Property under capital leases is initially recorded at an amount equal to the present value of future minimum lease payments which is computed on the basis of our incremental borrowing rate or, when known, the interest rate implicit in the lease. Amortization of property under capital leases is on a straight-line basis over the expected useful life and is included in depreciation and amortization expense. | |||||||||
We record impairment losses on long-lived assets used in operations when events and circumstances indicate the assets may be impaired and the undiscounted future cash flows estimated to be generated by the assets are less than the assets’ net book value. If impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. Impairment losses are recorded in depreciation and amortization expense. | |||||||||
Software | |||||||||
We capitalize certain costs related to the acquisition and development of computer software. We amortize these costs using the straight-line method over the estimated useful life of the software, which is generally between five and ten years. The net book value of computer software, which is included in other assets on our consolidated balance sheets, was $70 million and $53 million as of December 31, 2013 and 2012, respectively. Amortization expense related to computer software was $18 million, $13 million and $10 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization expense related to computer software as of December 31, 2013 is expected to be approximately $27 million in 2014, $18 million in 2015, $9 million in 2016, $7 million in 2017, and $4 million in 2018. | |||||||||
Intangible Assets | |||||||||
Our intangible assets consist primarily of acquired take-off and landing slots, or Slots, at certain domestic airports. Slots are rights to take-off or land at a specific airport during a specific time period during the day and are a means by which airport capacity and congestion can be managed. The Federal government controls Slots at four domestic airports under the High Density rule, including Reagan National Airport in Washington D.C. and LaGuardia and JFK Airport in New York City. In December 2013, due to recent regulatory and market activities stemming from the auctioning of slots at LaGuardia and Reagan National airports, we reassessed the useful lives of these assets and concluded that Slots at High Density airports are indefinite lived intangible assets and will no longer amortize them, while Slots at other airports will continue to be amortized on a straight-line basis over their expected useful lives, up to 15 years. We evaluate all Slots for impairment at least annually. As of December 31, 2013, the carrying value of Slots at High Density airports was $64 million and the carrying value of other Slots was $1 million. In January 2014, we were notified of our successful bid to acquire 24 takeoff and landing slots at Reagan National airport. The acquisition of these Slots is subject to final approval by the Department of Justice and customary written agreements. | |||||||||
Passenger Revenues | |||||||||
Passenger revenue is recognized when the transportation is provided or after the ticket or customer credit (issued upon payment of a change fee) expires. It is recognized net of the taxes that we are required to collect from our customers, including federal transportation taxes, security taxes and airport facility charges. Tickets sold but not yet recognized as revenue and unexpired credits are included in air traffic liability. | |||||||||
Loyalty Program | |||||||||
We account for our customer loyalty program, TrueBlue, by recording a liability for the estimated incremental cost of outstanding points earned from JetBlue purchases that we expect to be redeemed. The estimated cost includes incremental fuel, insurance, passenger food and supplies, and reservation costs. We adjust this liability, which is included in air traffic liability, based on points earned and redeemed, changes in the estimated incremental costs associated with providing travel and changes in the TrueBlue program. In June 2013 we amended the program so points earned by members never expire. As a result of these changes, our estimate for the points that will remain unused, breakage, decreased resulting in a $5 million reduction in revenue and a corresponding increase in air traffic liability. In October 2013, we introduced the pooling of points between small groups of people, branded as Family Pooling. We believe Family Pooling has not had a material impact on the breakage calculation at year-end. | |||||||||
Points in TrueBlue can also be sold to participating companies, including credit card and car rental companies. These sales are accounted for as multiple-element arrangements, with one element representing the fair value of the travel that will ultimately be provided when the points are redeemed and the other consisting of marketing related activities that we conduct with the participating company. The fair value of the transportation portion of these point sales is deferred and recognized as passenger revenue when transportation is provided. The marketing portion, which is the excess of the total sales proceeds over the estimated fair value of the transportation to be provided, is recognized in other revenue when the points are sold. TrueBlue points sold to participating companies which are not redeemed are recognized as revenue when management determines the probability of redemption is remote. We recorded $2 million, $5 million, and $3 million in revenue related to point expirations during 2013, 2012 and 2011, respectively. | |||||||||
Our original co-branded credit card agreement, under which we sell TrueBlue points as described above, provided for a minimum cash payment guarantee, which was paid to us throughout the life of the agreement if specified point sales and other ancillary activity payments were not achieved, and was subject to refund in the event the cash payments exceeded future minimums through April 2011. We recognized approximately $10 million of other revenue during 2011 related to this guarantee. | |||||||||
Upon the re-launch of the TrueBlue program in November 2009, we extended our co-branded credit card and membership rewards participation agreements. In connection with these extensions, we received a one-time payment of $37 million, which we deferred and are recognizing as other revenue over the term of the agreement through 2015. We recognized approximately $7 million, $7 million, and $6 million of revenue related to this one-time payment during 2013, 2012 and 2011, respectively. In connection with exclusive benefits to be introduced for our co-branded credit card, we received a one-time payment of $6 million during 2012, which we have deferred and will recognize as other revenue over the remaining term of the agreement. As of December 31, 2013, we have recorded $1 million of revenue related to this one-time payment. | |||||||||
LiveTV Commercial Agreements | |||||||||
LiveTV provides inflight entertainment solutions for various commercial airlines. These solutions include equipment and related installation as well as agreements for ongoing service and support, which extended through 2022 as of December 31, 2013. We account for the equipment agreements as operating leases, with related revenue recognized ratably over the term of the related customer agreement in accordance with the Revenue Recognition-Multiple-Element Arrangements topic of the Codification. This determination is principally as a result of the long term nature of these agreements and the resulting uncertainties surrounding the total costs to provide ongoing equipment maintenance and upkeep throughout the contractual term. We account for payments for ongoing service and support ratably over the term of the related customer contract. Customer advances to be applied in the next 12 months are included in other current liabilities on our consolidated balance sheets while those beyond 12 months are included in other liabilities. | |||||||||
Airframe and Engine Maintenance and Repair | |||||||||
Regular airframe maintenance for owned and leased flight equipment is charged to expense as incurred unless covered by a third-party long-term flight hour services contract. We have separate service agreements in place covering scheduled and unscheduled repairs of certain airframe line replacement unit components as well as the engines on our fleet. These agreements, who's original terms generally range from ten to 15 years, require monthly payments at rates based either on the number of cycles each aircraft was operated during each month or the number of flight hours each engine was operated during each month, subject to annual escalations. These power by the hour contracts transfer certain risks, including cost risks, to the third-party service providers. They generally fix the amount we pay per flight hour or number of cycles in exchange for maintenance and repairs under a predefined maintenance program, which are representative of the time and materials that would be consumed. These costs are expensed as the related flight hours or cycles are incurred. One of our maintenance providers is a subsidiary of a large shareholder of ours and during 2013, we recorded approximately $19 million in maintenance expense provided by this related party. | |||||||||
Advertising Costs | |||||||||
Advertising costs, which are included in sales and marketing, are expensed as incurred. Advertising expense was $61 million in 2013, $57 million in 2012 and $57 million in 2011. | |||||||||
Share-Based Compensation | |||||||||
We record compensation expense for share-based awards based on the grant date fair value of those awards. Share-based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis. | |||||||||
Under the Compensation-Stock Compensation topic of the Codification, the benefits associated with tax deductions in excess of recognized compensation cost are required to be reported as a financing cash flow. We recorded an immaterial amount in excess tax benefits generated from option exercises in each of 2013, 2012 and 2011. Our policy is to issue new shares for purchases under all of our stock based plans. | |||||||||
Income Taxes | |||||||||
We account for income taxes utilizing the liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting bases of assets and liabilities. A valuation allowance for deferred tax assets is provided unless realizability is judged by us to be more likely than not. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. | |||||||||
New Accounting Standards | |||||||||
New accounting rules and disclosure requirements can impact our financial results and the comparability of our financial statements. Authoritative literature has recently been issued which we believe will impact our consolidated financial statements is described below. There are also several new proposals under development, including proposals related to leases, revenue recognition and financial instruments. If and when enacted these proposals may have a significant impact on our financial statements. | |||||||||
In February 2013, the FASB issued ASU 2013-02, amending the Comprehensive Income topic of the Codification. This update amends the requirement to present either on the face of the statement of operations or in the notes, the effects of significant net income line items reclassified out of accumulated other comprehensive income or loss, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for the annual and interim periods beginning January 1, 2013. The required disclosures are included in Note 15. | |||||||||
In July 2013, the FASB issued ASU 2013-10, amending the Derivatives and Hedging topic of the Codification. This update permits the Federal Funds Effective Swap rate (Overnight Index Swap rate, or OIS) to be designated as a benchmark interest rate for hedging accounting purposes for all new or redesigned hedging relationships as of the issue date of the final guidance. Adoption of this standard did not have a material impact on our consolidated financial statements or notes thereto. | |||||||||
In December 2011, the FASB issued ASU 2011-11, amending the Balance Sheet topic of the Codification. This update enhances the disclosure requirements regarding offsetting assets and liabilities. ASU 2011-11 requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. These amendments are effective for annual and interim reporting periods beginning on or after January 1, 2013 and should be applied retrospectively. We evaluated our instruments and transactions, including derivative instruments, which are eligible for offset but the adoption of this standard did not have a material impact on our our consolidated financial statements or notes thereto. | |||||||||
On January 1, 2011, the September 2009 Emerging Issues Task Force updates to the Revenue Recognition topic of the Codification rules became effective, which changed the accounting for certain revenue arrangements. The new requirements change the allocation methods used in determining how to account for multiple element arrangements and may result in accounting for more deliverables and potentially change the amount of revenue deferrals. Additionally, this new accounting treatment requires enhanced disclosures in financial statements. This new accounting treatment will impact any new contracts entered into by LiveTV, as well as any TrueBlue loyalty program or commercial partnership arrangements we may enter into or materially modify. Since adoption of this new accounting treatment, we have not entered into any material new or modified contracts. |
Longterm_Debt_Shortterm_Borrow
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Long-term Debt, Short-term Borrowings and Capital Lease Obligations | ' | ||||||||||||||||
Note 2—Long-term Debt, Short-term Borrowings and Capital Lease Obligations | |||||||||||||||||
Long-term debt and capital lease obligations and the related weighted average interest rate at December 31, 2013 and 2012 consisted of the following (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Secured Debt | |||||||||||||||||
Floating rate equipment notes, due through 2025 (1) | $ | 634 | 2.8 | % | $ | 816 | 2.7 | % | |||||||||
Floating rate enhanced equipment notes (2) (3) | |||||||||||||||||
Class G-1, due 2013, 2014 and 2016 | 55 | 4.5 | % | 173 | 3.1 | % | |||||||||||
Class G-2, due 2014 and 2016 | 373 | 1 | % | 373 | 2.6 | % | |||||||||||
Class B-1, due 2014 | — | — | % | 49 | 6.5 | % | |||||||||||
Fixed rate equipment notes, due through 2026 | 1,110 | 5.8 | % | 960 | 6.3 | % | |||||||||||
Fixed rate special facility bonds, due through 2036 (4) | 78 | 5 | % | 82 | 6 | % | |||||||||||
Unsecured Debt | |||||||||||||||||
6.75% convertible debentures due in 2039 (5) | 162 | 162 | |||||||||||||||
5.5% convertible debentures due in 2038 (6) | 68 | 123 | |||||||||||||||
Capital Leases (7) | 105 | 3.9 | % | 113 | 3.9 | % | |||||||||||
Total debt and capital lease obligations | 2,585 | 2,851 | |||||||||||||||
Less: Current maturities | (469 | ) | (394 | ) | |||||||||||||
Long-term debt and capital lease obligations | $ | 2,116 | $ | 2,457 | |||||||||||||
(1)Interest rates adjust quarterly or semi-annually based on the London Interbank Offered Rate, or LIBOR, plus a margin. | |||||||||||||||||
(2)In November 2006 we completed a public offering of $124 million of pass-through certificates to finance a certain number of our owned aircraft spare parts. Separate trusts were established for each class of these certificates. In November 2011, we redeemed $3 million of class G-1 certificates. In 2013, the remaining $119 million principal amount of the Class G-1 and Class B-1 certificates due in January 2014 were prepaid on December 16, 2013, ahead of the scheduled maturities. In April 2009 we entered into interest rate swap agreements for half of the Class G-1 certificates and all of the Class B-1 certificates in the November 2006 offering which expired in 2013. | |||||||||||||||||
(3)In March and November 2004 we completed public offerings for $431 million and $498 million respectively, of pass-through certificates. These offerings were set up in order to finance the purchase of 28 new Airbus A320 aircraft delivered through 2005. Separate trusts were established for each class of these certificates. Quarterly principal payments are required on the Class G-1 certificates. In February 2008 we entered into interest rate swap agreements for the Class G-1 certificates in the November 2004 offering. These swap agreements effectively fixed the interest rate for the remaining term of these certificates. As of December 31, 2013 these certificates had a balance of $55 million and an effective interest rate of 4.5%. The entire principal amount of the Class G-2 certificates is scheduled to be paid in a lump sum on the applicable maturity dates. In February 2009, we entered into interest rate swap agreements for the Class G-2 certificates in the November 2004 offering which expired in 2013. The interest rate for all other certificates is based on three month LIBOR plus a margin. Interest is payable quarterly. | |||||||||||||||||
(4)In November 2005, the Greater Orlando Aviation Authority, or GOAA, issued special purpose airport facilities revenue bonds to us as a reimbursement for certain airport facility construction and other costs. In April 2013 GOAA issued $42 million in special purpose airport facility revenue bonds to refund the bonds issued in 2005. The proceeds from the refunded bonds were loaned to us and we recorded the issuance of $43 million, net of $1 million premium, as long term debt on our consolidated balance sheet. In December 2006, the New York City Industrial Development Agency issued special facility revenue bonds for JFK to us as a reimbursement to us for certain airport facility construction and other costs. We recorded the principal amount of both bonds, net of discounts, as long-term debt on our consolidated balance sheets because we have issued a guarantee of the debt payments on the bonds. This fixed rate debt is secured by leasehold mortgages of our airport facilities. | |||||||||||||||||
(5)In June 2009, we completed a public offering for an aggregate principal amount of $115 million of 6.75% Series A convertible debentures due 2039, or the Series A 6.75% Debentures. We simultaneously completed a public offering for an aggregate principal amount of $86 million of 6.75% Series B convertible debentures due 2039, or the Series B 6.75% Debentures. These are collectively known as the 6.75% Debentures. The 6.75% Debentures are general obligations and rank equal in right of payment with all of our existing and future senior unsecured debt. They are effectively junior in right of payment to our existing and future secured debt, including our secured equipment debentures, to the extent of the value of the assets securing such debt, and senior in right of payment to any subordinated debt. In addition, the 6.75% Debentures are structurally subordinated to all existing and future liabilities of our subsidiaries. The net proceeds were approximately $197 million after deducting underwriting fees and other transaction related expenses. Interest on the 6.75% Debentures is payable semi-annually on April 15 and October 15. The first interest payment on the 6.75% Debentures was paid October 15, 2009. | |||||||||||||||||
Holders of either the Series A or Series B 6.75% Debentures may convert them into shares of our common stock at any time at a conversion rate of 204.6036 shares per $1,000 principal amount of the 6.75% Debentures. The conversion rates are subject to adjustment should we declare common stock dividends or effect any common stock splits or similar transactions. If the holders convert the Series A 6.75% Debentures in connection with a fundamental change that occurs prior to October 15, 2014, the applicable conversion rate may be increased depending on our then current common stock price. The same applies to the Series B 6.75% Debentures prior to October 15, 2016. The maximum number of shares into which all of the 6.75% Debentures are convertible, including pursuant to this make-whole fundamental change provision, is 235.2941 shares per $1,000 principal amount of the 6.75% Debentures outstanding, as adjusted, or 38.1 million shares as of December 31, 2013. | |||||||||||||||||
We may redeem any of the 6.75% Debentures for cash at a redemption price of 100% of their principal amount, plus accrued and unpaid interest at any time on or after October 15, 2014 for the Series A 6.75% Debentures and October 15, 2016 for the Series B 6.75% Debentures. Holders may require us to repurchase the 6.75% Debentures for cash at a repurchase price equal to 100% of their principal amount plus accrued and unpaid interest, if any, on October 15, 2014, 2019, 2024, 2029 and 2034 for the Series A 6.75% Debentures and October 15, 2016, 2021, 2026, 2031 and 2036 for the Series B 6.75% Debentures; or at any time prior to their maturity upon the occurrence of a certain designated event. | |||||||||||||||||
During 2011, we repurchased a total of $39 million principal amount of our Series A 6.75% Debentures for approximately $45 million. We recognized a loss of approximately $6 million on these transactions, which was included in interest income and other in our consolidated statements of operation during 2011. | |||||||||||||||||
We evaluated the various embedded derivatives within the supplemental indenture for bifurcation from the 6.75% Debentures under the applicable provisions, including the basic conversion feature, the fundamental change make-whole provision and the put and call options. Based upon our detailed assessment, we concluded these embedded derivatives were either (i) excluded from bifurcation as a result of being clearly and closely related to the 6.75% Debentures or are indexed to our common stock and would be classified in stockholders’ equity if freestanding or (ii) are immaterial embedded derivatives. | |||||||||||||||||
(6)In June 2008, we completed a public offering for an aggregate principal amount of $100.6 million of 5.5% Series A convertible debentures due 2038, or the Series A 5.5% Debentures. We simultaneously completed a public offering for an aggregate principal amount of $100.6 million for 5.5% Series B convertible debentures due 2038, or the Series B 5.5% Debentures. These are collectively known as the 5.5% Debentures. The 5.5% Debentures are general senior obligations and were originally secured in part by an escrow account for each series. We deposited approximately $32 million of the net proceeds from the offering, representing the first six scheduled semi-annual interest payments on the 5.5% Debentures, into escrow accounts for the exclusive benefit of the holders of each series of the 5.5% Debentures. As of December 31, 2011, all funds originally deposited in the escrow account had been used. Interest on the 5.5% Debentures is payable semi-annually on April 15 and October 15. | |||||||||||||||||
Holders of the Series A 5.5% Debentures may convert them into shares of our common stock at any time at a conversion rate of 220.6288 shares per $1,000 principal amount of Series A 5.5% Debenture. Holders of the Series B 5.5% Debentures may convert them into shares of our common stock at any time at a conversion rate of 225.2252 shares per $1,000 principal amount of Series B 5.5% Debenture. The conversion rates are subject to adjustment should we declare common stock dividends or effect any common stock splits or similar transactions. If the holders convert the Series B 5.5% Debentures in connection with any fundamental corporate change that occurs prior to October 15, 2015 the applicable conversion rate may be increased depending upon our then current common stock price. The maximum number of shares of common stock into which all of the remaining 5.5% Debentures are convertible, including pursuant to this make-whole fundamental change provision, is 18.2 million shares. Holders who converted their 5.5% Debentures prior to April 15, 2011 received, in addition to the number of shares of our common stock calculated at the applicable conversion rate, a cash payment from the escrow account for the 5.5% Debentures of the series converted equal to the sum of the remaining interest payments that would have been due on or before April 15, 2011 in respect of the converted 5.5% Debentures. | |||||||||||||||||
We may redeem any of the 5.5% Debentures for cash at a redemption price of 100% of their principal amount, plus accrued and unpaid interest at any time on or after October 15, 2015 for the Series B 5.5% Debentures. Holders may require us to repurchase the 5.5% Debentures for cash at a repurchase price equal to 100% of their principal amount plus accrued and unpaid interest, if any, on October 15, 2013, 2018, 2023, 2028, and 2033 for the Series A 5.5% Debentures and October 15, 2015, 2020, 2025, 2030, and 2035 for the Series B 5.5% Debentures; or at any time prior to their maturity upon the occurrence of a specified designated event. | |||||||||||||||||
In June 2008, in conjunction with the public offering of the 5.5% Debentures described above, we also entered into a share lending agreement with Morgan Stanley & Co. Incorporated, an affiliate of the underwriter of the offering, or the share borrower, pursuant to which we loaned the share borrower approximately 44.9 million shares of our common stock. Under the share lending agreement, the share borrower is required to return the borrowed shares when the debentures are no longer outstanding. We did not receive any proceeds from the sale of the borrowed shares by the share borrower, but we did receive a nominal lending fee of $0.01 per share from the share borrower for the use of borrowed shares. | |||||||||||||||||
Our share lending agreement requires the shares borrowed be returned upon the maturity of the related debt, October 2038, or earlier, if the debentures are no longer outstanding. We determined the fair value of the share lending arrangement was approximately $5 million at the date of the issuance based on the value of the estimated fees the shares loaned would have generated over the term of the share lending arrangement. The $5 million value was recognized as a debt issuance cost and is being amortized to interest expense through the earliest put date of the related debt, October 2013 and October 2015 for Series A and Series B, respectively. As of December 31, 2013, approximately $1 million of net debt issuance costs remain outstanding related to the share lending arrangement and will continue to be amortized through the earliest put date of the related debt. | |||||||||||||||||
During 2008 and 2009, approximately $79 million principal amount of the 5.5% Debentures were voluntarily converted by holders. As a result, we issued 17.5 million shares of our common stock. Cash payments from the escrow accounts related to the 2008 conversions were $11 million and borrowed shares equivalent to the number of shares of our common stock issued upon these conversions were returned to us pursuant to the share lending agreement described above. The borrower returned 10.0 million shares to us in September 2009, almost all of which were voluntarily returned shares in excess of converted shares, pursuant to the share lending agreement. In October 2011, approximately 16.6 million shares were voluntarily returned to us by the borrower, leaving 1.4 million shares outstanding under the share lending arrangement. At December 31, 2013 the fair value of similar common shares not subject to our share lending arrangement, based upon our closing stock price, was approximately $12 million. During the fourth quarter of 2013 the remaining principal amount of approximately $55 million of the Series A 5.5% Debentures were converted by holders and as a result, we issued 12.2 million shares of our common stock. At December 31, 2013, the remaining principal balance of Series B 5.5% Debentures was $68 million, which is currently convertible into 15.2 million shares of our common stock. | |||||||||||||||||
(7)At December 31, 2013 and 2012, four capital leased Airbus A320 aircraft were included in property and equipment at a cost of $152 million with accumulated amortization of $33 million and $28 million, respectively. The future minimum lease payments under these non-cancelable leases are $14 million in each of 2014 through 2017, $13 million in 2018, and $69 million in the years thereafter. Included in the future minimum lease payments is $33 million representing interest, resulting in a present value of capital leases of $105 million with a current portion of $8 million and a long-term portion of $97 million. | |||||||||||||||||
During 2012, we modified the debt secured by three of our Airbus A320 aircraft, effectively lowering the borrowing rates over the remaining term of the loans. In exchange for lower borrowing rates associated with two of these aircraft loans, we deposited funds equivalent to the outstanding principal balance, a total of approximately $57 million. The deposit, which is included in long-term investment securities on our consolidated balance sheet, will be reduced as quarterly principal payments are made. If we withdraw the funds deposited, the interest rate on the debt reverts back to the original borrowing rate. As of December 31, 2013 the remaining balance on these funds was approximately $52 million. These deposits are discussed further in Note 1. | |||||||||||||||||
In December 2013, we prepaid approximately $94 million of a financing agreement relating to four Airbus A320 aircraft. This prepayment resulted in a net loss of $3 million, inclusive of premium paid over principal outstanding and deferred financing fees write-off. In December 2013 we additionally prepaid the remaining $119 million on our Enhanced Equipment Trust Certificate, or EETC, Class G-1 and B-1 certificates that was due to mature in January 2014. | |||||||||||||||||
In September 2013, we priced a private placement EETC of pass-through certificates Series 2013-1 for $226 million which will be secured by fourteen Airbus A320 aircraft. We closed the certificates in October 2013 and are scheduled to receive funding in March 2014 to coincide with the final scheduled principal payments of $188 million associated with our March 2004 EETC Class G-2 certificates. | |||||||||||||||||
Maturities of long-term debt and capital leases, including the assumption our convertible debt will be redeemed upon the first put date, for the next five years are as follows (in millions): | |||||||||||||||||
Year | Maturities | ||||||||||||||||
2014 | $ | 469 | |||||||||||||||
2015 | 276 | ||||||||||||||||
2016 | 474 | ||||||||||||||||
2017 | 201 | ||||||||||||||||
2018 | 245 | ||||||||||||||||
Thereafter | 920 | ||||||||||||||||
Aircraft, engines, and other equipment and facilities having a net book value of $3.58 billion at December 31, 2013 were pledged as security under various loan agreements. Cash payments for interest related to debt and capital lease obligations, net of capitalized interest, aggregated $117 million, $136 million and $136 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||
The carrying amounts and estimated fair values of our long-term debt at December 31, 2013 and 2012 were as follows (in millions): | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Public Debt | |||||||||||||||||
Floating rate enhanced equipment notes | |||||||||||||||||
Class G-1, due through 2013, 2014 and 2016 | $ | 55 | $ | 54 | $ | 173 | $ | 164 | |||||||||
Class G-2, due 2014 and 2016 | 373 | 365 | 373 | 351 | |||||||||||||
Class B-1, due 2014 | — | — | 49 | 48 | |||||||||||||
Fixed rate special facility bonds, due through 2036 | 78 | 68 | 82 | 82 | |||||||||||||
6.75% convertible debentures due in 2039 | 162 | 297 | 162 | 225 | |||||||||||||
5.5% convertible debentures due in 2038 | 68 | 134 | 123 | 173 | |||||||||||||
Non-Public Debt | |||||||||||||||||
Floating rate equipment notes, due through 2025 | 634 | 645 | 816 | 776 | |||||||||||||
Fixed rate equipment notes, due through 2026 | 1,110 | 1,161 | 960 | 1,050 | |||||||||||||
Total | $ | 2,480 | $ | 2,724 | $ | 2,738 | $ | 2,869 | |||||||||
The estimated fair values of our publicly held long-term debt are classified as Level 2 in the fair value hierarchy. The fair values of our enhanced equipment notes and our special facility bonds were based on quoted market prices in markets with low trading volumes. The fair value of our convertible debentures was based upon other observable market inputs since they are not actively traded. The fair value of our non-public debt was estimated using a discounted cash flow analysis based on our borrowing rates for instruments with similar terms and therefore classified as Level 3 in the fair value hierarchy. The fair values of our other financial instruments approximate their carrying values. Refer to Note 14 for additional information on fair value. | |||||||||||||||||
We utilize a policy provider to provide credit support on the Class G-1 and Class G-2 certificates. The policy provider has unconditionally guaranteed the payment of interest on the certificates when due and the payment of principal on the certificates no later than 18 months after the final expected regular distribution date. The policy provider is MBIA Insurance Corporation (a subsidiary of MBIA, Inc.). | |||||||||||||||||
We have determined that each of the trusts related to our aircraft EETCs meet the definition of a variable interest entity as defined in the Consolidations topic of the Codification and must be considered for consolidation in our financial statements. Our assessment of the EETCs considers both quantitative and qualitative factors, including whether we have the power to direct the activities and to what extent we participate in the sharing of benefits and losses. We evaluated the purpose for which these trusts were established and nature of risks in each. These trusts were not designed to pass along variability to us. We concluded we are not the primary beneficiary in these trusts due to our involvement in them being limited to principal and interest payments on the related notes and the variability created by credit risk related to us and the likelihood of our defaulting on the notes. Therefore, we have not consolidated these trusts in our financial statements. | |||||||||||||||||
Short-term Borrowings | |||||||||||||||||
We have several lines of credit which bear interest at a floating rate based upon LIBOR plus a margin range of between 1.0% and 2.75% | |||||||||||||||||
Morgan Stanley Line of Credit | |||||||||||||||||
In July 2012, we entered into a revolving line of credit with Morgan Stanley for up to approximately $100 million, and in December 2012, the available line was increased to allow for borrowings up to $200 million. This line of credit is secured by a portion of our investment securities held by them and the amount available to us under this line of credit may vary accordingly. This line of credit bears interest at a floating rate based upon LIBOR, plus a margin. During the year we borrowed $190 million on this line of credit, which was fully repaid. As of December 31, 2013, we did not have a balance outstanding under this line of credit. | |||||||||||||||||
CitiBank Line of Credit | |||||||||||||||||
On April 23, 2013, we entered into a Credit and Guaranty Agreement consists of a $350 million revolving credit and letter of credit facility with Citibank, N.A. as the administrative agent which terminates in 2016. Borrowing under the Credit Facility bear interest at a variable rate equal to LIBOR, plus a margin. The Credit Facility is secured by Slots at JFK, Newark, LaGuardia and Reagan National airports as well as certain other assets. | |||||||||||||||||
The Credit Facility includes covenants that require us to maintain certain minimum balances in unrestricted cash, cash equivalents, and unused commitments available under all revolving credit facilities. In addition the covenants restrict our ability to incur additional indebtedness, issue preferred stock or pay dividends. As of December 31, 2013, we did not have an outstanding balance under our credit facilities. | |||||||||||||||||
American Express Unsecured Revolving Credit Facility | |||||||||||||||||
In September 2011, we entered into a corporate purchasing line with American Express, which allowed us to borrow up to a maximum of $125 million. Concurrent to entering into the above agreement with Citibank, N.A. for the Credit Facility, we terminated the unsecured revolving credit facility with American Express in April 2013. |
Operating_Leases
Operating Leases | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Operating Leases | ' | ||||||||||||
Operating Leases | |||||||||||||
We lease aircraft, all of our facilities at the airports we serve, office space and other equipment. These leases have varying terms and conditions, with some having early termination clauses which we determine to be the lease expiration date. The length of the lease depends upon the type of asset being leased, with the latest lease expiring in 2035. Total rental expense for all operating leases in 2013, 2012 and 2011 was $295 million, $284 million and $269 million, respectively. We have approximately $31 million in assets that serve as collateral for letters of credit related to certain of our leases, which are included in restricted cash. | |||||||||||||
At December 31, 2013, 60 of the 194 aircraft in our fleet were leased under operating leases, with lease expiration dates ranging from 2016 to 2026. Five of the 60 aircraft operating leases have variable rate rent payments based on LIBOR. Leases for 46 of our aircraft can generally be renewed at rates based on fair market value at the end of the lease term for one or two years. We have purchase options in 45 of our aircraft leases at the end of the lease term at fair market value and a one-time option during the term at fixed amounts that were expected to approximate fair market value at lease inception. | |||||||||||||
During 2013, we extended the leases on eight Airbus A320 aircraft that were previously set to expire starting from 2014. These extensions resulted in an additional $42 million of lease commitments through 2022. During 2012, we extended the leases on three Airbus A320 aircraft that were previously set to expire in 2013. These extensions resulted in an additional $24 million of lease commitments through 2018. During 2010, we leased six used Airbus A320 aircraft from a third party, each with a separate six year operating lease term. | |||||||||||||
Future minimum lease payments under noncancelable operating leases, including those described above, with initial or remaining terms in excess of one year at December 31, 2013, are as follows (in millions): | |||||||||||||
Aircraft | Other | Total | |||||||||||
2014 | $ | 141 | $ | 64 | $ | 205 | |||||||
2015 | 150 | 55 | 205 | ||||||||||
2016 | 90 | 50 | 140 | ||||||||||
2017 | 77 | 44 | 121 | ||||||||||
2018 | 75 | 39 | 114 | ||||||||||
Thereafter | 271 | 336 | 607 | ||||||||||
Total minimum operating lease payments | $ | 804 | $ | 588 | $ | 1,392 | |||||||
We have entered into sale-leaseback arrangements with a third party lender for 45 of our operating aircraft. The sale-leasebacks occurred simultaneously with the delivery of the related aircraft to us from their manufacturers. Each sale-leaseback transaction was structured with a separate trust set up by the third party lender, the assets of which consist of the one aircraft initially transferred to it following the sale by us and the subsequent lease arrangement with us. Because of their limited capitalization and the potential need for additional financial support, these trusts are variable interest entities as defined in the Consolidations topic of the Codification and must be considered for consolidation in our financial statements. Our assessment of each trust considers both quantitative and qualitative factors, including whether we have the power to direct the activities and to what extent we participate in the sharing of benefits and losses of the trusts. JetBlue does not retain any equity interests in any of these trusts and our obligations to them are limited to the fixed rental payments we are required to make to them. These were approximately $695 million as of December 31, 2013 and are reflected in the future minimum lease payments in the table above. Our only interest in these entities is the purchase options to acquire the aircraft as specified above. Since there are no other arrangements (either implicit or explicit) between us and the individual trusts that would result in our absorbing additional variability from the trusts, we concluded we are not the primary beneficiary of these trusts. We account for these leases as operating leases, following the appropriate lease guidance as required by the Leases topic in the Codification. |
JFK_Terminal_5
JFK Terminal 5 | 12 Months Ended |
Dec. 31, 2013 | |
JFK Terminal Five [Abstract] | ' |
JFK Terminal 5 | ' |
JFK Terminal 5 | |
We operate out of T5 at JFK and our occupancy is governed by various lease agreements with the PANYNJ. Under the terms of the facility lease agreement we were responsible for the construction of the 635,000 square foot 26-gate terminal, a parking garage, roadways and an AirTrain Connector, all of which are owned by the PANYNJ and collectively referred to as the T5 Project. In 2012, we commenced construction on T5i, an expansion to T5 that will be used as an international arrival facility. An extension of the original T5 lease was executed in 2013 which incorporates approximately 19 acres of additional space for the T5i facilities. The construction of T5i is expected to be completed in late 2014. T5i is anticipated to include six international arrival gates comprised of three new and three converted from T5 as well as an international arrivals hall with full U.S. Customs and Border Protection services. The lease terms, as amended, for our terminal lease at JFK ends on the 28th anniversary of the date of beneficial occupancy of T5i, which is expected in late 2014. We have an early termination option in 2033 for our terminal lease. We are responsible for various payments under the leases, including ground rents which are reflected in the future minimum lease payments table in Note 3, and facility rents which are included below. The facility rents are based upon the number of passengers enplaned out of the terminal, subject to annual minimums. | |
We were considered the owner of the T5 Project for financial reporting purposes only and have been required to reflect an asset and liability for the T5 Project on our consolidated balance sheets since construction commenced in 2005. The cost of the T5 Project and the related liability are being accounted for as a financing obligation. Our construction of T5i is accounted for at cost with no financing obligation. Our capital expenditure to date relating to T5i is approximately $88 million, of which approximately $71 million was incurred in 2013. | |
Total costs incurred for the elements of the T5 Project were $637 million, of which $561 million is classified as Assets Constructed for Others and the remaining $76 million is classified as leasehold improvements in our consolidated balance sheets. Assets Constructed for Others are being amortized over the shorter of the 25 years non-cancelable lease term or their economic life. We recorded amortization expense of $23 million in each of 2013 and 2012, and $22 million in 2011. | |
The PANYNJ has reimbursed us for the amounts currently included in Assets Constructed for Others. These reimbursements and related interest are reflected as Construction Obligation in our consolidated balance sheets. When the facility rents are paid they are treated as a debt service on the Construction Obligation, with the portion not relating to interest reducing the principal balance. Minimum estimated facility payments including escalations associated with the facility lease are estimated to be $40 million per year in 2014 through 2018 and $616 million thereafter. The portion of these scheduled payments serving to reduce the principal balance of the Construction Obligation is $14 million in 2014, $15 million in each of 2015 and 2016, $16 million in 2017 and $17 million in 2018. Payments could exceed these amounts depending on future enplanement levels at JFK. Scheduled facility payments representative of interest totaled $27 million, $27 million and $28 million in 2013, 2012 and 2011, respectively. | |
We sublease portions of T5, including space for concessionaires, our service provider for the airspace lounge and the TSA. Two of our airline commercial partners operate from this terminal and sublease facilities from us, Hawaiian Airlines and Aer Lingus. Minimum lease payments due to us are subject to various escalation amounts through 2021. Future minimum lease payments due to us during each of the next five years are estimated to be $12 million per year in each of 2014 through 2016, $10 million in 2017 and $9 million in 2018. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity | |
In September 2012, our Board of Directors authorized a share repurchase program for up to 25 million shares of common stock over a five year period. The repurchases may be commenced or suspended from time to time without prior notice. During the fourth quarter of 2012, we repurchased approximately 4.1 million shares of our common stock for approximately $23 million. During 2013 we repurchased approximately 0.5 million shares of our common stock for approximately $3 million. The shares repurchased under our share repurchase program were purchased in open market transactions. As of December 31, 2013, 20.4 million shares remain available for repurchase under the program. | |
As of December 31, 2013, we had a total of 168.9 million shares of our common stock reserved for issuance related to our equity incentive plans, our convertible debt, and our share lending facility. As of December 31, 2013, we had a total of 50.9 million shares of treasury stock, the majority of which resulted from the return of borrowed shares under our share lending agreement and also include shares repurchased under our share repurchase program described above. Refer to Note 2 for further details on the share lending agreement and Note 7 for further details on our share-based compensation. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
The following table shows how we computed basic and diluted earnings per common share for the years ended December 31 (dollars in millions; share data in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 168 | $ | 128 | $ | 86 | |||||||
Effect of dilutive securities: | |||||||||||||
Interest on convertible debt, net of income taxes and profit sharing | 9 | 9 | 12 | ||||||||||
Net income applicable to common stockholders after assumed conversions for diluted earnings per share | $ | 177 | $ | 137 | $ | 98 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic earnings per share | |||||||||||||
Effect of dilutive securities: | 282,755 | 282,317 | 278,689 | ||||||||||
Employee stock options | 2,108 | 1,237 | 1,660 | ||||||||||
Convertible debt | 58,562 | 60,575 | 66,118 | ||||||||||
Adjusted weighted average shares outstanding and assumed conversions for diluted earnings per share | 343,425 | 344,129 | 346,467 | ||||||||||
Shares excluded from EPS calculation (in millions): | |||||||||||||
Shares issuable upon conversion of our convertible debt as assumed conversion would be antidilutive | — | — | — | ||||||||||
Shares issuable upon exercise of outstanding stock options or vesting of restricted stock units as assumed exercise would be antidilutive | 13.8 | 19.5 | 22.3 | ||||||||||
As of December 31, 2013, a total of approximately 1.4 million shares of our common stock, which were lent to our share borrower pursuant to the terms of our share lending agreement as described in Note 2, were issued and outstanding for corporate law purposes. Holders of the borrowed shares have all the rights of a holder of our common stock. However, because the share borrower must return all borrowed shares to us (or identical shares or, in certain circumstances of default by the counterparty, the cash value thereof), the borrowed shares are not considered outstanding for the purpose of computing and reporting basic or diluted earnings per share. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||||||
Share-Based Compensation | ||||||||||||||||||||||
We have various equity incentive plans under which we have granted stock awards to our eligible Crewmembers and Directors. These includes the JetBlue Airways Corporation 2002 Stock Incentive Plan, and the Restated and Amended 2002 Stock Incentive Plan which were replaced by the JetBlue Airways Corporation 2011 Incentive Compensation Plan. We additionally have an employee stock purchase plan which we refer to as the Crewmember Stock Purchase Plan, or CSPP, that is available to all eligible Crewmembers. | ||||||||||||||||||||||
Unrecognized stock-based compensation expense was approximately $15 million as of December 31, 2013, relating to a total of 4.8 million unvested restricted stock units under our 2002 Plan and 2011 Plan. We expect to recognize this stock-based compensation expense over a weighted average period of approximately two years. | ||||||||||||||||||||||
2011 Incentive Compensation Plan | ||||||||||||||||||||||
At our Annual Shareholders Meeting held on May 26, 2011, our shareholders approved the new 2011 Plan. This replaced the 2002 Plan which was set to expire at the end of 2011. Upon inception the 2011 Plan had 15.0 million shares of our common stock reserved for issuance. The 2011 Plan, by its terms, will terminate no later than May 2021. This plan provides for RSUs to be granted to certain employees and members of our Board of Directors. It also provides for DSUs to be granted to members of our Board of Directors and performance stock units, or PSUs, to be granted to certain member of our executive leadership team. | ||||||||||||||||||||||
The following is a summary of RSU activity under the 2011 Plan for the years ended December 31, 2013 and 2012 respectively. Activity in 2011 for the 2011 Plan was immaterial. | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Nonvested at beginning of year | 2,483,664 | $ | 5.77 | 65,914 | $ | 5.08 | ||||||||||||||||
Granted | 2,653,842 | 6.08 | 2,570,891 | 5.79 | ||||||||||||||||||
Vested | (828,291 | ) | 5.77 | (20,249 | ) | 5.09 | ||||||||||||||||
Forfeited | (190,366 | ) | 5.82 | (132,892 | ) | 5.83 | ||||||||||||||||
Nonvested at end of year | 4,118,849 | $ | 5.94 | 2,483,664 | $ | 5.77 | ||||||||||||||||
The total intrinsic value, determined as of the date of vesting, of all RSUs under both Plans vested and converted to shares of common stock during the year ended December 31, 2013, 2012 and 2011 was $13 million, $11 million and $10 million respectively. | ||||||||||||||||||||||
The vesting period for DSUs under the 2011 Plan is either one or three years of service. Once vested, shares are issued six months and one day following the Director’s departure from the Board. During the years ended December 31, 2013, 2012 and 2011, we granted an immaterial amount of DSUs, almost all of which remain outstanding at December 31, 2013. In 2013 we granted immaterial PSUs to members of our executive leadership team which are based upon certain performance criteria. | ||||||||||||||||||||||
Amended and Restated 2002 Stock Incentive Plan | ||||||||||||||||||||||
The 2002 Plan, which included stock options issued during 1999 through 2001 under a previous plan as well as all options issued from 2002 through adoption of the 2011 Plan, provided for incentive and non-qualified stock options and restricted stock units, or RSUs, to be granted to certain employees and members of our Board of Directors, as well as deferred stock units, or DSUs, to be granted to members of our Board of Directors. The 2002 Plan became effective following our initial public offering in April 2002, we began issuing RSUs from 2007 and DSUs from 2008. Prior to 2011, the DSUs vested immediately upon being granted. The RSUs vested in annual installments over three years which can be accelerated upon the occurrence of a change in control as defined in the 2002 Plan. Our policy is to grant RSUs based on the market price of the underlying common stock on the date of grant. | ||||||||||||||||||||||
The following is a summary of RSU activity under the 2002 Plan for the year ended December 31: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||
Nonvested at beginning of year | 2,029,081 | $ | 5.85 | 4,093,484 | $ | 5.64 | 3,681,013 | $ | 5.18 | |||||||||||||
Granted | — | — | — | — | 2,677,809 | 6.01 | ||||||||||||||||
Vested | (1,257,045 | ) | 5.76 | (1,921,940 | ) | 5.41 | (1,731,145 | ) | 5.26 | |||||||||||||
Forfeited | (60,542 | ) | 5.99 | (142,463 | ) | 5.76 | (534,193 | ) | 5.53 | |||||||||||||
Nonvested at end of year | 711,494 | $ | 6 | 2,029,081 | $ | 5.85 | 4,093,484 | $ | 5.64 | |||||||||||||
Stock Options | ||||||||||||||||||||||
All options issued under the 2002 Plan expire ten years from the date of grant, with the last options vesting in 2012. Our policy is to grant options with an exercise price equal to the market price of the underlying common stock on the date of grant. | ||||||||||||||||||||||
The following is a summary of stock option activity for the years ended December 31: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 15,845,124 | $ | 14.87 | 21,807,170 | $ | 13.91 | 23,600,494 | $ | 13.42 | |||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||
Exercised | (10,800 | ) | 7.79 | (493,731 | ) | 4 | (934,993 | ) | 2.09 | |||||||||||||
Forfeited | — | — | — | — | (23,700 | ) | 8.92 | |||||||||||||||
Expired | (4,449,636 | ) | 18.5 | (5,468,315 | ) | 12.03 | (834,631 | ) | 13.33 | |||||||||||||
Outstanding at end of year | 11,384,688 | $ | 13.45 | 15,845,124 | $ | 14.87 | 21,807,170 | $ | 13.91 | |||||||||||||
Vested at end of year | 11,384,688 | $ | 13.45 | 15,845,124 | $ | 14.87 | 21,550,526 | $ | 13.94 | |||||||||||||
Available for future grants | 60,615,340 | 56,105,162 | 50,494,384 | |||||||||||||||||||
The following is a summary of outstanding stock options at December 31, 2013: | ||||||||||||||||||||||
Options Outstanding, Vested & Exercisable | ||||||||||||||||||||||
Range of exercise prices | Shares | Weighted average remaining contractual life (years) | Weighted average exercise price | Aggregate intrinsic value (millions) | ||||||||||||||||||
$7.79 to $19.25 | 11,384,688 | 1.8 | $ | 13.45 | $ | — | ||||||||||||||||
11,384,688 | $ | — | ||||||||||||||||||||
The total intrinsic value, determined as of the date of exercise, of options exercised was immaterial during the year ended December 31, 2013, and $1 million and $3 million during the years ended December 31, 2012 and 2011 respectively. Amounts received in cash for options exercised were immaterial for the year ended December 31, 2013 and $2 million in each of the years ended December 31, 2012 and 2011. We have not granted any stock options since 2008 and those previously granted became fully expensed in 2012. The total fair value of stock options vested was approximately $2 million and $5 million during 2012 and 2011, respectively. | ||||||||||||||||||||||
Fair Value Assumptions | ||||||||||||||||||||||
We used a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards in accordance with the Compensation-Stock Compensation topic of the Codification, for stock options under our 2002 Plan. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. We reviewed our historical pattern of option exercises under our 2002 Plan and determined meaningful differences in option exercise activity existed among employee job categories. Therefore, for all stock options granted after January 1, 2006, we categorized these awards into three groups of employees for valuation purposes. | ||||||||||||||||||||||
We estimated the expected term of options granted using an implied life derived from the results of a lattice model. This incorporates our historical exercise and post-vesting employment termination patterns, which we believe are representative of future behavior. The expected term for our restricted stock units is based on the associated service period. | ||||||||||||||||||||||
We estimated the expected volatility of our common stock at the grant date using a blend of 75% historical volatility of our common stock and 25% implied volatility of two-year publicly traded options on our common stock as of the option grant date. Our decision to use a blend of historical and implied volatility was based upon the volume of actively traded options on our common stock and our belief historical volatility alone may not be completely representative of future stock price trends. | ||||||||||||||||||||||
Our risk-free interest rate assumption was determined using the Federal Reserve nominal rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. We have never paid any cash dividends on our common stock and we do not anticipate paying any cash dividends in the foreseeable future. Therefore, we assumed an expected dividend yield of zero. | ||||||||||||||||||||||
The Compensation-Stock Compensation topic of the Codification requires us to estimate pre-vesting forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We record stock-based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical pre-vesting forfeiture data. | ||||||||||||||||||||||
Crewmember Stock Purchase Plan | ||||||||||||||||||||||
In May 2011, our shareholders also approved the new 2011 Crewmember Stock Purchase Plan, or the 2011 CSPP, to replace the original Crewmember Stock Purchase Plan, which was set to expire in April 2012. At inception, the 2011 CSPP had 8.0 million shares of our common stock reserved for issuance. The 2011 CSPP, by its terms, will terminate no later than the last business day of April 2021. | ||||||||||||||||||||||
The following is a summary of CSPP share reserve activity under the 2011 CSPP for the year ended December 31: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Available for future purchases, beginning of year | 6,436,224 | 8,000,000 | ||||||||||||||||||||
Shares reserved for issuance | — | — | ||||||||||||||||||||
Common stock purchased | (1,581,080 | ) | $ | 6.2 | (1,563,776 | ) | $ | 4.75 | ||||||||||||||
Available for future purchases, end of year | 4,855,144 | 6,436,224 | ||||||||||||||||||||
The 2011 CSPP has a series of six months offering periods, with a new offering period beginning on the first business day of May and November each year. Employees can only join an offering period on the start date. Employees may contribute up to 10% of their pay, through payroll deductions, toward the purchase of common stock. Purchase dates occur on the last business day of April and October each year. | ||||||||||||||||||||||
Until April 2013 our 2011 CSPP was considered non-compensatory as the purchase price discount was 5% based upon the stock price on the date of purchase. The plan was amended and restated in May 2013, with the CSPP purchase price discount increasing to 15% based upon the stock price on the date of purchase. In accordance with the Compensation-Stock Compensation topic of the Codification the 2011 CSPP no longer meets the non-compensatory definition as the terms of the plan are more favorable than those to all holders of the common stock. For all offering periods starting from May 2013 the compensation cost relating to the discount is recognized over over the offering period. For the year ended December 31, 2013 the total expense recognized relating to the 2011 CSPP was approximately $2 million. | ||||||||||||||||||||||
Should we be acquired by merger or sale of substantially all of our assets or sale of more than 50% of our outstanding voting securities, all outstanding purchase rights will automatically be exercised immediately prior to the effective date of the acquisition at a price equal to 85% of the fair market value per share immediately prior to the acquisition. | ||||||||||||||||||||||
Our original CSPP was available to all employees at its inception in April 2002. The following is a summary of CSPP share reserve activity under the original CSPP for the year ended December 31, 2011. There was no activity in 2012 and 2013 under the original CSPP and the shares remain reserved at December 31, 2013. | ||||||||||||||||||||||
2011 | ||||||||||||||||||||||
Shares | Weighted | |||||||||||||||||||||
Average | ||||||||||||||||||||||
Available for future purchases, beginning of year | 20,923,959 | |||||||||||||||||||||
Shares reserved for issuance | — | |||||||||||||||||||||
Common stock purchased | (1,617,602 | ) | $ | 4.76 | ||||||||||||||||||
Available for future purchases, end of year | 19,306,357 | |||||||||||||||||||||
Taxation | ||||||||||||||||||||||
The Compensation-Stock Compensation topic of the Codification requires deferred taxes be recognized on temporary differences that arise with respect to stock-based compensation attributable to nonqualified stock options and awards. However, no tax benefit is recognized for stock-based compensation attributable to incentive stock options (ISO) or CSPP shares until there is a disqualifying disposition, if any, for income tax purposes. A portion of our stock-based compensation is attributable to ISO and CSPP shares; therefore, our effective tax rate is subject to fluctuation. | ||||||||||||||||||||||
LiveTV Equity Incentive Plan | ||||||||||||||||||||||
In April 2009, our Board of Directors approved the LiveTV Equity Incentive Plan, or EIP, an equity based incentive plan for certain members of leadership at our wholly-owned subsidiary, LiveTV. Notional equity units were available under the EIP, representing up to 12% of the notional equity interest of LiveTV. Compensation cost was recorded ratably over the service period. In May 2011, we terminated the EIP. In exchange for the release of their rights under the EIP, participants were granted restricted stock units under the 2002 Plan. |
LiveTV
LiveTV | 12 Months Ended |
Dec. 31, 2013 | |
Live TV Disclosures [Abstract] | ' |
LiveTV | ' |
LiveTV | |
Through December 31, 2013, LiveTV had installed in-flight entertainment systems for other airlines on 461 aircraft and had firm commitments for installations of in-flight entertainment and Ka broadband connectivity on 196 additional aircraft scheduled to be installed through 2015, with options for nine additional in-flight entertainment installations through 2016. Revenues in 2013, 2012 and 2011 were $72 million, $81 million and $82 million, respectively. Deferred profit on hardware sales and advance deposits for future hardware sales are included in other accrued liabilities and other long term liabilities on our consolidated balance sheets depending on whether we expect to recognize it in the next 12 months or beyond. They totaled $42 million and $34 million as of December 31, 2013 and 2012, respectively. Deferred profit to be recognized on installations completed through December 31, 2013 will be approximately $3 million per year from 2014 through 2018 and $6 million thereafter. The net book value of equipment installed for other airlines was approximately $102 million and $109 million as of December 31, 2013 and 2012, respectively, and is included in other assets on our consolidated balance sheets. | |
In December 2011, LiveTV terminated its contract with one of its airline customers. In connection with the termination, the customer paid approximately $16 million, which was included in other accrued liabilities on the consolidated balance sheet as of December 31, 2011. Upon fulfilling our obligation to deactivate service on the customer's aircraft, we recorded a gain of $8 million in other operating expenses in 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The provision for income taxes consisted of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred: | |||||||||||||
Federal | $ | 95 | $ | 68 | $ | 51 | |||||||
State | 12 | 8 | 7 | ||||||||||
Deferred income tax expense | 107 | 76 | 58 | ||||||||||
Current income tax expense | 4 | 5 | 1 | ||||||||||
Total income tax expense | $ | 111 | $ | 81 | $ | 59 | |||||||
The effective tax rate on income before income taxes differed from the federal income tax statutory rate for the years ended December 31 for the following reasons (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense at statutory rate | $ | 98 | $ | 73 | $ | 51 | |||||||
Increase resulting from: | |||||||||||||
State income tax, net of federal benefit | 9 | 6 | 5 | ||||||||||
Other, net | 4 | 2 | 3 | ||||||||||
Total income tax expense | $ | 111 | $ | 81 | $ | 59 | |||||||
Cash payments for income taxes were $4 million in 2013, $4 million in 2012 and zero in 2011. | |||||||||||||
The net deferred taxes below include a current net deferred tax asset of $120 million and a long-term net deferred tax liability of $605 million at December 31, 2013, and a current net deferred tax asset of $107 million and a long-term net deferred tax liability of $481 million at December 31, 2012. | |||||||||||||
The components of our deferred tax assets and liabilities as of December 31 are as follows (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 157 | $ | 127 | |||||||||
Employee benefits | 40 | 36 | |||||||||||
Deferred revenue/gains | 95 | 82 | |||||||||||
Rent expense | 24 | 22 | |||||||||||
Terminal 5 lease | 29 | 26 | |||||||||||
Capital loss carryforwards | 20 | 20 | |||||||||||
Other | 32 | 37 | |||||||||||
Valuation allowance | (20 | ) | (20 | ) | |||||||||
Deferred tax assets, net | 377 | 330 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | (862 | ) | (704 | ) | |||||||||
Deferred tax liabilities | (862 | ) | (704 | ) | |||||||||
Net deferred tax liability | $ | (485 | ) | $ | (374 | ) | |||||||
At December 31, 2013, we had U.S. Federal regular and alternative minimum tax net operating loss (“NOL”) carryforwards of $456 million and $446 million, respectively, which begin to expire in 2025. In addition, at December 31, 2013, we had deferred tax assets associated with state NOLs of $9 million, which begin to expire in 2016. Our NOL carryforwards at December 31, 2013 include an unrecorded benefit of approximately $9 million related to stock-based compensation that will be recorded in equity when, and to the extent, realized. Section 382 of the Internal Revenue Code imposes limitations on a corporation’s ability to use its NOL carryforwards if it experiences an “ownership change.” As of December 31, 2013, our valuation allowance did not include any amounts attributable to this limitation; however, if an “ownership change” were to occur in the future, the ability to use our NOLs could be limited. | |||||||||||||
In evaluating the realizability of the deferred tax assets, we assess whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. We consider, among other things, the generation of future taxable income (including reversals of deferred tax liabilities) during the periods in which the related temporary differences will become deductible. At December 31, 2013, we continue to maintain a $20 million valuation allowance to reduce the deferred tax assets to an amount that we consider is more likely than not to be realized. Our valuation allowance at December 31, 2013 is related to capital loss carryforwards which expire in 2015 and 2016. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follow (in millions): | |||||||||||||
Unrecognized tax benefits December 31, 2010 | $ | 11 | |||||||||||
Increases for tax positions taken during the period | 1 | ||||||||||||
Unrecognized tax benefits December 31, 2011 | 12 | ||||||||||||
Increases for tax positions taken during the period | 1 | ||||||||||||
Unrecognized tax benefits December 31, 2012 | 13 | ||||||||||||
Increases for tax positions taken during the period | 2 | ||||||||||||
Decreases for settlement with tax authorities during the period | (4 | ) | |||||||||||
Unrecognized tax benefits December 31, 2013 | $ | 11 | |||||||||||
Interest and penalties accrued on unrecognized tax benefits were not significant. If recognized, $9 million of the unrecognized tax benefits at December 31, 2013 would impact our effective tax rate. We do not expect any significant change in the amount of the unrecognized tax benefits within the next twelve months. As a result of NOLs and statute of limitations in our major tax jurisdictions, years 2002 through 2012 remain subject to examination by the relevant tax authorities. |
Employee_Retirement_Plan
Employee Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Retirement Plan | ' |
Employee Retirement Plan | |
We sponsor a retirement savings 401(k) defined contribution plan, or the Plan, covering all of our employees. In 2013, we matched 100% of our employee contributions up to 5% of their compensation. The contributions vest over five years, measured from an employee’s hire date. Participants are immediately vested in their voluntary contributions. | |
Another component of the Plan is a Company discretionary contribution of 5% of eligible non-management employee compensation, which we refer to as Retirement Plus. Retirement Plus contributions vest over three years, measured from an employee’s hire date. Our non-management employees are also eligible to receive profit sharing, calculated as 15% of adjusted pre-tax income reduced by the Retirement Plus contributions discussed above. Certain FAA-licensed employees receive an additional contribution of 3% of eligible compensation, which we refer to as Retirement Advantage. Total Retirement Plus, Retirement Advantage, 401(k) company match and profit sharing expensed in 2013, 2012 and 2011 were $94 million, $73 million and $61 million, respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments | ' |
Commitments | |
Flight Equipment Commitments | |
As of December 31, 2013, our firm aircraft orders consisted of three Airbus A320 aircraft, 49 Airbus A321 aircraft, 30 Airbus A320 new engine option (A320neo), 30 Airbus A321neo, 24 EMBRAER 190 aircraft and 10 spare engines scheduled for delivery through 2022. Committed expenditures for these aircraft and related flight equipment, including estimated amounts for contractual price escalations and predelivery deposits, will be approximately $500 million in 2014, $660 million in 2015, $785 million in 2016, $835 million in 2017, $855 million in 2018 and $3,235 billion thereafter. We are scheduled to receive nine new Airbus A321 in 2014, four of which have committed financing. We plan to purchase the remaining 2014 scheduled deliveries with cash. | |
In December 2012, we prepaid $200 million for certain 2013 aircraft deliveries and deposits on future aircraft deliveries in exchange for favorable pricing terms. In 2012 we amended our Embraer purchase agreement several times. In July 2012 we accelerated the delivery of one aircraft to 2013, from 2014 and in December 2012 we accelerated the delivery of four aircraft from 2018 to 2013. In October 2013 we amended our purchase agreements with both Embraer and Airbus. We deferred 24 EMBRAER 190 aircraft from 2014-2018 to 2020-2022. We converted eight existing A320 orders to A321 orders and 10 A320neo orders to A321neo orders. We incrementally ordered 15 A321 aircraft for delivery between 2015 and 2017 and 20 A321neo aircraft for delivery between 2018 and 2020. | |
Other Commitments | |
We utilize several credit card processors to process our ticket sales. Our agreements with these processors do not contain covenants, but do generally allow the processor to withhold cash reserves to protect the processor for potential liability for tickets purchased, but not yet used for travel. While we currently do not have any collateral requirements related to our credit card processors, we may be required to issue collateral to our credit card processors, or other key vendors, in the future. As of December 31, 2013, we had approximately $25 million pledged related to our workers compensation insurance policies and other business partner agreements, which will expire according to the terms of the related policies or agreements. | |
Our commitments also include those of LiveTV, which has several noncancelable long-term purchase agreements with its suppliers to provide equipment to be installed on its customers’ aircraft, including JetBlue’s aircraft. At December 31, 2013, committed expenditures to these suppliers were approximately $45 million in 2014, and $2 million in each of 2015 through 2017. | |
In March 2011, we executed a seven year agreement, subject to an optional three year extension, with ViaSat Inc. to develop and introduce in-flight broadband connectivity technology on our aircraft. Committed expenditures under this agreement as of December 31, 2013 include a minimum of $20 million through 2020 and an additional $25 million for minimum hardware and software purchases. | |
We enter into individual employment agreements with each of our FAA-licensed employees, which include pilots, dispatchers, technicians and inspectors as well as air traffic controllers. Each employment agreement is for a term of 5 years and automatically renews for an additional five-year term unless either the employee or we elect not to renew it by giving at least 90 days notice before the end of the relevant term. Pursuant to these agreements, these employees can only be terminated for cause. In the event of a downturn in our business that would require a reduction in work hours, we are obligated to pay these employees a guaranteed level of income and to continue their benefits if they do not obtain other aviation employment. None of our employees are covered by collective bargaining agreements. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
We self-insure a portion of our losses from claims related to workers’ compensation, environmental issues, property damage, medical insurance for employees and general liability. Losses are accrued based on an estimate of the ultimate aggregate liability for claims incurred, using standard industry practices and our actual experience. | |
We are a party to many routine contracts under which we indemnify third parties for various risks. These indemnities consist of the following: | |
All of our bank loans, including our aircraft and engine mortgages, contain standard provisions present in loans of this type. These provisions obligate us to reimburse the bank for any increased costs associated with continuing to hold the loan on our books which arise as a result of broadly defined regulatory changes, including changes in reserve requirements and bank capital requirements. These indemnities would have the practical effect of increasing the interest rate on our debt if they were to be triggered. In all cases, we have the right to repay the loan and avoid the increased costs. The term of these indemnities matches the length of the related loan up to 15 years. | |
Under both aircraft leases with foreign lessors and aircraft and engine mortgages with foreign lenders, we have agreed to customary indemnities concerning withholding tax law changes. Under these contracts we are responsible, should withholding taxes be imposed, for paying such amount of additional rent or interest as is necessary to ensure that the lessor or lender still receives, after taxes, the rent stipulated in the lease or the interest stipulated under the loan. The term of these indemnities matches the length of the related lease up to 20 years. | |
We have various leases with respect to real property as well as various agreements among airlines relating to fuel consortia or fuel farms at airports. Under these contracts we have agreed to standard language indemnifying the lessor against environmental liabilities associated with the real property or operations described under the agreement, even if we are not the party responsible for the initial event that caused the environmental damage. In the case of fuel consortia at airports, these indemnities are generally joint and several among the participating airlines. We have purchased a standalone environmental liability insurance policy to help mitigate this exposure. Our existing aviation hull and liability policy includes some limited environmental coverage when a cleanup is part of an associated single identifiable covered loss. | |
Under certain contracts, we indemnify specified parties against legal liability arising out of actions by other parties. The terms of these contracts range up to 30 years. Generally, we have liability insurance protecting ourselves for the obligations we have undertaken relative to these indemnities. | |
LiveTV provides product warranties to third party airlines to which it sells its products and services. We do not accrue a liability for product warranties upon sale of the hardware since revenue is recognized over the term of the related service agreements of up to 10 years. Expenses for warranty repairs are recognized as they occur. In addition, LiveTV has provided indemnities against any claims which may be brought against its customers related to allegations of patent, trademark, copyright or license infringement as a result of the use of the LiveTV system. LiveTV customers include other airlines, which may be susceptible to the inherent risks of operating in the airline industry and/or economic downturns, which may in turn have a negative impact on our business. | |
Under a certain number of our LiveTV third party agreements as well as a certain number of our operating lease agreements; we are required to restore certain property or equipment to its original form upon expiration of the related agreement. We have recorded the estimated fair value of these retirement obligations of approximately $9 million as of December 31, 2013. This liability may increase over time. | |
We are unable to estimate the potential amount of future payments under the foregoing indemnities and agreements. | |
Environmental Liability | |
Many aspects of airlines’ operations are subject to increasingly stringent federal, state, local, and foreign laws protecting the environment. Since the domestic airline industry is increasingly price sensitive we may not be able to recover the cost of compliance with new or more stringent environmental laws and regulations from our passengers, which could adversely affect our business. Although it is not expected that the costs of complying with current environmental regulations will have a material adverse effect on our financial position, results of operations or cash flows, no assurance can be made that the costs of complying with environmental regulations in the future will not have such an effect. The impact to us and our industry from such actions is likely to be adverse and could be significant, particularly if regulators were to conclude that emissions from commercial aircraft cause significant harm to the upper atmosphere or have a greater impact on climate change than other industries. | |
In 2012, during the performance of environmental testing which was required in connection with the demolition of the passenger terminal buildings and closure of the defunct hydrant fuel systems at JFK the presence of light non-aqueous phase petroleum liquid was discovered in certain subsurface monitoring wells on the property. Our lease with the PANYNJ provides, under certain circumstances, we may be responsible for investigating, delineating, and remediating such subsurface contamination, even if we are not necessarily the party that caused its release. We have engaged environmental consultants to assess the extent of the contamination and assist us in determining steps to remediate it. A preliminary estimate indicates costs of remediation could range from $1 million up to approximately $3 million. As of December 31, 2013, we had accrued $2 million for current estimates of remediation costs, which is included in current liabilities on our consolidated balance sheets. However, as with any environmental contamination, there is the possibility this contamination could be more extensive than estimated at this early stage. We have a pollution insurance policy that protects us against these types of environmental liabilities, which we expect will mitigate most of our exposure in this matter. | |
Based upon information currently known to us we do not expect these environmental proceedings to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. However, it is not possible to predict with certainty the impact on us of future environmental compliance requirements or the costs of resolving the matter, in part because the scope of the remediation that may be required is not certain and environmental laws and regulations are subject to modification and changes in interpretation. | |
Legal Matters | |
Occasionally, we are involved in various claims, lawsuits, regulatory examinations, investigations and other legal matters arising, for the most part, in the ordinary course of business. The outcome of litigation and other legal matters is always uncertain. The Company believes it has valid defenses to the legal matters currently pending against it, is defending itself vigorously and has recorded accruals determined in accordance with U.S. GAAP, where appropriate. In making a determination regarding accruals, using available information, we evaluate the likelihood of an unfavorable outcome in legal or regulatory proceedings to which we are a party to and record a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of our defenses and consultation with legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from our current estimates. It is possible that resolution of one or more of the legal matters currently pending or threatened could result in losses material to our consolidated results of operations, liquidity or financial condition. | |
To date, none of these types of litigation matters, most of which are typically covered by insurance, has had a material impact on our operations or financial condition. We have insured and continue to insure against most of these types of claims. A judgment on any claim not covered by, or in excess of, our insurance coverage could materially adversely affect our financial condition or results of operations. | |
Employment Agreement Dispute. In or around March 2010, attorneys representing a group of current and former pilots (the “Claimants”) filed a Request for Mediation with the American Arbitration Association concerning a dispute over the interpretation of a provision of their individual JetBlue Airways Corporation Employment Agreement for Pilots (“Employment Agreement”). In their Fourth Amended Arbitration Demand, dated June 8, 2012, the Claimants (972 pilots) alleged that JetBlue breached the base salary provision of the Employment Agreement and sought back pay and related damages for pay adjustments that occurred in each of 2002, 2007 and 2009. The Claimants also asserted that JetBlue had violated numerous New York state labor laws. In July 2012, in response to JetBlue's partial motion to dismiss, the Claimants withdrew the 2002 claims. Following an arbitration hearing on the remaining claims, in May 2013, the arbitrator issued an interim decision on the contractual provisions of the Employment Agreement. In 2007, all pilots received market rate pay adjustments. The arbitrator determined that a 26.7% base pay rate increase provided to certain pilots during 2007 triggered the base salary provision of the Employment Agreement. The 2009 claims and all New York state labor law claims were dismissed. The parties started the damages phase of the arbitration in June of 2013. Many variables remain undetermined, including the number of eligible Claimants and what elements of pay, if any, could be included in any damages calculation award. Motion practice began in July 2013 and in late August 2013, the arbitrator granted JetBlue’s motion to significantly limit the scope of damages. Motion practice continues that may further limit the number of pilots with valid claims and reduce the scope of damages. | |
In January 2014, the Claimants specified $13 million in damages that they are seeking. We believe that any damages ultimately resulting from this dispute will be significantly less than the amount of damages sought by the Claimants and have accrued an amount which we believe is probable. Our estimate of reasonably possible losses in excess of the probable loss is not material. However, the outcome of any arbitration is inherently uncertain and any final judgment may differ materially. | |
WestJet Complaint. In December 2013, WestJet, a customer of LiveTV, filed a complaint against LiveTV alleging breach of contract. WestJet has alleged $15 million in damages plus unspecified damages for removing the inflight entertainment systems from its aircraft. In January 2014, LiveTV filed a response to this Complaint and a series of Counterclaims. LiveTV disputes the accuracy and validity of the WestJet claims and to the extent WestJet is able to establish any liability on the part of LiveTV, LiveTV contends that the as-yet unliquidated damages sought by LiveTV in its Counterclaims are likely to exceed any actual damages awarded to WestJet on its Complaint. We believe the Complaint to be without merit and will continue to assert defenses; however, as the case is in its early stages, it is not possible to assess the likelihood of loss. |
Financial_Derivative_Instrumen
Financial Derivative Instruments and Risk Management | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Financial Derivative Instruments and Risk Management | ' | |||||||||||||||
Financial Derivative Instruments and Risk Management | ||||||||||||||||
As part of our risk management techniques, we periodically purchase over the counter energy derivative instruments and enter into fixed forward price agreements, or FFPs, to manage our exposure to the effect of changes in the price of aircraft fuel. Prices for the underlying commodities have historically been highly correlated to aircraft fuel, making derivatives of them effective at providing short-term protection against sharp increases in average fuel prices. We also periodically enter into jet fuel basis swaps for the differential between heating oil and jet fuel, to further limit the variability in fuel prices at various locations. | ||||||||||||||||
To manage the variability of the cash flows associated with our variable rate debt, we have also entered into interest rate swaps. We do not hold or issue any derivative financial instruments for trading purposes. | ||||||||||||||||
Aircraft fuel derivatives | ||||||||||||||||
We attempt to obtain cash flow hedge accounting treatment for each aircraft fuel derivative that we enter into. This treatment is provided for under the Derivatives and Hedging topic of the Codification which allows for gains and losses on the effective portion of qualifying hedges to be deferred until the underlying planned jet fuel consumption occurs, rather than recognizing the gains and losses on these instruments into earnings during each period they are outstanding. The effective portion of realized aircraft fuel hedging derivative gains and losses is recognized in aircraft fuel expense in the period the underlying fuel is consumed. | ||||||||||||||||
Ineffectiveness results, in certain circumstances, when the change in the total fair value of the derivative instrument differs from the change in the value of our expected future cash outlays for the purchase of aircraft fuel and is recognized immediately in interest income and other. Likewise, if a hedge does not qualify for hedge accounting, the periodic changes in its fair value are recognized in the period of the change in interest income and other. When aircraft fuel is consumed and the related derivative contract settles, any gain or loss previously recorded in other comprehensive income is recognized in aircraft fuel expense. All cash flows related to our fuel hedging derivatives are classified as operating cash flows. | ||||||||||||||||
Our current approach to fuel hedging is to enter into hedges on a discretionary basis without a specific target of hedge percentage needs. We view our hedge portfolio as a form of insurance to help mitigate the impact of price volatility and protect us against severe spikes in oil prices, when possible. | ||||||||||||||||
The following table illustrates the approximate hedged percentages of our projected fuel usage by quarter as of December 31, 2013, related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes. | ||||||||||||||||
Jet fuel swap | Jet fuel cap | Total | ||||||||||||||
agreements | agreements | |||||||||||||||
First Quarter 2014 | 8% | 8% | 16% | |||||||||||||
Second Quarter 2014 | 7% | 8% | 15% | |||||||||||||
Third Quarter 2014 | 2% | —% | 2% | |||||||||||||
Fourth Quarter 2014 | 2% | —% | 2% | |||||||||||||
In January 2014, we entered into jet fuel swap transactions representing an additional 7% and 6% of our forecasted consumption in each of the third and fourth quarter of 2014 respectively. | ||||||||||||||||
During 2013 we determined certain derivatives no longer qualified for hedge accounting. As such, we prospectively discontinued the application of hedge accounting for the remaining portion of our outstanding Brent crude oil agreements. Any incremental increase or decrease in the value of these contracts was recognized in interest income during 2013 until the contracts settled. As of December 31, 2013 there were no outstanding contracts related to Brent crude oil. Throughout the year we also entered into basis swaps, which did not qualify as cash flow hedges for accounting purposes and as a result we marked to market in earnings each period outstanding based on their current fair value. As of December 31, 2013 there were no outstanding contracts related to basis swaps. | ||||||||||||||||
Interest rate swaps | ||||||||||||||||
The interest rate swap agreements we had outstanding as of December 31, 2013 effectively swap floating rate debt for fixed rate debt, taking advantage of lower borrowing rates in existence at the time of the hedge transaction as compared to the date our original debt instruments were executed. As of December 31, 2013, we had $55 million in notional debt outstanding related to these swaps, which cover certain interest payments through August 2016. The notional amount decreases over time to match scheduled repayments of the related debt. Refer to Note 2 for information on the debt outstanding related to these swap agreements. | ||||||||||||||||
All of our outstanding interest rate swap contracts qualify as cash flow hedges in accordance with the Derivatives and Hedging topic of the Codification. Since all of the critical terms of our swap agreements match the debt to which they pertain, there was no ineffectiveness relating to these interest rate swaps in 2013, 2012 or 2011, and all related unrealized losses were deferred in accumulated other comprehensive income. We recognized approximately $8 million, $11 million and $10 million in additional interest expense as the related interest payments were made during 2013, 2012 and 2011, respectively. | ||||||||||||||||
The table below reflects quantitative information related to our derivative instruments and where these amounts are recorded in our financial statements (dollar amounts in millions). | ||||||||||||||||
As of December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fuel derivatives | ||||||||||||||||
Asset fair value recorded in prepaid expenses and other (1) | $ | 6 | $ | — | ||||||||||||
Liability fair value recorded in other accrued liabilities (1) | — | 1 | ||||||||||||||
Longest remaining term (months) | 12 | 9 | ||||||||||||||
Hedged volume (barrels, in thousands) | 1,320 | 675 | ||||||||||||||
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months | 3 | (1 | ) | |||||||||||||
Interest rate derivatives | ||||||||||||||||
Liability fair value recorded in other long term liabilities (2) | 3 | 12 | ||||||||||||||
Estimated amount of existing losses expected to be reclassified into earnings in the next 12 months | (2 | ) | (9 | ) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Fuel derivatives | ||||||||||||||||
Hedge effectiveness gains (losses) recognized in aircraft fuel expense | $ | (10 | ) | $ | 10 | $ | 3 | |||||||||
Hedge ineffectiveness losses recognized in other expense | — | — | (2 | ) | ||||||||||||
Losses on derivatives not qualifying for hedge accounting recognized in other expense | — | (3 | ) | — | ||||||||||||
Hedge gains (losses) on derivatives recognized in comprehensive income | (6 | ) | 14 | (11 | ) | |||||||||||
Percentage of actual consumption economically hedged | 21 | % | 30 | % | 40 | % | ||||||||||
Interest rate derivatives | ||||||||||||||||
Hedge gains (losses) on derivatives recognized in comprehensive income | 1 | (3 | ) | (7 | ) | |||||||||||
Hedge losses on derivatives recognized in interest expense | (8 | ) | (11 | ) | (10 | ) | ||||||||||
-1 | Gross asset or liability of each contract prior to consideration of offsetting positions with each counterparty | |||||||||||||||
-2 | Gross liability, prior to impact of collateral posted | |||||||||||||||
Any outstanding derivative instrument exposes us to credit loss in connection with our fuel contracts in the event of nonperformance by the counterparties to the agreements, but we do not expect any of our three counterparties will fail to meet their obligations. The amount of such credit exposure is generally the fair value of our outstanding contracts for which we are in a receivable position. To manage credit risks, we select counterparties based on credit assessments, limit our overall exposure to any single counterparty and monitor the market position with each counterparty. Some of our agreements require cash deposits from either counterparty if market risk exposure exceeds a specified threshold amount. | ||||||||||||||||
We have master netting arrangements with our counterparties allowing us the right of offset to mitigate credit risk in derivative transactions. The financial derivative instrument agreements we have with our counterparties may require us to fund all, or a portion of, outstanding loss positions related to these contracts prior to their scheduled maturities. The amount of collateral posted, if any, is periodically adjusted based on the fair value of the hedge contracts. Our policy is to offset the liabilities represented by these contracts with any cash collateral paid to the counterparties. We did not have any collateral posted related to our outstanding fuel hedge contracts at December 31, 2013 or December 31, 2012. We had $3 million and $12 million posted in collateral related to our interest rate derivatives which offset the hedge liability in other current liabilities at December 31, 2013 and 2012, respectively. The impact of offsetting derivative instruments is depicted below (dollar amounts in millions): | ||||||||||||||||
Gross Amount of | Gross Amount of | Net Amount Presented | ||||||||||||||
Recognized | Cash Collateral | in Balance Sheet | ||||||||||||||
Assets | Liabilities | Offset | Assets | Liabilities | ||||||||||||
As of December 31, 2013 | ||||||||||||||||
Fuel derivatives | 6 | — | — | 6 | — | |||||||||||
Interest rate derivatives | — | 3 | 3 | — | — | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Fuel derivatives | — | 1 | — | — | 1 | |||||||||||
Interest rate derivatives | — | 12 | 12 | — | — | |||||||||||
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Fair Value | |||||||||||||||||
Under the Fair Value Measurements and Disclosures topic of the Codification, disclosures are required about how fair value is determined for assets and liabilities and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs as follows: | |||||||||||||||||
Level 1 quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||
Level 2 quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or | |||||||||||||||||
Level 3 unobservable inputs for the asset or liability, such as discounted cash flow models or valuations. | |||||||||||||||||
The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy, as described in Note 1 (in millions). The carrying values of all other financial instruments approximated their fair values at December 31, 2013 and 2012. Refer to Note 2 for fair value information related to our outstanding debt obligations as of December 31, 2013 and 2012. | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 51 | $ | — | $ | — | $ | 51 | |||||||||
Restricted cash | — | — | — | — | |||||||||||||
Available-for-sale investment securities | — | 188 | — | 188 | |||||||||||||
Aircraft fuel derivatives | — | 6 | — | 6 | |||||||||||||
$ | 51 | $ | 194 | $ | — | $ | 245 | ||||||||||
Liabilities | |||||||||||||||||
Interest rate swap | — | 3 | — | 3 | |||||||||||||
$ | — | $ | 3 | $ | — | $ | 3 | ||||||||||
As of December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 84 | $ | — | $ | — | $ | 84 | |||||||||
Restricted cash | 4 | — | — | 4 | |||||||||||||
Available-for-sale investment securities | 68 | 207 | — | 275 | |||||||||||||
$ | 156 | $ | 207 | $ | — | $ | 363 | ||||||||||
Liabilities | |||||||||||||||||
Aircraft fuel derivatives | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||
Interest rate swap | — | 12 | — | 12 | |||||||||||||
$ | — | $ | 13 | $ | — | $ | 13 | ||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Our cash and cash equivalents include money market securities, treasury bills, and commercial papers which are readily convertible into cash with maturities of three months or less when purchased. All of these instruments are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. | |||||||||||||||||
Available-for-sale investment securities | |||||||||||||||||
Included in our available-for-sale investment securities are certificates of deposits and commercial paper with original maturities greater than 90 days but less than one year. The fair values of these instruments are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. At December 31, 2012, we also held treasury bills with maturities greater than three months when purchased. The fair value of the treasury bills are based on actively traded quoted market prices and are therefore classified as Level 1 in the hierarchy. We did not record any material gains or losses on these securities during the twelve months ended December 31, 2013 or 2012. | |||||||||||||||||
Interest rate swaps | |||||||||||||||||
The fair values of our interest rate swaps are based on inputs received from the related counterparty, which are based on observable inputs for active swap indications in quoted markets for similar terms. Their fair values are determined using a market approach based on inputs that are readily available from public markets; therefore, they are classified as Level 2 inputs. | |||||||||||||||||
Aircraft fuel derivatives | |||||||||||||||||
Our jet fuel swaps, jet fuel, heating oil and crude oil collars, and crude oil caps are not traded on public exchanges. Their fair values are determined using a market approach based on inputs that are readily available from public markets for commodities and energy trading activities; therefore, they are classified as Level 2 inputs. The data inputs are combined into quantitative models and processes to generate forward curves and volatilities related to the specific terms of the underlying hedge contracts. |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Comprehensive income includes changes in fair value of our aircraft fuel derivatives and interest rate swap agreements, which qualify for hedge accounting. A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the years ended December 31, 2011, 2012 and 2013 is as follows (in millions): | |||||||||||||
Aircraft Fuel | Interest | Total | |||||||||||
Derivatives (1) | Rate Swaps (2) | ||||||||||||
Beginning accumulated gains (losses) at December 31, 2010 | $ | 4 | $ | (14 | ) | $ | (10 | ) | |||||
Reclassifications into earnings (net of $3 of taxes) | (1 | ) | 6 | 5 | |||||||||
Change in fair value (net of $(7) of taxes) | (6 | ) | (4 | ) | (10 | ) | |||||||
Balance of accumulated losses at December 31, 2011 | (3 | ) | (12 | ) | (15 | ) | |||||||
Reclassifications into earnings (net of $0 of taxes) | (6 | ) | 7 | 1 | |||||||||
Change in fair value (net of $5 of taxes) | 8 | (2 | ) | 6 | |||||||||
Balance of accumulated losses at December 31, 2012 | (1 | ) | (7 | ) | (8 | ) | |||||||
Reclassifications into earnings (net of $7 of taxes) | 6 | 5 | 11 | ||||||||||
Change in fair value (net of $(2) of taxes) | (4 | ) | 1 | (3 | ) | ||||||||
Ending accumulated gains (losses), at December 31, 2013 | $ | 1 | $ | (1 | ) | $ | — | ||||||
(1) Reclassified to aircraft fuel expense | |||||||||||||
(2) Reclassified to interest expense |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Geographic Information | ' | ||||||||||||
Geographic Information | |||||||||||||
Under the Segment Reporting topic of the Codification, disclosures are required for operating segments, which are regularly reviewed by the chief operating decision makers. Air transportation services accounted for substantially all the Company’s operations in 2013, 2012 and 2011. | |||||||||||||
Operating revenues are allocated to geographic regions, as defined by the DOT, based upon the origination and destination of each flight segment. We currently serve 24 locations in the Caribbean and Latin American region, or Latin America as defined by the DOT. However, our management includes our three destinations in Puerto Rico and two destinations in the U.S. Virgin Islands in our Caribbean and Latin America allocation of revenues. Therefore, we have reflected these locations within the Caribbean and Latin America region in the table below. Operating revenues by geographic regions for the years ended December 31 are summarized below (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 3,886 | $ | 3,666 | $ | 3,351 | |||||||
Caribbean & Latin America | 1,555 | 1,316 | 1,153 | ||||||||||
Total | $ | 5,441 | $ | 4,982 | $ | 4,504 | |||||||
Our tangible assets primarily consist of our fleet of aircraft, which is deployed system wide, with no individual aircraft dedicated to any specific route or region; therefore our assets do not require any allocation to a geographic area. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
Quarterly results of operations for the years ended December 31 are summarized below (in millions, except per share amounts): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 (1) | |||||||||||||||||
Operating revenues | $ | 1,299 | $ | 1,335 | $ | 1,442 | $ | 1,365 | |||||||||
Operating income | 59 | 102 | 152 | 115 | |||||||||||||
Net income | 14 | 36 | 71 | 47 | |||||||||||||
Basic earnings per share | $ | 0.05 | $ | 0.13 | $ | 0.25 | $ | 0.16 | |||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.11 | $ | 0.21 | $ | 0.14 | |||||||||
2012 (2) | |||||||||||||||||
Operating revenues | $ | 1,203 | $ | 1,277 | $ | 1,308 | $ | 1,194 | |||||||||
Operating income | 89 | 130 | 113 | 44 | |||||||||||||
Net income | 30 | 52 | 45 | 1 | |||||||||||||
Basic earnings per share | $ | 0.11 | $ | 0.19 | $ | 0.16 | $ | — | |||||||||
Diluted earnings per share | $ | 0.09 | $ | 0.16 | $ | 0.14 | $ | — | |||||||||
(1)During the first quarter of 2013 we had a gain of $7 million on the sale of the Airfone business by LiveTV. During the fourth quarter of 2013 we sold three spare engines resulting in gains of approximately $2 million as well as $3 million in losses on the early extinguishment of debt. | |||||||||||||||||
(2)During the first quarter of 2012, LiveTV terminated a customer contract resulting in a gain of approximately $8 million in other operating expenses. During the second quarter of 2012, we recorded net gains of approximately $10 million on the sale of two EMBRAER 190 aircraft and six spare aircraft engines in other operating expenses, as well as net gains of approximately $2 million in interest income and other on the early extinguishment of debt secured by six aircraft. During the fourth quarter of 2012, we recognized losses of approximately $3 million in interest income and other on the early extinguishment of debt secured by two aircraft. | |||||||||||||||||
The sum of the quarterly earnings per share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||||||||
JetBlue Airways Corporation | ||||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Additions | ||||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||
beginning of | Costs and | Other | end of | |||||||||||||||||||
period | Expenses | Accounts | period | |||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Allowances deducted from asset accounts: | ||||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,593 | $ | 3,618 | $ | — | $ | 4,416 | -1 | $ | 5,795 | |||||||||||
Allowance for obsolete inventory parts | 5,046 | 1,309 | — | — | -3 | 6,355 | ||||||||||||||||
Valuation allowance for deferred tax assets | 20,268 | — | — | 119 | -2 | 20,149 | ||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Allowances deducted from asset accounts: | ||||||||||||||||||||||
Allowance for doubtful accounts | $ | 7,586 | $ | 5,472 | $ | — | $ | 6,465 | -1 | $ | 6,593 | |||||||||||
Allowance for obsolete inventory parts | 3,886 | 1,250 | — | 90 | -3 | 5,046 | ||||||||||||||||
Valuation allowance for deferred tax assets | 20,872 | — | — | 604 | -2 | 20,268 | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Allowances deducted from asset accounts: | ||||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,172 | $ | 7,017 | $ | — | $ | 5,603 | -1 | $ | 7,586 | |||||||||||
Allowance for obsolete inventory parts | 3,636 | 1,026 | — | 776 | -3 | 3,886 | ||||||||||||||||
Valuation allowance for deferred tax assets | 20,672 | 254 | — | 54 | -2 | 20,872 | ||||||||||||||||
-1 | Uncollectible accounts written off, net of recoveries. | |||||||||||||||||||||
-2 | Attributable to recognition and write-off of deferred tax assets. | |||||||||||||||||||||
-3 | Inventory scrapped |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
JetBlue predominately provides air transportation services across the United States, Caribbean and Latin America. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., or U.S. GAAP, and include the accounts of JetBlue and our subsidiaries. All majority-owned subsidiaries are consolidated on a line by line basis, with all intercompany transactions and balances being eliminated. Air transportation services accounted for substantially all of the Company’s operations in 2013, 2012 and 2011. Accordingly, segment information is not provided for LiveTV. In the first half of 2013 we recorded $4 million of maintenance expense and $2 million in other operating expenses that relate to prior years. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of our consolidated financial statements and accompanying notes in conformity with U.S. GAAP require us to make certain estimates and assumptions. Actual results could differ from those estimates. | ||||
Fair Value | ' | |||
Fair Value | ||||
The Fair Value Measurements and Disclosures topic of the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification™, or Codification, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The topic also requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs. See Note 14 for more information. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
Our cash and cash equivalents include short-term, highly liquid investments which are readily convertible into cash. These investments include money market securities, treasury bills, and commercial paper with maturities of three months or less when purchased. | ||||
Cash and Cash Equivalents | ||||
Our cash and cash equivalents include money market securities, treasury bills, and commercial papers which are readily convertible into cash with maturities of three months or less when purchased. All of these instruments are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. | ||||
Restricted Cash | ' | |||
Restricted Cash | ||||
Restricted cash primarily consists of security deposits, funds held in escrow for estimated workers’ compensation obligations and performance bonds for aircraft and facility leases. | ||||
Accounts and Other Receivables | ' | |||
Accounts and Other Receivables | ||||
Accounts and other receivables are carried at cost. They primarily consist of amounts due from credit card companies associated with sales of tickets for future travel. We estimate an allowance for doubtful accounts based on known troubled accounts, if any, and historical experience of losses incurred. | ||||
Investment Securities | ' | |||
Investment Securities | ||||
Investment securities consist of available-for-sale investment securities and held-to-maturity investment securities. When sold, we use a specific identification method to determine the cost of the securities. | ||||
Available-for-sale investment securities | ||||
Our available-for-sale investment securities include (a) highly liquid investments, such as certificates of deposits and treasury bills, with maturities greater than three months when purchased, stated at fair value and (b) commercial paper with maturities between three and twelve months, stated at fair value. | ||||
Available-for-sale investment securities | ||||
Included in our available-for-sale investment securities are certificates of deposits and commercial paper with original maturities greater than 90 days but less than one year. The fair values of these instruments are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. At December 31, 2012, we also held treasury bills with maturities greater than three months when purchased. The fair value of the treasury bills are based on actively traded quoted market prices and are therefore classified as Level 1 in the hierarchy. We did not record any material gains or losses on these securities during the twelve months ended December 31, 2013 or 2012. | ||||
Held-to-maturity investment securities | ' | |||
Held-to-maturity investment securities | ||||
Our held-to-maturity investments consist of investment-grade interest bearing instruments, primarily corporate bonds, which are stated at amortized cost. We do not intend to sell these investment securities and the contractual maturities are not greater than 24 months. Those with maturities less than twelve months are included in short-term investments on our consolidated balance sheets. Those with remaining maturities in excess of twelve months are included in long-term investments on our consolidated balance sheets. We did not record any material gains or losses on these securities during the years ended December 31, 2013, 2012 or 2011. The estimated fair value of these investments approximated their carrying value as of December 31, 2013 and 2012. | ||||
Derivative Instruments | ' | |||
Derivative Instruments | ||||
Derivative instruments, including fuel hedge contracts and interest rate swap agreements, are stated at fair value, net of any collateral postings. Derivative instruments are included in other current assets and other current liabilities in our consolidated balance sheets. See Note 13 for more information. | ||||
Inventories | ' | |||
Inventories | ||||
Inventories consist of expendable aircraft spare parts and supplies that are stated at average cost as well as aircraft fuel that is accounted for on a first-in, first-out basis. These items are expensed when used or consumed. An allowance for obsolescence on aircraft spare parts is provided over the remaining useful life of the related aircraft fleet. | ||||
Property and Equipment | ' | |||
Property and Equipment | ||||
We record our property and equipment at cost and depreciate these assets on a straight-line basis over their estimated useful lives to their estimated residual values. We capitalize additions, modifications enhancing the operating performance of our assets and the interest related to predelivery deposits used to acquire new aircraft and the construction of our facilities. | ||||
Estimated useful lives and residual values for our property and equipment are as follows: | ||||
Estimated Useful Life | Residual Value | |||
Aircraft | 25 years | 20 | % | |
In-flight entertainment systems | 5-10 years | 0 | % | |
Aircraft parts | Fleet life | 10 | % | |
Flight equipment leasehold improvements | Lower of lease term or economic life | 0 | % | |
Ground property and equipment | 2-10 years | 0 | % | |
Leasehold improvements—other | Lower of lease term or economic life | 0 | % | |
Buildings on leased land | Lease term | 0 | % | |
Property under capital leases is initially recorded at an amount equal to the present value of future minimum lease payments which is computed on the basis of our incremental borrowing rate or, when known, the interest rate implicit in the lease. Amortization of property under capital leases is on a straight-line basis over the expected useful life and is included in depreciation and amortization expense. | ||||
We record impairment losses on long-lived assets used in operations when events and circumstances indicate the assets may be impaired and the undiscounted future cash flows estimated to be generated by the assets are less than the assets’ net book value. If impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. Impairment losses are recorded in depreciation and amortization expense. | ||||
Software | ' | |||
Software | ||||
We capitalize certain costs related to the acquisition and development of computer software. We amortize these costs using the straight-line method over the estimated useful life of the software, which is generally between five and ten years. The net book value of computer software, which is included in other assets on our consolidated balance sheets, was $70 million and $53 million as of December 31, 2013 and 2012, respectively. Amortization expense related to computer software was $18 million, $13 million and $10 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization expense related to computer software as of December 31, 2013 is expected to be approximately $27 million in 2014, $18 million in 2015, $9 million in 2016, $7 million in 2017, and $4 million in 2018. | ||||
Intangible Assets | ' | |||
Intangible Assets | ||||
Our intangible assets consist primarily of acquired take-off and landing slots, or Slots, at certain domestic airports. Slots are rights to take-off or land at a specific airport during a specific time period during the day and are a means by which airport capacity and congestion can be managed. The Federal government controls Slots at four domestic airports under the High Density rule, including Reagan National Airport in Washington D.C. and LaGuardia and JFK Airport in New York City. In December 2013, due to recent regulatory and market activities stemming from the auctioning of slots at LaGuardia and Reagan National airports, we reassessed the useful lives of these assets and concluded that Slots at High Density airports are indefinite lived intangible assets and will no longer amortize them, while Slots at other airports will continue to be amortized on a straight-line basis over their expected useful lives, up to 15 years. We evaluate all Slots for impairment at least annually. As of December 31, 2013, the carrying value of Slots at High Density airports was $64 million and the carrying value of other Slots was $1 million. In January 2014, we were notified of our successful bid to acquire 24 takeoff and landing slots at Reagan National airport. The acquisition of these Slots is subject to final approval by the Department of Justice and customary written agreements. | ||||
Passenger Revenues | ' | |||
Passenger Revenues | ||||
Passenger revenue is recognized when the transportation is provided or after the ticket or customer credit (issued upon payment of a change fee) expires. It is recognized net of the taxes that we are required to collect from our customers, including federal transportation taxes, security taxes and airport facility charges. Tickets sold but not yet recognized as revenue and unexpired credits are included in air traffic liability. | ||||
Loyalty Program | ' | |||
Loyalty Program | ||||
We account for our customer loyalty program, TrueBlue, by recording a liability for the estimated incremental cost of outstanding points earned from JetBlue purchases that we expect to be redeemed. The estimated cost includes incremental fuel, insurance, passenger food and supplies, and reservation costs. We adjust this liability, which is included in air traffic liability, based on points earned and redeemed, changes in the estimated incremental costs associated with providing travel and changes in the TrueBlue program. In June 2013 we amended the program so points earned by members never expire. As a result of these changes, our estimate for the points that will remain unused, breakage, decreased resulting in a $5 million reduction in revenue and a corresponding increase in air traffic liability. In October 2013, we introduced the pooling of points between small groups of people, branded as Family Pooling. We believe Family Pooling has not had a material impact on the breakage calculation at year-end. | ||||
Points in TrueBlue can also be sold to participating companies, including credit card and car rental companies. These sales are accounted for as multiple-element arrangements, with one element representing the fair value of the travel that will ultimately be provided when the points are redeemed and the other consisting of marketing related activities that we conduct with the participating company. The fair value of the transportation portion of these point sales is deferred and recognized as passenger revenue when transportation is provided. The marketing portion, which is the excess of the total sales proceeds over the estimated fair value of the transportation to be provided, is recognized in other revenue when the points are sold. TrueBlue points sold to participating companies which are not redeemed are recognized as revenue when management determines the probability of redemption is remote. We recorded $2 million, $5 million, and $3 million in revenue related to point expirations during 2013, 2012 and 2011, respectively. | ||||
Our original co-branded credit card agreement, under which we sell TrueBlue points as described above, provided for a minimum cash payment guarantee, which was paid to us throughout the life of the agreement if specified point sales and other ancillary activity payments were not achieved, and was subject to refund in the event the cash payments exceeded future minimums through April 2011. We recognized approximately $10 million of other revenue during 2011 related to this guarantee. | ||||
Upon the re-launch of the TrueBlue program in November 2009, we extended our co-branded credit card and membership rewards participation agreements. In connection with these extensions, we received a one-time payment of $37 million, which we deferred and are recognizing as other revenue over the term of the agreement through 2015. We recognized approximately $7 million, $7 million, and $6 million of revenue related to this one-time payment during 2013, 2012 and 2011, respectively. In connection with exclusive benefits to be introduced for our co-branded credit card, we received a one-time payment of $6 million during 2012, which we have deferred and will recognize as other revenue over the remaining term of the agreement. As of December 31, 2013, we have recorded $1 million of revenue related to this one-time payment. | ||||
Live TV Revenues and Expenses | ' | |||
LiveTV Commercial Agreements | ||||
LiveTV provides inflight entertainment solutions for various commercial airlines. These solutions include equipment and related installation as well as agreements for ongoing service and support, which extended through 2022 as of December 31, 2013. We account for the equipment agreements as operating leases, with related revenue recognized ratably over the term of the related customer agreement in accordance with the Revenue Recognition-Multiple-Element Arrangements topic of the Codification. This determination is principally as a result of the long term nature of these agreements and the resulting uncertainties surrounding the total costs to provide ongoing equipment maintenance and upkeep throughout the contractual term. We account for payments for ongoing service and support ratably over the term of the related customer contract. Customer advances to be applied in the next 12 months are included in other current liabilities on our consolidated balance sheets while those beyond 12 months are included in other liabilities. | ||||
Airframe and Engine Maintenance and Repair | ' | |||
Airframe and Engine Maintenance and Repair | ||||
Regular airframe maintenance for owned and leased flight equipment is charged to expense as incurred unless covered by a third-party long-term flight hour services contract. We have separate service agreements in place covering scheduled and unscheduled repairs of certain airframe line replacement unit components as well as the engines on our fleet. These agreements, who's original terms generally range from ten to 15 years, require monthly payments at rates based either on the number of cycles each aircraft was operated during each month or the number of flight hours each engine was operated during each month, subject to annual escalations. These power by the hour contracts transfer certain risks, including cost risks, to the third-party service providers. They generally fix the amount we pay per flight hour or number of cycles in exchange for maintenance and repairs under a predefined maintenance program, which are representative of the time and materials that would be consumed. These costs are expensed as the related flight hours or cycles are incurred. One of our maintenance providers is a subsidiary of a large shareholder of ours and during 2013, we recorded approximately $19 million in maintenance expense provided by this related party. | ||||
Advertising Costs | ' | |||
Advertising Costs | ||||
Advertising costs, which are included in sales and marketing, are expensed as incurred. Advertising expense was $61 million in 2013, $57 million in 2012 and $57 million in 2011. | ||||
Share-Based Compensation | ' | |||
Share-Based Compensation | ||||
We record compensation expense for share-based awards based on the grant date fair value of those awards. Share-based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis. | ||||
Under the Compensation-Stock Compensation topic of the Codification, the benefits associated with tax deductions in excess of recognized compensation cost are required to be reported as a financing cash flow. We recorded an immaterial amount in excess tax benefits generated from option exercises in each of 2013, 2012 and 2011. Our policy is to issue new shares for purchases under all of our stock based plans. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
We account for income taxes utilizing the liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the tax and financial statement reporting bases of assets and liabilities. A valuation allowance for deferred tax assets is provided unless realizability is judged by us to be more likely than not. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. | ||||
New Accounting Standards | ' | |||
New Accounting Standards | ||||
New accounting rules and disclosure requirements can impact our financial results and the comparability of our financial statements. Authoritative literature has recently been issued which we believe will impact our consolidated financial statements is described below. There are also several new proposals under development, including proposals related to leases, revenue recognition and financial instruments. If and when enacted these proposals may have a significant impact on our financial statements. | ||||
In February 2013, the FASB issued ASU 2013-02, amending the Comprehensive Income topic of the Codification. This update amends the requirement to present either on the face of the statement of operations or in the notes, the effects of significant net income line items reclassified out of accumulated other comprehensive income or loss, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for the annual and interim periods beginning January 1, 2013. The required disclosures are included in Note 15. | ||||
In July 2013, the FASB issued ASU 2013-10, amending the Derivatives and Hedging topic of the Codification. This update permits the Federal Funds Effective Swap rate (Overnight Index Swap rate, or OIS) to be designated as a benchmark interest rate for hedging accounting purposes for all new or redesigned hedging relationships as of the issue date of the final guidance. Adoption of this standard did not have a material impact on our consolidated financial statements or notes thereto. | ||||
In December 2011, the FASB issued ASU 2011-11, amending the Balance Sheet topic of the Codification. This update enhances the disclosure requirements regarding offsetting assets and liabilities. ASU 2011-11 requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. These amendments are effective for annual and interim reporting periods beginning on or after January 1, 2013 and should be applied retrospectively. We evaluated our instruments and transactions, including derivative instruments, which are eligible for offset but the adoption of this standard did not have a material impact on our our consolidated financial statements or notes thereto. | ||||
On January 1, 2011, the September 2009 Emerging Issues Task Force updates to the Revenue Recognition topic of the Codification rules became effective, which changed the accounting for certain revenue arrangements. The new requirements change the allocation methods used in determining how to account for multiple element arrangements and may result in accounting for more deliverables and potentially change the amount of revenue deferrals. Additionally, this new accounting treatment requires enhanced disclosures in financial statements. This new accounting treatment will impact any new contracts entered into by LiveTV, as well as any TrueBlue loyalty program or commercial partnership arrangements we may enter into or materially modify. Since adoption of this new accounting treatment, we have not entered into any material new or modified contracts. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Marketable Securities | ' | ||||||||
The carrying values of investment securities consisted of the following at December 31, 2013 and 2012 (in millions): | |||||||||
2013 | 2012 | ||||||||
Available-for-sale securities | |||||||||
Time deposits | $ | 70 | $ | 65 | |||||
Treasury Bills | — | 68 | |||||||
Commercial paper | 118 | 142 | |||||||
188 | 275 | ||||||||
Held-to-maturity securities | |||||||||
Corporate bonds | 275 | 313 | |||||||
Government bonds | — | 40 | |||||||
Time Deposits | 53 | 57 | |||||||
328 | 410 | ||||||||
Total | $ | 516 | $ | 685 | |||||
Property, Plant and Equipment | ' | ||||||||
Estimated useful lives and residual values for our property and equipment are as follows: | |||||||||
Estimated Useful Life | Residual Value | ||||||||
Aircraft | 25 years | 20 | % | ||||||
In-flight entertainment systems | 5-10 years | 0 | % | ||||||
Aircraft parts | Fleet life | 10 | % | ||||||
Flight equipment leasehold improvements | Lower of lease term or economic life | 0 | % | ||||||
Ground property and equipment | 2-10 years | 0 | % | ||||||
Leasehold improvements—other | Lower of lease term or economic life | 0 | % | ||||||
Buildings on leased land | Lease term | 0 | % |
Longterm_Debt_Shortterm_Borrow1
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of debt | ' | ||||||||||||||||
Long-term debt and capital lease obligations and the related weighted average interest rate at December 31, 2013 and 2012 consisted of the following (in millions): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Secured Debt | |||||||||||||||||
Floating rate equipment notes, due through 2025 (1) | $ | 634 | 2.8 | % | $ | 816 | 2.7 | % | |||||||||
Floating rate enhanced equipment notes (2) (3) | |||||||||||||||||
Class G-1, due 2013, 2014 and 2016 | 55 | 4.5 | % | 173 | 3.1 | % | |||||||||||
Class G-2, due 2014 and 2016 | 373 | 1 | % | 373 | 2.6 | % | |||||||||||
Class B-1, due 2014 | — | — | % | 49 | 6.5 | % | |||||||||||
Fixed rate equipment notes, due through 2026 | 1,110 | 5.8 | % | 960 | 6.3 | % | |||||||||||
Fixed rate special facility bonds, due through 2036 (4) | 78 | 5 | % | 82 | 6 | % | |||||||||||
Unsecured Debt | |||||||||||||||||
6.75% convertible debentures due in 2039 (5) | 162 | 162 | |||||||||||||||
5.5% convertible debentures due in 2038 (6) | 68 | 123 | |||||||||||||||
Capital Leases (7) | 105 | 3.9 | % | 113 | 3.9 | % | |||||||||||
Total debt and capital lease obligations | 2,585 | 2,851 | |||||||||||||||
Less: Current maturities | (469 | ) | (394 | ) | |||||||||||||
Long-term debt and capital lease obligations | $ | 2,116 | $ | 2,457 | |||||||||||||
(1)Interest rates adjust quarterly or semi-annually based on the London Interbank Offered Rate, or LIBOR, plus a margin. | |||||||||||||||||
(2)In November 2006 we completed a public offering of $124 million of pass-through certificates to finance a certain number of our owned aircraft spare parts. Separate trusts were established for each class of these certificates. In November 2011, we redeemed $3 million of class G-1 certificates. In 2013, the remaining $119 million principal amount of the Class G-1 and Class B-1 certificates due in January 2014 were prepaid on December 16, 2013, ahead of the scheduled maturities. In April 2009 we entered into interest rate swap agreements for half of the Class G-1 certificates and all of the Class B-1 certificates in the November 2006 offering which expired in 2013. | |||||||||||||||||
(3)In March and November 2004 we completed public offerings for $431 million and $498 million respectively, of pass-through certificates. These offerings were set up in order to finance the purchase of 28 new Airbus A320 aircraft delivered through 2005. Separate trusts were established for each class of these certificates. Quarterly principal payments are required on the Class G-1 certificates. In February 2008 we entered into interest rate swap agreements for the Class G-1 certificates in the November 2004 offering. These swap agreements effectively fixed the interest rate for the remaining term of these certificates. As of December 31, 2013 these certificates had a balance of $55 million and an effective interest rate of 4.5%. The entire principal amount of the Class G-2 certificates is scheduled to be paid in a lump sum on the applicable maturity dates. In February 2009, we entered into interest rate swap agreements for the Class G-2 certificates in the November 2004 offering which expired in 2013. The interest rate for all other certificates is based on three month LIBOR plus a margin. Interest is payable quarterly. | |||||||||||||||||
(4)In November 2005, the Greater Orlando Aviation Authority, or GOAA, issued special purpose airport facilities revenue bonds to us as a reimbursement for certain airport facility construction and other costs. In April 2013 GOAA issued $42 million in special purpose airport facility revenue bonds to refund the bonds issued in 2005. The proceeds from the refunded bonds were loaned to us and we recorded the issuance of $43 million, net of $1 million premium, as long term debt on our consolidated balance sheet. In December 2006, the New York City Industrial Development Agency issued special facility revenue bonds for JFK to us as a reimbursement to us for certain airport facility construction and other costs. We recorded the principal amount of both bonds, net of discounts, as long-term debt on our consolidated balance sheets because we have issued a guarantee of the debt payments on the bonds. This fixed rate debt is secured by leasehold mortgages of our airport facilities. | |||||||||||||||||
(5)In June 2009, we completed a public offering for an aggregate principal amount of $115 million of 6.75% Series A convertible debentures due 2039, or the Series A 6.75% Debentures. We simultaneously completed a public offering for an aggregate principal amount of $86 million of 6.75% Series B convertible debentures due 2039, or the Series B 6.75% Debentures. These are collectively known as the 6.75% Debentures. The 6.75% Debentures are general obligations and rank equal in right of payment with all of our existing and future senior unsecured debt. They are effectively junior in right of payment to our existing and future secured debt, including our secured equipment debentures, to the extent of the value of the assets securing such debt, and senior in right of payment to any subordinated debt. In addition, the 6.75% Debentures are structurally subordinated to all existing and future liabilities of our subsidiaries. The net proceeds were approximately $197 million after deducting underwriting fees and other transaction related expenses. Interest on the 6.75% Debentures is payable semi-annually on April 15 and October 15. The first interest payment on the 6.75% Debentures was paid October 15, 2009. | |||||||||||||||||
Holders of either the Series A or Series B 6.75% Debentures may convert them into shares of our common stock at any time at a conversion rate of 204.6036 shares per $1,000 principal amount of the 6.75% Debentures. The conversion rates are subject to adjustment should we declare common stock dividends or effect any common stock splits or similar transactions. If the holders convert the Series A 6.75% Debentures in connection with a fundamental change that occurs prior to October 15, 2014, the applicable conversion rate may be increased depending on our then current common stock price. The same applies to the Series B 6.75% Debentures prior to October 15, 2016. The maximum number of shares into which all of the 6.75% Debentures are convertible, including pursuant to this make-whole fundamental change provision, is 235.2941 shares per $1,000 principal amount of the 6.75% Debentures outstanding, as adjusted, or 38.1 million shares as of December 31, 2013. | |||||||||||||||||
We may redeem any of the 6.75% Debentures for cash at a redemption price of 100% of their principal amount, plus accrued and unpaid interest at any time on or after October 15, 2014 for the Series A 6.75% Debentures and October 15, 2016 for the Series B 6.75% Debentures. Holders may require us to repurchase the 6.75% Debentures for cash at a repurchase price equal to 100% of their principal amount plus accrued and unpaid interest, if any, on October 15, 2014, 2019, 2024, 2029 and 2034 for the Series A 6.75% Debentures and October 15, 2016, 2021, 2026, 2031 and 2036 for the Series B 6.75% Debentures; or at any time prior to their maturity upon the occurrence of a certain designated event. | |||||||||||||||||
During 2011, we repurchased a total of $39 million principal amount of our Series A 6.75% Debentures for approximately $45 million. We recognized a loss of approximately $6 million on these transactions, which was included in interest income and other in our consolidated statements of operation during 2011. | |||||||||||||||||
We evaluated the various embedded derivatives within the supplemental indenture for bifurcation from the 6.75% Debentures under the applicable provisions, including the basic conversion feature, the fundamental change make-whole provision and the put and call options. Based upon our detailed assessment, we concluded these embedded derivatives were either (i) excluded from bifurcation as a result of being clearly and closely related to the 6.75% Debentures or are indexed to our common stock and would be classified in stockholders’ equity if freestanding or (ii) are immaterial embedded derivatives. | |||||||||||||||||
(6)In June 2008, we completed a public offering for an aggregate principal amount of $100.6 million of 5.5% Series A convertible debentures due 2038, or the Series A 5.5% Debentures. We simultaneously completed a public offering for an aggregate principal amount of $100.6 million for 5.5% Series B convertible debentures due 2038, or the Series B 5.5% Debentures. These are collectively known as the 5.5% Debentures. The 5.5% Debentures are general senior obligations and were originally secured in part by an escrow account for each series. We deposited approximately $32 million of the net proceeds from the offering, representing the first six scheduled semi-annual interest payments on the 5.5% Debentures, into escrow accounts for the exclusive benefit of the holders of each series of the 5.5% Debentures. As of December 31, 2011, all funds originally deposited in the escrow account had been used. Interest on the 5.5% Debentures is payable semi-annually on April 15 and October 15. | |||||||||||||||||
Holders of the Series A 5.5% Debentures may convert them into shares of our common stock at any time at a conversion rate of 220.6288 shares per $1,000 principal amount of Series A 5.5% Debenture. Holders of the Series B 5.5% Debentures may convert them into shares of our common stock at any time at a conversion rate of 225.2252 shares per $1,000 principal amount of Series B 5.5% Debenture. The conversion rates are subject to adjustment should we declare common stock dividends or effect any common stock splits or similar transactions. If the holders convert the Series B 5.5% Debentures in connection with any fundamental corporate change that occurs prior to October 15, 2015 the applicable conversion rate may be increased depending upon our then current common stock price. The maximum number of shares of common stock into which all of the remaining 5.5% Debentures are convertible, including pursuant to this make-whole fundamental change provision, is 18.2 million shares. Holders who converted their 5.5% Debentures prior to April 15, 2011 received, in addition to the number of shares of our common stock calculated at the applicable conversion rate, a cash payment from the escrow account for the 5.5% Debentures of the series converted equal to the sum of the remaining interest payments that would have been due on or before April 15, 2011 in respect of the converted 5.5% Debentures. | |||||||||||||||||
We may redeem any of the 5.5% Debentures for cash at a redemption price of 100% of their principal amount, plus accrued and unpaid interest at any time on or after October 15, 2015 for the Series B 5.5% Debentures. Holders may require us to repurchase the 5.5% Debentures for cash at a repurchase price equal to 100% of their principal amount plus accrued and unpaid interest, if any, on October 15, 2013, 2018, 2023, 2028, and 2033 for the Series A 5.5% Debentures and October 15, 2015, 2020, 2025, 2030, and 2035 for the Series B 5.5% Debentures; or at any time prior to their maturity upon the occurrence of a specified designated event. | |||||||||||||||||
In June 2008, in conjunction with the public offering of the 5.5% Debentures described above, we also entered into a share lending agreement with Morgan Stanley & Co. Incorporated, an affiliate of the underwriter of the offering, or the share borrower, pursuant to which we loaned the share borrower approximately 44.9 million shares of our common stock. Under the share lending agreement, the share borrower is required to return the borrowed shares when the debentures are no longer outstanding. We did not receive any proceeds from the sale of the borrowed shares by the share borrower, but we did receive a nominal lending fee of $0.01 per share from the share borrower for the use of borrowed shares. | |||||||||||||||||
Our share lending agreement requires the shares borrowed be returned upon the maturity of the related debt, October 2038, or earlier, if the debentures are no longer outstanding. We determined the fair value of the share lending arrangement was approximately $5 million at the date of the issuance based on the value of the estimated fees the shares loaned would have generated over the term of the share lending arrangement. The $5 million value was recognized as a debt issuance cost and is being amortized to interest expense through the earliest put date of the related debt, October 2013 and October 2015 for Series A and Series B, respectively. As of December 31, 2013, approximately $1 million of net debt issuance costs remain outstanding related to the share lending arrangement and will continue to be amortized through the earliest put date of the related debt. | |||||||||||||||||
During 2008 and 2009, approximately $79 million principal amount of the 5.5% Debentures were voluntarily converted by holders. As a result, we issued 17.5 million shares of our common stock. Cash payments from the escrow accounts related to the 2008 conversions were $11 million and borrowed shares equivalent to the number of shares of our common stock issued upon these conversions were returned to us pursuant to the share lending agreement described above. The borrower returned 10.0 million shares to us in September 2009, almost all of which were voluntarily returned shares in excess of converted shares, pursuant to the share lending agreement. In October 2011, approximately 16.6 million shares were voluntarily returned to us by the borrower, leaving 1.4 million shares outstanding under the share lending arrangement. At December 31, 2013 the fair value of similar common shares not subject to our share lending arrangement, based upon our closing stock price, was approximately $12 million. During the fourth quarter of 2013 the remaining principal amount of approximately $55 million of the Series A 5.5% Debentures were converted by holders and as a result, we issued 12.2 million shares of our common stock. At December 31, 2013, the remaining principal balance of Series B 5.5% Debentures was $68 million, which is currently convertible into 15.2 million shares of our common stock. | |||||||||||||||||
(7)At December 31, 2013 and 2012, four capital leased Airbus A320 aircraft were included in property and equipment at a cost of $152 million with accumulated amortization of $33 million and $28 million, respectively. The future minimum lease payments under these non-cancelable leases are $14 million in each of 2014 through 2017, $13 million in 2018, and $69 million in the years thereafter. Included in the future minimum lease payments is $33 million representing interest, resulting in a present value of capital leases of $105 million with a current portion of $8 million and a long-term portion of $97 million. | |||||||||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||||||
Maturities of long-term debt and capital leases, including the assumption our convertible debt will be redeemed upon the first put date, for the next five years are as follows (in millions): | |||||||||||||||||
Year | Maturities | ||||||||||||||||
2014 | $ | 469 | |||||||||||||||
2015 | 276 | ||||||||||||||||
2016 | 474 | ||||||||||||||||
2017 | 201 | ||||||||||||||||
2018 | 245 | ||||||||||||||||
Thereafter | 920 | ||||||||||||||||
Carrying amounts and estimated fair values of long-term debt | ' | ||||||||||||||||
The carrying amounts and estimated fair values of our long-term debt at December 31, 2013 and 2012 were as follows (in millions): | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Public Debt | |||||||||||||||||
Floating rate enhanced equipment notes | |||||||||||||||||
Class G-1, due through 2013, 2014 and 2016 | $ | 55 | $ | 54 | $ | 173 | $ | 164 | |||||||||
Class G-2, due 2014 and 2016 | 373 | 365 | 373 | 351 | |||||||||||||
Class B-1, due 2014 | — | — | 49 | 48 | |||||||||||||
Fixed rate special facility bonds, due through 2036 | 78 | 68 | 82 | 82 | |||||||||||||
6.75% convertible debentures due in 2039 | 162 | 297 | 162 | 225 | |||||||||||||
5.5% convertible debentures due in 2038 | 68 | 134 | 123 | 173 | |||||||||||||
Non-Public Debt | |||||||||||||||||
Floating rate equipment notes, due through 2025 | 634 | 645 | 816 | 776 | |||||||||||||
Fixed rate equipment notes, due through 2026 | 1,110 | 1,161 | 960 | 1,050 | |||||||||||||
Total | $ | 2,480 | $ | 2,724 | $ | 2,738 | $ | 2,869 | |||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Future minimum lease payments under non cancelable operating leases | ' | ||||||||||||
Future minimum lease payments under noncancelable operating leases, including those described above, with initial or remaining terms in excess of one year at December 31, 2013, are as follows (in millions): | |||||||||||||
Aircraft | Other | Total | |||||||||||
2014 | $ | 141 | $ | 64 | $ | 205 | |||||||
2015 | 150 | 55 | 205 | ||||||||||
2016 | 90 | 50 | 140 | ||||||||||
2017 | 77 | 44 | 121 | ||||||||||
2018 | 75 | 39 | 114 | ||||||||||
Thereafter | 271 | 336 | 607 | ||||||||||
Total minimum operating lease payments | $ | 804 | $ | 588 | $ | 1,392 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of earnings per share, basic and diluted | ' | ||||||||||||
The following table shows how we computed basic and diluted earnings per common share for the years ended December 31 (dollars in millions; share data in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 168 | $ | 128 | $ | 86 | |||||||
Effect of dilutive securities: | |||||||||||||
Interest on convertible debt, net of income taxes and profit sharing | 9 | 9 | 12 | ||||||||||
Net income applicable to common stockholders after assumed conversions for diluted earnings per share | $ | 177 | $ | 137 | $ | 98 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic earnings per share | |||||||||||||
Effect of dilutive securities: | 282,755 | 282,317 | 278,689 | ||||||||||
Employee stock options | 2,108 | 1,237 | 1,660 | ||||||||||
Convertible debt | 58,562 | 60,575 | 66,118 | ||||||||||
Adjusted weighted average shares outstanding and assumed conversions for diluted earnings per share | 343,425 | 344,129 | 346,467 | ||||||||||
Shares excluded from EPS calculation (in millions): | |||||||||||||
Shares issuable upon conversion of our convertible debt as assumed conversion would be antidilutive | — | — | — | ||||||||||
Shares issuable upon exercise of outstanding stock options or vesting of restricted stock units as assumed exercise would be antidilutive | 13.8 | 19.5 | 22.3 | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | |||||||||||||||||||||
Summary of restricted stock unit activity | ' | |||||||||||||||||||||
The following is a summary of RSU activity under the 2011 Plan for the years ended December 31, 2013 and 2012 respectively. Activity in 2011 for the 2011 Plan was immaterial. | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Nonvested at beginning of year | 2,483,664 | $ | 5.77 | 65,914 | $ | 5.08 | ||||||||||||||||
Granted | 2,653,842 | 6.08 | 2,570,891 | 5.79 | ||||||||||||||||||
Vested | (828,291 | ) | 5.77 | (20,249 | ) | 5.09 | ||||||||||||||||
Forfeited | (190,366 | ) | 5.82 | (132,892 | ) | 5.83 | ||||||||||||||||
Nonvested at end of year | 4,118,849 | $ | 5.94 | 2,483,664 | $ | 5.77 | ||||||||||||||||
The following is a summary of RSU activity under the 2002 Plan for the year ended December 31: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||
Nonvested at beginning of year | 2,029,081 | $ | 5.85 | 4,093,484 | $ | 5.64 | 3,681,013 | $ | 5.18 | |||||||||||||
Granted | — | — | — | — | 2,677,809 | 6.01 | ||||||||||||||||
Vested | (1,257,045 | ) | 5.76 | (1,921,940 | ) | 5.41 | (1,731,145 | ) | 5.26 | |||||||||||||
Forfeited | (60,542 | ) | 5.99 | (142,463 | ) | 5.76 | (534,193 | ) | 5.53 | |||||||||||||
Nonvested at end of year | 711,494 | $ | 6 | 2,029,081 | $ | 5.85 | 4,093,484 | $ | 5.64 | |||||||||||||
Summary of stock option activity | ' | |||||||||||||||||||||
The following is a summary of stock option activity for the years ended December 31: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||
Outstanding at beginning of year | 15,845,124 | $ | 14.87 | 21,807,170 | $ | 13.91 | 23,600,494 | $ | 13.42 | |||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||
Exercised | (10,800 | ) | 7.79 | (493,731 | ) | 4 | (934,993 | ) | 2.09 | |||||||||||||
Forfeited | — | — | — | — | (23,700 | ) | 8.92 | |||||||||||||||
Expired | (4,449,636 | ) | 18.5 | (5,468,315 | ) | 12.03 | (834,631 | ) | 13.33 | |||||||||||||
Outstanding at end of year | 11,384,688 | $ | 13.45 | 15,845,124 | $ | 14.87 | 21,807,170 | $ | 13.91 | |||||||||||||
Vested at end of year | 11,384,688 | $ | 13.45 | 15,845,124 | $ | 14.87 | 21,550,526 | $ | 13.94 | |||||||||||||
Available for future grants | 60,615,340 | 56,105,162 | 50,494,384 | |||||||||||||||||||
Summary of outstanding stock options | ' | |||||||||||||||||||||
The following is a summary of outstanding stock options at December 31, 2013: | ||||||||||||||||||||||
Options Outstanding, Vested & Exercisable | ||||||||||||||||||||||
Range of exercise prices | Shares | Weighted average remaining contractual life (years) | Weighted average exercise price | Aggregate intrinsic value (millions) | ||||||||||||||||||
$7.79 to $19.25 | 11,384,688 | 1.8 | $ | 13.45 | $ | — | ||||||||||||||||
11,384,688 | $ | — | ||||||||||||||||||||
Summary of CSPP share reserve activity | ' | |||||||||||||||||||||
The following is a summary of CSPP share reserve activity under the 2011 CSPP for the year ended December 31: | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||||||||||
Average | Average | |||||||||||||||||||||
Available for future purchases, beginning of year | 6,436,224 | 8,000,000 | ||||||||||||||||||||
Shares reserved for issuance | — | — | ||||||||||||||||||||
Common stock purchased | (1,581,080 | ) | $ | 6.2 | (1,563,776 | ) | $ | 4.75 | ||||||||||||||
Available for future purchases, end of year | 4,855,144 | 6,436,224 | ||||||||||||||||||||
The following is a summary of CSPP share reserve activity under the original CSPP for the year ended December 31, 2011. There was no activity in 2012 and 2013 under the original CSPP and the shares remain reserved at December 31, 2013. | ||||||||||||||||||||||
2011 | ||||||||||||||||||||||
Shares | Weighted | |||||||||||||||||||||
Average | ||||||||||||||||||||||
Available for future purchases, beginning of year | 20,923,959 | |||||||||||||||||||||
Shares reserved for issuance | — | |||||||||||||||||||||
Common stock purchased | (1,617,602 | ) | $ | 4.76 | ||||||||||||||||||
Available for future purchases, end of year | 19,306,357 | |||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of provision for income taxes | ' | ||||||||||||
The provision for income taxes consisted of the following for the years ended December 31 (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Deferred: | |||||||||||||
Federal | $ | 95 | $ | 68 | $ | 51 | |||||||
State | 12 | 8 | 7 | ||||||||||
Deferred income tax expense | 107 | 76 | 58 | ||||||||||
Current income tax expense | 4 | 5 | 1 | ||||||||||
Total income tax expense | $ | 111 | $ | 81 | $ | 59 | |||||||
Schedule of income taxes differed from the federal income tax statutory rate | ' | ||||||||||||
The effective tax rate on income before income taxes differed from the federal income tax statutory rate for the years ended December 31 for the following reasons (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense at statutory rate | $ | 98 | $ | 73 | $ | 51 | |||||||
Increase resulting from: | |||||||||||||
State income tax, net of federal benefit | 9 | 6 | 5 | ||||||||||
Other, net | 4 | 2 | 3 | ||||||||||
Total income tax expense | $ | 111 | $ | 81 | $ | 59 | |||||||
Schedule of deferred tax assets and deferred liabilities | ' | ||||||||||||
The components of our deferred tax assets and liabilities as of December 31 are as follows (in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 157 | $ | 127 | |||||||||
Employee benefits | 40 | 36 | |||||||||||
Deferred revenue/gains | 95 | 82 | |||||||||||
Rent expense | 24 | 22 | |||||||||||
Terminal 5 lease | 29 | 26 | |||||||||||
Capital loss carryforwards | 20 | 20 | |||||||||||
Other | 32 | 37 | |||||||||||
Valuation allowance | (20 | ) | (20 | ) | |||||||||
Deferred tax assets, net | 377 | 330 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | (862 | ) | (704 | ) | |||||||||
Deferred tax liabilities | (862 | ) | (704 | ) | |||||||||
Net deferred tax liability | $ | (485 | ) | $ | (374 | ) | |||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follow (in millions): | |||||||||||||
Unrecognized tax benefits December 31, 2010 | $ | 11 | |||||||||||
Increases for tax positions taken during the period | 1 | ||||||||||||
Unrecognized tax benefits December 31, 2011 | 12 | ||||||||||||
Increases for tax positions taken during the period | 1 | ||||||||||||
Unrecognized tax benefits December 31, 2012 | 13 | ||||||||||||
Increases for tax positions taken during the period | 2 | ||||||||||||
Decreases for settlement with tax authorities during the period | (4 | ) | |||||||||||
Unrecognized tax benefits December 31, 2013 | $ | 11 | |||||||||||
Financial_Derivative_Instrumen1
Financial Derivative Instruments and Risk Management (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Percentage fuel covered under derivative contracts | ' | |||||||||||||||
The following table illustrates the approximate hedged percentages of our projected fuel usage by quarter as of December 31, 2013, related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes. | ||||||||||||||||
Jet fuel swap | Jet fuel cap | Total | ||||||||||||||
agreements | agreements | |||||||||||||||
First Quarter 2014 | 8% | 8% | 16% | |||||||||||||
Second Quarter 2014 | 7% | 8% | 15% | |||||||||||||
Third Quarter 2014 | 2% | —% | 2% | |||||||||||||
Fourth Quarter 2014 | 2% | —% | 2% | |||||||||||||
Derivative instrument in statement of financial position and financial performance | ' | |||||||||||||||
The table below reflects quantitative information related to our derivative instruments and where these amounts are recorded in our financial statements (dollar amounts in millions). | ||||||||||||||||
As of December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fuel derivatives | ||||||||||||||||
Asset fair value recorded in prepaid expenses and other (1) | $ | 6 | $ | — | ||||||||||||
Liability fair value recorded in other accrued liabilities (1) | — | 1 | ||||||||||||||
Longest remaining term (months) | 12 | 9 | ||||||||||||||
Hedged volume (barrels, in thousands) | 1,320 | 675 | ||||||||||||||
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months | 3 | (1 | ) | |||||||||||||
Interest rate derivatives | ||||||||||||||||
Liability fair value recorded in other long term liabilities (2) | 3 | 12 | ||||||||||||||
Estimated amount of existing losses expected to be reclassified into earnings in the next 12 months | (2 | ) | (9 | ) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Fuel derivatives | ||||||||||||||||
Hedge effectiveness gains (losses) recognized in aircraft fuel expense | $ | (10 | ) | $ | 10 | $ | 3 | |||||||||
Hedge ineffectiveness losses recognized in other expense | — | — | (2 | ) | ||||||||||||
Losses on derivatives not qualifying for hedge accounting recognized in other expense | — | (3 | ) | — | ||||||||||||
Hedge gains (losses) on derivatives recognized in comprehensive income | (6 | ) | 14 | (11 | ) | |||||||||||
Percentage of actual consumption economically hedged | 21 | % | 30 | % | 40 | % | ||||||||||
Interest rate derivatives | ||||||||||||||||
Hedge gains (losses) on derivatives recognized in comprehensive income | 1 | (3 | ) | (7 | ) | |||||||||||
Hedge losses on derivatives recognized in interest expense | (8 | ) | (11 | ) | (10 | ) | ||||||||||
-1 | Gross asset or liability of each contract prior to consideration of offsetting positions with each counterparty | |||||||||||||||
-2 | Gross liability, prior to impact of collateral posted | |||||||||||||||
Offsetting assets and liabilities | ' | |||||||||||||||
The impact of offsetting derivative instruments is depicted below (dollar amounts in millions): | ||||||||||||||||
Gross Amount of | Gross Amount of | Net Amount Presented | ||||||||||||||
Recognized | Cash Collateral | in Balance Sheet | ||||||||||||||
Assets | Liabilities | Offset | Assets | Liabilities | ||||||||||||
As of December 31, 2013 | ||||||||||||||||
Fuel derivatives | 6 | — | — | 6 | — | |||||||||||
Interest rate derivatives | — | 3 | 3 | — | — | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Fuel derivatives | — | 1 | — | — | 1 | |||||||||||
Interest rate derivatives | — | 12 | 12 | — | — | |||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair value measurements, recurring | ' | ||||||||||||||||
The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy, as described in Note 1 (in millions). The carrying values of all other financial instruments approximated their fair values at December 31, 2013 and 2012. Refer to Note 2 for fair value information related to our outstanding debt obligations as of December 31, 2013 and 2012. | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 51 | $ | — | $ | — | $ | 51 | |||||||||
Restricted cash | — | — | — | — | |||||||||||||
Available-for-sale investment securities | — | 188 | — | 188 | |||||||||||||
Aircraft fuel derivatives | — | 6 | — | 6 | |||||||||||||
$ | 51 | $ | 194 | $ | — | $ | 245 | ||||||||||
Liabilities | |||||||||||||||||
Interest rate swap | — | 3 | — | 3 | |||||||||||||
$ | — | $ | 3 | $ | — | $ | 3 | ||||||||||
As of December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 84 | $ | — | $ | — | $ | 84 | |||||||||
Restricted cash | 4 | — | — | 4 | |||||||||||||
Available-for-sale investment securities | 68 | 207 | — | 275 | |||||||||||||
$ | 156 | $ | 207 | $ | — | $ | 363 | ||||||||||
Liabilities | |||||||||||||||||
Aircraft fuel derivatives | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||
Interest rate swap | — | 12 | — | 12 | |||||||||||||
$ | — | $ | 13 | $ | — | $ | 13 | ||||||||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated other comprehensive income (loss), net of taxes | ' | ||||||||||||
Aircraft Fuel | Interest | Total | |||||||||||
Derivatives (1) | Rate Swaps (2) | ||||||||||||
Beginning accumulated gains (losses) at December 31, 2010 | $ | 4 | $ | (14 | ) | $ | (10 | ) | |||||
Reclassifications into earnings (net of $3 of taxes) | (1 | ) | 6 | 5 | |||||||||
Change in fair value (net of $(7) of taxes) | (6 | ) | (4 | ) | (10 | ) | |||||||
Balance of accumulated losses at December 31, 2011 | (3 | ) | (12 | ) | (15 | ) | |||||||
Reclassifications into earnings (net of $0 of taxes) | (6 | ) | 7 | 1 | |||||||||
Change in fair value (net of $5 of taxes) | 8 | (2 | ) | 6 | |||||||||
Balance of accumulated losses at December 31, 2012 | (1 | ) | (7 | ) | (8 | ) | |||||||
Reclassifications into earnings (net of $7 of taxes) | 6 | 5 | 11 | ||||||||||
Change in fair value (net of $(2) of taxes) | (4 | ) | 1 | (3 | ) | ||||||||
Ending accumulated gains (losses), at December 31, 2013 | $ | 1 | $ | (1 | ) | $ | — | ||||||
(1) Reclassified to aircraft fuel expense | |||||||||||||
(2) Reclassified to interest expense |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Summary of operating revenues by geographic regions | ' | ||||||||||||
Operating revenues by geographic regions for the years ended December 31 are summarized below (in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 3,886 | $ | 3,666 | $ | 3,351 | |||||||
Caribbean & Latin America | 1,555 | 1,316 | 1,153 | ||||||||||
Total | $ | 5,441 | $ | 4,982 | $ | 4,504 | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||
Quarterly results of operations for the years ended December 31 are summarized below (in millions, except per share amounts): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 (1) | |||||||||||||||||
Operating revenues | $ | 1,299 | $ | 1,335 | $ | 1,442 | $ | 1,365 | |||||||||
Operating income | 59 | 102 | 152 | 115 | |||||||||||||
Net income | 14 | 36 | 71 | 47 | |||||||||||||
Basic earnings per share | $ | 0.05 | $ | 0.13 | $ | 0.25 | $ | 0.16 | |||||||||
Diluted earnings per share | $ | 0.05 | $ | 0.11 | $ | 0.21 | $ | 0.14 | |||||||||
2012 (2) | |||||||||||||||||
Operating revenues | $ | 1,203 | $ | 1,277 | $ | 1,308 | $ | 1,194 | |||||||||
Operating income | 89 | 130 | 113 | 44 | |||||||||||||
Net income | 30 | 52 | 45 | 1 | |||||||||||||
Basic earnings per share | $ | 0.11 | $ | 0.19 | $ | 0.16 | $ | — | |||||||||
Diluted earnings per share | $ | 0.09 | $ | 0.16 | $ | 0.14 | $ | — | |||||||||
(1)During the first quarter of 2013 we had a gain of $7 million on the sale of the Airfone business by LiveTV. During the fourth quarter of 2013 we sold three spare engines resulting in gains of approximately $2 million as well as $3 million in losses on the early extinguishment of debt. | |||||||||||||||||
(2)During the first quarter of 2012, LiveTV terminated a customer contract resulting in a gain of approximately $8 million in other operating expenses. During the second quarter of 2012, we recorded net gains of approximately $10 million on the sale of two EMBRAER 190 aircraft and six spare aircraft engines in other operating expenses, as well as net gains of approximately $2 million in interest income and other on the early extinguishment of debt secured by six aircraft. During the fourth quarter of 2012, we recognized losses of approximately $3 million in interest income and other on the early extinguishment of debt secured by two aircraft. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | $188 | $275 |
Held-to-maturity securities | 328 | 410 |
Total | 516 | 685 |
Bank Time Deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | 70 | 65 |
Held-to-maturity securities | 53 | 57 |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | 0 | 68 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities | 118 | 142 |
Corporate Bond Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity securities | 275 | 313 |
US Government and Government Agencies and Authorities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Held-to-maturity securities | $0 | $40 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Dec. 31, 2013 | |
Aircraft [Member] | ' |
Property and Equipment | ' |
Estimated Useful Life | '25 years |
Residual Value | 20.00% |
In-flight entertainment systems [Member] | ' |
Property and Equipment | ' |
Residual Value | 0.00% |
Aircraft Parts [Member] | ' |
Property and Equipment | ' |
Residual Value | 10.00% |
Flight equipment leasehold improvements [Member] | ' |
Property and Equipment | ' |
Residual Value | 0.00% |
Ground property and equipment [Member] | ' |
Property and Equipment | ' |
Residual Value | 0.00% |
Leasehold improvements-other [Member] | ' |
Property and Equipment | ' |
Residual Value | 0.00% |
Buildings on Leased Land Member | ' |
Property and Equipment | ' |
Residual Value | 0.00% |
Minimum [Member] | In-flight entertainment systems [Member] | ' |
Property and Equipment | ' |
Estimated Useful Life | '5 years |
Minimum [Member] | Ground property and equipment [Member] | ' |
Property and Equipment | ' |
Estimated Useful Life | '2 years |
Maximum [Member] | In-flight entertainment systems [Member] | ' |
Property and Equipment | ' |
Estimated Useful Life | '10 years |
Maximum [Member] | Ground property and equipment [Member] | ' |
Property and Equipment | ' |
Estimated Useful Life | '10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 |
Co-Branded Credit Card [Member] | Acquired Take-Off and Landing Slots [Member] | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | Subsequent Event [Member] | Indefinite-Lived and Finite-Lived Intangible Assets, Acquired Take-Off and Landing Slots [Member] | La Guardia and Reagan National Slots [Member] | Spare Engines [Member] | Spare Engines [Member] | Minimum [Member] | Maximum [Member] | Live T.V. [Member] | |||||||
takeoff_and_landing_slot | engine | engine | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | |||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aircraft Maintenance, Materials, and Repairs | ' | ' | $432 | $338 | $227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 |
Other Cost and Expense, Operating | ' | ' | 601 | 549 | 532 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Property, Plant and Equipment, Number of Aircraft Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 6 | ' | ' | ' |
Gain (Loss) on Disposition of Assets | 2 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' |
Capitalized Computer Software, Net | ' | ' | ' | ' | ' | ' | ' | ' | 70 | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 13 | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Amortization expense related to computer software, Year one | ' | ' | ' | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Amortization expense related to computer software, Year two | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Amortization expense related to computer software, Year three | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Amortization expense related to computer software, Year four | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Amortization expense related to computer software, Year five | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Domestic Slots and Routes | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 64 | ' | ' | ' | ' | ' |
Number Of Take Off And Landing Slot | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' |
Revenue Reduction Due to Change in Estimate | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from point sales | ' | ' | 2 | 5 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Sales Revenue Net Minimum Point Sales | ' | ' | 0 | 0 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One Time Payment Under Co Branded Credit Card Agreement Extension - Deferred Revenue | ' | ' | ' | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue related to the one-time payment of the minimum point sales | ' | ' | 7 | 7 | 6 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One Time Payment Under Co Branded Credit Card Agreement Exclusive Benefits - Deferred Revenue | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maintenance service agreements, Minimum | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maintenance service agreements, Maximum | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | ' | ' | $61 | ' | $57 | ' | ' | ' | ' | ' | ' | ' | $57 | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Shortterm_Borrow2
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Weighted average interest rate | 3.90% | 0.00% |
Capital Leases (7) | $105 | $113 |
Total debt and capital lease obligations | 2,585 | 2,851 |
Less: current maturities | -469 | -394 |
Long-term debt and capital lease obligations | 2,116 | 2,457 |
Floating rate equipment notes due through 2025 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Secured Debt | 634 | 816 |
Weighted average interest rate | 2.80% | 2.70% |
Public Debt Floating rate Class G-1, due 2013, 2014 and 2016 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Secured Debt | 55 | 173 |
Weighted average interest rate | 4.50% | 3.10% |
Public Debt Floating rate Class G-2 due 2014 and 2016 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Secured Debt | 373 | 373 |
Weighted average interest rate | 1.00% | 2.60% |
Public Debt Floating rate Class B-1 due 2014 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Secured Debt | 0 | 49 |
Weighted average interest rate | 0.00% | 6.50% |
Fixed rate equipment notes, due through 2026 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Secured Debt | 1,110 | 960 |
Weighted average interest rate | 5.80% | 6.30% |
Public Debt Fixed rate special facility bonds, due through 2036 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Secured Debt | 78 | 82 |
Weighted average interest rate | 5.00% | 6.00% |
Public Debt 6.75% convertible debentures due in 2039 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Unsecured Debt | 162 | 162 |
Public Debt 5.5% convertible debentures due in 2038 [Member] | ' | ' |
Long-term debt and capital lease obligations and the weighted average interest rate | ' | ' |
Unsecured Debt | $68 | $123 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future minimum lease payments under non cancelable operating leases | ' |
Future minimum lease payments, 2014 | $205 |
Future minimum lease payments, 2015 | 205 |
Future minimum lease payments, 2016 | 140 |
Future minimum lease payments, 2017 | 121 |
Future minimum lease payments, 2018 | 114 |
Thereafter | 607 |
Total minimum operating lease payments | 1,392 |
Aircraft [Member] | ' |
Future minimum lease payments under non cancelable operating leases | ' |
Future minimum lease payments, 2014 | 141 |
Future minimum lease payments, 2015 | 150 |
Future minimum lease payments, 2016 | 90 |
Future minimum lease payments, 2017 | 77 |
Future minimum lease payments, 2018 | 75 |
Thereafter | 271 |
Total minimum operating lease payments | 804 |
Other [Member] | ' |
Future minimum lease payments under non cancelable operating leases | ' |
Future minimum lease payments, 2014 | 64 |
Future minimum lease payments, 2015 | 55 |
Future minimum lease payments, 2016 | 50 |
Future minimum lease payments, 2017 | 44 |
Future minimum lease payments, 2018 | 39 |
Thereafter | 336 |
Total minimum operating lease payments | $588 |
Longterm_Debt_Shortterm_Borrow3
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations (Details 1) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Maturities of long-term debt and capital leases | ' |
2014 | $469 |
2015 | 276 |
2016 | 474 |
2017 | 201 |
2018 | 245 |
Thereafter | $920 |
Operating_Leases_Details_Textu
Operating Leases (Details Textual) (USD $) | 12 Months Ended | 20 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
aircraft | Minimum [Member] | Maximum [Member] | A-320-200 [Member] | A-320-200 [Member] | A-320-200 [Member] | Aircraft [Member] | ||||
aircraft | aircraft | aircraft | aircraft | |||||||
Operating Leases (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total rental expense for operating leases | $295 | $284 | $269 | ' | ' | ' | ' | ' | ' | ' |
Collateral assets for letters of credit related to leases | 31 | ' | ' | 31 | ' | ' | ' | ' | ' | ' |
Number of aircraft leased | ' | ' | ' | ' | ' | ' | 6 | ' | ' | 60 |
Number of aircraft operated | 194 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease term expiration range | ' | ' | ' | ' | '2016 | '2026 | ' | ' | ' | ' |
Number of aircraft variable rate rent | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft lease rate renewed based on fair market value | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of lease term extended | 'one or two years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft having purchase options | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft leased which will expire in one year | ' | ' | ' | ' | ' | ' | ' | 8 | 3 | ' |
Additional lease commitments | 42 | 24 | ' | 42 | ' | ' | ' | ' | ' | ' |
Operating lease term | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' |
Payments for capital improvements | 71 | ' | ' | 88 | ' | ' | ' | ' | ' | ' |
Number of operating aircrafts, sold and leased back | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum lease payments vies | $695 | ' | ' | $695 | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Shortterm_Borrow4
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | $2,480 | $2,738 |
Estimated Fair Value | 2,724 | 2,869 |
Public Debt Floating rate Class G-1, due 2013, 2014 and 2016 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 55 | 173 |
Estimated Fair Value | 54 | 164 |
Public Debt Floating rate Class G-2 due 2014 and 2016 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 373 | 373 |
Estimated Fair Value | 365 | 351 |
Public Debt Floating rate Class B-1 due 2014 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 0 | 49 |
Estimated Fair Value | 0 | 48 |
Public Debt Fixed rate special facility bonds, due through 2036 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 78 | 82 |
Estimated Fair Value | 68 | 82 |
Public Debt 6.75% convertible debentures due in 2039 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 162 | 162 |
Estimated Fair Value | 297 | 225 |
Public Debt 5.5% convertible debentures due in 2038 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 68 | 123 |
Estimated Fair Value | 134 | 173 |
Non-Public Debt Floating rate equipment notes, due through 2025 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 634 | 816 |
Estimated Fair Value | 645 | 776 |
Non-Public Debt Fixed rate equipment notes due through 2026 [Member] | ' | ' |
Carrying amounts and estimated fair values of long-term debt | ' | ' |
Carrying Value | 1,110 | 960 |
Estimated Fair Value | $1,161 | $1,050 |
Longterm_Debt_Shortterm_Borrow5
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 21 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2005 | Apr. 11, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Sep. 20, 2013 | Apr. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2006 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2004 | Mar. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 09, 2009 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 09, 2009 | Jul. 09, 2009 | Jun. 04, 2008 | Oct. 31, 2011 | Sep. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 04, 2008 | Dec. 31, 2013 | Jun. 04, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | |
aircraft | aircraft | aircraft | aircraft | aircraft | American Express [Member] | Morgan Stanley [Member] | Morgan Stanley [Member] | Morgan Stanley [Member] | Enhanced Equipment Trust Certificate [Member] | Line of Credit [Member] | Aircraft Member | Aircraft Member | A-320-200 [Member] | A-320-200 [Member] | Maximum [Member] | Minimum [Member] | 2006 Public Offering [Member] | Class G-1 certificates [Member] | Class G-1 certificates [Member] | 2004 Public Offering [Member] | 2004 Public Offering [Member] | 2004 Public Offering [Member] | Class G-1 certificates for the November 2004 offering [Member] | Public Debt 6.75% convertible debentures due in 2039 [Member] | Public Debt 6.75% convertible debentures due in 2039 [Member] | Public Debt 6.75% convertible debentures due in 2039 [Member] | Public Debt 6.75% Series A convertible debentures due 2039 [Member] | Public Debt 6.75% Series A convertible debentures due 2039 [Member] | Public Debt 6.75% Series A convertible debentures due 2039 [Member] | Public Debt 6.75% Series B convertible debentures due 2039 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% convertible debentures due in 2038 [Member] | Public Debt 5.5% Series A convertible debentures due 2038 [Member] | Public Debt 5.5% Series A convertible debentures due 2038 [Member] | Public Debt 5.5% Series A convertible debentures due 2038 [Member] | Public Debt 5.5% Series B convertible debentures due 2038 [Member] | Public Debt 5.5% Series B convertible debentures due 2038 [Member] | PK Financing Agreement [Member] | Public Debt Floating Rate Class G Two Due Two Thousand Fourteen And Two Thousand Sixteen Member | ||||
CitiBank [Member] | Enhanced Equipment Trust Certificate [Member] | Line of Credit [Member] | Line of Credit [Member] | Maximum [Member] | interest_payment | Maximum [Member] | aircraft | Enhanced Equipment Trust Certificate [Member] | ||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility and Letter of Credit Facility [Member] | aircraft | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of convertible debt issued | ' | ' | ' | ' | ' | ' | ' | $42,000,000 | ' | ' | ' | ' | $226,000,000 | ' | ' | ' | ' | ' | ' | ' | $124,000,000 | ' | $119,000,000 | ' | $498,000,000 | $431,000,000 | ' | ' | ' | ' | ' | ' | $115,000,000 | $86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,600,000 | ' | $100,600,000 | ' | ' |
Redemption of Class G-1 certificates | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of debentures repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,000,000 | ' |
Number of Airbus purchased | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Frequency of interest payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | ' | ' | ' | 'semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'semi-annual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of swapped certificates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, net amount | ' | ' | ' | ' | ' | ' | ' | 43,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, unamortized premium | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.50% | ' | ' | ' | ' | ' |
Net proceeds after underwriting and other transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204.6036 | ' | 235.2941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220.6288 | ' | 225.2252 | ' | ' | ' |
Repurchased amount of convertible debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' |
Maximum number of shares for convertible debt | ' | ' | ' | 38,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debentures as percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of convertible debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on the early extinguishment of debt | 3,000,000 | -3,000,000 | 2,000,000 | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Amount deposited in escrow account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of semi-annual interest payments represented in escrow deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares into which debentures are convertible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | 18,200,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares outstanding under own share lending arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lending fee received per share from share borrower | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value recognized as debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt redemption | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in conversion of debentures during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | 12,200,000 | ' | ' | ' | ' | ' | ' |
Cash payments from escrow accounts related to conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Own-share lending arrangement shares returned by borrower | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,600,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock lent to share borrower | 1,400,000 | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the share lending arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, value, conversion of convertible securities, net of adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' |
Remaining principal balance of convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft under capital lease | 4 | 4 | ' | 4 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases | 105,000,000 | 113,000,000 | ' | 105,000,000 | 113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000,000 | 152,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization on capital leases | 33,000,000 | 28,000,000 | ' | 33,000,000 | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 40,000,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 40,000,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 40,000,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 40,000,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 40,000,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 616,000,000 | ' | ' | 616,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum lease interest payments | 33,000,000 | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Present value of capital leases | 105,000,000 | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of capital leases | 8,000,000 | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term portion of capital leases | 97,000,000 | ' | ' | 97,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft securing modified debt | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft for which funds were deposited to lower borrowing rates | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds deposited as security for debt | ' | ' | ' | 52,000,000 | 57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of new aircraft held as security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt and capital lease obligations | 2,116,000,000 | 2,457,000,000 | ' | 2,116,000,000 | 2,457,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,000,000 |
Value of aircraft, engines and other equipment and facilities which were pledged as security under various loan agreements | 3,580,000,000 | ' | ' | 3,580,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments for interest related to debt and capital lease obligations, net of capitalized interest | ' | ' | ' | 117,000,000 | 136,000,000 | 136,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of payment of principal on the certificates | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on line of credit | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | 200,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate based on LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
JFK_Terminal_5_Details
JFK Terminal 5 (Details) (USD $) | 12 Months Ended | 20 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
airport_gate | acre | airport_gate | ||
sqft | ||||
JFK Terminal 5 (Textual) [Abstract] | ' | ' | ' | ' |
Responsible for construction under facility lease agreement of 26-gate terminal | 635,000 | ' | ' | ' |
Number of gates in a terminal | 26 | ' | ' | ' |
Lease agreement extension, additional area of property | ' | 19 | ' | ' |
Number of international arrival gates, new gates and gates converted from T5 | 6 | ' | ' | 6 |
Number of international arrival gates, new gates | 3 | ' | ' | 3 |
Number of international arrival gates, gates converted from T5 | 3 | ' | ' | 3 |
Payments for capital improvements | $71 | ' | ' | $88 |
Total costs incurred for the elements of the project subject to underlying ground lease | 637 | ' | ' | 637 |
Assets constructed for others | 561 | 561 | ' | 561 |
Leasehold improvements included in ground property and equipment | 76 | ' | ' | 76 |
Non-cancelable lease term | '25 years | ' | ' | ' |
Amortization expense | 23 | 23 | 22 | ' |
Minimum estimated facility payments, 2014 | 40 | ' | ' | 40 |
Minimum estimated facility payments, 2015 | 40 | ' | ' | 40 |
Minimum estimated facility payments, 2016 | 40 | ' | ' | 40 |
Minimum estimated facility payments, 2017 | 40 | ' | ' | 40 |
Minimum estimated facility payments, 2018 | 40 | ' | ' | 40 |
Thereafter | 616 | ' | ' | 616 |
Construction obligation, 2014 | 14 | ' | ' | 14 |
Construction obligation, 2015 | 15 | ' | ' | 15 |
Construction obligation, 2016 | 15 | ' | ' | 15 |
Construction obligation, 2017 | 16 | ' | ' | 16 |
Construction obligation, 2018 | 17 | ' | ' | 17 |
Interest Expense, Lessee, Assets under Capital Lease | 27 | 27 | 28 | ' |
Capital leases, future minimum payments receivable, 2014 | 12 | ' | ' | 12 |
Capital leases, future minimum payments receivable, 2015 | 12 | ' | ' | 12 |
Capital leases, future minimum payments receivable, 2016 | 12 | ' | ' | 12 |
Capital leases, future minimum payments receivable, 2017 | 10 | ' | ' | 10 |
Capital leases, future minimum payments receivable, 2018 | $9 | ' | ' | $9 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | 25,000,000 |
Stock repurchase program, period in force | ' | '5 years | ' | ' |
Stock repurchased during period, shares | 4,100,000 | 500,000 | ' | ' |
Payments for repurchase of common stock | ' | $3 | $23 | ' |
Stock repurchase program, remaining number of shares authorized to be repurchased | ' | 20,400,000 | ' | ' |
Common Stock reserved for issuance | ' | 168,900,000 | ' | ' |
Treasury stock | 49,581,726 | 50,902,448 | 49,581,726 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $47 | $71 | $36 | $14 | $1 | $45 | $52 | $30 | $168 | $128 | $86 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on convertible debt, net of income taxes and profit sharing | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 9 | 12 |
Net income applicable to common stockholders after assumed conversions for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $177 | $137 | $98 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding for basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 282,755,000 | 282,317,000 | 278,689,000 |
Employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 2,108,000 | 1,237,000 | 1,660,000 |
Convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | 58,562,000 | 60,575,000 | 66,118,000 |
Adjusted weighted average shares outstanding and assumed conversions for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 343,425,000 | 344,129,000 | 346,467,000 |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock lent to share borrower | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' |
Convertible Debt Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from EPS calculation (in millions): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from EPS calculation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock Compensation Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from EPS calculation (in millions): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from EPS calculation | ' | ' | ' | ' | ' | ' | ' | ' | 13,800,000 | 19,500,000 | 22,300,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Unit Activity Under 2011 Plan [Member] | ' | ' | ' |
Summary of restricted stock unit activity | ' | ' | ' |
Nonvested shares, beginning balance | 2,483,664 | 65,914 | ' |
Nonvested, Weighted average grant date fair value, beginning balance | $5.77 | $5.08 | ' |
Restricted stock unit activity granted, shares | 2,653,842 | 2,570,891 | ' |
Restricted stock unit activity granted, weighted average grant date fair value | $6.08 | $5.79 | ' |
Restricted stock unit activity vested, shares | -828,291 | -20,249 | ' |
Restricted stock unit activity vested, weighted average grant date fair value | $5.77 | $5.09 | ' |
Restricted stock unit activity forfeited, shares | -190,366 | -132,892 | ' |
Restricted stock unit activity forfeited, weighted average grant date fair value | $5.82 | $5.83 | ' |
Nonvested shares, ending balance | 4,118,849 | 2,483,664 | ' |
Nonvested, weighted average grant date fair value, ending balance | $5.94 | $5.77 | ' |
Restricted Stock Unit Activity Under 2002 Plan [Member] | ' | ' | ' |
Summary of restricted stock unit activity | ' | ' | ' |
Nonvested shares, beginning balance | 2,029,081 | 4,093,484 | 3,681,013 |
Nonvested, Weighted average grant date fair value, beginning balance | $5.85 | $5.64 | $5.18 |
Restricted stock unit activity granted, shares | 0 | 0 | 2,677,809 |
Restricted stock unit activity granted, weighted average grant date fair value | $0 | $0 | $6.01 |
Restricted stock unit activity vested, shares | -1,257,045 | -1,921,940 | -1,731,145 |
Restricted stock unit activity vested, weighted average grant date fair value | $5.76 | $5.41 | $5.26 |
Restricted stock unit activity forfeited, shares | -60,542 | -142,463 | -534,193 |
Restricted stock unit activity forfeited, weighted average grant date fair value | $5.99 | $5.76 | $5.53 |
Nonvested shares, ending balance | 711,494 | 2,029,081 | 4,093,484 |
Nonvested, weighted average grant date fair value, ending balance | $6 | $5.85 | $5.64 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of stock option activity | ' | ' | ' |
Outstanding at beginning of year | 15,845,124 | 21,807,170 | 23,600,494 |
Outstanding at beginning of year, per share | $14.87 | $13.91 | $13.42 |
Shares granted | 0 | 0 | 0 |
Granted, per share | $0 | $0 | $0 |
Exercised | -10,800 | -493,731 | -934,993 |
Exercised, per share | $7.79 | $4 | $2.09 |
Forfeited | 0 | 0 | -23,700 |
Forfeited, per share | $0 | $0 | $8.92 |
Expired | -4,449,636 | -5,468,315 | -834,631 |
Expired, per share | $18.50 | $12.03 | $13.33 |
Outstanding at end of year | 11,384,688 | 15,845,124 | 21,807,170 |
Outstanding at end of year, per share | $13.45 | $14.87 | $13.91 |
Vested at end of year | 11,384,688 | 15,845,124 | 21,550,526 |
Vested at end of year, per share | $13.45 | $14.87 | $13.94 |
Available for future grants | 60,615,340 | 56,105,162 | 50,494,384 |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 2) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Summary of outstanding stock options | ' |
Options Outstanding, shares | 11,384,688 |
Share-based compensation shares authorized under stock option plans exercise price range outstanding options intrinsic value | $0 |
Range $7.79 to $19.25 [Member] | ' |
Summary of outstanding stock options | ' |
Options Outstanding, shares | 11,384,688 |
Options Outstanding, weighted average remaining contractual life | '1 year 9 months 18 days |
Options Outstanding, per share | $0 |
Share-based compensation shares authorized under stock option plans exercise price range outstanding options intrinsic value | $0 |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details 3) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Crewmember Stock Purchase Plan 2011 [Member] | ' | ' | ' | ' |
Summary of CSPP share reserve activity | ' | ' | ' | ' |
Available for future purchases, beginning of year | 4,855,144 | 6,436,224 | 8,000,000 | ' |
Shares reserved for issuance | 0 | 0 | ' | ' |
Common stock purchased | -1,581,080 | -1,563,776 | ' | ' |
Common stock purchased, per share | 6.2 | $4.75 | ' | ' |
Available for future purchases, end of year | 4,855,144 | 6,436,224 | 8,000,000 | ' |
Crewmember Stock Purchase Plan 2002 [Member] | ' | ' | ' | ' |
Summary of CSPP share reserve activity | ' | ' | ' | ' |
Available for future purchases, beginning of year | ' | ' | 19,306,357 | 20,923,959 |
Shares reserved for issuance | ' | ' | 0 | ' |
Common stock purchased | 0 | 0 | -1,617,602 | ' |
Common stock purchased, per share | ' | ' | $4.76 | ' |
Available for future purchases, end of year | ' | ' | 19,306,357 | 20,923,959 |
ShareBased_Compensation_Detail4
Share-Based Compensation (Details Textual) (USD $) | 4 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 |
groups_of_employees | Incentive Compensation Plan 2011 [Member] | Crewmember Stock Purchase Plan 2011 [Member] | Crewmember Stock Purchase Plan 2011 [Member] | Crewmember Stock Purchase Plan 2011 [Member] | Stock Option 2002 Plan [Member] | Stock Option 2002 Plan [Member] | Stock Option 2002 Plan [Member] | Crewmember Stock Purchase Plan 2002 [Member] | Crewmember Stock Purchase Plan 2002 [Member] | Crewmember Stock Purchase Plan 2002 [Member] | LiveTV Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Options [Member] | Deferred Stock Units (DSU's) [Member] | ||||
Restricted Stock Unit 2002 Plan [Member] | Stock Option 2002 Plan [Member] | ||||||||||||||||||||
Share-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of groups of employees for awards | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility of common stock at the grant date | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Implied volatility of two-year publicly traded options on common stock | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected yield of dividend on common stock | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | ' | ' | ' | ' | ' |
Number of years expected to recognize stock-based compensation | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Compensation Expense | ' | ' | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' |
Common stock reserved for issuance available to employees | ' | ' | ' | ' | 15,000,000 | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 11 | 10 | ' | ' | ' |
Minimum Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year |
Maximum Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Shares issued following the Director's departure from the Board | ' | 'six months and one day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of date of exercise, options exercised | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash from stock option exercises | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $2 | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for successive overlapping | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employees contribution towards purchase of common stock | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price discount based upon the stock price | 5.00% | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding voting securities | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of purchasing rights as percentage of fair market value per share in case of acquisition | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,617,602 | ' | ' | ' | ' | ' | ' | ' |
Available notional equity units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' |
LiveTV_Details
LiveTV (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
aircraft | aircraft | ||||||||||
Revenues | $1,365 | $1,442 | $1,335 | $1,299 | $1,194 | $1,308 | $1,277 | $1,203 | $5,441 | $4,982 | $4,504 |
LiveTV (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
In-flight entertainment systems for other airlines | 461 | ' | ' | ' | ' | ' | ' | ' | 461 | ' | ' |
Commitments for installation on additional aircraft | 196 | ' | ' | ' | ' | ' | ' | ' | 196 | ' | ' |
Options for additional installations | 9 | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' |
Deferred profit and advance deposits | 42 | ' | ' | ' | 34 | ' | ' | ' | 42 | 34 | ' |
Deferred profit for year one | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Deferred Profit On Installation For Year Two | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Deferred Profit On Installation For Year Three | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Deferred Profit On Installation For Year Four | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Deferred Profit On Installation For Year Five | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Deferred profit for after five years | 6 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' |
Net book value of equipment installed for other airlines | 102 | ' | ' | ' | 109 | ' | ' | ' | 102 | 109 | ' |
Amount Paid By Customer For Termination Of Contract Included To Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 |
Gain (Loss) on Contract Termination | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' |
In Flight Entertainment Systems Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $72 | $81 | $82 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred: | ' | ' | ' |
Federal | $95 | $68 | $51 |
State | 12 | 8 | 7 |
Deferred income tax expense | 107 | 76 | 58 |
Current income tax expense | 4 | 5 | 1 |
Total income tax expense | $111 | $81 | $59 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of income taxes differed from the federal income tax statutory rate | ' | ' | ' |
Income tax expense at statutory rate | $98 | $73 | $51 |
Increase resulting from: | ' | ' | ' |
State income tax, net of federal benefit | 9 | 6 | 5 |
Other, net | 4 | 2 | 3 |
Total income tax expense | $111 | $81 | $59 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $157 | $127 |
Employee benefits | 40 | 36 |
Deferred revenue/gains | 95 | 82 |
Rent expense | 24 | 22 |
Terminal 5 lease | 29 | 26 |
Capital loss carryforwards | 20 | 20 |
Other | 32 | 37 |
Valuation allowance | -20 | -20 |
Deferred tax assets, net | 377 | 330 |
Deferred tax liabilities: | ' | ' |
Accelerated depreciation | -862 | -704 |
Deferred tax liabilities | -862 | -704 |
Net deferred tax liability | ($485) | ($374) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ' | ' |
Unrecognized tax benefits, beginning balance | $13 | $12 | $11 |
Increases for tax positions taken during the period | 2 | 1 | 1 |
Decreases for settlement with tax authorities during the period | -4 | ' | ' |
Unrecognized tax benefits, ending balance | $11 | $13 | $12 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Cash payments for income taxes | $4 | $4 | $0 |
Current net deferred tax asset | 120 | 107 | ' |
Long-term net deferred tax liability | 605 | 481 | ' |
U.S. Federal regular net operating loss carryforwards | 456 | ' | ' |
Alternative minimum tax net operating loss carryforwards | 446 | ' | ' |
Deferred tax assets of state net operating loss | 9 | ' | ' |
Deferred tax assets of credit carryforwards | 9 | ' | ' |
Valuation allowance to reduce the deferred tax assets | 20 | ' | ' |
Unrecognized tax benefits would impact on effective tax rate | $9 | ' | ' |
Employee_Retirement_Plan_Detai
Employee Retirement Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee retirement plan (Textual) [Abstract] | ' | ' | ' |
Percentage of compensation in cash | 100.00% | ' | ' |
Percentage of employees' pay | 5.00% | ' | ' |
Years of service | '5 years | ' | ' |
Percentage of employee's pay for profit sharing match | 5.00% | ' | ' |
Period of discretionary contribution | '3 years | ' | ' |
Contribution to employee retirement plan | $94 | $73 | $61 |
Commitments_Details
Commitments (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | |
A-320-200 [Member] | Airbus A321 [Member] | Airbus A321 [Member] | Airbus A321 Neo [Member] | Airbus A321 Neo [Member] | Airbus A320 neo [Member] | EMBRAER 190 [Member] | EMBRAER 190 [Member] | EMBRAER 190 [Member] | EMBRAER 190 [Member] | Spare Engines [Member] | ||||
aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation, Aircraft Purchase Deliver Change | ' | ' | ' | ' | ' | 15 | ' | 20 | ' | ' | ' | ' | 24 | ' |
Unrecorded Unconditional Purchase Obligation, Aircraft Purchase Change | ' | ' | ' | ' | ' | 8 | ' | 10 | ' | ' | ' | ' | ' | ' |
Number Of Aircrafts Whose Delivery Is Accelerated to 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 1 | ' | ' | ' |
Number of aircraft and spare engine orders by the firm | ' | ' | ' | 3 | 49 | ' | 30 | ' | 30 | ' | ' | 24 | ' | 10 |
Commitments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed expenditure due in twelve months | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed expenditure due in second year | ' | 660,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed expenditure due in third year | ' | 785,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed expenditure due in fourth year | ' | 835,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed expenditure due fifth | ' | 855,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed expenditure due thereafter | ' | 3,235,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Aircraft Scheduled To Receive | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Aircrafts Delivery Committed Debt Financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Restricted assets pledged related to workers compensation insurance policies and other business partner agreements | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment expenditures to suppliers for the year 2014 | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment expenditures to suppliers for the year 2015 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment expenditures to suppliers for the year 2016 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment expenditures to suppliers for the year 2017 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of agreement to develop and introduce in-flight broadband connectivity technology | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period of agreement to develop and introduce in-flight broadband connectivity technology | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum committed capital expenditure | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum additional committed capital expenditure | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment agreement | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewal notice period | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Contingencies (Textual) [Abstract] | ' |
Maximum period of limit for loan repayment | '15 years |
Maximum period of limit for repayment regarding leases with foreign lenders | '20 years |
Maximum period of contract range of specified parties related to legal liability | '30 years |
Maximum period of contract range of specified parties related to legal liability | '10 years |
Asset retirement obligations, noncurrent | $9 |
Loss_Contingencies_Details
Loss Contingencies (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
pilot | Subsequent Event [Member] | Environmental Issue [Member] | Live T.V. Breach of Contract [Member] | |
Loss Contingency, Estimate [Abstract] | ' | ' | ' | ' |
Cost of remediation estimate (less than $1 million, minimum) | ' | ' | $1,000,000 | ' |
Cost of remediation estimate ($3 million, maximum) | ' | ' | 3,000,000 | ' |
Environmental exit costs, costs accrued to date | 2,000,000 | ' | ' | ' |
Number of claimants in employment agreement dispute | 972 | ' | ' | ' |
Base pay rate trigger in employment agreement dispute | 26.70% | ' | ' | ' |
Loss contingency, damages sought, value | ' | $13,000,000 | ' | $15,000,000 |
Financial_Derivative_Instrumen2
Financial Derivative Instruments and Risk Management (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 |
First Quarter 2014 [Member] | First Quarter 2014 [Member] | First Quarter 2014 [Member] | Second Quarter 2014 [Member] | Second Quarter 2014 [Member] | Second Quarter 2014 [Member] | Third Quarter 2014 [Member] | Third Quarter 2014 [Member] | Third Quarter 2014 [Member] | Third Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | |
Jet Fuel Swap Agreements [Member] | Jet Fuel Cap Agreement [Member] | Jet Fuel Swap Agreements [Member] | Jet Fuel Cap Agreement [Member] | Jet Fuel Swap Agreements [Member] | Jet Fuel Swap Agreements [Member] | Jet Fuel Cap Agreement [Member] | Jet Fuel Swap Agreements [Member] | Jet Fuel Swap Agreements [Member] | Jet Fuel Cap Agreement [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||
Percentage fuel covered under derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage fuel hedged | 16.00% | 8.00% | 8.00% | 15.00% | 7.00% | 8.00% | 2.00% | 2.00% | 7.00% | 0.00% | 2.00% | 2.00% | 6.00% | 0.00% |
Financial_Derivative_Instrumen3
Financial Derivative Instruments and Risk Management (Details 1) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
bbl | bbl | |
Fuel derivatives [Member] | ' | ' |
Derivative instrument in statement of financial position | ' | ' |
Asset fair value recorded in prepaid expenses and other | $6 | $0 |
Liability fair value recorded in other accrued liabilities | 0 | 1 |
Longest remaining term (months) | '12 months | '9 months |
Hedged volume (barrels, in thousands) | 1,000,000 | 1,000,000 |
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months | 3 | -1 |
Fuel derivatives [Member] | Prepaid expenses and other [Member] | ' | ' |
Derivative instrument in statement of financial position | ' | ' |
Asset fair value recorded in prepaid expenses and other | 6 | 0 |
Fuel derivatives [Member] | Other accrued liabilities [Member] | ' | ' |
Derivative instrument in statement of financial position | ' | ' |
Liability fair value recorded in other accrued liabilities | 0 | 1 |
Interest Rate Contract [Member] | ' | ' |
Derivative instrument in statement of financial position | ' | ' |
Liability fair value recorded in other long term liabilities | 3 | 12 |
Estimated amount of existing losses expected to be reclassified into earnings in the next 12 months | ($2) | ($9) |
Financial_Derivative_Instrumen4
Financial Derivative Instruments and Risk Management (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fuel derivatives [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Percentage of actual consumption economically hedged | 21.00% | 30.00% | 40.00% |
Aircraft fuel expense [Member] | Fuel derivatives [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedge effectiveness gains (losses) recognized in aircraft fuel expense | -10 | 10 | 3 |
Other income (expense) [Member] | Fuel derivatives [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedge ineffectiveness losses recognized in other expense | 0 | 0 | -2 |
Losses on derivatives not qualifying for hedge accounting recognized in other expense | 0 | -3 | 0 |
Comprehensive Income [Member] | Fuel derivatives [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedge gains (losses) on derivatives recognized in comprehensive income | -6 | 14 | -11 |
Comprehensive Income [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedge gains (losses) on derivatives recognized in comprehensive income | 1 | -3 | -7 |
Interest expense [Member] | Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Hedge losses on derivatives recognized in interest expense | -8 | -11 | -10 |
Financial_Derivative_Instrumen5
Financial Derivative Instruments and Risk Management (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fuel derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets, gross amount of recognized, fuel derivatives | $6 | $0 |
Liabilities, gross amount of recognized, fuel derivatives | 0 | 1 |
Offset, Gross Amount of Cash Collateral | 0 | 0 |
Assets, net amount presented in balance sheet | 6 | 0 |
Liabilities, net amount presented in balance sheet | 0 | 1 |
Interest Rate Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets, gross amount of recognized, interest rate derivatives | 0 | 0 |
Liabilities, gross amount of recognized, interest rate derivatives | 3 | 12 |
Offset, Gross Amount of Cash Collateral | 3 | 12 |
Assets, net amount presented in balance sheet | 0 | 0 |
Liabilities, net amount presented in balance sheet | $0 | $0 |
Financial_Derivative_Instrumen6
Financial Derivative Instruments and Risk Management (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Number of counterparties to derivative agreements | 3 | ' | ' |
Collateral related to interest rate derivatives | $3 | $12 | ' |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Notional amount of interest rate cash flow hedge derivatives | 55 | ' | ' |
Interest Rate Contract [Member] | Interest Expense [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Hedge losses on derivatives recognized in interest expense | ($8) | ($11) | ($10) |
Fair_Value_Details
Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Available-for-sale investment securities | $188 | $275 |
Recurring [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 51 | 84 |
Restricted cash | 0 | 4 |
Available-for-sale investment securities | 188 | 275 |
Assets, Total | 245 | 363 |
Liabilities | ' | ' |
Liabilities, Total | 3 | 13 |
Recurring [Member] | Aircraft Fuel Derivatives [Member] | ' | ' |
Assets | ' | ' |
Aircraft fuel derivatives | 6 | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | ' | 1 |
Recurring [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | 3 | 12 |
Recurring [Member] | Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 51 | 84 |
Restricted cash | 0 | 4 |
Available-for-sale investment securities | 0 | 68 |
Assets, Total | 51 | 156 |
Liabilities | ' | ' |
Liabilities, Total | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Aircraft Fuel Derivatives [Member] | ' | ' |
Assets | ' | ' |
Aircraft fuel derivatives | 0 | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | 0 | ' |
Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Available-for-sale investment securities | 188 | 207 |
Assets, Total | 194 | 207 |
Liabilities | ' | ' |
Liabilities, Total | 3 | 13 |
Recurring [Member] | Level 2 [Member] | Aircraft Fuel Derivatives [Member] | ' | ' |
Assets | ' | ' |
Aircraft fuel derivatives | 6 | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | ' | 1 |
Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | 3 | 12 |
Recurring [Member] | Level 3 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Available-for-sale investment securities | 0 | 0 |
Assets, Total | 0 | 0 |
Liabilities | ' | ' |
Liabilities, Total | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Aircraft Fuel Derivatives [Member] | ' | ' |
Assets | ' | ' |
Aircraft fuel derivatives | 0 | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | ' | 0 |
Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ' | ' |
Liabilities | ' | ' |
Aircraft fuel derivatives | $0 | $0 |
Fair_Value_Details_Textual
Fair Value (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Cash Equivalent Maturity Period Description | ' |
three months or less | |
Commercial paper maturity period description | ' |
90 days but less than one year |
Comprehensive_Income_Loss_Deta
Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated other comprehensive income (loss), net of taxes | ' | ' | ' |
Accumulated gains (losses), beginning balance | ($8) | ($15) | ($10) |
Reclassifications into earnings | 11 | 1 | 5 |
Reclassifications into earnings, tax | 7 | 0 | -7 |
Change in fair value | -3 | 6 | -10 |
Change in fair value, tax | -2 | 5 | 3 |
Accumulated gains (losses), ending balance | 0 | -8 | -15 |
Aircraft Fuel Derivatives [Member] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of taxes | ' | ' | ' |
Accumulated gains (losses), beginning balance | -1 | -3 | 4 |
Reclassifications into earnings | 6 | -6 | -1 |
Change in fair value | -4 | 8 | -6 |
Accumulated gains (losses), ending balance | 1 | -1 | -3 |
Interest Rate Contract [Member] | ' | ' | ' |
Accumulated other comprehensive income (loss), net of taxes | ' | ' | ' |
Accumulated gains (losses), beginning balance | -7 | -12 | -14 |
Reclassifications into earnings | 5 | 7 | 6 |
Change in fair value | 1 | -2 | -4 |
Accumulated gains (losses), ending balance | ($1) | ($7) | ($12) |
Geographic_Information_Details
Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summarization of operating revenues by geographic regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $1,365 | $1,442 | $1,335 | $1,299 | $1,194 | $1,308 | $1,277 | $1,203 | $5,441 | $4,982 | $4,504 |
Domestic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summarization of operating revenues by geographic regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,886 | 3,666 | 3,351 |
Caribbean and Latin [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summarization of operating revenues by geographic regions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,555 | $1,316 | $1,153 |
Geographic_Information_Details1
Geographic Information (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Caribbean and Latin [Member] | ' |
Geographic Information (Textual) [Abstract] | ' |
Number of destinations | 24 |
Puerto Rico [Member] | ' |
Geographic Information (Textual) [Abstract] | ' |
Number of destinations | 3 |
U.S Virgin Islands [Member] | ' |
Geographic Information (Textual) [Abstract] | ' |
Number of destinations | 2 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $1,365 | $1,442 | $1,335 | $1,299 | $1,194 | $1,308 | $1,277 | $1,203 | $5,441 | $4,982 | $4,504 |
Operating income | 115 | 152 | 102 | 59 | 44 | 113 | 130 | 89 | 428 | 376 | 322 |
Net income | $47 | $71 | $36 | $14 | $1 | $45 | $52 | $30 | $168 | $128 | $86 |
Basic earnings per share | $0.16 | $0.25 | $0.13 | $0.05 | $0 | $0.16 | $0.19 | $0.11 | $0.59 | $0.45 | $0.31 |
Diluted earnings per share | $0.14 | $0.21 | $0.11 | $0.05 | $0 | $0.14 | $0.16 | $0.09 | $0.52 | $0.40 | $0.28 |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) (Details Textual 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
aircraft | aircraft | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | $2 | $7 | ' | ' | ' | ' |
Gains (Losses) on the early extinguishment of debt | 3 | ' | -3 | 2 | ' | 6 |
Gain (Loss) on Contract Termination | ' | ' | ' | ' | 8 | ' |
Number of Aircraft Held as Security | ' | ' | 2 | 6 | ' | ' |
Spare Engines [Member] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Assets | ' | ' | ' | $10 | ' | ' |
Property, Plant and Equipment, Number of Aircraft Sold | 3 | ' | ' | 6 | ' | ' |
EMBRAER 190 [Member] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Aircrafts Sold | ' | ' | ' | 2 | ' | ' |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at beginning of period | $6,593 | $7,586 | $6,172 |
Charged to Costs and Expenses | 3,618 | 5,472 | 7,017 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 4,416 | 6,465 | 5,603 |
Balance at end of period | 5,795 | 6,593 | 7,586 |
Allowance for obsolete inventory parts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at beginning of period | 5,046 | 3,886 | 3,636 |
Charged to Costs and Expenses | 1,309 | 1,250 | 1,026 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 90 | 776 |
Balance at end of period | 6,355 | 5,046 | 3,886 |
Valuation allowance for deferred tax assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at beginning of period | 20,268 | 20,872 | 20,672 |
Charged to Costs and Expenses | 0 | 0 | 254 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 119 | 604 | 54 |
Balance at end of period | $20,149 | $20,268 | $20,872 |