Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Document Period End Date | Jun. 30, 2020 |
Entity File Number | 000-49728 |
Entity Registrant Name | JETBLUE AIRWAYS CORP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 87-0617894 |
Entity Address, Address Line One | 27-01 Queens Plaza North |
Entity Address, City or Town | Long Island City |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 11101 |
City Area Code | 718 |
Local Phone Number | 286-7900 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | JBLU |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 272,425,869 |
Document Transition Report | false |
Entity Central Index Key | 0001158463 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,561 | $ 959 |
Investment securities | 340 | 369 |
Receivables, less allowance (2020-$2; 2019-$1) | 85 | 231 |
Inventory, Net | 71 | 81 |
Prepaid expenses and other | 720 | 146 |
Total current assets | 3,777 | 1,786 |
PROPERTY AND EQUIPMENT | ||
Flight equipment | 10,573 | 10,332 |
Predelivery deposits for flight equipment | 460 | 433 |
Flight Equipment, gross plus deposits | 11,033 | 10,765 |
Less accumulated depreciation | 2,955 | 2,768 |
Flight Equipment, Net | 8,078 | 7,997 |
Other property and equipment | 1,189 | 1,145 |
Less accumulated depreciation | 565 | 528 |
Property plant and equipment other net | 624 | 617 |
Total property and equipment, net | 8,702 | 8,614 |
Operating Lease, Right-of-Use Asset | 737 | 912 |
OTHER ASSETS | ||
Investment securities | 3 | 3 |
Restricted cash | 51 | 59 |
Other | 757 | 544 |
Total other assets | 811 | 606 |
TOTAL ASSETS | 14,027 | 11,918 |
CURRENT LIABILITIES | ||
Accounts payable | 347 | 401 |
Air traffic liability | 1,271 | 1,119 |
Accrued salaries, wages and benefits | 356 | 376 |
Other accrued liabilities | 582 | 295 |
Operating Lease, Liability, Current | 83 | 128 |
Short-term Debt | 984 | 0 |
Current maturities of long-term debt and finance lease obligations | 362 | 344 |
Total current liabilities | 3,985 | 2,663 |
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS | 3,430 | 1,990 |
Operating Lease, Liability, Noncurrent | 697 | 690 |
DEFERRED TAXES AND OTHER LIABILITIES | ||
Deferred income taxes | 1,265 | 1,251 |
Air traffic liability - loyalty non-current | 492 | 481 |
Other | 64 | 44 |
Total deferred taxes and other liabilities | 1,821 | 1,776 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value; 25 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value; 900 shares authorized, 428 and 427 shares issued and 270 and 282 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 4 | 4 |
Treasury stock, at cost; 158 and 145 shares at March 31, 2020 and December 31, 2019, respectively | (1,981) | (1,782) |
Additional paid-in capital | 2,340 | 2,253 |
Retained earnings | 3,734 | 4,322 |
Accumulated other comprehensive (loss) income | (3) | 2 |
Total stockholders’ equity | 4,094 | 4,799 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 14,027 | $ 11,918 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2 | $ 1 |
Inventory Valuation Reserves | $ 25 | $ 22 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25 | 25 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900 | 900 |
Common stock, shares issued | 430 | 427 |
Common stock, shares, outstanding | 272 | 282 |
Treasury stock, shares | 158 | 145 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 215 | $ 2,105 | $ 1,803 | $ 3,977 |
OPERATING EXPENSES | ||||
Aircraft fuel and related taxes | 29 | 484 | 394 | 921 |
Salaries, wages and benefits | 477 | 576 | 1,078 | 1,151 |
Landing fees and other rents | 62 | 121 | 174 | 237 |
Depreciation and amortization | 140 | 127 | 279 | 251 |
Aircraft rent | 16 | 25 | 37 | 50 |
Sales and marketing | 8 | 75 | 60 | 141 |
Maintenance, materials and repairs | 73 | 168 | 233 | 324 |
Other operating expenses | 124 | 277 | 394 | 563 |
Special Items | (304) | 2 | (102) | 14 |
Total operating expenses | 625 | 1,855 | 2,547 | 3,652 |
OPERATING (LOSS) INCOME | (410) | 250 | (744) | 325 |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (40) | (19) | (65) | (38) |
Capitalized interest | 3 | 3 | 7 | 6 |
Interest income and other | (3) | 2 | (2) | 1 |
Total other income (expense) | (40) | (14) | (60) | (31) |
(LOSS) INCOME BEFORE INCOME TAXES | (450) | 236 | (804) | 294 |
Income tax (benefit) expense | (130) | 57 | (216) | 73 |
NET (LOSS) INCOME | $ (320) | $ 179 | $ (588) | $ 221 |
(LOSS) EARNINGS PER COMMON SHARE: | ||||
Earnings Per Share, Basic | $ (1.18) | $ 0.60 | $ (2.14) | $ 0.73 |
Earnings Per Share, Diluted | $ (1.18) | $ 0.59 | $ (2.14) | $ 0.73 |
Passenger [Member] | ||||
Revenues [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 170 | $ 2,031 | $ 1,682 | $ 3,833 |
Product and Service, Other [Member] | ||||
Revenues [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 45 | $ 74 | $ 121 | $ 144 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
NET (LOSS) INCOME | $ (320) | $ 179 | $ (588) | $ 221 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 3 | 2 | (5) | 4 |
Total other comprehensive (loss) income | 3 | 2 | (5) | 4 |
COMPREHENSIVE (LOSS) INCOME | (317) | 181 | (593) | 225 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ 1 | $ 1 | $ (3) | $ 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net Income (Loss) | $ (588) | $ 221 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Deferred income taxes | (198) | 46 |
Impairment of Long-Lived Assets Held-for-use | 202 | 0 |
Depreciation | 255 | 229 |
Amortization | 24 | 22 |
Stock-based compensation | 15 | 17 |
Changes in certain operating assets and liabilities | 147 | 430 |
Deferred CARES Act grant recognition | 363 | 0 |
Other, net | 3 | 3 |
Net cash provided by operating activities | 223 | 968 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (377) | (328) |
Predelivery deposits for flight equipment | (57) | (142) |
Purchase of held-to-maturity investments | 0 | (289) |
Proceeds from the maturities of held-to-maturity investments | 0 | 250 |
Purchase of available-for-sale securities | (861) | (609) |
Proceeds from the sale of available-for-sale securities | 890 | 545 |
Other, net | 0 | 5 |
Net cash used in investing activities | (405) | (568) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Issuance of Long-term Debt | 1,517 | 0 |
Proceeds from Short-term Debt | 981 | 0 |
Proceeds from Sale Leaseback Transactions | 118 | 0 |
Proceeds from issuance of common stock | 22 | 27 |
Proceeds from Issuance of Warrants | 18 | 0 |
Repayment of long-term debt and finance lease obligations | (177) | (182) |
Repayments of Short-term Debt | (3) | 0 |
Acquisition of treasury stock | (167) | (256) |
Net cash provided by (used in) financing activities | 2,309 | (411) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 2,127 | (11) |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 27 | 33 |
Income Taxes Paid, Net | 0 | (88) |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 2 | 0 |
Cash and cash equivalents | 2,561 | 461 |
Restricted Cash | 584 | 61 |
Restricted Cash, Current | 533 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 3,145 | $ 522 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Noncontrolling Interest [Member] |
Common Stock, Shares, Outstanding | 422 | |||||
Treasury Stock, Shares | 116 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,685 | $ 4 | $ (1,272) | $ 2,203 | $ 3,753 | $ (3) |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1 | 0 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 2 | |||||
Stock Repurchased During Period, Shares | 13 | |||||
Net Income (Loss) | 221 | 221 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 4 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4 | |||||
Other Comprehensive Income (Loss), Net of Tax | 4 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (6) | $ 0 | $ (6) | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 17 | $ 17 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 26 | |||||
Stock Repurchased During Period, Value | (250) | $ 225 | 25 | |||
Common Stock, Shares, Outstanding | 423 | |||||
Treasury Stock, Shares | 122 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,607 | $ 4 | $ (1,377) | $ 2,186 | 3,795 | (1) |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 2 | |||||
Stock Repurchased During Period, Shares | 7 | |||||
Net Income (Loss) | 179 | 179 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 2 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2 | |||||
Other Comprehensive Income (Loss), Net of Tax | 2 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (1) | $ 0 | $ (1) | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 8 | $ 8 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 27 | |||||
Stock Repurchased During Period, Value | (125) | $ 125 | 0 | |||
Common Stock, Shares, Outstanding | 425 | |||||
Treasury Stock, Shares | 129 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,697 | $ 4 | $ (1,503) | 2,221 | 3,974 | 1 |
Common Stock, Shares, Outstanding | 282 | 427 | ||||
Treasury Stock, Shares | 145 | 145 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,799 | $ 4 | $ (1,782) | $ 2,253 | 4,322 | 2 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1 | 0 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 2 | |||||
Stock Repurchased During Period, Shares | 13 | |||||
Net Income (Loss) | (588) | (588) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | (5) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (5) | |||||
Other Comprehensive Income (Loss), Net of Tax | (5) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (7) | $ 0 | $ (7) | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 15 | $ 15 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 22 | |||||
Stock Repurchased During Period, Value | (160) | $ 192 | (32) | |||
Adjustments to Additional Paid in Capital, Warrant Issued | 18 | |||||
Common Stock, Shares, Outstanding | 428 | |||||
Treasury Stock, Shares | 158 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,366 | $ 4 | $ (1,980) | $ 2,294 | 4,054 | (6) |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 2 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Net Income (Loss) | (320) | (320) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 3 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3 | |||||
Other Comprehensive Income (Loss), Net of Tax | 3 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (1) | $ 0 | $ (1) | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 6 | $ 6 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 22 | |||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | 0 | |||
Adjustments to Additional Paid in Capital, Warrant Issued | 18 | |||||
Common Stock, Shares, Outstanding | 272 | 430 | ||||
Treasury Stock, Shares | 158 | 158 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,094 | $ 4 | $ (1,981) | $ 2,340 | $ 3,734 | $ (3) |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation JetBlue Airways Corporation, or JetBlue, provides air transportation services across the United States, the Caribbean and Latin America. Our condensed consolidated financial statements include the accounts of JetBlue and our subsidiaries which are collectively referred to as “we” or the “Company”. All majority-owned subsidiaries are consolidated on a line by line basis, with all intercompany transactions and balances being eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with our 2019 audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 , or our 2019 Form 10-K. These condensed consolidated financial statements are unaudited and have been prepared by us following the rules and regulations of the U.S. Securities and Exchange Commission, or the SEC. In our opinion they reflect all adjustments, including normal recurring items, that are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States, or GAAP, have been condensed or omitted as permitted by such rules and regulations; however, we believe that the disclosures are adequate to make the information presented not misleading. Due to the impacts from the coronavirus ("COVID-19") pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, and other factors, our operating results for the periods presented herein are not necessarily indicative of the results that may be expected for other interim periods or the entire fiscal year. 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. Held-to-maturity investment securities. The contractual maturities of our held-to-maturity investments as of June 30, 2020 were not greater than 24 months. We did not record any significant gains or losses on these securities during the three and six months ended June 30, 2020 or 2019 . The estimated fair value of these investments approximated their carrying value as of June 30, 2020 and December 31, 2019 , respectively. The aggregate carrying values of our short-term and long-term investment securities consisted of the following at June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 December 31, 2019 Available-for-sale securities Time deposits $ 294 $ 325 Commercial paper 20 20 Debt securities 8 6 Total available-for-sale securities 322 351 Held-to-maturity securities Corporate bonds 21 21 Total held-to-maturity securities 21 21 Total investment securities $ 343 $ 372 Other Investments Our wholly-owned subsidiary, JetBlue Technology Ventures, LLC, or JTV, has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Accounting Standards Update ("ASU") 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. The carrying amount of these investments was $40 million and $41 million as of June 30, 2020 and December 31, 2019 , respectively. We have an approximate 10% ownership interest in the TWA Flight Center Hotel at John F. Kennedy International Airport and it is also accounted for under the measurement alternative. The carrying amount of this investment was $14 million and $13 million as of June 30, 2020 and December 31, 2019 , respectively. Equity Method Investments Investments in which we can exercise significant influence are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Accounting Standards Codification ("Codification"). The carrying amount of our equity method investments was $35 million and $38 million as of June 30, 2020 and December 31, 2019 , respectively, and is included within other assets on our consolidated balance sheets. Recently Issued Accounting Standards New accounting rules and disclosure requirements can impact our financial results and the comparability of our financial statements. The authoritative literature which has recently been issued and that we believe will impact our consolidated financial statements is described below. There are also several new proposals under development. If and when enacted, these proposals may have a significant impact on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The update eliminates, clarifies, and modifies certain guidance related to the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are still evaluating the full impact of adopting the update on our consolidated financial statements. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The update requires the use of an "expected loss" model on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans, and held-to-maturity debt securities, entities are required to estimate lifetime expected credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. We adopted the requirements of ASU 2016-13 as of January 1, 2020 using a modified retrospective transition approach. The adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement |
The COVID-19 Pandemic (Notes)
The COVID-19 Pandemic (Notes) | 3 Months Ended |
Jun. 30, 2020 | |
COVID-19 Pandemic [Abstract] | |
COVID-19 Pandemic [Text Block] | The COVID-19 Pandemic The unprecedented and rapid spread of the coronavirus ("COVID-19") pandemic and the related travel restrictions and physical distancing measures implemented throughout the world have significantly reduced demand for air travel. Beginning in March 2020, large public events were canceled, governmental authorities began imposing restrictions on non-essential activities, businesses suspended travel, and popular leisure destinations temporarily closed to visitors. Certain countries have imposed bans on international travelers for specified periods or indefinitely. Demand for air travel began to weaken at the end of February 2020. The pace of decline accelerated throughout March into April 2020 and has remained depressed. This decline in demand has had a material adverse impact on our operating revenues and financial position. During the second quarter of 2020, our operating revenues were 90% lower than the same quarter of 2019. Although demand began to improve during the second quarter, it remains significantly lower than in prior years. The length and severity of the reduction in demand due to the pandemic remains uncertain; accordingly, we expect the adverse impact to continue in the third quarter of 2020 and beyond. While we are planning for a modest recovery in demand during the third quarter of 2020, the exact timing and pace of the recovery is uncertain given the significant impact of the pandemic on the overall U.S. and global economy. Some states have experienced a resurgence of COVID-19 cases after reopening and as a result, certain other states, such as New York, have implemented travel restrictions or advisories for travelers from such states. Our response to the pandemic and the measures we take to secure additional liquidity may be modified as we have more clarity in the timing of demand recovery. In response to these developments, since March 2020 we have implemented the following measures to focus on the safety of our customers, our crewmembers, and our business. Customers and Crewmembers The safety of our customers and crewmembers continues to be our highest priority. As the COVID-19 pandemic has developed, we have taken a number of steps to promote physical distancing and to implement new procedures that reflect the recommendations of health experts, including some of the following: • Introduced "Safety from the Ground Up", an initiative with a multi-layer approach that encompasses our safety measures on our flights, at our airports, and in our offices; • Instituted temperature checks for our customer-facing and support-center crewmembers; • Updated our sick leave policy to provide up to 14 days of paid sick leave for crewmembers who have been diagnosed with COVID-19 or are required to quarantine; • Implemented a framework for internal contact tracing, crewmember notification, and return to work clearance process for all crewmembers, wherever they may be located; • Required face covering for all crewmembers while boarding, in flight, and when physical distancing cannot be maintained; • Administered more frequent disinfecting of common surfaces and areas with high touchpoints; • Enhanced daily and overnight cleaning of our aircraft and all facilities, using electrostatic spraying of disinfectant in the cabins of aircraft parked overnight at selected focus cities; • Required customers to wear face coverings during check-in, boarding, and inflight; • Limited the number of seats available to be sold on most flights; we plan to continue blocking middle seats on large aircraft and aisle seats on smaller aircraft for those not traveling together through September 8, 2020; • Suspended group boarding and implemented a back-to-front boarding process to minimize passing in the aisle; • Eliminated layovers for crewmembers in New York City and worked with crew transportation companies to ensure physical distancing; • Implemented jump seat buffers on our flights to further promote physical distancing measures; • Provided enhanced flexibility to our customers by waiving change and cancel fees while also extending the expiration date of travel credits to 24 months ; and • Retained an infectious disease specialist to conduct regular calls which are open to all crewmembers. Our Business The COVID-19 pandemic drove a significant decline in demand beginning in the second half of March 2020. We have significantly reduced our capacity to a level that maintains essential services to align with demand. Our capacity for the second quarter of 2020 declined by 85% year-over-year. For the third quarter of 2020, we expect capacity to be down by at least 45% , as compared to the same period in prior year. As a result of the significant reduction in demand expectations and lower capacity, we have temporarily parked approximately 30% of our fleet. The reduction in demand and our capacity has resulted in a significant reduction to our revenue. As a result, we have, and will continue to implement cost saving initiatives to reduce our overall level of cash spend. Some of the initiatives we have undertaken include: • Adjustments in flying capacity to align with the expected demand. • Temporary consolidations of our operations in certain cities that contain multiple airport locations. • Renegotiated service rates with our business partners and extended payment terms. • Instituted a company-wide hiring freeze. • Implemented salary reductions of 20% to 50% for our officers. • Offered crewmembers voluntary time off and separation programs, with most departures for the separation programs scheduled for August 2, 2020. At June 30, 2020 , we had cash, cash equivalents, short-term investments, and short-term restricted cash of approximately $3.4 billion . We believe the unprecedented impact of COVID-19 on the demand for air travel and the corresponding decline in revenue will continue to have an adverse impact on our operating cash flow. Given this situation, we have taken immediate actions to increase liquidity, strengthen our financial position, and conserve cash. Some of the actions we have taken through June 30, 2020 include: • Executed a new $1.0 billion 364-day delayed draw term loan agreement and immediately drew down on the facility for the full amount available. • Borrowed on our existing $550 million revolving credit facility. • Executed a $150 million pre-purchase arrangement of TrueBlue ® points with our co-brand credit card partner. • Suspended non-critical capital expenditure projects. • Amended our purchase agreement with Airbus to defer several aircraft deliveries, resulting in a $1.1 billion reduction in aircraft capital expenditures through 2022. • Suspended share repurchases. • Obtained $936 million of government funding under The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which is discussed further below. • Executed a $750 million term loan credit facility and immediately drew down on the facility for the full amount available. • Entered into $118 million of sale-leaseback transactions in June; which is discussed further below. As a result of these activities, we had $3.1 billion in unrestricted and short-term restricted cash as of June 30, 2020 . The $936 million of CARES Act funding represents short-term restricted cash since the funds must be utilized to pay the salaries and benefits costs of our crewmembers through September 30, 2020. The funds are reclassified from short-term restricted cash within prepaid expenses and other on our consolidated balance sheets to cash and cash equivalents when the funds are utilized. As of June 30, 2020 , $533 million of CARES Act funding remained available. In June 2020, we executed $118 million of sale-leaseback transactions. These transactions did not qualify as sales for accounting purposes. The assets associated with these transactions remain on our consolidated balance sheets within property and equipment and the related liabilities under the lease are classified within debt and finance leases obligations. These transactions are treated as cash from financing activities on our condensed consolidated statements of cash flows. In July 2020, we executed $267 million of sale-leaseback transactions. We continue to evaluate future financing opportunities to leverage our unencumbered assets in an effort to build additional levels of liquidity. Valuation of Long-Lived Assets For the three months ended March 31, 2020, we recorded an impairment loss of $202 million related to aircraft, including the ones that are under operating leases, and related spare parts in our Embraer E190 fleet. We did not record any additional impairment losses on our long-lived assets for the three months ended June 30, 2020. Under the Property, Plant, and Equipment topic of the Codification, we are required to assess long-lived assets for impairment when events and circumstances indicate that the assets may be impaired. An impairment of long-lived assets exists when the sum of the estimated undiscounted future cash flows expected to be generated directly by the assets are less than the book value of the assets. Our long-lived assets include both owned and leased properties which are classified as property and equipment, and operating lease assets on our consolidated balance sheets, respectively. As discussed above, our operations were adversely impacted by the unprecedented decline in demand for travel caused by the COVID-19 pandemic. To determine if impairment exists in our fleet, we grouped our aircraft by fleet-type and estimated their future cash flows based on projections of capacity, aircraft age, maintenance requirements, and other relevant conditions. Based on the assessment, we determined the future cash flows of our fleet exceeded their carrying values as of June 30, 2020 . As the extent of the ongoing impact from the COVID-19 pandemic remains uncertain, we will update our assessment as new information becomes available. Valuation of Indefinite-Lived Intangibles Our intangible assets consist primarily of acquired take-off and landing slots, or Slots, at certain domestic airports. Slots are the rights to take-off or land at a specific airport during a specific time period of the day and are a means by which airport capacity and congestion can be managed. We account for Slots at High Density Airports, including Reagan National Airport in Washington, D.C., LaGuardia Airport, and JFK Airport, both in New York City, as indefinite life intangible assets which result in no amortization expense. We evaluate our intangible assets for impairment at least annually or when events and circumstances indicate they may be impaired. Indicators include operating or cash flow losses as well as various market factors to determine if events and circumstances could reasonably have affected the fair value. We performed an impairment assessment as of June 30, 2020 and determined our indefinite-lived intangible assets are not impaired. The Coronavirus Aid, Relief, and Economic Security Act On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") which is intended to provide relief and support to the U.S. economy. Under the CARES Act, assistance is available to the aviation industry in the form of direct payroll support (the "Payroll Support Program") and secured loans (the "Loan Program"). On April 23, 2020, we entered into a Payroll Support Program Agreement (the "PSP Agreement") with the United States Department of the Treasury ("Treasury") governing our participation in the Payroll Support Program. Under the Payroll Support Program, Treasury provided us with a payment of $936 million (the "Payroll Support Payment"), consisting of $685 million in grants and $251 million in an unsecured term loan. The loan has a 10 -year term and bears interest on the principal amount outstanding at an annual rate of 1.00% until April 23, 2025, and the applicable Secured Overnight Financing Rate ("SOFR") plus 2.00% thereafter until April 23, 2030. The principal amount may be repaid at any time prior to maturity at par. In consideration for the Payroll Support Payment, we issued warrants to purchase approximately 2.6 million shares of our common stock to the Treasury at an exercise price of $9.50 per share. The warrants will expire five years after issuance, and will be exercisable either through net cash settlement or net share settlement, at JetBlue's option, in whole or in part at any time. In accordance with the PSP Agreement, we are required to comply with the relevant provisions of the CARES Act which, among other things, includes the following: the requirement to use the Payroll Support Payment exclusively for the continuation of payment of crewmember wages, salaries and benefits; the prohibition on involuntary furloughs and reductions in crewmember pay rates and benefits through September 30, 2020; the requirement that certain levels of commercial air service be maintained until March 1, 2022; the prohibitions on share repurchases and the payment of common stock dividends; and restrictions on the payment of certain executive compensation until March 24, 2022. As previously discussed, the $936 million of CARES Act funding represents short-term restricted cash since the funds must be utilized to pay the salaries and benefits costs of our crewmembers through September 30, 2020. The funds are reclassified from short-term restricted cash within prepaid expenses and other on our consolidated balance sheets to cash and cash equivalents when the funds are utilized. As of June 30, 2020 , $533 million of CARES Act funding remained available. The carrying value relating to the payroll support grants is recorded within other liabilities and will be recognized as a contra-expense within special items on our consolidated statements of operations as the funds are utilized. The relative fair value of the warrants, estimated to be $18 million , was recorded within stockholder's equity and reduced the carrying value of the grants to $667 million . Proceeds from the payroll support grants and from the issuance of warrants were classified within operating activities and financing activities, respectively, on our condensed consolidated statements of cash flows. The carrying value relating to the unsecured term loan is recorded within long-term debt and finance lease obligations on our consolidated balance sheets. The proceeds from which were classified as financing activities on our consolidated statement of cash flows. On April 29, 2020, we submitted our application for the Loan Program of the CARES Act. Under the Loan Program, we expect to have the ability, through September 30, 2020, to borrow up to approximately $1.1 billion from the Treasury for a term of up to five years with an interest rate of LIBOR plus a margin. Any loans issued under the Loan Program are expected to be senior secured obligations of the Company, with the form of the collateral to be determined. If we accept the full amount of the loan, we will issue warrants to purchase approximately 12.0 million shares of our common stock to the Treasury. Any amount received under the Loan Program will be subject to the relevant provisions of the CARES Act, including many of those described above under the Payroll Support Program. We have entered into a non-binding letter of intent with the Treasury for the Loan Program but have not yet decided if we will are going to take all or part of the loan amount. The CARES Act also provides for deferred payments of the employer portion of social security taxes through the end of 2020, with 50% of the deferred amount due December 31, 2021 and the remaining 50% due December 31, 2022. We have deferred $20 million in payments through June 30, 2020 . We expect to defer approximately $31 million of additional payments for the remainder of 2020. Income Taxes Among other things, the CARES Act allows a five-year carryback period for tax losses generated in 2018 through 2020. As a result, our effective tax rate includes an income tax benefit of $35 million recognized during the six months ended June 30, 2020 , related to tax losses generated during 2020 that are permitted to be carried back to certain tax years when the U.S. federal income tax rate was 35%. This benefit was partially offset by $10 million of valuation allowance related to foreign tax credits. Because realizability is dependent on future income, we will continuously update our assessment and it is possible additional tax attributes may require a valuation allowance in future periods. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The Company categorizes the revenues received from contracts with its customers by revenue source as we believe it best depicts the nature, amount, timing, and uncertainty of our revenue and cash flow. The following table provides the revenues recognized by revenue source for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Passenger revenue Passenger travel $ 145 $ 1,936 $ 1,553 $ 3,649 Loyalty revenue - air transportation 25 95 129 184 Other revenue Loyalty revenue 38 49 88 93 Other revenue 7 25 33 51 Total revenue $ 215 $ 2,105 $ 1,803 $ 3,977 For the three and six months ended June 30, 2020 , TrueBlue ® points earned from ticket purchases are presented as a reduction to Passenger travel within passenger revenue. Amounts presented in Loyalty revenue - air transportation represent the revenue recognized when TrueBlue ® points have been redeemed and the travel has occurred. The corresponding amounts within the three and six months ended June 30, 2019 have been reclassified to be comparable with the current period presentation. These reclassifications do not impact total passenger revenue. Contract Liabilities Our contract liabilities primarily consist of ticket sales for which transportation has not yet been provided, unused credits available to customers, and outstanding loyalty points available for redemption (in millions): June 30, 2020 December 31, 2019 Air traffic liability - passenger travel $ 1,047 $ 929 Air traffic liability - loyalty program (air transportation) 676 661 Deferred revenue 40 10 Total $ 1,763 $ 1,600 During the six months ended June 30, 2020 and 2019 , we recognized passenger revenue of $666 million and $819 million respectively, that was included in passenger travel liability at the beginning of the respective periods. The Company elected the practical expedient that allows entities to not disclose the amount of the remaining transaction price and its expected timing of recognition for passenger tickets if the contract has an original expected duration of one year or less or if certain other conditions are met. We elected to apply this practical expedient to our contract liabilities relating to passenger travel and ancillary services as our tickets or any related passenger credits expire one year from the date of issuance. In response to COVID-19, we announced for certain travel credits that are recorded in our air traffic liability, principally those travel credits issued from February 27, 2020 through June 30, 2020, will be given an extended expiration life of 24 months. Accordingly, any revenue associated with these travel credits will be recognized within 24 months. We continue to monitor our customers' behavior to determine whether any portion of these travel credits may need to be classified as non-current on our consolidated balance sheets. Given the change in contract duration, our estimates of revenue from unused tickets may be subject to variability and differ from historical experience. TrueBlue ® points are combined in one homogeneous pool and are not separately identifiable. As such, the revenue is comprised of the points that were part of the air traffic liability balance at the beginning of the period as well as points that were issued during the period. In April 2020, we executed a pre-purchase arrangement of TrueBlue ® points with our co-brand credit card partner for $150 million . The funds are expected to be applied to future point purchases ratably over the course of one year. As the funds are not yet associated with a point, they are considered to be short-term and have been included within other accrued liabilities on our consolidated balance sheets. The carrying value of this arrangement was approximately $113 million as of June 30, 2020 . The proceeds from this arrangement were classified within operating activities on our condensed consolidated statements of cash flows. The table below presents the activity of the current and non-current air traffic liability for our loyalty program, and includes points earned and sold to participating companies for the six months ended June 30, 2020 and 2019 (in millions): Balance at December 31, 2019 $ 661 TrueBlue ® points redeemed (129 ) TrueBlue ® points earned and sold 144 Balance at June 30, 2020 $ 676 Balance at December 31, 2018 $ 580 TrueBlue ® points redeemed (184 ) TrueBlue ® points earned and sold 221 Balance at June 30, 2019 $ 617 The timing of our TrueBlue ® point redemptions can vary; however, the majority of our points are redeemed within approximately three years of the date of issuance. |
Long-term Debt, Short-term Borr
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt, Short-term Borrowings, and Capital Lease Obligations | Long-term Debt, Short-term Borrowings and Finance Lease Obligations During the six months ended June 30, 2020 , we made scheduled principal payments of $180 million on our outstanding debt and finance lease obligations. We had pledged aircraft, engines, other equipment, and facilities with a net book value of $6.3 billion at June 30, 2020 as security under various financing arrangements. At June 30, 2020 , scheduled maturities of our short-term borrowings, long-term debt, and finance lease obligations were $177 million for the remainder of 2020 , $1.4 billion in 2021 , $348 million in 2022 , $878 million in 2023 , $897 million in 2024 , and $1.1 billion thereafter. The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at June 30, 2020 and December 31, 2019 were as follows (in millions): June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value (2) Carrying Value Estimated Fair Value (2) Public Debt Fixed rate special facility bonds, due through 2036 $ 42 $ 43 $ 42 $ 46 Fixed rate enhanced equipment notes: Series AA, due through 2032 574 419 581 586 Series A, due through 2028 179 147 181 186 Non-Public Debt Fixed rate enhanced equipment notes, due through 2023 125 125 133 141 Floating rate equipment notes, due through 2028 176 162 201 207 Fixed rate equipment notes, due through 2028 984 1,001 1,107 1,201 Floating rate term loan credit facility, due through 2024 717 764 — — Unsecured CARES Act Payroll Support Program loan, due through 2025 251 217 — — 2020 sale-leaseback transactions, due through 2024 117 134 — — Citibank line of credit, due through 2023 546 520 — — Total (1) $ 3,711 $ 3,532 $ 2,245 $ 2,367 (1) Total excludes finance lease obligations of $81 million and $89 million at June 30, 2020 and December 31, 2019 , respectively. (2) 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 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 9 to our condensed consolidated financial statements for an explanation of the fair value hierarchy structure. We have financed certain aircraft with Enhanced Equipment Trust Certificates, or EETCs. One of the benefits of this structure is being able to finance several aircraft at one time, rather than individually. The structure of EETC financing is that we create pass-through trusts in order to issue pass-through certificates. The proceeds from the issuance of these certificates are then used to purchase equipment notes, which are issued by us and are secured by our aircraft. These trusts meet the definition of a variable interest entity, or VIE, as defined in the Consolidations topic of the Codification, and must be considered for consolidation in our financial statements. Our assessment of our EETCs considers both quantitative and qualitative factors including the purpose for which these trusts were established and the nature of the risks in each. The main purpose of the trust structure is to enhance the credit worthiness of our debt obligation through certain bankruptcy protection provisions and liquidity facilities, and also to lower our total borrowing cost. We concluded that we are not the primary beneficiary in these trusts because our involvement in them is limited to principal and interest payments on the related notes, the trusts were not set up to pass along variability created by credit risk to us, and the likelihood of our defaulting on the notes. Therefore, we have not consolidated these trusts in our financial statements. Floating Rate Term Loan Credit Facility On June 17, 2020, we entered into a $750 million term loan credit facility with Barclays Bank PLC, as administrative agent. The loans under this term loan credit facility bear interest at a variable rate equal to LIBOR (subject to a 1.00% floor), or at our election another rate, in each case, plus a specified margin . Our obligations are secured on a senior basis by airport takeoff and landing slots at LaGuardia Airport, John F. Kennedy International Airport, and Reagan National Airport and the right to use certain intellectual property assets comprising the JetBlue brand. The term loan facility is subject to amortization payments of 5% per year, payable quarterly, commencing on September 30, 2020 with the remaining balance due and payable in a single payment on the maturity date of June 17, 2024. The interest rate on our outstanding balance was 6.25% as of June 30, 2020 . Unsecured CARES Act Payroll Support Program Loan As discussed in Note 2 to our condensed consolidated financial statements, on April 23, 2020, we entered into a Payroll Support Program Agreement under the CARES Act with the Treasury. Pursuant to the agreement, JetBlue received a payment of $936 million which included a grant of $685 million and a promissory note for $251 million . The note matures 10 years after issuance and is payable in a lump sum at maturity. As part of the agreement, JetBlue issued to the Treasury warrants to acquire more than 2.6 million shares of our common stock under the program. The warrants expire five years after issuance. 2020 Sale-Leaseback Transactions On June 26, 2020, we entered into $118 million of sale-leaseback transactions. These transactions did not qualify as sales for accounting purposes. The assets associated with these transactions remain on our consolidated balance sheets within property and equipment and the related liabilities under the lease are classified within debt and finance leases obligations. These transactions are treated as cash from financing activities on our condensed consolidated statements of cash flows. Citibank Line of Credit In August 2019, we amended our revolving Credit and Guaranty Agreement with Citibank N.A. as the administrative agent. The amendment increased our borrowing capacity by $125 million to $550 million and extended the term of the facility through August 2023. Borrowings under the Credit and Guaranty Agreement bear interest at a variable rate equal to LIBOR, plus a margin . The Credit and Guaranty Agreement was previously secured by Slots at John F. Kennedy International Airport, LaGuardia Airport, and Reagan National Airport, as well as certain other assets. Slots are rights to take-off or land at a specific airport during a specific time period during the day and a means by which airport capacity and congestion can be managed. On May 29, 2020, we exercised our pre-existing right and removed the Slots from the collateral pool to the facility. In exchange for the Slots, we added unencumbered aircraft, simulators, and certain other assets to the facility as permitted. The Credit and Guaranty Agreement includes covenants that require us to maintain certain minimum balances in unrestricted cash, cash equivalents, and unused commitments available under revolving credit facilities. In addition, the covenants restrict our ability to, among other things, dispose of certain collateral, or merge, consolidate, or sell assets. We borrowed the full amount of $550 million under this revolving credit facility on April 22, 2020. The interest rate on our outstanding balance was 2.99% as of June 30, 2020 . Short-term Borrowings Morgan Stanley Delayed Draw Term Loan Agreement In March 2020, we entered into a Delayed Draw Term Loan Credit Agreement with Morgan Stanley Senior Funding Inc., as the administrative agent. The credit agreement provides for a term loan facility of up to $1 billion . Borrowings under the credit agreement bear interest at a variable rate equal to LIBOR (but not less than 1% per annum), plus a margin , or at our election, another rate based on certain market interest rates. Our obligations under the credit agreement are secured by liens on certain aircraft and spare engines. The credit agreement includes provisions that require us to maintain unrestricted cash and cash equivalents and unused commitments available under all revolving credit facilities (including the term loan facility) aggregating not less than $550 million . We borrowed the full amount of the term loan facility in March 2020. Amortization payments equal to 0.25% of the outstanding principal of the term loan will be due on the last day of each quarter during the term. The remaining outstanding principal amount of the term loan must be repaid in a single installment on the maturity date on March 15, 2021. We may prepay all or a portion of the term loan from time to time, at par plus accrued and unpaid interest. As of June 30, 2020 , we had a balance of $997 million outstanding under this term loan facility. The carrying value is reflected net of $13 million in unamortized issuance cost on our consolidated balance sheets. The interest rate on our outstanding balance was 2.75% as of June 30, 2020 . Morgan Stanley Line of Credit We have a revolving line of credit with Morgan Stanley for up to approximately $200 million . This line of credit is secured by a portion of our investment securities held by Morgan Stanley 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 . As of and for the periods ended June 30, 2020 and December 31, 2019 |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | (Loss) Earnings Per Share Basic earnings per share is calculated by dividing net (loss) income by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated similarly but includes potential dilution from restricted stock units, the Crewmember Stock Purchase Plan, and any other potentially dilutive instruments using the treasury stock method. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share amounts were 1.2 million and 1.6 million for the three and six months ended June 30, 2020 , respectively. There were no anti-dilutive common stock equivalents during the three and six months ended June 30, 2019 . The following table shows how we computed basic and diluted earnings per common share for the three and six months ended June 30, 2020 and 2019 (dollars and share data in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net (loss) income $ (320 ) $ 179 $ (588 ) $ 221 Weighted average basic shares 271.7 300.3 275.1 303.1 Effect of dilutive securities — 1.5 — 1.5 Weighted average diluted shares 271.7 301.8 275.1 304.6 (Loss) earnings per common share Basic $ (1.18 ) $ 0.60 $ (2.14 ) $ 0.73 Diluted $ (1.18 ) $ 0.59 $ (2.14 ) $ 0.73 On February 24, 2020 , JetBlue entered into an accelerated share repurchase agreement, or ASR, paying $160 million for an initial delivery of 6.6 million shares. The term of the ASR concluded on March 16, 2020 with a delivery of 4.9 million additional shares to JetBlue on March 18, 2020 . A total of 11.5 million shares, at an average price of $13.91 per share, were repurchased under the agreement. On June 13, 2019 , JetBlue entered into an ASR, paying $125 million for an initial delivery of 5.2 million shares. The term of the ASR concluded on August 13, 2019 with delivery of 1.5 million additional shares to JetBlue on August 15, 2019 . A total of 6.7 million shares, at an average price of $18.58 per share, were repurchased under the agreement. On March 11, 2019 , JetBlue entered into an ASR, paying $125 million for an initial delivery of 6.1 million shares. The term of the ASR concluded on May 21, 2019 with the delivery of 1.3 million additional shares to JetBlue on May 22, 2019 . A total of 7.4 million shares, at an average price of $16.93 |
Crewmember Retirement Plan (Not
Crewmember Retirement Plan (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Crewmember Retirement Plan We sponsor a retirement savings 401(k) defined contribution plan, or the Plan, covering all of our crewmembers where we match 100% of our crewmember contributions up to 5% of their eligible wages. The contributions vest over three years and are measured from a crewmember's hire date. Crewmembers are immediately vested in their voluntary contributions. Another component of the Plan is a Company discretionary contribution of 5% of eligible non-management crewmember compensation, which we refer to as Retirement Plus. Retirement Plus contributions vest over three years and are measured from a crewmember's hire date. Certain Federal Aviation Administration, or FAA, licensed crewmembers receive an additional contribution of 3% of eligible compensation, which we refer to as Retirement Advantage. Effective August 1, 2018, pilots receive a non-elective Company contribution of 15% of eligible pilot compensation per the terms of the finalized collective bargaining agreement between JetBlue and the Air Line Pilots Association, or ALPA, in lieu of the above 401(k) Company matching contribution, Retirement Plus , and Retirement Advantage contributions. Refer to Note 10 to our condensed consolidated financial statements for additional information. The Company's non-elective contribution of 15% of eligible pilot compensation vests after three years of service. Our non-management crewmembers are eligible to receive profit sharing, calculated as 10% of adjusted pre-tax income before profit sharing and special items up to a pre-tax margin of 18% with the result reduced by Retirement Plus contributions and the equivalent of Retirement Plus contributions for pilots. If JetBlue's resulting pre-tax margin exceeds 18% , non-management crewmembers will receive 20% profit sharing on amounts above an 18% pre-tax margin. Total 401(k) company match, Retirement Plus, Retirement Advantage , pilot retirement contribution, and profit sharing expensed for the three months ended June 30, 2020 and 2019 was $41 million and $49 million , respectively, while the total amount expensed for the six months ended June 30, 2020 and 2019 was $92 million and $98 million , respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Flight Equipment Commitments As of June 30, 2020 , our firm aircraft orders consisted of 76 Airbus A321neo aircraft and 70 Airbus A220 aircraft, all scheduled for delivery through 2026. Committed expenditures for these aircraft and related flight equipment, including estimated amounts for contractual price escalations and predelivery deposits, is approximately $0.4 billion for the remainder of 2020 , $1.1 billion in 2021 , $0.9 billion in 2022 , $1.7 billion in 2023 , $1.8 billion in 2024 , and $2.0 billion thereafter . In October 2019, the Office of the U.S. Trade Representative announced a 10% tariff on new commercial aircraft and related parts imported from certain European Union member states, which include aircraft and other parts we are already contractually obligated to purchase, including those noted above. The U.S. Trade Representative increased the tariff to 15% effective March 2020. We continue to work with our business partners, including Airbus, to evaluate the potential financial and operational impact of these announcements on our aircraft deliveries. The continued imposition of the tariff could substantially increase the cost of new Airbus aircraft and parts. 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 from 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 business partners, in the future. As of June 30, 2020 , we had approximately $25 million in assets serving as collateral for letters of credit relating to a certain number of our leases. These are included in restricted cash and expire at the end of the related lease terms. Additionally, 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. In April 2014, ALPA was certified by the National Mediation Board, or NMB, as the representative body for JetBlue pilots after winning a representation election. We reached a final agreement for our first collective bargaining agreement which was ratified by the pilots in July 2018. The agreement is a four-year, renewable contract, which became effective August 1, 2018 and included compensation, benefits, work rules, and other policies. Amid the COVID-19 pandemic, we have signed a letter of agreement with ALPA that will avoid involuntary furloughs of our pilots until May 1, 2021 in exchange for short-term changes to the collective bargaining agreement. In April 2018, JetBlue inflight crewmembers elected to be solely represented by the Transport Workers Union of America, or TWU. The NMB certified the TWU as the representative body for JetBlue inflight crewmembers and we are working with the TWU to reach a collective bargaining agreement. Except as noted above, our crewmembers do not have third party representation. Legal Matters Occasionally, we are involved in various claims, lawsuits, regulatory examinations, investigations and other legal matters involving suppliers, crewmembers, customers, and governmental agencies, 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 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 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 subjective determinations are 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 consolidated results of operations, liquidity, or financial condition. |
Financial Derivative Instrument
Financial Derivative Instruments and Risk Management (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
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 strategy, 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 jet fuel. Prices for the underlying commodities have historically been highly correlated to jet fuel, making derivatives of them effective at providing short-term protection against volatility 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. 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 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 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. When the underlying jet 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. If a hedge does not qualify for hedge accounting, the periodic changes in its fair value are recognized in interest income and other. 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 hedge percentages of our projected fuel usage by quarter as of June 30, 2020 , related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes. Jet fuel call spread option agreements Third Quarter 2020 19 % Fourth Quarter 2020 20 % 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): June 30, 2020 December 31, 2019 Fuel derivatives Asset fair value recorded in prepaid expense and other (1) $ — $ 8 Longest remaining term (months) 6 6 Hedged volume (barrels, in thousands) 1,220 2,112 Estimated amount of existing losses (gains) expected to be reclassified into earnings in the next 12 months $ 3 $ (2 ) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fuel derivatives Hedge effectiveness losses recognized in aircraft fuel expense $ 1 $ 2 $ 3 $ 4 Losses on derivatives resulting from the discontinuance of hedge accounting recognized in interest income and other 3 — 5 — Hedge losses (gains) on derivatives recognized in comprehensive income — (1 ) 11 (1 ) Percentage of actual consumption economically hedged 32 % 7 % 24 % 7 % (1) Gross asset of each contract prior to consideration of offsetting positions with each counterparty and prior to the impact of collateral paid. 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 that any of our 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 JetBlue or our 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. There were no offsetting derivative instruments as of June 30, 2020 and December 31, 2019 . |
Fair Value (Notes)
Fair Value (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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 - observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - quoted prices in active markets for similar assets and liabilities, and other inputs that are observable directly or indirectly 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 of June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1,409 $ 300 $ — $ 1,709 Available-for-sale investment securities — 322 — 322 Aircraft fuel derivatives — — — — December 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 611 $ 30 $ — $ 641 Available-for-sale investment securities — 351 — 351 Aircraft fuel derivatives — 8 — 8 Refer to Note 4 to our condensed consolidated financial statements for fair value information related to our outstanding debt obligations as of June 30, 2020 and December 31, 2019 . Cash equivalents Our cash equivalents include money market securities and time deposits which are readily convertible into cash, have maturities of three months or less when purchased, and are considered to be highly liquid and easily tradable. The money market securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. The fair values of remaining instruments are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. Available-for-sale investment securities Our available-for-sale investment securities include investments such as time deposits, commercial paper, and convertible debt securities. 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. We did not record any material gains or losses on these securities during the three and six months ended June 30, 2020 and 2019 . Aircraft Fuel Derivatives |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes changes in fair value of our aircraft fuel derivatives which qualify for hedge accounting. A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the three months ended June 30, 2020 and 2019 is as follows (in millions): Aircraft Fuel Derivatives (1)(2) Total Balance of accumulated (loss), at March 31, 2020 $ (6 ) $ (6 ) Reclassifications into earnings, net of deferred taxes of $(1) 3 3 Change in fair value, net of deferred taxes of $0 — — Balance of accumulated (loss), at June 30, 2020 $ (3 ) $ (3 ) Balance of accumulated (loss), at March 31, 2019 $ (1 ) $ (1 ) Reclassifications into earnings, net of deferred taxes of $(1) 1 1 Change in fair value, net of deferred taxes of $0 1 1 Balance of accumulated income, at June 30, 2019 $ 1 $ 1 A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the six months ended June 30, 2020 and 2019 is as follows (in millions): Aircraft Fuel Derivatives (1)(2) Total Balance of accumulated income, at December 31, 2019 $ 2 $ 2 Reclassifications into earnings, net of deferred taxes of $(2) 6 6 Change in fair value, net of deferred taxes of $5 (11 ) (11 ) Balance of accumulated (loss), at June 30, 2020 $ (3 ) $ (3 ) Balance of accumulated (loss), at December 31, 2018 $ (3 ) $ (3 ) Reclassifications into earnings, net of deferred taxes $(1) 3 3 Change in fair value, net of deferred taxes of $0 1 1 Balance of accumulated income, at June 30, 2019 $ 1 $ 1 (1) Reclassified to aircraft fuel expense. (2) We made several capacity reductions in response to the COVID-19 pandemic. These capacity reductions led to the discontinuance of hedge accounting on a number of our aircraft fuel derivatives as the forecasted consumption of aircraft fuel was no longer probable. Losses of $2 million and $4 million that were previously deferred in other comprehensive loss were reclassified to interest income and other during the three and six months ended June 30, 2020 |
Special Items (Notes)
Special Items (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | Special Items The following is a listing of special items presented on our consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Special Items CARES Act payroll support grant recognition (1) $ (304 ) $ — $ (304 ) $ — Fleet impairment (2) — — 202 — Embraer E190 fleet transition costs (3) — — — 9 Union contract costs (4) — 2 — 5 Total $ (304 ) $ 2 $ (102 ) $ 14 (1) As discussed in Note 2 to our condensed consolidated financial statements, on April 23, 2020, we entered into a PSP Agreement with the Treasury governing our participation in the Payroll Support Program under the CARES Act. Under the Payroll Support Program, Treasury provided us with a Payroll Support Payment of $936 million , consisting of $685 million in grants and $251 million in an unsecured term loan. The Payroll Support Payment is to be used exclusively for the continuation of payment of crewmember wages, salaries and benefits. The carrying value of the payroll support grants is recorded within other liabilities and will be recognized as a contra-expense within special items on our consolidated statements of operations as the funds are utilized. We utilized $304 million of the payroll support grants for the three and six months ended June 30, 2020 . (2) Under the Property, Plant, and Equipment topic of the Codification, we are required to assess long-lived assets for impairment when events and circumstances indicate that the assets may be impaired. An impairment of long-lived assets exists when the sum of the estimated undiscounted future cash flows expected to be generated directly by the assets are less than the book value of the assets. Our long-lived assets include both owned and leased properties which are classified as property and equipment, and operating lease assets on our consolidated balance sheets, respectively. For the three months ended March 31, 2020, we recorded an impairment loss of $202 million related to aircraft, including the ones that are under operating leases, and related spare parts in our Embraer E190 fleet. We did not record any additional impairment losses on our long-lived assets for the three months ended June 30, 2020 . As discussed in Note 2 to our condensed consolidated financial statements, our operations were adversely impacted by the unprecedented decline in demand for travel caused by the COVID-19 pandemic. To determine if impairment exists in our fleet, we grouped our aircraft by fleet-type and estimated their future cash flows based on projections of capacity, aircraft age, maintenance requirements, and other relevant conditions. Based on the assessment, we determined the future cash flows of our fleet exceeded their carrying values as of June 30, 2020 . As the extent of the ongoing impact from the COVID-19 pandemic remains uncertain, we will update our assessment as new information becomes available. (3) In July 2018, we announced our decision to exit the Embraer E190 fleet and order 60 Airbus A220-300 aircraft, formerly known as the Bombardier CS300, for expected deliveries beginning in 2020 with the option for 60 additional aircraft. For the six months ended June 30, 2019 , fleet transition costs include certain contract termination costs associated with the transition. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation JetBlue Airways Corporation, or JetBlue, provides air transportation services across the United States, the Caribbean and Latin America. Our condensed consolidated financial statements include the accounts of JetBlue and our subsidiaries which are collectively referred to as “we” or the “Company”. All majority-owned subsidiaries are consolidated on a line by line basis, with all intercompany transactions and balances being eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with our 2019 audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 , or our 2019 Form 10-K. These condensed consolidated financial statements are unaudited and have been prepared by us following the rules and regulations of the U.S. Securities and Exchange Commission, or the SEC. In our opinion they reflect all adjustments, including normal recurring items, that are necessary to present fairly the results for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States, or GAAP, have been condensed or omitted as permitted by such rules and regulations; however, we believe that the disclosures are adequate to make the information presented not misleading. Due to the impacts from the coronavirus ("COVID-19") pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, and other factors, our operating results for the periods presented herein are not necessarily indicative of the results that may be expected for other interim periods or the entire fiscal year. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | 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. Held-to-maturity investment securities. The contractual maturities of our held-to-maturity investments as of June 30, 2020 were not greater than 24 months. We did not record any significant gains or losses on these securities during the three and six months ended June 30, 2020 or 2019 . The estimated fair value of these investments approximated their carrying value as of June 30, 2020 and December 31, 2019 , respectively. The aggregate carrying values of our short-term and long-term investment securities consisted of the following at June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 December 31, 2019 Available-for-sale securities Time deposits $ 294 $ 325 Commercial paper 20 20 Debt securities 8 6 Total available-for-sale securities 322 351 Held-to-maturity securities Corporate bonds 21 21 Total held-to-maturity securities 21 21 Total investment securities $ 343 $ 372 Available-for-sale investment securities Our available-for-sale investment securities include investments such as time deposits, commercial paper, and convertible debt securities. 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. We did not record any material gains or losses on these securities during the three and six months ended June 30, 2020 and 2019 . |
Cost Method Investments, Policy [Policy Text Block] | Other Investments Our wholly-owned subsidiary, JetBlue Technology Ventures, LLC, or JTV, has equity investments in emerging companies which do not have readily determinable fair values. In accordance with Accounting Standards Update ("ASU") 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , we account for these investments using a measurement alternative which allows entities to measure these investments at cost, less any impairment, adjusted for changes from observable price changes in orderly transactions for identifiable or similar investments of the same issuer. The carrying amount of these investments was $40 million and $41 million as of June 30, 2020 and December 31, 2019 , respectively. We have an approximate 10% ownership interest in the TWA Flight Center Hotel at John F. Kennedy International Airport and it is also accounted for under the measurement alternative. The carrying amount of this investment was $14 million and $13 million as of June 30, 2020 and December 31, 2019 |
Equity Method Investments [Policy Text Block] | Equity Method Investments Investments in which we can exercise significant influence are accounted for using the equity method in accordance with Topic 323, Investments - Equity Method and Joint Ventures of the FASB Accounting Standards Codification ("Codification"). The carrying amount of our equity method investments was $35 million and $38 million as of June 30, 2020 and December 31, 2019 , respectively, and is included within other assets on our consolidated balance sheets. |
New Accounting Pronouncements [Policy Text Block] | Recently Issued Accounting Standards New accounting rules and disclosure requirements can impact our financial results and the comparability of our financial statements. The authoritative literature which has recently been issued and that we believe will impact our consolidated financial statements is described below. There are also several new proposals under development. If and when enacted, these proposals may have a significant impact on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The update eliminates, clarifies, and modifies certain guidance related to the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are still evaluating the full impact of adopting the update on our consolidated financial statements. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The update requires the use of an "expected loss" model on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. For trade receivables, loans, and held-to-maturity debt securities, entities are required to estimate lifetime expected credit losses. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. We adopted the requirements of ASU 2016-13 as of January 1, 2020 using a modified retrospective transition approach. The adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The update eliminates, adds, and modifies certain disclosure requirements for fair value measurements. We adopted the requirements of ASU 2018-13 as of January 1, 2020. The adoption of ASU 2018-13 did not have a significant impact on our consolidated financial statement disclosures. |
Short-term Debt [Text Block] | Short-term Borrowings Morgan Stanley Delayed Draw Term Loan Agreement In March 2020, we entered into a Delayed Draw Term Loan Credit Agreement with Morgan Stanley Senior Funding Inc., as the administrative agent. The credit agreement provides for a term loan facility of up to $1 billion . Borrowings under the credit agreement bear interest at a variable rate equal to LIBOR (but not less than 1% per annum), plus a margin , or at our election, another rate based on certain market interest rates. Our obligations under the credit agreement are secured by liens on certain aircraft and spare engines. The credit agreement includes provisions that require us to maintain unrestricted cash and cash equivalents and unused commitments available under all revolving credit facilities (including the term loan facility) aggregating not less than $550 million . We borrowed the full amount of the term loan facility in March 2020. Amortization payments equal to 0.25% of the outstanding principal of the term loan will be due on the last day of each quarter during the term. The remaining outstanding principal amount of the term loan must be repaid in a single installment on the maturity date on March 15, 2021. We may prepay all or a portion of the term loan from time to time, at par plus accrued and unpaid interest. As of June 30, 2020 , we had a balance of $997 million outstanding under this term loan facility. The carrying value is reflected net of $13 million in unamortized issuance cost on our consolidated balance sheets. The interest rate on our outstanding balance was 2.75% as of June 30, 2020 . Morgan Stanley Line of Credit We have a revolving line of credit with Morgan Stanley for up to approximately $200 million . This line of credit is secured by a portion of our investment securities held by Morgan Stanley 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 . As of and for the periods ended June 30, 2020 and December 31, 2019 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents Our cash equivalents include money market securities and time deposits which are readily convertible into cash, have maturities of three months or less when purchased, and are considered to be highly liquid and easily tradable. The money market securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. The fair values of remaining instruments are based on observable inputs in non-active markets, which are therefore classified as Level 2 in the hierarchy. |
Derivatives, Policy [Policy Text Block] | Aircraft Fuel Derivatives |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of marketable securities | The aggregate carrying values of our short-term and long-term investment securities consisted of the following at June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 December 31, 2019 Available-for-sale securities Time deposits $ 294 $ 325 Commercial paper 20 20 Debt securities 8 6 Total available-for-sale securities 322 351 Held-to-maturity securities Corporate bonds 21 21 Total held-to-maturity securities 21 21 Total investment securities $ 343 $ 372 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table provides the revenues recognized by revenue source for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Passenger revenue Passenger travel $ 145 $ 1,936 $ 1,553 $ 3,649 Loyalty revenue - air transportation 25 95 129 184 Other revenue Loyalty revenue 38 49 88 93 Other revenue 7 25 33 51 Total revenue $ 215 $ 2,105 $ 1,803 $ 3,977 For the three and six months ended June 30, 2020 , TrueBlue ® points earned from ticket purchases are presented as a reduction to Passenger travel within passenger revenue. Amounts presented in Loyalty revenue - air transportation represent the revenue recognized when TrueBlue ® points have been redeemed and the travel has occurred. The corresponding amounts within the three and six months ended June 30, 2019 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Our contract liabilities primarily consist of ticket sales for which transportation has not yet been provided, unused credits available to customers, and outstanding loyalty points available for redemption (in millions): June 30, 2020 December 31, 2019 Air traffic liability - passenger travel $ 1,047 $ 929 Air traffic liability - loyalty program (air transportation) 676 661 Deferred revenue 40 10 Total $ 1,763 $ 1,600 The table below presents the activity of the current and non-current air traffic liability for our loyalty program, and includes points earned and sold to participating companies for the six months ended June 30, 2020 and 2019 (in millions): Balance at December 31, 2019 $ 661 TrueBlue ® points redeemed (129 ) TrueBlue ® points earned and sold 144 Balance at June 30, 2020 $ 676 Balance at December 31, 2018 $ 580 TrueBlue ® points redeemed (184 ) TrueBlue ® points earned and sold 221 Balance at June 30, 2019 $ 617 |
Long-term Debt, Short-term Bo_2
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | The carrying amounts and estimated fair values of our long-term debt, net of debt acquisition costs, at June 30, 2020 and December 31, 2019 were as follows (in millions): June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value (2) Carrying Value Estimated Fair Value (2) Public Debt Fixed rate special facility bonds, due through 2036 $ 42 $ 43 $ 42 $ 46 Fixed rate enhanced equipment notes: Series AA, due through 2032 574 419 581 586 Series A, due through 2028 179 147 181 186 Non-Public Debt Fixed rate enhanced equipment notes, due through 2023 125 125 133 141 Floating rate equipment notes, due through 2028 176 162 201 207 Fixed rate equipment notes, due through 2028 984 1,001 1,107 1,201 Floating rate term loan credit facility, due through 2024 717 764 — — Unsecured CARES Act Payroll Support Program loan, due through 2025 251 217 — — 2020 sale-leaseback transactions, due through 2024 117 134 — — Citibank line of credit, due through 2023 546 520 — — Total (1) $ 3,711 $ 3,532 $ 2,245 $ 2,367 (1) Total excludes finance lease obligations of $81 million and $89 million at June 30, 2020 and December 31, 2019 , respectively. (2) 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 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 9 to our condensed consolidated financial statements for an explanation of the fair value hierarchy structure. We have financed certain aircraft with Enhanced Equipment Trust Certificates, or EETCs. One of the benefits of this structure is being able to finance several aircraft at one time, rather than individually. The structure of EETC financing is that we create pass-through trusts in order to issue pass-through certificates. The proceeds from the issuance of these certificates are then used to purchase equipment notes, which are issued by us and are secured by our aircraft. These trusts meet the definition of a variable interest entity, or VIE, as defined in the Consolidations topic of the Codification, and must be considered for consolidation in our financial statements. Our assessment of our EETCs considers both quantitative and qualitative factors including the purpose for which these trusts were established and the nature of the risks in each. The main purpose of the trust structure is to enhance the credit worthiness of our debt obligation through certain bankruptcy protection provisions and liquidity facilities, and also to lower our total borrowing cost. We concluded that we are not the primary beneficiary in these trusts because our involvement in them is limited to principal and interest payments on the related notes, the trusts were not set up to pass along variability created by credit risk to us, and the likelihood of our defaulting on the notes. Therefore, we have not consolidated these trusts in our financial statements. Floating Rate Term Loan Credit Facility On June 17, 2020, we entered into a $750 million term loan credit facility with Barclays Bank PLC, as administrative agent. The loans under this term loan credit facility bear interest at a variable rate equal to LIBOR (subject to a 1.00% floor), or at our election another rate, in each case, plus a specified margin . Our obligations are secured on a senior basis by airport takeoff and landing slots at LaGuardia Airport, John F. Kennedy International Airport, and Reagan National Airport and the right to use certain intellectual property assets comprising the JetBlue brand. The term loan facility is subject to amortization payments of 5% per year, payable quarterly, commencing on September 30, 2020 with the remaining balance due and payable in a single payment on the maturity date of June 17, 2024. The interest rate on our outstanding balance was 6.25% as of June 30, 2020 . Unsecured CARES Act Payroll Support Program Loan As discussed in Note 2 to our condensed consolidated financial statements, on April 23, 2020, we entered into a Payroll Support Program Agreement under the CARES Act with the Treasury. Pursuant to the agreement, JetBlue received a payment of $936 million which included a grant of $685 million and a promissory note for $251 million . The note matures 10 years after issuance and is payable in a lump sum at maturity. As part of the agreement, JetBlue issued to the Treasury warrants to acquire more than 2.6 million shares of our common stock under the program. The warrants expire five years after issuance. 2020 Sale-Leaseback Transactions On June 26, 2020, we entered into $118 million of sale-leaseback transactions. These transactions did not qualify as sales for accounting purposes. The assets associated with these transactions remain on our consolidated balance sheets within property and equipment and the related liabilities under the lease are classified within debt and finance leases obligations. These transactions are treated as cash from financing activities on our condensed consolidated statements of cash flows. Citibank Line of Credit In August 2019, we amended our revolving Credit and Guaranty Agreement with Citibank N.A. as the administrative agent. The amendment increased our borrowing capacity by $125 million to $550 million and extended the term of the facility through August 2023. Borrowings under the Credit and Guaranty Agreement bear interest at a variable rate equal to LIBOR, plus a margin . The Credit and Guaranty Agreement was previously secured by Slots at John F. Kennedy International Airport, LaGuardia Airport, and Reagan National Airport, as well as certain other assets. Slots are rights to take-off or land at a specific airport during a specific time period during the day and a means by which airport capacity and congestion can be managed. On May 29, 2020, we exercised our pre-existing right and removed the Slots from the collateral pool to the facility. In exchange for the Slots, we added unencumbered aircraft, simulators, and certain other assets to the facility as permitted. The Credit and Guaranty Agreement includes covenants that require us to maintain certain minimum balances in unrestricted cash, cash equivalents, and unused commitments available under revolving credit facilities. In addition, the covenants restrict our ability to, among other things, dispose of certain collateral, or merge, consolidate, or sell assets. We borrowed the full amount of $550 million under this revolving credit facility on April 22, 2020. The interest rate on our outstanding balance was 2.99% as of June 30, 2020 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table shows how we computed basic and diluted earnings per common share for the three and six months ended June 30, 2020 and 2019 (dollars and share data in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net (loss) income $ (320 ) $ 179 $ (588 ) $ 221 Weighted average basic shares 271.7 300.3 275.1 303.1 Effect of dilutive securities — 1.5 — 1.5 Weighted average diluted shares 271.7 301.8 275.1 304.6 (Loss) earnings per common share Basic $ (1.18 ) $ 0.60 $ (2.14 ) $ 0.73 Diluted $ (1.18 ) $ 0.59 $ (2.14 ) $ 0.73 |
Financial Derivative Instrume_2
Financial Derivative Instruments and Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Percentage fuel covered under derivative contracts | The following table illustrates the approximate hedge percentages of our projected fuel usage by quarter as of June 30, 2020 , related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes. Jet fuel call spread option agreements Third Quarter 2020 19 % Fourth Quarter 2020 20 % |
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): June 30, 2020 December 31, 2019 Fuel derivatives Asset fair value recorded in prepaid expense and other (1) $ — $ 8 Longest remaining term (months) 6 6 Hedged volume (barrels, in thousands) 1,220 2,112 Estimated amount of existing losses (gains) expected to be reclassified into earnings in the next 12 months $ 3 $ (2 ) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fuel derivatives Hedge effectiveness losses recognized in aircraft fuel expense $ 1 $ 2 $ 3 $ 4 Losses on derivatives resulting from the discontinuance of hedge accounting recognized in interest income and other 3 — 5 — Hedge losses (gains) on derivatives recognized in comprehensive income — (1 ) 11 (1 ) Percentage of actual consumption economically hedged 32 % 7 % 24 % 7 % (1) Gross asset of each contract prior to consideration of offsetting positions with each counterparty and prior to the impact of collateral paid. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value, by balance sheet grouping | 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 of June 30, 2020 and December 31, 2019 (in millions): June 30, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1,409 $ 300 $ — $ 1,709 Available-for-sale investment securities — 322 — 322 Aircraft fuel derivatives — — — — December 31, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 611 $ 30 $ — $ 641 Available-for-sale investment securities — 351 — 351 Aircraft fuel derivatives — 8 — 8 Refer to Note 4 to our condensed consolidated financial statements for fair value information related to our outstanding debt obligations as of June 30, 2020 and December 31, 2019 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the three months ended June 30, 2020 and 2019 is as follows (in millions): Aircraft Fuel Derivatives (1)(2) Total Balance of accumulated (loss), at March 31, 2020 $ (6 ) $ (6 ) Reclassifications into earnings, net of deferred taxes of $(1) 3 3 Change in fair value, net of deferred taxes of $0 — — Balance of accumulated (loss), at June 30, 2020 $ (3 ) $ (3 ) Balance of accumulated (loss), at March 31, 2019 $ (1 ) $ (1 ) Reclassifications into earnings, net of deferred taxes of $(1) 1 1 Change in fair value, net of deferred taxes of $0 1 1 Balance of accumulated income, at June 30, 2019 $ 1 $ 1 A rollforward of the amounts included in accumulated other comprehensive income (loss), net of taxes for the six months ended June 30, 2020 and 2019 is as follows (in millions): Aircraft Fuel Derivatives (1)(2) Total Balance of accumulated income, at December 31, 2019 $ 2 $ 2 Reclassifications into earnings, net of deferred taxes of $(2) 6 6 Change in fair value, net of deferred taxes of $5 (11 ) (11 ) Balance of accumulated (loss), at June 30, 2020 $ (3 ) $ (3 ) Balance of accumulated (loss), at December 31, 2018 $ (3 ) $ (3 ) Reclassifications into earnings, net of deferred taxes $(1) 3 3 Change in fair value, net of deferred taxes of $0 1 1 Balance of accumulated income, at June 30, 2019 $ 1 $ 1 (1) Reclassified to aircraft fuel expense. (2) We made several capacity reductions in response to the COVID-19 pandemic. These capacity reductions led to the discontinuance of hedge accounting on a number of our aircraft fuel derivatives as the forecasted consumption of aircraft fuel was no longer probable. Losses of $2 million and $4 million that were previously deferred in other comprehensive loss were reclassified to interest income and other during the three and six months ended June 30, 2020 |
Special Items (Tables)
Special Items (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Unusual or Infrequent Items, or Both [Table Text Block] | The following is a listing of special items presented on our consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Special Items CARES Act payroll support grant recognition (1) $ (304 ) $ — $ (304 ) $ — Fleet impairment (2) — — 202 — Embraer E190 fleet transition costs (3) — — — 9 Union contract costs (4) — 2 — 5 Total $ (304 ) $ 2 $ (102 ) $ 14 (1) As discussed in Note 2 to our condensed consolidated financial statements, on April 23, 2020, we entered into a PSP Agreement with the Treasury governing our participation in the Payroll Support Program under the CARES Act. Under the Payroll Support Program, Treasury provided us with a Payroll Support Payment of $936 million , consisting of $685 million in grants and $251 million in an unsecured term loan. The Payroll Support Payment is to be used exclusively for the continuation of payment of crewmember wages, salaries and benefits. The carrying value of the payroll support grants is recorded within other liabilities and will be recognized as a contra-expense within special items on our consolidated statements of operations as the funds are utilized. We utilized $304 million of the payroll support grants for the three and six months ended June 30, 2020 . (2) Under the Property, Plant, and Equipment topic of the Codification, we are required to assess long-lived assets for impairment when events and circumstances indicate that the assets may be impaired. An impairment of long-lived assets exists when the sum of the estimated undiscounted future cash flows expected to be generated directly by the assets are less than the book value of the assets. Our long-lived assets include both owned and leased properties which are classified as property and equipment, and operating lease assets on our consolidated balance sheets, respectively. For the three months ended March 31, 2020, we recorded an impairment loss of $202 million related to aircraft, including the ones that are under operating leases, and related spare parts in our Embraer E190 fleet. We did not record any additional impairment losses on our long-lived assets for the three months ended June 30, 2020 . As discussed in Note 2 to our condensed consolidated financial statements, our operations were adversely impacted by the unprecedented decline in demand for travel caused by the COVID-19 pandemic. To determine if impairment exists in our fleet, we grouped our aircraft by fleet-type and estimated their future cash flows based on projections of capacity, aircraft age, maintenance requirements, and other relevant conditions. Based on the assessment, we determined the future cash flows of our fleet exceeded their carrying values as of June 30, 2020 . As the extent of the ongoing impact from the COVID-19 pandemic remains uncertain, we will update our assessment as new information becomes available. (3) In July 2018, we announced our decision to exit the Embraer E190 fleet and order 60 Airbus A220-300 aircraft, formerly known as the Bombardier CS300, for expected deliveries beginning in 2020 with the option for 60 additional aircraft. For the six months ended June 30, 2019 , fleet transition costs include certain contract termination costs associated with the transition. (4) In April 2014, ALPA was certified by NMB as the representative body for JetBlue pilots after winning a representation election. We reached a final agreement for our first collective bargaining agreement which was ratified by the pilots in July 2018. The agreement is a four-year renewable contract, which became effective August 1, 2018 and included compensation, benefits, work rules, and other policies. For the three and six months ended June 30, 2019, union contract costs primarily include various one-time costs incurred to implement the provisions of the collective bargaining agreement into our systems. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 | |
Available-for-sale securities | |||||
Debt Securities, Available-for-sale | 8 | 8 | $ 6 | ||
Available-for-sale investment securities | 322 | 322 | 351 | ||
Debt Securities, Held-to-maturity | 21 | 21 | 21 | ||
Marketable securities | 343 | 343 | 372 | ||
Bank Time Deposits [Member] | |||||
Available-for-sale securities | |||||
Available-for-sale investment securities | 294 | 294 | 325 | ||
Corporate Bond Securities [Member] | |||||
Available-for-sale securities | |||||
Debt Securities, Held-to-maturity | 21 | 21 | 21 | ||
Commercial Paper [Member] | |||||
Available-for-sale securities | |||||
Available-for-sale investment securities | $ 20 | $ 20 | $ 20 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Held-to-Maturity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Held-to-maturity securities | $ 21 | $ 21 | $ 21 | ||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Other Investments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Investments, All Other Investments [Abstract] | ||
Cost Method Investments - JetBlue Tech Ventures | $ 40 | $ 41 |
Cost Method Investments - TWA Flight Center Hotel | $ 14 | $ 13 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Equity Method Investments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity Method Investments | $ 35 | $ 38 |
The COVID-19 Pandemic Pandemic
The COVID-19 Pandemic Pandemic (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Apr. 23, 2020 | |
Unusual or Infrequent Item, or Both [Line Items] | ||||||||
Change in Revenue, Percent | (90.00%) | |||||||
Change in Capacity, Percent | (85.00%) | |||||||
Parked Fleet, Temporary, Percent | 30.00% | 30.00% | ||||||
Employee Related Cost Reductions, Percentage, Salary Reduction, Officers | (20.00%) | |||||||
Employee Related Cost Reductions, Percentage, Salary Reduction, Officers - Upper Range | (50.00%) | |||||||
Cash, Cash Equivalents, Short-Term Investments, and Short-Term Restricted Cash | $ 3,400 | $ 3,400 | ||||||
Loyalty points, pre-purchase arrangement | 150 | |||||||
Reduction in aircraft capital expenditures through 2022, relating to Airbus purchase agreement amendment | (1,100) | |||||||
Cash, Cash Equivalents, and Short-Term Restricted Cash | 3,100 | 3,100 | ||||||
Proceeds from Sale Leaseback Transactions | $ 267 | 118 | $ 0 | |||||
Special Items - Fleet Impairment | 0 | $ 202 | $ 0 | 202 | $ 0 | |||
CARES Act, Payroll Support Program, Total Payment | $ 936 | |||||||
CARES Act, Payroll Support Program, Grant | 667 | 667 | $ 685 | |||||
Restricted Cash, Current | 533 | 533 | ||||||
Warrants and Rights Outstanding | 18 | 18 | ||||||
Class of Warrant or Right, Outstanding | 2.6 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.50 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
CARES Act, Secured Loans, Expected Eligibility Amount | $ 1,100 | $ 1,100 | ||||||
CARES Act, Class of Warrant or Right, Expected | 12 | 12 | ||||||
CARES Act, Payroll Tax Deferral | $ 20 | |||||||
CARES Act, Payroll Tax Deferral, Expected Liquidity, Remainder of Fiscal Year | 31 | |||||||
CARES Act, Federal Tax Benefit, Foreign Tax Credit Valuation Allowance | 10 | |||||||
CARES Act, Federal Tax Benefit, NOL Carryback | $ 35 | |||||||
Forecast [Member] | ||||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||||
Change in Capacity, Percent | (45.00%) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 145 | $ 1,936 | $ 1,553 | $ 3,649 | ||
Passenger Revenue - Loyalty Air Travel | 25 | 95 | 129 | 184 | ||
Other Revenue - Loyalty | 38 | 49 | 88 | 93 | ||
Other Revenue - Non Loyalty | 7 | 25 | 33 | 51 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 215 | 2,105 | 1,803 | 3,977 | ||
Air Traffic Liability - Passenger Travel | 1,047 | 1,047 | $ 929 | |||
Air Traffic Liability - Loyalty Program (Air Transportation) | 676 | 676 | 661 | |||
Other Deferred Revenue | 40 | 40 | 10 | |||
Contract with Customer, Liability | 1,763 | 1,763 | 1,600 | |||
Contract with Customer, Liability, Revenue Recognized | 666 | 819 | ||||
Air Traffic Liability | 676 | $ 617 | 676 | 617 | $ 661 | $ 580 |
Increase (Decrease) to Air Traffic Liability - Points Redeemed | (129) | (184) | ||||
Increase (Decrease) to Air Traffic Liability - Points Earned | 144 | $ 221 | ||||
Loyalty points, pre-purchase arrangement | 150 | |||||
Loyalty points, pre-purchase arrangement, carrying value | $ 113 | $ 113 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-30 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years | 3 years |
Long-term Debt, Short-term Bo_3
Long-term Debt, Short-term Borrowings and Finance Lease Obligations (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | ||
May 08, 2020 | Jun. 30, 2020 | Apr. 23, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 3,711 | $ 2,245 | ||
Reduction in outstanding debt and capital lease obligations | 180 | |||
Value of aircraft, engines and other equipment and facilities which were pledged as security under various loan agreements | 6,300 | |||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 177 | |||
Long-term debt, maturities, repayments of principal in Year Two | 1,400 | |||
Long-term debt, maturities, repayments of principal in Year Three | 348 | |||
Long-term debt, maturities, repayments of principal in Year Four | 878 | |||
Long-term debt, maturities, repayments of principal in Year Five | 897 | |||
Long-term debt, maturities, repayments of principal after Year Five | 1,100 | |||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 3,532 | 2,367 | ||
Public Debt Fixed Rate Special Facility Bonds Due Through Two Thousand Thirty Six [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 42 | 42 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 43 | 46 | ||
Fixed rate enhanced equipment notes, due through 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 574 | 581 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 419 | 586 | ||
Fixed rate enhanced equipment notes, due through 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 179 | 181 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 147 | 186 | ||
Non Public Debt Fixed Rate Enhanced Equipment Notes Due Through Two Thousand And Twenty Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 125 | 133 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 125 | 141 | ||
Non Public Debt Floating Rate Equipment Notes Due Through Two Thousand And Twenty Eight [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 176 | 201 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 162 | 207 | ||
Non Public Debt Fixed Rate Equipment Notes Due Through Two Thousand Twenty Eight [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 984 | 1,107 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 1,001 | 1,201 | ||
Non Public Debt Floating Rate Term Loan Credit Facility Due Through 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 717 | 0 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 764 | 0 | ||
Non Public Debt Unsecured CARES Act Payroll Support Program loan due through 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 251 | 0 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 217 | 0 | ||
Non Public Debt Sale Leaseback Transactions due through 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 117 | 0 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 134 | 0 | ||
Non Public Debt Citibank Line of Credit due through 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 546 | 0 | ||
Carrying amounts and estimated fair values of long-term debt | ||||
Estimated Fair Value, Total | 520 | 0 | ||
Barclays [Member] | Non Public Debt Floating Rate Term Loan Credit Facility Due Through 2024 [Member] | Long-term Debt [Member] | ||||
Carrying amounts and estimated fair values of long-term debt | ||||
Debt Instrument, Face Amount | 750 | |||
US Department of Treasury [Member] | Unsecured Debt [Member] | ||||
Carrying amounts and estimated fair values of long-term debt | ||||
Debt Instrument, Face Amount | 251 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
Long-term Debt, Term | 10 years | |||
Citibank [Member] | Non Public Debt Citibank Line of Credit due through 2023 [Member] | Line of Credit [Member] | ||||
Carrying amounts and estimated fair values of long-term debt | ||||
Line of Credit, Current | 550 | |||
Morgan Stanley [Member] | ||||
Carrying amounts and estimated fair values of long-term debt | ||||
Line of Credit, Current | $ 0 | $ 0 | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | US Department of Treasury [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Barclays [Member] | Non Public Debt Floating Rate Term Loan Credit Facility Due Through 2024 [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR (subject to a 1.00% floor), or at our election another rate, in each case, plus a specified margin | |||
Carrying amounts and estimated fair values of long-term debt | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Citibank [Member] | Non Public Debt Citibank Line of Credit due through 2023 [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR, plus a margin | |||
Carrying amounts and estimated fair values of long-term debt | ||||
Line of Credit Facility, Interest Rate During Period | 2.99% | |||
Short-term Debt [Member] | Morgan Stanley [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt, Fair Value | $ 997 | |||
Debt Issuance Costs, Net | 13 | |||
Carrying amounts and estimated fair values of long-term debt | ||||
Debt Instrument, Face Amount | $ 1,000 | |||
Short-term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Morgan Stanley [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR (but not less than 1% per annum), plus a margin | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.75% | |||
Line of Credit [Member] | Morgan Stanley [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | |||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Morgan Stanley [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR, plus a margin |
Long-term Debt, Short-term Bo_4
Long-term Debt, Short-term Borrowings and Finance Lease Obligations Short-term Borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Morgan Stanley [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 0 | $ 0 |
Short-term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Morgan Stanley [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR (but not less than 1% per annum), plus a margin | |
Line of Credit [Member] | Morgan Stanley [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Morgan Stanley [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR, plus a margin | |
Non Public Debt Citibank Line of Credit due through 2023 [Member] | Line of Credit [Member] | Citibank [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 550 | |
Non Public Debt Citibank Line of Credit due through 2023 [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Citibank [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR, plus a margin |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 25, 2020 | Jun. 14, 2019 | Mar. 12, 2019 | Mar. 16, 2020 | Mar. 16, 2020 | Aug. 13, 2019 | Aug. 13, 2019 | May 21, 2019 | May 21, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Numerator: | |||||||||||||
Net Income (Loss) | $ (320) | $ 179 | $ (588) | $ 221 | |||||||||
(Loss) earnings per common share | |||||||||||||
Basic | 271.7 | 300.3 | 275.1 | 303.1 | |||||||||
Earnings Per Share, Basic | $ (1.18) | $ 0.60 | $ (2.14) | $ 0.73 | |||||||||
Diluted | |||||||||||||
Employee stock options, restricted stock units and stock purchase plan | 0 | 1.5 | 0 | 1.5 | |||||||||
Adjusted weighted average shares outstanding and assumed conversions for diluted earnings per share | 271.7 | 301.8 | 275.1 | 304.6 | |||||||||
Earnings Per Share, Diluted | $ (1.18) | $ 0.59 | $ (2.14) | $ 0.73 | |||||||||
Shares excluded from EPS calculation (in millions): | |||||||||||||
Shares issuable upon exercise of outstanding stock options or vesting of restricted stock units as assumed exercise would be antidilutive | 1.2 | 0 | 1.6 | 0 | |||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 160 | $ 125 | $ 125 | ||||||||||
Treasury Stock, Shares, Acquired | 6.6 | 5.2 | 6.1 | 4.9 | 11.5 | 6.7 | 1.5 | 1.3 | 7.4 | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 13.91 | $ 18.58 | $ 16.93 | ||||||||||
Retained Earnings [Member] | |||||||||||||
Numerator: | |||||||||||||
Net Income (Loss) | $ (320) | $ 179 | $ (588) | $ 221 |
Crewmember Retirement Plan (Det
Crewmember Retirement Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Percentage of employees' gross pay for which the employer contributes a matching contribution to the Plan. | 5.00% | |||
Defined Contribution Plan Requisite Service Period | 3 years | |||
Percentage of employees' gross pay for which the employer can contribute a discretionary profit sharing contribution to the Plan. | 5.00% | |||
Retirement Plus Contribution Plan Requisite Service Period for Vesting | 3 years | |||
Percentage of FAA licensed employees gross pay for which ER can contribute discretionary profit sharing contribution to plan | 3.00% | |||
Percentage of Company Contribution to Pilots Retirement Program | 15.00% | |||
Pilots Retirement Vesting Period | 3 years | |||
Percent of Eligible Pre-tax Profits the Company Contributes to Profit Sharing until the Pre-tax Margin is 18% | 10.00% | |||
Profit Sharing Calculation Trigger, Pretax Margin | 18.00% | |||
Percentage of Eligible Pre-tax Profits the Company Contributes to Profit Sharing when Pre-tax Margin is above 18% | 20.00% | |||
Contribution to employee retirement plan | $ 41 | $ 49 | $ 92 | $ 98 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2020USD ($)aircraft |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 400 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 1,100 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 900 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 1,700 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 1,800 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 2,000 |
Restricted assets pledged under letter of credit | 25 |
Restricted Assets Pledged Related To Workers Compensation Insurance Policies And Other Business Partner Agreements | $ 25 |
A-321 Neo [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligations Disclosure | aircraft | 76 |
A220-300 [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligations Disclosure | aircraft | 70 |
Financial Derivative Instrume_3
Financial Derivative Instruments and Risk Management (Details) bbl in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)bbl | Dec. 31, 2019USD ($)bbl | |
Derivative [Line Items] | ||
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ 3 | $ (2) |
Fuel Derivatives [Member] | ||
Derivative [Line Items] | ||
Longest remaining term, cash flow hedge (months) | 6 months | 6 months |
Barrels Of Fuel Covered Under Derivative Contracts | bbl | 1,220 | 2,112 |
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ 0 |
Fuel [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Percentage Fuel Hedged - Third Quarter Current Year | 19.00% | |
Percentage Fuel Hedged - Fourth Quarter Second Year | 20.00% | |
Fair Value, Recurring [Member] | ||
Derivative [Line Items] | ||
Derivative Asset | $ 0 | 8 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Derivative [Line Items] | ||
Derivative Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Derivative [Line Items] | ||
Derivative Asset | $ 0 | $ 8 |
Financial Derivative Instrume_4
Financial Derivative Instruments and Risk Management (Details 2) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Prepaid Expenses and Other Current Assets [Member] | Fuel Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 0 | $ 8 |
Financial Derivative Instrume_5
Financial Derivative Instruments and Risk Management - Hedging Effectiveness (Details 3) - Fuel Derivatives [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Percentage of actual consumption hedged | 32.00% | 7.00% | 24.00% | 7.00% |
Aircraft Fuel Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedge losses recognized | $ 1 | $ 2 | $ 3 | $ 4 |
Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | 3 | 0 | 5 | 0 |
Comprehensive Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 0 | $ (1) | $ 11 | $ (1) |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Assets | |||||
Available-for-sale investment securities | $ 322 | $ 322 | $ 351 | ||
Liabilities | |||||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax | 0 | $ 0 | 0 | $ 0 | |
Fair Value, Recurring [Member] | |||||
Assets | |||||
Cash equivalents | 1,709 | 1,709 | 641 | ||
Available-for-sale investment securities | 322 | 322 | 351 | ||
Derivative Asset | 0 | 0 | 8 | ||
Fair Value, Recurring [Member] | Level 1 [Member] | |||||
Assets | |||||
Cash equivalents | 1,409 | 1,409 | 611 | ||
Available-for-sale investment securities | 0 | 0 | 0 | ||
Derivative Asset | 0 | 0 | 0 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | |||||
Assets | |||||
Cash equivalents | 300 | 300 | 30 | ||
Available-for-sale investment securities | 322 | 322 | 351 | ||
Derivative Asset | 0 | 0 | 8 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | |||||
Assets | |||||
Cash equivalents | 0 | 0 | 0 | ||
Available-for-sale investment securities | 0 | 0 | 0 | ||
Derivative Asset | $ 0 | $ 0 | $ 0 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 3 | $ 1 | $ 6 | $ 3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1 | 0 | 2 | 1 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 1 | (11) | 1 |
Beginning accumulated gains (losses) | (6) | (1) | 2 | (3) |
Ending accumulated losses | (3) | 1 | (3) | 1 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, Tax | 0 | 0 | (5) | 0 |
Fuel Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 3 | 1 | 6 | 3 |
Beginning accumulated gains (losses) | (6) | (1) | 2 | (3) |
Ending accumulated losses | $ (3) | $ 1 | $ (3) | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3) | $ 1 | $ (3) | $ 1 | $ (6) | $ 2 | $ (1) | $ (3) |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax | 0 | 1 | (11) | 1 | ||||
Fuel Derivatives [Member] | ||||||||
Derivative [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3) | $ 1 | (3) | $ 1 | $ (6) | $ 2 | $ (1) | $ (3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 2 | $ 4 |
Special Items (Details)
Special Items (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Special Items - CARES Act Payroll Support | $ (304,000,000) | $ 0 | $ (304,000,000) | $ 0 | |
Special Items - Fleet Impairment | 0 | $ 202,000,000 | 0 | 202,000,000 | 0 |
Special Items - E190 Fleet Transition | 0 | 0 | 0 | 9,000,000 | |
Special Items - Union Contract Costs | 0 | 2,000,000 | 0 | 5,000,000 | |
Special Items | $ (304,000,000) | $ 2,000,000 | (102,000,000) | 14,000,000 | |
Impairment of Long-Lived Assets Held-for-use | $ 202,000,000 | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 737 | $ 912 |
Operating Lease, Liability, Current | (83) | (128) |
Operating Lease, Liability, Noncurrent | 697 | 690 |
Finance Lease, Liability | $ 81 | $ 89 |
Uncategorized Items - q22020for
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,018,000,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 533,000,000 |