Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 | |
Entity Registrant Name | 'REPUBLIC AIRWAYS HOLDINGS INC | ' | ' |
Entity Central Index Key | '0001159154 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 49,589,511 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $558,602,152 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $276.70 | $210.80 |
Restricted cash | 24 | 19.6 |
Receivables—net of allowance for doubtful accounts of $1.5 and $1.3, respectively | 48.3 | 40.2 |
Inventories—net | 71.9 | 72.8 |
Prepaid expenses and other current assets | 17.7 | 12.2 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | 756.7 |
Deferred income taxes | 15.7 | 31.3 |
Total current assets | 454.3 | 1,143.60 |
Property, Plant and Equipment, Net | 2,563.60 | 2,311.20 |
Maintenance deposits | 36.6 | 28.1 |
intangible and other assets, net | 216.8 | 172.3 |
Total Assets | 3,271.30 | 3,655.20 |
Current Liabilities: | ' | ' |
Current portion of long-term debt | 276.2 | 220.7 |
Accounts payable | 28.9 | 22.8 |
Accrued Liabilities, Current | 163.8 | 148.4 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | 522.2 |
Total current liabilities | 468.9 | 914.1 |
Long-term debt—less current portion | 1,890.60 | 1,752 |
Deferred credits and other non current liabilities | 100.7 | 91 |
Deferred income taxes | 260.4 | 384.6 |
Total liabilities | 2,720.60 | 3,141.70 |
Commitments and contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $.001 par value; 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $.001 par value; one vote per share; 150,000,000 shares authorized; 59,704,943 and 58,529,449 shares issued and 49,525,594 and 48,558,312 shares outstanding, respectively | 0 | 0 |
Additional paid-in capital | 420.2 | 412.1 |
Treasury stock, 9,333,266 shares at cost, respectively | -181.8 | -181.8 |
Accumulated other comprehensive loss | -2.6 | -5 |
Retained Earnings (Accumulated Deficit) | 314.9 | 288.2 |
Stockholders' Equity Attributable to Parent | 550.7 | 513.5 |
Total liabilities and stockholders' equity | $3,271.30 | $3,655.20 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $1.50 | $1.30 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 59,704,943 | 58,529,449 |
Common Stock, Shares, Outstanding | 49,525,594 | 48,558,312 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 9,333,266 | 9,333,266 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING REVENUES: | ' | ' | ' |
Fixed Fee Service | $1,276.10 | $1,102.10 | $1,079 |
Passenger service | 46.3 | 247.9 | 388.9 |
Charter and Other Revenues | 24.1 | 27.4 | 46.5 |
Total operating revenues | 1,346.50 | 1,377.40 | 1,514.40 |
OPERATING EXPENSES: | ' | ' | ' |
Wages and benefits | 342.1 | 308.4 | 297.1 |
Aircraft fuel | 44.9 | 161.4 | 303.4 |
Landings Fees and Airport Rents | 46.4 | 61.5 | 64.9 |
Aircraft and Engine Rent | 122.6 | 110.7 | 117 |
Maintenance Repairs | 251.6 | 235.3 | 237.2 |
Insurance and taxes | 25.1 | 24.7 | 26.2 |
Depreciation and amortization | 150.7 | 160 | 162.9 |
Promotion and sales | 2.3 | 12.8 | 21.2 |
Asset Impairment Charges | 21.2 | 0 | 191.1 |
Other | 148.6 | 134.1 | 116.7 |
Total operating expenses | 1,155.50 | 1,208.90 | 1,537.70 |
OPERATING INCOME (LOSS) | 191 | 168.5 | -23.3 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Interest expense | -112.2 | -117.6 | -126 |
Other—net | 2.5 | 0.2 | 0.2 |
Total other expense | -109.7 | -117.4 | -125.8 |
INCOME(LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 81.3 | 51.1 | -149.1 |
INCOME TAX EXPENSE(BENEFIT) | 33 | 19.8 | -55.8 |
Income (Loss) from Continuing Operations Attributable to Parent | 48.3 | 31.3 | -93.3 |
Income (Loss) from Discontinued Operations, Net of Tax, (loss on disposal of discontinued operations of $53.8 million in 2013) | -21.6 | 20 | -58.5 |
Net Income (Loss) Attributable to Parent | $26.70 | $51.30 | ($151.80) |
Income (Loss) from Continuing Operations, Per Basic Share | $0.98 | $0.65 | ($1.94) |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.92 | $0.63 | ($1.94) |
NET INCOME(LOSS) PER COMMON SHARE - BASIC | $0.54 | $1.06 | ($3.14) |
NET INCOME (LOSS) PER COMMON SHARE - DILUTED | $0.52 | $1.02 | ($3.14) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations Parenthetical (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ($53.80) | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income (Loss) Attributable to Parent | $26.70 | $51.30 | ($151.80) |
Other comprehensive income (loss), net: | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 2.1 | -1.4 | -1.5 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0.3 | 0.4 | 0.2 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $29.10 | $50.30 | ($153.10) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Millions, unless otherwise specified | |||||
Stockholders' Equity Attributable to Parent - Period Start at Dec. 31, 2010 | $609.60 | $405.40 | ($181.80) | ($2.70) | $388.70 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 5.7 | 5.7 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | -1.7 | -1.7 | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -151.8 | ' | ' | ' | -151.8 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -1.5 | ' | ' | -1.5 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0.2 | ' | ' | -0.2 | ' |
Stockholders' Equity Attributable to Parent - Period End at Dec. 31, 2011 | 460.5 | 409.4 | -181.8 | -4 | 236.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 3 | 3 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | -0.3 | -0.3 | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 51.3 | ' | ' | ' | 51.3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -1.4 | ' | ' | -1.4 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0.4 | ' | ' | -0.4 | ' |
Stockholders' Equity Attributable to Parent - Period End at Dec. 31, 2012 | 513.5 | 412.1 | -181.8 | -5 | 288.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 4 | 4 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | 4.1 | 4.1 | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 26.7 | ' | ' | ' | 26.7 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 2.1 | ' | ' | 2.1 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 0.3 | ' | ' | -0.3 | ' |
Stockholders' Equity Attributable to Parent - Period End at Dec. 31, 2013 | $550.70 | $420.20 | ($181.80) | ($2.60) | $314.90 |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity Stockholders Equity Parenthetical (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | $1.40 | $0.90 | $1 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | $0.20 | $0.30 | $0.10 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations Attributable to Parent | $48.30 | $31.30 | ($93.30) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ' | ' | ' |
Asset Impairment Charges | 21.2 | 0 | 191.1 |
Depreciation and amortization | 150.7 | 160 | 162.9 |
Debt issue costs and other amortization | 5.7 | 3.9 | 27.6 |
Stock compensation expense | 4 | 3 | 5.7 |
Deferred income taxes | 19.2 | 14.4 | -54 |
Other, net | -6.2 | 6 | -5 |
Changes in certain assets and liabilities: | ' | ' | ' |
Receivables | -18.3 | 1.7 | -2.4 |
Inventories | -3.5 | 15.1 | -7.9 |
Prepaid expenses and other current assets | -4.6 | 1.3 | 7.4 |
Accounts payable and accrued liabilities | 21.2 | -6.5 | 1.4 |
Other, net | 2.9 | -9.4 | -2.9 |
Net Cash from operating activities - continuing operations | 240.6 | 220.8 | 230.6 |
INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of aircraft and other equipment | -476 | -24.4 | -95.1 |
Proceeds from Sale of Other Assets | 46.2 | 84.2 | 82.1 |
Aircraft deposits | -30 | 0 | -2.4 |
Other, net | -4.3 | -0.4 | 4.9 |
Net Cash from investing activities - continuing operations | -464.1 | 59.4 | -10.5 |
FINANCING ACTIVITIES: | ' | ' | ' |
Payments on Debt | -205.6 | -197.6 | -184.9 |
Proceeds from debt issuance and refinancing | 470 | 6.2 | 56.9 |
Payments on early extinguishment of debt | -58.7 | -52 | -26.7 |
Proceeds from exercise of stock options | 4.1 | 0 | 0 |
Other, net | -4.1 | -0.5 | -1.2 |
Net Cash from financing activities - continuing operations | 205.7 | -243.9 | -155.9 |
DISCONTINUED OPERATIONS | ' | ' | ' |
Cash from operating activities - discontinued operations | 90.3 | 29.7 | -103.9 |
Cash from investing activities - discontinued operations | 70 | -20.3 | 39 |
Cash from financing activities - discontinued operations | -40.1 | -17.8 | -71.1 |
NET CASH FROM DISCONTIUED OPERATIONS | 36.5 | -8.4 | -136 |
Proceeds from Divestiture of Businesses | 83.7 | 0 | 0 |
Net changes in cash and cash equivalents | 65.9 | 36.3 | 64.2 |
CASH AND CASH EQUIVALENTS—Beginning of period | 210.8 | 174.5 | 110.3 |
CASH AND CASH EQUIVALENTS—End of period | $276.70 | $210.80 | $174.50 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows Parenthetical for cash flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Proceeds from Divestiture of Businesses | $83.70 | $0 | $0 |
Organization_and_Business
Organization and Business | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
ORGANIZATION & BUSINESS [Abstract] | ' | ||||||||||||||||||||
Nature of Operations [Text Block] | ' | ||||||||||||||||||||
ORGANIZATION & BUSINESS | |||||||||||||||||||||
We are a Delaware holding company organized in 1996 that offers scheduled passenger services through our wholly-owned operating air carrier subsidiaries: Chautauqua Airlines, Inc. (“Chautauqua”), Shuttle America Corporation (“Shuttle”) and Republic Airline Inc. (“Republic Airline”). Unless the context indicates otherwise, the terms the “Company,” “we,” “us,” or “our,” refer to Republic Airways Holdings Inc. and our subsidiaries. | |||||||||||||||||||||
As of December 31, 2013, our operating subsidiaries offered scheduled passenger service on 1,390 flights daily to 118 cities in 41 states and Canada under scheduled passenger service through our fixed-fee code-share agreements with United Continental Holdings, Inc. ("United"), Delta Air Lines, Inc. ("Delta"), and US Airways, Inc. ("US Airways")/American Airlines, Inc. ("American") (collectively referred to as our "Partners"). Currently, we provide our Partners with fixed-fee regional airline services, operating as United Express, Delta Connection, US Airways Express, or American Eagle, including service out of their hubs and focus cities. The Company operated aircraft under a pro-rate agreement with Frontier Airlines, Inc. ("Frontier") which terminated during the first quarter of 2014. | |||||||||||||||||||||
The following table outlines the type of aircraft our subsidiaries operate and their respective operations within our business units as of December 31, 2013: | |||||||||||||||||||||
Operating Subsidiaries | Aircraft Size (Seats) | United | Delta | US Airways/American | Frontier | Charters/Spares | Number of Aircraft | ||||||||||||||
Chautauqua | 44 to 50 | 12 | 41 | 15 | — | 4 | 72 | ||||||||||||||
Shuttle America | 70 to 76 | 38 | 30 | — | — | — | 68 | ||||||||||||||
Republic Airline | 69 to 99 | 28 | — | 74 | 2 | 14 | 118 | ||||||||||||||
Total number of operating aircraft | 78 | 71 | 89 | 2 | 18 | 258 | |||||||||||||||
During 2013, our operational fleet increased from 226 to 258. The company took delivery of 14 Q400s and 19 E175s. One E135 was subleased and two E190s were sold. Additionally, two aircraft previously subleased were returned and are included as operational spares. | |||||||||||||||||||||
We have fixed-fee regional jet code-share agreements with each of our Partners that require us to maintain specified performance levels. Pursuant to these fixed-fee agreements, which provide for minimum aircraft utilization at fixed rates, we are authorized to use our Partners' two-character flight designation codes to identify our flights and fares in our Partners' computer reservation systems, to paint our aircraft in the style of our Partners, to use their service marks and to market ourselves as a carrier for our Partners. Our fixed-fee agreements have historically limited our exposure to fluctuations in fuel prices, fare competition and passenger volumes. Our development of relationships with multiple major airlines has enabled us to reduce our dependence on any single airline, allocate our overhead more efficiently among our Partners and reduce the cost of our services to our Partners. | |||||||||||||||||||||
Sale of Frontier | |||||||||||||||||||||
The company sold Frontier during the fourth quarter of 2013 and has classified its Frontier business as discontinued operations. Unless otherwise specified, all financial information disclosed is from continuing operations. | |||||||||||||||||||||
On October 1, 2013, the company reported that it had agreed to sell its Frontier business to an affiliate of Indigo Partners LLC ("Indigo"). On November 6, 2013, Indigo informed the company that it had satisfied or waived certain key conditions to close under the transaction. The transaction closed on December 3, 2013. Indigo acquired all the outstanding shares of Frontier Airlines Holdings, Inc. As part of the transaction, under a separate agreement, Republic assigned Frontier all of Republic’s rights under agreements relating to Republic’s Airbus A320neo order. | |||||||||||||||||||||
Code-Share Agreements | |||||||||||||||||||||
Through our subsidiaries, we have entered into code-share agreements with US Airways, American, Delta, and United (the "Partners") that authorize us to use their two-character flight designator codes ("US," "AA," "DL," and "UA") to identify our flights and fares in their computer reservation systems, to paint our aircraft with their colors and/or logos, to use their service marks and to market and advertise our status as US Airways Express, American Eagle, Delta Connection, or United Express, respectively. Under the code-share agreements between our subsidiaries and each of US Airways, American, Delta, and United, we are compensated on a fixed-fee basis on all of our flights. In addition, under our code-share agreements, our passengers participate in frequent flyer programs of the Partners, and the Partners provide additional services such as reservations, ticket issuance, ground support services, commuter slot rights and airport facilities. | |||||||||||||||||||||
The following table is a summary representation of existing Capacity Purchase Agreements ("CPAs") with our Partners: | |||||||||||||||||||||
Partner | Aircraft Type | Seats on Aircraft | Number of Aircraft under CPAs | Current Expiration Date(s) | |||||||||||||||||
US Airways | E170 | 69 | 20 | Sep-15 | |||||||||||||||||
US Airways | E175 | 80 | 38 | September 2015(1) and February 2019 to July 2020 | |||||||||||||||||
American | E140 | 44 | 15 | March 2014 to August 2014 | |||||||||||||||||
American | E175 | 76 | 16 | July 2025 to February 2027 | |||||||||||||||||
Delta | E145 | 50 | 41 | June 2014 to May 2016 | |||||||||||||||||
Delta | E170 | 70 | 14 | Oct-17 | |||||||||||||||||
Delta | E175 | 76 | 16 | Jan-19 | |||||||||||||||||
United | E145 | 50 | 12 | Apr-14 | |||||||||||||||||
United | E170 | 70 | 38 | June 2016 to June 2019 | |||||||||||||||||
United | Q400 | 71 | 28 | September 2020 to December 2021 | |||||||||||||||||
(1) Expiration date of September 2015 relates to eight E175 aircraft. | |||||||||||||||||||||
US Airways/American Code-Share Agreements | |||||||||||||||||||||
On December 9, 2013, US Airways Group, Inc. became a wholly owned subsidiary of American Airlines Group Inc. (formerly known as AMR Corporation). The Company continues to operate the capacity purchase agreements with both entities independently as the agreements have not been assigned to the merged organization. | |||||||||||||||||||||
Under our fixed-fee Jet Services Agreements with US Airways, we operated, as of December 31, 2013, 20 E170 aircraft and 38 E175 aircraft. As of December 31, 2013, we were providing 337 flights per day as US Airways Express. | |||||||||||||||||||||
In exchange for providing the designated number of flights and performing our other obligations under the code-share agreements, we receive compensation from US Airways three times each month. We receive an additional amount per available seat mile flown and may also receive incentives or pay penalties based upon our performance, including fleet launch performance, on-time departure performance and completion percentage rates. In addition, certain operating costs are considered pass through costs whereby US Airways has agreed to reimburse us the actual amount of costs we incur for these items. Landing fees, passenger catering, passenger liability insurance and aircraft property tax costs are pass through costs and are included in our fixed-fee services revenue. US Airways provides fuel directly for all of our US Airways operations. | |||||||||||||||||||||
The code-share agreement for the E170/175 aircraft terminates in September 2015 with respect to the 20 E170 aircraft and eight of the E175 aircraft. The remaining 30 E175 aircraft terminate 12 years from each aircraft’s in-service date and therefore would terminate from February 2019 to July 2020. US Airways may terminate the code-share agreements at any time for cause upon not less than 90 days notice and subject to our right to cure under certain conditions. | |||||||||||||||||||||
On January 23, 2013, the Company entered into a Fourth Amendment to the Amended and Restated Jet Service Agreement with US Airways, dated as of April 26, 2005 (such agreement, as so amended, the "US Airways E145 Agreement"). In the Fourth Amendment, the parties agreed to remove all nine E145 50-seat aircraft (the "Removed Aircraft") from service under the US Airways Agreement by July 1, 2013. All aircraft were removed by July 1, 2013 and the US Airways E145 Agreement terminated. | |||||||||||||||||||||
As of December 31, 2013, we operated 15 E140 and 16 E175 aircraft for American under a fixed-fee code-share agreement and provided 216 flights per day as American Eagle. | |||||||||||||||||||||
Under the code-share agreement, American retains all passenger, certain cargo and other revenues associated with each flight, and is responsible for all revenue-related expenses. We share revenue with American for certain cargo shipments. Additionally, certain operating costs are considered pass through costs and American has agreed to reimburse us the actual amount of costs we incur for these items. Aircraft lease payments are also considered a pass through cost, but are limited to a specified amount. Landing fees, hull and liability insurance and aircraft property tax costs are pass through costs and included in our fixed-fee services revenue. We do not record fuel expense and the related revenue for the American operations. | |||||||||||||||||||||
The E140 code-share agreement terminates in August 2014, with aircraft terms expiring between March 2014 and August 2014. In addition, the code-share agreements may be terminated under certain conditions. | |||||||||||||||||||||
On January 24, 2013, the Company announced that it had reached an agreement with American to operate 53 Embraer E175 aircraft under the American Eagle brand with service that began in June 2013. This agreement was subsequently amended on February 28, 2013 to reduce the number of covered aircraft from 53 to 47. The amended agreement was approved by the Bankruptcy Court on March 12, 2013 in the American Bankruptcy proceedings. | |||||||||||||||||||||
As of December 31, 2013, 16 of the 47 aircraft are in service; the remaining 31 aircraft begin service between January 2014 and March 2015. Unless otherwise extended or amended, the E175 code-share agreement terminates on the 12th anniversary of the implementation date of the last covered aircraft with terms expiring between July 2025 and February 2027. American has the option of extending the E175 agreement for up to an additional two year term. The agreement may be subject to early termination under various circumstances. | |||||||||||||||||||||
The Delta Code-Share Agreements | |||||||||||||||||||||
As of December 31, 2013, we operated 41 E145 aircraft, 14 E170 aircraft, and 16 E175 aircraft for Delta under fixed-fee code-share agreements. As of December 31, 2013, we provided 394 flights per day as Delta Connection. | |||||||||||||||||||||
Unless otherwise extended or amended, the code-share agreements for the E145, E170, and E175 aircraft terminate in May 2016, October 2017, and January 2019, respectively. Delta may terminate the code-share agreements at any time, with or without cause, if it provides us 180 days written notice, for the E145 regional jet code-share agreement, or after July 2015 for the E175 regional jet code-share agreement. With respect to the E145 agreement, if Delta chooses to terminate any aircraft early, it may not reduce the number of aircraft in service to less than 12 during the 12-month period following the 180 days initial notice period unless it completely terminates the code-share agreement. We refer to this as Delta's partial termination right. | |||||||||||||||||||||
If Delta exercises this right under the E145 agreement or the E175 agreement or if we terminate either agreement for cause, we have the right to require Delta either to purchase, sublease or assume the lease of aircraft leased by us with respect to any of the aircraft that we previously operated for Delta under that agreement. If we choose not to exercise our put right, or if Delta terminates either agreement for cause, they may require us to sell or sublease to them or Delta may assume the lease of aircraft leased by us with respect to any of the aircraft we previously operated for it under that agreement. There is no early termination provision under the E170 agreement. | |||||||||||||||||||||
On February 5, 2013 and effective as of January 31, 2013, the Company entered into Amendment Number Ten to Delta Connection Agreement, which provided for the addition of 10 E145 aircraft for an initial term of 18 months for each aircraft. Theses 10 E145 aircraft and the seven E145 aircraft added under Amendment Number Nine have scheduled exit dates between June 2014 and January 2015. Delta has the option to continue service on a month-to-month basis, or Delta may terminate any or all of these 17 additional aircraft by providing the Company not less than 90 days prior written notice, provided that such termination may not occur prior to the scheduled exit date in each amendment. | |||||||||||||||||||||
Certain of our operating costs are considered pass through costs, whereby Delta has agreed to reimburse us the actual amount of costs we incur for these items. Aircraft rent/ownership expenses are also considered a pass through cost, but the reimbursement is limited to specified amounts for certain aircraft. Engine maintenance expenses, landing fees, passenger liability insurance, hull insurance, war risk insurance, de-icing costs, and aircraft property taxes are some of the pass through costs included in our fixed-fee services revenue. All fuel is purchased directly by Delta and is not charged back to the Company. | |||||||||||||||||||||
The agreements may be subject to immediate or early termination under various circumstances. | |||||||||||||||||||||
The United Code-Share Agreement | |||||||||||||||||||||
As of December 31, 2013, we operated 12 E145 aircraft, 38 E170 aircraft, and 28 Q400 aircraft for United under fixed-fee code-share agreements. As of December 31, 2013, we provided 443 flights per day as United Express. | |||||||||||||||||||||
The fixed rates that we receive from United under the code-share agreements are annually adjusted in accordance with an agreed escalation formula. All fuel is purchased directly by United and is not charged back to the Company. Additionally, certain of our operating costs are considered pass through costs whereby United has agreed to reimburse us the actual amount of costs we incur for these items. Landing fees, war risk insurance, liability insurance and aircraft property taxes are pass through costs and included in our fixed-fee services revenue. The E145 code-share agreement terminates on April 1, 2014. | |||||||||||||||||||||
Unless otherwise extended or amended, the E170 code-share agreement terminates on June 30, 2019, with certain aircraft terms expiring between June 2016 and June 2019. United has the option of extending the E170 agreement for five years or less. In addition, the code-share agreements may be terminated under certain conditions. | |||||||||||||||||||||
Unless otherwise extended or amended, the Q400 code-share agreement terminates on December 1, 2021, with certain aircraft terms expiring between September 2020 and December 2021. The agreement may be subject to early termination under various circumstances. | |||||||||||||||||||||
United has a call option to assume our ownership or leasehold interest in certain aircraft if we wrongfully terminate the code-share agreements or if United terminates the agreements for our breach for certain reasons. | |||||||||||||||||||||
Concentrations | |||||||||||||||||||||
As of December 31, 2013, substantially all fixed-fee service revenues are derived from code-share agreements with US Airways, Delta, American, and United. Termination of any of these code-share agreements could have a material adverse effect on the Company’s financial position, results of operations and cash flows. | |||||||||||||||||||||
The following sets forth our Partners' regional airline services revenue and accounts receivable as a percentage of total regional airline services revenue and net receivables: | |||||||||||||||||||||
Revenues for the years ended: | Delta | United Continental Holdings, Inc | US Airways/American | ||||||||||||||||||
31-Dec-13 | 24% | 31% | 35% | ||||||||||||||||||
31-Dec-12 | 19% | 27% | 34% | ||||||||||||||||||
31-Dec-11 | 14% | 26% | 31% | ||||||||||||||||||
Receivables as of: | |||||||||||||||||||||
31-Dec-13 | 7% | 23% | 19% | ||||||||||||||||||
31-Dec-12 | 8% | 5% | 11% |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Basis of Consolidation—The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries, Chautauqua Airlines, Shuttle America, and Republic Airline. Frontier Airlines is also included in the consolidated financial statements until the sale on December 3, 2013. Intercompany transactions and balances are eliminated in consolidation. | ||||||||||||
Risk Management—The Company has recorded settlements of treasury lock agreements from prior periods within accumulated other comprehensive loss. Such amounts are reclassified to interest expense over the term of the respective aircraft debt. During 2013, 2012 and 2011, the amount reclassified to interest expense was not material to the financial statements. | ||||||||||||
Cash and Cash Equivalents—Cash equivalents consist of money market funds and short-term, highly liquid investments with maturities of three months or less when purchased and approximates fair value. Substantially all of our cash is on hand with two banks. | ||||||||||||
Supplemental Statement of Cash Flow Information: | ||||||||||||
Years ended December 31, | ||||||||||||
(amounts in millions) | 2013 | 2012 | 2011 | |||||||||
CASH PAID FOR INTEREST AND INCOME TAXES: | ||||||||||||
Interest paid-net of amount capitalized | $ | 108.2 | $ | 116.1 | $ | 121.4 | ||||||
Income taxes paid-net of refunds | 2.1 | 0.1 | (2.6 | ) | ||||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||||||||||||
Inventory and other equipment sold for aircraft and other equipment manufacturer credits (1) | 42.8 | — | — | |||||||||
Other equipment acquired through manufacturer credits | 11.6 | — | — | |||||||||
Manufacturer credits applied to the purchase of aircraft | 8.7 | — | — | |||||||||
Engines received and not yet paid | 5.8 | — | 5 | |||||||||
Issuance of convertible debt | — | 22.9 | — | |||||||||
Chautauqua restructuring asset - Aircraft Manufacturer's Incentive | 12 | 86.4 | — | |||||||||
(1) During the first quarter of 2013, the Company entered into a flight hour pool program to minimize its upfront investment on high-value repairable inventories. Under the program, the Company sold certain parts for total non-cash proceeds of $42.8 million. The total proceeds were received in the form of credit notes that the Company intends to utilize on future aircraft purchases and were recorded as deposits within other assets on the consolidated balance sheet as of December 31, 2013. In addition, the Company recorded deferred credits of $4.0 million related to the sale that will be amortized over the term of the agreement. | ||||||||||||
Restricted Cash primarily consists of balances in escrow for our long-term charter agreement, restricted amounts for satisfying debt and lease payments due within the next year and certificates of deposit that secure certain letters of credit issued for workers' compensation claim reserves and certain airport authorities. Restricted cash is carried at cost, which management believes approximates fair value. | ||||||||||||
Receivables primarily consist of amounts due from our partners and OEMs. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical write-offs and other specific analysis. Bad debt expense and write-offs were not material for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Inventories consist of spare parts and supplies, which are charged to expense as they are used in operations. Inventories are valued at the lower of cost or net realizable value using the average cost. An allowance for obsolescence is provided to reduce inventory to estimated net realizable value. As of December 31, 2013 and 2012, this reserve was $22.6 million and $22.2 million, respectively. | ||||||||||||
Prepaid Expenses and Other Current Assets consist of prepaid expenses, primarily deposits, facility and engine rent, and other current assets. | ||||||||||||
Assets/Liabilities Held for Sale consist of our Frontier operations, flight equipment and spare aircraft parts at the lower of their carrying value or estimated fair value less costs to sell as of December 31, 2012. All such assets were sold during the fourth quarter of 2013 and therefore the Company has no assets or liabilities held for sale as of December 31, 2013. See Note 4. | ||||||||||||
Aircraft and Other Equipment is carried at cost. Incentives received from the aircraft manufacturer are recorded as reductions to the cost of the aircraft. Depreciation for aircraft is computed on a straight-line basis, to an estimated residual value, over the estimated useful life of 16.5 to 20 years. Depreciation for other equipment, including rotable parts, is computed on a straight-line basis, to an estimated residual value, over the estimated useful lives of three to 10 years. Leasehold improvements are amortized over the expected life or lease term, whichever is shorter. Interest related to deposits on aircraft on firm order from the manufacturer is capitalized and was not material for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 5. | ||||||||||||
Intangible and Other Assets that have indefinite useful lives are not amortized but are tested if a triggering event occurred, or at least annually, for impairment. Other assets consists primarily of aircraft leases and long-term deposits, Chautauqua restructuring asset, prepaid aircraft rents, and debt issue costs and other non-current assets. Debt issue costs are capitalized and are amortized using the effective interest method to interest expense over the term of the related debt. Refer to Note 6 for more detail. | ||||||||||||
Long-Lived Assets—Management reviews long-lived assets for possible impairment, if there is a triggering event that detrimentally affects operations. The primary financial indicator used by the Company to assess the recoverability of its long-lived assets held and used is undiscounted future cash flows from operations. The amount of impairment, if any, is measured based on the excess of estimated fair value over the carrying value. | ||||||||||||
Deferred Credits and Other Non Current Liabilities consist primarily of credits for parts and training from the aircraft and engine manufacturers, deferred gains from the sale and leaseback of aircraft and spare jet engines and deferred revenue. Deferred credits are amortized on a straight-line basis as a reduction of aircraft or engine rent expense over the term of the respective leases. The deferred revenue is amortized as an adjustment to fixed-fee services revenue based on the weighted average aircraft in service over the life of the respective agreements. | ||||||||||||
Accumulated Other Comprehensive Loss—The Company had accumulated other comprehensive loss relating to treasury lock agreements of $0.8 million and $1.1 million (net of tax), as of December 31, 2013 and 2012, respectively; and $1.8 million and $3.9 million (net of tax), relating to the pension plan as of December 31, 2013 and 2012, respectively. | ||||||||||||
Income Taxes—The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. The measurement of deferred tax assets is adjusted by a valuation allowance, if necessary, to recognize the future tax benefits to the extent, based on available evidence; it is more likely than not they will be realized. | ||||||||||||
Aircraft Maintenance and Repair charges are expensed as incurred under the direct expense method. Engines and certain airframe component overhaul and repair costs are subject to power-by-the-hour contracts with external vendors and are expensed as the aircraft are flown. The Company also has deposits related to leased aircraft. Deposits are reimbursed based on the specific event for each specified deposit, as determined by the lease. As of December 31, 2013, the Company has evaluated the carrying amount of maintenance deposits and believes the deposits are recoverable when the future maintenance event occurs and the Company is reimbursed. The Company has determined that it is probable that substantially all maintenance deposits will be refunded through qualifying maintenance activities, except for deposits related to certain aircraft that are expected to be returned to the lessor in 2014 and 2015. This analysis was performed by lease and by deposit type. The Company will continue to evaluate whether it is probable the deposits will be returned to reimburse the costs of the maintenance activities incurred. Deposits will be recognized as additional expense when they are less than probable of being returned. | ||||||||||||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such management estimates include, but are not limited to, recognition of revenue, estimated useful lives and residual values of aircraft and other equipment, provision for accrued aircraft return costs, recoverability of maintenance deposits, fair value of financial instruments and valuation of deferred tax assets. Under the code-share agreements, the Company estimates operating costs for certain pass through costs and records revenue based on these estimates. Actual results could differ from these estimates. | ||||||||||||
Fixed-fee Service Revenues—Under our fixed-fee arrangements with our Partners, the Company receives fixed-fees for our capacity purchase agreements, as well as reimbursement of specified pass through costs on a gross basis with additional possible incentives from our Partners for superior service. These revenues are recognized in the period the service is provided, and we record an estimate of the profit component based upon the information available at the end of the accounting period. | ||||||||||||
The reimbursement of specified costs, known as pass through costs, may include aircraft ownership cost, passenger liability and hull insurance, aircraft property taxes, fuel, landing fees and catering. All revenue recognized under these contracts is presented at the gross amount billed for reimbursement. | ||||||||||||
Under the Company’s code-share agreements, the Company is reimbursed an amount per aircraft designed to compensate the Company for certain aircraft ownership costs. The Company has concluded that a component of its fixed-fee service revenues under the agreement discussed above is rental income, inasmuch as the agreement identifies the “right of use” of a specific type and number of aircraft over a stated period of time. The amount deemed to be rental income during 2013, 2012 and 2011 was $386.8 million, $338.5 million, and $321.6 million, respectively, and has been included in fixed-fee service revenues in the Company’s consolidated statements of operations. | ||||||||||||
Passenger Service Revenues—Passenger service revenues are revenue from the pro-rate agreements, Republic is allocated an industry standard pro-rata portion of ticket revenue, while Frontier retains all connect revenues as well as ancillary revenues on regional flights. The Company no longer records passenger pro-rate services as the Company terminated its pro-rate services in the first quarter of 2014. | ||||||||||||
Charter and Other Revenue—Charter and other revenue primarily consists of revenue related to our dedicated scheduled charters and lease revenue for aircraft subleased under operating leases. Charter revenues are recognized at the point that our charter service is realizable and earned, which is when the transportation is provided. All other revenue is recognized as revenue when the related goods and services are provided. | ||||||||||||
Promotion and Sales includes expense incurred on our pro-rate operation only and consists of a fee charged by Frontier for advertising costs, passenger reservation and booking fees, credit card processing fees and commissions. Advertising expense was not material for the years ended 2013, 2012 and 2011, respectively. | ||||||||||||
Lease Return Conditions—The Company must meet specified return conditions upon lease expiration for both the airframes and engines. The Company estimates lease return conditions specified in leases and accrues these amounts as contingent rent ratably over the lease term while the aircraft are operating once such costs are probable and reasonably estimable. These expenses are included in accrued liabilities in the consolidated balance sheets. | ||||||||||||
Net Income (Loss) per Common Share is based on the weighted average number of shares outstanding during the period. The following is a reconciliation of the diluted net income (loss) per common share computations: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Income (loss) from continuing operations | $ | 48.3 | $ | 31.3 | $ | (93.3 | ) | |||||
Income (loss) from discontinued operations, net of tax | (21.6 | ) | 20 | (58.5 | ) | |||||||
Net income (loss) | $ | 26.7 | $ | 51.3 | $ | (151.8 | ) | |||||
Reduction in interest expense from convertible notes (net of tax) | 2 | 1.3 | — | |||||||||
Net income (loss) after assumed conversion | $ | 28.7 | $ | 52.6 | $ | (151.8 | ) | |||||
Weighted-average common shares outstanding for basic net income (loss) per common share | 49.2 | 48.5 | 48.2 | |||||||||
Effect of dilutive employee stock options | 0.7 | 0.2 | — | |||||||||
Effect of dilutive convertible notes | 4.7 | 2.7 | — | |||||||||
Adjusted weighted-average common shares outstanding and assumed conversions for diluted net income (loss) per common share | 54.6 | 51.4 | 48.2 | |||||||||
Income (loss) per share - basic: | ||||||||||||
Income (loss) from continuing operations | $ | 0.98 | $ | 0.65 | $ | (1.94 | ) | |||||
Income (loss) from discontinued operations, net of tax | (0.44 | ) | 0.41 | (1.20 | ) | |||||||
Net income (loss) per share - basic | $ | 0.54 | $ | 1.06 | $ | (3.14 | ) | |||||
Income (loss) per share - diluted: | ||||||||||||
Income (loss) from continuing operations | $ | 0.92 | $ | 0.63 | $ | (1.94 | ) | |||||
Income (loss) from discontinued operations, net of tax | (0.40 | ) | 0.39 | (1.20 | ) | |||||||
Net income (loss) per share - diluted | $ | 0.52 | $ | 1.02 | $ | (3.14 | ) | |||||
The Company excluded 3.3 million, 4.1 million, and 4.2 million of employee stock options from the calculation of diluted net income (loss) per share due to their anti-dilutive impact for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
The Company has two convertible notes with face values of $22.3 million and $25.0 million that are convertible in whole or in part, at the option of the holder, for up to 2.2 million and 2.5 million shares, respectively, of the Company’s common stock as of December 31, 2013. The convertible note payable for 2.5 million shares was issued in November of 2012, and it was dilutive for the 12 months ended December 31, 2013. The convertible note payable for 2.2 million shares was dilutive for the 12 months ended December 31, 2013 and 2012. | ||||||||||||
The Company has the ability to redeem each of the two convertible notes to the extent the notes have not previously been converted by the holder. Upon at least 10 day advanced written notice to the holder, the Company can redeem the $22.3 million note at face value, plus any accrued and unpaid interest. Upon not less than 30 days nor more than 60 days advanced written notice, the Company can redeem the $25.0 million note at a premium to face value at any time through October 28, 2016 at which point the note can be redeemed at face value thereafter. | ||||||||||||
Segment Information—As a result of the sale of Frontier there is only one reportable segment for the schedule transportation of passengers and air freight under code-share agreements. | ||||||||||||
Fair Value of Financial Instruments—The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, receivables, and accounts payable approximate fair values because of their immediate or short-term maturity of these financial instruments. | ||||||||||||
Accounting Pronouncements—In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-05, Service Concession Arrangements (Topic 853), a consensus of the FASB Emerging Issues Task Force. The objective of the update is to specify that an operating entity should not account for a service concession arrangement within the scope of this update as a lease in accordance with Topic 840, Leases. It is effective for fiscal years beginning after December 15, 2014, and the impact to the consolidated financial statements is being evaluated by the Company. | ||||||||||||
In July 2013, the FASB issued ASU 2013-11–Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The standard provides updated guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. It becomes effective for fiscal years beginning after December 15, 2013, and the impact to the consolidated financial statements will not be material. | ||||||||||||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard revises the guidance for providing information about the amounts reclassified out of accumulated other comprehensive income. It became effective for fiscal years beginning after December 15, 2012. The Company adopted this accounting standard on January 1, 2013, and the impact to the consolidated financial statements was not material. | ||||||||||||
In July 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The standard revises the guidance for evaluating impairment on indefinite-lived intangible assets. It was effective for the Company on January 1, 2013, and the impact to the consolidated financial statements was not material. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
ASC Topic 820, “Fair Value Measurements and Disclosures” requires disclosures about how fair value is determined for assets and liabilities and a hierarchy for which these assets and liabilities must be grouped is established. The Topic establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1 | quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||
Level 2 | quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
Level 3 | unobservable inputs for the asset or liability. | ||||||||||||||||
The following table sets forth information regarding the Company's assets (liabilities) measured at fair value on a recurring basis (in millions): | |||||||||||||||||
Fair Value of Assets on a Recurring Basis | December 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Chautauqua restructuring asset | $ | 79.6 | $ | — | $ | — | $ | 79.6 | |||||||||
Fair Value of Assets on a Recurring Basis | 31-Dec-12 | Level 1 | Level 2 | Level 3 | |||||||||||||
Chautauqua restructuring asset | $ | 86.4 | $ | — | $ | — | $ | 86.4 | |||||||||
Chautauqua restructuring asset - In October 2012, the Company restructured aircraft ownership obligations related to its 50-seat regional jet platform, Chautauqua. In connection with the restructuring, the Company issued a convertible note payable with a face value of $25.0 million, provided call rights on 28 of its owned aircraft and agreed to parent company guarantees related to future minimum lease payments, among other commitments. | |||||||||||||||||
The Company elected the fair value option under ASC 825-10, "Financial Instruments" for the agreement related to its 28 owned aircraft because management believes the fair value option provides the most accurate representation of the economic benefit of this agreement to Chautauqua in the Company's financial statements. Under the fair value option, the Company recorded an $86.4 million asset representing the combined fair value of expected future cash inflows under the agreement, net of the value of the Company's obligations attributable to the call rights on the 28 aircraft. The recurring fair value measurement of this agreement has been calculated using an income approach, which requires the use of subjective assumptions that are considered level 3 inputs. Fair values have been estimated by discounting the cash flows expected to be received over the term of the agreement, using a discount rate based on observable yields on instruments bearing comparable risks and credit worthiness of the counterparty. Critical assumptions used in the fair value measurement primarily include the amount and timing of cash inflows, the discount rate and the probability of whether the call option on the restructured aircraft will be exercised by the counterparty. A change in these assumptions could result in a significantly higher or lower fair value measurement, which would result in a gain or loss during the period in which the assumption changes. A 100 basis point change in the discount rate used would have changed the fair value of the restructuring asset by approximately $2.8 million as of December 31, 2013. Similarly, a change in the assumed probability of whether the call option on the restructured aircraft will be exercised could result in either a gain or loss of up to $3.2 million per aircraft during the period in which that assumption changed. The change in fair value of this agreement during 2013 was not material. | |||||||||||||||||
In March 2013, the agreement was amended, which resulted in a $12.0 million increase in the restructuring asset under the fair value option. The $12.0 million increase represents the fair value of expected future cash inflows under the amendment. In addition, this amendment resulted in a $12.0 million deferred credit. | |||||||||||||||||
As of December 31, 2013, the Company would owe approximately $19.4 million under certain circumstances of non-performance or voluntary repayment, however, the Company estimated the probability of repayment as remote. The difference between the fair value of the restructuring asset and the fair value of the convertible note (see Note 8) will be recognized as a reduction to depreciation expense over the remaining useful life of the related aircraft subject to this agreement. | |||||||||||||||||
The following is a reconciliation of the beginning and ending balances for the periods indicated of recurring fair value measurements using Level 3 inputs (in millions): | |||||||||||||||||
Chautauqua Restructuring Asset | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||
Beginning Balance | $ | 86.4 | $ | 86.4 | |||||||||||||
Amendment to agreement | 12 | — | |||||||||||||||
Cash received or other | (18.8 | ) | — | ||||||||||||||
Ending Balance | $ | 79.6 | $ | 86.4 | |||||||||||||
Fair Value of Debt - Market risk associated with our fixed rate long-term debt primarily relates to the potential change in fair value and impact to future earnings, respectively, from an change in interest rates. In the table below, the aggregate fair value of debt was based primarily on recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral and is classified primarily as level 3 within the fair value hierarchy. | |||||||||||||||||
31-Dec | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net carrying amount | $ | 2,166.80 | $ | 1,972.70 | |||||||||||||
Estimated fair value | 2,099.80 | 1,923.80 | |||||||||||||||
Aircraft and Other Assets Impairment - Nonrecurring - In September 2013, we recorded a $12.0 million impairment charge primarily related to our decision to substantially reduce the pro-rate flying completed by the E190 fleet over the next year by temporarily parking these aircraft. In evaluating these aircraft and other equipment for impairment, we estimated their fair value by utilizing a market approach considering (1) published market data generally accepted in the airline industry, (2) recent market transactions, where available, and (3) the overall condition and age of the aircraft and other equipment. These aircraft are classified in level 3 of the three-tier fair value hierarchy. | |||||||||||||||||
There were no aircraft and other asset impairment charges recorded for the year ended December 31, 2012. During 2011, the Company recorded impairment of $180.5 million on aircraft, $5.1 million of impairment on assets held for sale, and $5.5 million of impairment on inventory related to these aircraft. The impairment charge primarily related to our decision to substantially reduce the flying completed by the E135/140/145 fleet over the next year by temporarily parking these aircraft. These aircraft and other equipment are classified in level 3 of the three-tier fair value hierarchy. There were no movements into or out of level 3 during the year. | |||||||||||||||||
($ in millions) | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | Year ended 12/31/2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||
Long-lived assets held and used | $ | 152.5 | $ | 152.5 | $ | (12.0 | ) | ||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | Year ended 12/31/2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||
Long-lived assets held and used | $ | 258.1 | $ | 258.1 | $ | (186.0 | ) | ||||||||||
Long-lived assets held for sale | $ | 34.5 | $ | 34.5 | $ | (5.1 | ) | ||||||||||
$ | (191.1 | ) | |||||||||||||||
Note_4_Discontinued_Operations
Note 4 - Discontinued Operations (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||
In October, 2013, the Company entered into a stock purchase agreement for the sale of Frontier Airlines Holdings, Inc. (“Frontier”) to an affiliate of Indigo Partners LLC on December 3, 2013. As a result the Company reported Frontier as discontinued operations on the consolidated statement of operations and consolidated statement of cash flows for all periods presented. In addition, the assets and liabilities of Frontier have been reported as held for sale on the consolidated balance sheet at December 31, 2012. | |||||||||||||
Summarized financial information for discontinued operations is shown below: | |||||||||||||
($ in millions) | Years Ended | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total operating revenue | $ | 1,217.50 | $ | 1,433.50 | $ | 1,350.10 | |||||||
Income (loss) from discontinued operations before tax(2) | $ | 50.9 | $ | 35 | $ | (93.3 | ) | ||||||
Income tax expense (benefit) | 18.7 | 15 | (34.8 | ) | |||||||||
Income (loss) from discontinued operations | 32.2 | 20 | (58.5 | ) | |||||||||
Loss on disposal from discontinued operations (1) | (53.8 | ) | — | — | |||||||||
Total discontinued operations, net of tax | $ | (21.6 | ) | $ | 20 | $ | (58.5 | ) | |||||
(1) In connection with the exit of our Frontier business, we recorded a pre-tax loss of $210.5 million, net of income tax benefit of $156.7 million for the year ended December 31, 2013. This represents the difference between the net book value of our Frontier business and the projected sales price. Included in the $156.7 million of income tax benefit is the release of $78.0 million of deferred tax liabilities associated with the Company's tax basis in the stock of Frontier as the transaction will be treated as an asset sale for tax purposes. The Company incurred $7.1 million of transaction costs that are included in the loss on disposal for the year ended December 31, 2013. The amount included in discontinued operations will be adjusted based on final purchase price adjustments. | |||||||||||||
(2) In addition to the Frontier operations, income from discontinued operations before taxes includes certain adjustments required by discontinued operation presentation. | |||||||||||||
Pursuant to the terms of the stock purchase agreement between the Company and Falcon Acquisition Group, Inc. (Buyer), the Company and Buyer are in the process of finalizing the share purchase price, which is based in part on the closing working capital of Frontier as of November 30, 2013. The Company expects to finalize the share purchase price by the end of the second quarter of 2014. The final share purchase price may result in an adjustment to the share purchase price that either requires Buyer to pay additional amounts to the Company or the Company to pay an amount to the Buyer. In addition, the stock purchase agreement contains an obligation for the Company to indemnify the Buyer under certain circumstances and subject to certain conditions and limitations. In addition to the proposed working capital adjustments, Buyer provided the Company with notice of a claim for indemnification for an unspecified amount relating to the Company’s alleged failure to properly record the costs of future returns of certain of Frontier’s leased aircraft. The Company has notified Buyer that any failure to properly record lease return costs is properly resolved in calculation of the closing working capital and the final share price, and accordingly the Company rejects the Buyer’s claim for indemnification. With certain exceptions that are not subject to any limitation, the Company's indemnity obligation is capped under the stock purchase agreement at a maximum of $25.0 million. However, the Company believes that the likelihood that it will be required to make any payment of significant indemnification claims under the stock purchase agreement is remote and therefore the Company has not recorded any contingent liabilities for Buyer’s indemnification claims as of December 31, 2013. | |||||||||||||
Republic has retained all liabilities for all United States federal and foreign income tax on income prior to separation, as well as certain non-income taxes attributable to Frontier's business. Frontier generally will be liable for all other taxes attributable to its business. In connection with the separation, Republic separated its defined contribution plan from Frontier's business. | |||||||||||||
Republic and Frontier entered into a transition services agreement pursuant to which Republic is providing Frontier, on an interim transitional basis, various services. Transition services may be provided for up to nine months with an option for extension by the recipient. Services being provided by Republic include certain information technology, operations and back office support. Billings by Republic under these transitional services agreements will be recorded as a reduction of the costs to provide the respective service in the applicable expense category in the Consolidated Statement of Operations. This transitional support enables Frontier to establish its stand-alone processes for various activities that were previously provided by Republic and does not constitute significant continuing support of Frontier’s operations. | |||||||||||||
Assets/Liabilities held for sale consisted of our Frontier operations and aircraft and flight equipment as of December 31, 2012 (in millions): | |||||||||||||
Assets held for sale | 31-Dec-12 | ||||||||||||
Cash and cash equivalents | $ | 36.4 | |||||||||||
Receivables | 39.2 | ||||||||||||
Restricted cash | 127.5 | ||||||||||||
Other current assets | 71.1 | ||||||||||||
Non-current assets | 482.5 | ||||||||||||
Total assets held for sale | 756.7 | ||||||||||||
Liabilities held for sale | |||||||||||||
Current portion of long-term debt | $ | 55.5 | |||||||||||
Air traffic liability | 146.6 | ||||||||||||
Accrued liabilities | 90.5 | ||||||||||||
Other current liabilities | 61.7 | ||||||||||||
Non-current liabilities | 167.9 | ||||||||||||
Total liabilities held for sale | $ | 522.2 | |||||||||||
Aircraft_and_Other_Equipment
Aircraft and Other Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
AIRCRAFT AND OTHER EQUIPMENT [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
AIRCRAFT AND OTHER EQUIPMENT | ||||||||
Aircraft and other equipment, excluding aircraft and other equipment held for sale, consist of the following as of December 31 (in millions): | ||||||||
2013 | 2012 | |||||||
Aircraft | $ | 3,221.80 | $ | 2,852.80 | ||||
Flight equipment | 173.8 | 216.5 | ||||||
Office equipment and leasehold improvements | 44.8 | 29.9 | ||||||
Total aircraft and other equipment | 3,440.40 | 3,099.20 | ||||||
Less accumulated depreciation and amortization | (876.8 | ) | (788.0 | ) | ||||
Aircraft and other equipment—net | $ | 2,563.60 | $ | 2,311.20 | ||||
Aircraft and other equipment depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 was $150.7 million, $160.0 million, and $162.9 million, respectively. In September 2013 and December 2011, we recorded $12.0 million and $191.1 million in impairment charges as discussed in Note 3. |
Note_6_Intangible_and_Other_As
Note 6 - Intangible and Other Assets (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
schedule of intangible and other assets [Line Items] | ' | |||||||
intangible and other assets [Text Block] | ' | |||||||
INTANGIBLE AND OTHER ASSETS | ||||||||
Intangible and other assets as of December 31, 2013 and 2012 consist of the following (in millions): | ||||||||
2013 | 2012 | |||||||
Indefinite-lived intangible assets: | ||||||||
Airport slots | $ | 9 | $ | 9 | ||||
Other assets: | ||||||||
Aircraft pre-delivery deposits | 30 | — | ||||||
Aircraft lease and long-term deposits | 38.4 | 35.1 | ||||||
Chautauqua restructuring asset(1) | 79.6 | 67.7 | ||||||
Prepaid aircraft rents | 34.5 | 43.5 | ||||||
Debt issue costs and other non-current assets | 25.3 | 17 | ||||||
Total Other assets | 207.8 | 163.3 | ||||||
Intangible and other assets | $ | 216.8 | $ | 172.3 | ||||
(1) The Chautauqua restructuring asset line item does not include $18.7 million that was included in accounts receivable at December 31, 2012. See Note 3. | ||||||||
On April 30, 2012 and August 23, 2012, the Company sold slots to United and Delta at Newark Liberty International Airport ("EWR") and Ronald Reagan Washington National Airport ("DCA"), respectively, for total consideration of $21.0 million and recorded a gain on sale of assets of $8.3 million. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Accrued liabilities consist of the following as of December 31 (in millions): | ||||||||
2013 | 2012 | |||||||
Accrued wages, benefits and related taxes | $ | 29.2 | $ | 32 | ||||
Accrued maintenance | 50.2 | 35.8 | ||||||
Accrued interest payable | 18.1 | 17.3 | ||||||
Deferred revenue | 23.8 | 22 | ||||||
Other | 42.5 | 41.3 | ||||||
Total accrued liabilities | $ | 163.8 | $ | 148.4 | ||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Instrument [Line Items] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
DEBT | |||||||||
Debt consists of the following as of December 31 (in millions): | |||||||||
Secured debt: | 2013 | 2012 | |||||||
Promissory notes payable, collateralized by aircraft, bearing interest at fixed rates ranging from 4.32% to 8.49% at December 31, 2013 and outstanding through 2025, net of unamortized debt discount of $32.0 million. | $ | 1,995.00 | $ | 1,769.50 | |||||
Promissory notes payable, collateralized by aircraft, bearing interest at variable rates based on LIBOR plus a margin, ranging from 1.82% to 1.87% at December 31, 2013 and outstanding through 2020. | 80 | 122.2 | |||||||
Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at fixed rates ranging from 6.72% to 8.38% as of December 31, 2013 and outstanding through 2020. | 37 | 30.3 | |||||||
Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at a variable rate of LIBOR plus a margin, ranging from 3.23% to 3.69% as of December 31, 2013 and outstanding through 2018. | 4.3 | 3.5 | |||||||
Other | 3.7 | 2 | |||||||
Total debt secured by aircraft and parts | 2,120.00 | 1,927.50 | |||||||
Unsecured debt: | |||||||||
Convertible note payable, bearing interest at a fixed rate of 8%, due in full in July 2014. | 22.3 | 22.3 | |||||||
Convertible note payable, bearing interest at a fixed rate of 6%, face value of $25.0 million, net of discount $0.5 million, due in full in 2019. | 24.5 | 22.9 | |||||||
Total unsecured debt | 46.8 | 45.2 | |||||||
Total debt | 2,166.80 | 1,972.70 | |||||||
Current portion | 276.2 | 220.7 | |||||||
Long term debt, less current portion | $ | 1,890.60 | $ | 1,752.00 | |||||
Included in the current portion of long term debt are approximately $20.0 million of aircraft related debt obligations that the company expects to refinance. In addition, the current portion of long term debt includes one of our convertible notes with a face value of $22.3 million which may or may not be cash settled by the third quarter of 2014. | |||||||||
The Company has outstanding letters of credit as of December 31, 2013 and 2012 totaling $17.0 million and $15.9 million, respectively, that is collateralized by restricted cash. | |||||||||
The Company has two convertible notes with face values of $22.3 million and $25.0 million and are convertible in whole or in part, at the option of the holder, for up to 2.2 million and 2.5 million shares of the Company’s common stock. The convertible debt does not allow the holder of the note to cash settle based on the fair value of the note and there is no embedded derivative. | |||||||||
The Company has the ability to redeem each of the two convertible notes to the extent the notes have not previously been converted by the holder. Upon at least 10 day advanced written notice to the holder, the Company can redeem the $22.3 million note at face value, plus any accrued and unpaid interest. Upon not less than 30 days nor more than 60 days advanced written notice, the Company can redeem the $25.0 million note at a premium to face value at any time through October 28, 2016 at which point the note can be redeemed at face value thereafter. | |||||||||
Future maturities of debt are payable, as follows for the years ending December 31 (in millions): | |||||||||
2014 | 276.2 | ||||||||
2015 | 267.5 | ||||||||
2016 | 250 | ||||||||
2017 | 300.4 | ||||||||
2018 | 243.1 | ||||||||
Thereafter | 829.6 | ||||||||
Total (net of unamortized debt discount of $32.0 million) | $ | 2,166.80 | |||||||
Commitments
Commitments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
COMMITMENTS [Abstract] | ' | |||||||||||||||||||||||
Commitments Disclosure [Text Block] | ' | |||||||||||||||||||||||
COMMITMENTS | ||||||||||||||||||||||||
As of December 31, 2013, the Company leased 90 aircraft and 29 spare engines with varying terms extending through 2023 and terminal space, operating facilities and office equipment with terms extending through 2033 under operating leases. The components of rent expense for the years ended December 31 are as follows (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Aircraft and engine rent | $ | 122.6 | $ | 110.7 | $ | 117 | ||||||||||||||||||
Other | 11.7 | 9.2 | 10 | |||||||||||||||||||||
Total rent expense | $ | 134.3 | $ | 119.9 | $ | 127 | ||||||||||||||||||
The Company has long-term maintenance agreements with an avionics equipment manufacturer and maintenance provider that has a guaranteed minimum annual flight hour requirement. The minimum guaranteed amount based on the Company's current operations is $3.8 million per year through December 2016 for the E145 family of aircraft and $9.6 million per year through December 2014 for the E170 family of aircraft. | ||||||||||||||||||||||||
The following table represents our maintenance agreements for engines, auxiliary power units ("APU") and other airframe components for our E140/145, E170/175 and Q400 aircraft: | ||||||||||||||||||||||||
Expiration Date of Agreement: | ||||||||||||||||||||||||
Maintenance Agreements | E140/145 | E170/175 | Q400 | |||||||||||||||||||||
Engines | December 2017(2) | December 2018(3) | June 2021(2) | |||||||||||||||||||||
APU | Mar-14 | Jul-19 | Jul-21 | |||||||||||||||||||||
Avionics | Dec-17 | Dec-14 | NA(1) | |||||||||||||||||||||
Wheels and Brakes | Jun-14 | Feb-17 | August 2022(4) | |||||||||||||||||||||
Parts pooling | Sep-14 | Jan-20 | Jul-21 | |||||||||||||||||||||
Emergency Slides | NA(1) | May-18 | NA(1) | |||||||||||||||||||||
Tires | NA(1) | NA(1) | Jul-21 | |||||||||||||||||||||
Propellers | NA(1) | NA(1) | Jul-21 | |||||||||||||||||||||
(1) Agreements do not exist for the specified maintenance item for the related aircraft type. | ||||||||||||||||||||||||
(2) Maintenance agreements for engines include life limited parts ("LLPs") for E140/145 and Q400 aircraft. As of December 31, 2013 and 2012, we had maintenance deposits of $36.6 million and $28.1 million, respectively, related mostly for the future replacement of LLPs. | ||||||||||||||||||||||||
(3) E175 aircraft delivered in 2013 are not included under existing engine maintenance agreements. | ||||||||||||||||||||||||
(4) Q400 maintenance agreements do not include wheels. | ||||||||||||||||||||||||
Under these agreements, we are charged for covered services based on a fixed rate for each flight hour or flight cycle accumulated by the engines or airframes in our service during each month. The rates are subject to annual revisions, generally based on certain Bureau of Labor Statistics' labor and material indices. We believe these agreements, coupled with our ongoing maintenance program, reduce the likelihood of unexpected levels of engine, APU, avionics, wheels and brakes, emergency slides, and select rotable parts maintenance expense during their term. Certain of these agreements contain minimum guarantee amounts, penalty provisions for either the early removal of aircraft or agreement termination for activity levels below the minimums. | ||||||||||||||||||||||||
Total payments under these long-term maintenance agreements were $163.8 million, $119.4 million, and $92.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
As part of the Company's lease agreements, the Company typically indemnifies the lessor of the respective aircraft against liabilities that may arise due to changes in benefits from tax ownership or tax laws of the respective leased aircraft. The Company has not recorded a liability for these indemnifications because they are not estimable. The Company is responsible for all other maintenance costs of its aircraft and must meet specified return conditions upon lease expiration for both the air frames and engines. The Company recorded a liability for the return conditions of $2.5 million as of December 31, 2013 for maintenance commitments on five E190 aircraft that are in the process of transferring to our sublease program with a foreign airline. The Company will record a liability for lease return conditions for the remaining leased aircraft once it is probable and estimable. | ||||||||||||||||||||||||
Future minimum payments under non-cancelable operating leases are as follows for the years ending December 31 (in millions): | ||||||||||||||||||||||||
Aircraft | Other | Total | ||||||||||||||||||||||
2014 | $ | 110.1 | $ | 16.8 | $ | 126.9 | ||||||||||||||||||
2015 | 106.1 | 15.7 | 121.8 | |||||||||||||||||||||
2016 | 102.5 | 13.9 | 116.4 | |||||||||||||||||||||
2017 | 90.1 | 12.1 | 102.2 | |||||||||||||||||||||
2018 | 74.7 | 10.5 | 85.2 | |||||||||||||||||||||
Thereafter | 176.4 | 44.4 | 220.8 | |||||||||||||||||||||
Total | $ | 659.9 | $ | 113.4 | $ | 773.3 | ||||||||||||||||||
As of December 31, 2013, the Company has subleased nine E145 aircraft and three E170 aircraft to a foreign airline, and one E135 aircraft to a domestic airline. As of December 31, 2013, the total amount of minimum rentals to be received in the future under non-cancelable subleases is $113.3 million. During the years ended December 31, 2013, 2012, and 2011, the Company recognized $18.7 million, $15.9 million and $13.2 million, respectively, of sublease income that is included in charter and other revenue in the consolidated statements of operations. | ||||||||||||||||||||||||
As of December 31, 2013, the Company has firm orders to purchase 40 CS300 aircraft that have scheduled delivery dates beginning in early 2015 and continuing through 2017. In January 2014, Bombardier announced that the aircraft would not be expected into service until early 2016. The Company also has a commitment for 47 Embraer E175 (of which 19 have been delivered as of December 31, 2013) aircraft under the American Eagle brand that have scheduled delivery dates currently and through the first quarter of 2015. The Company also has a commitment to acquire 11 spare aircraft engines and expects to take delivery of four engines in 2014, three engines in 2015, three engines in 2016, and one engine beyond 2017. | ||||||||||||||||||||||||
Future contractual obligations for aircraft and other equipment under firm order (in millions): | ||||||||||||||||||||||||
Payments Due By Period | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||
Debt or lease financed aircraft under purchase obligations (1) | $ | 689.3 | $ | 889.1 | $ | 1,037.90 | $ | 778.4 | $ | — | $ | 3,394.70 | ||||||||||||
Engines under firm orders | 21.2 | 19.3 | 21 | 7 | — | 68.5 | ||||||||||||||||||
Total contractual obligations for aircraft and engines | $ | 710.5 | $ | 908.4 | $ | 1,058.90 | $ | 785.4 | $ | — | $ | 3,463.20 | ||||||||||||
(1) Represents timing of original CS300 delivery positions |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' |
Legal Matters and Contingencies [Text Block] | ' |
CONTINGENCIES | |
We are subject to certain legal and administrative actions, which we consider routine to our business activities. Management believes that the ultimate outcome of any pending legal matters will not have a material adverse effect on our financial position, liquidity or results of operations. | |
On June 10, 2011, Frontier reached a tentative agreement with the Frontier pilots (the “Pilots”), then represented by the Frontier Airlines Pilot Association ("FAPA"), pursuant to which FAPA agreed in principle to the restructuring of certain wages and benefits. On June 17, 2011, the tentative agreement was ratified by the Pilots. | |
On June 28, 2011, the International Brotherhood of Teamsters, Airline Division (the "IBT") replaced FAPA as the representative of Frontier pilots when the IBT was certified as the exclusive bargaining representative of the pilots. On August 3, 2011, the IBT filed suit against the Company and Frontier seeking to have the restructuring agreement declared null and void, or alternatively, seeking that the IBT manage the equity investment of the Frontier pilots due to accusations that the Company interfered with the election process. | |
We believe that these allegations are baseless and that we did not interfere in the election process, which in fact the IBT won. Under the Stock Purchase Agreement pursuant to which we sold Frontier, we have agreed to continue to vigorously defend ourselves and Frontier against this complaint, but there can be no assurance that we will be successful. | |
As of December 31, 2013, approximately 71% of the Company's workforce is employed under union contracts. The union contracts for our pilots is currently amendable. Although we have never had a work interruption or stoppage, we are subject to risks of work interruption or stoppage and/or may incur additional administrative expenses associated with union representation of our employees. If we are unable to reach agreement with any of our unionized work groups on the amended terms of their collective bargaining agreements, we may be subject to work interruptions and/or stoppages. Any sustained work stoppages could adversely affect our ability to fulfill our obligations under our fixed-fee and pro-rate agreements and could have a material adverse effect on our financial condition and results of operations. | |
On February 14, 2014, the Company announced that it reached a Tentative Agreement (TA) on a new four-year contract with the International Brotherhood of Teamsters (IBT) Local 357. Local 357 represents all of the Company's pilots. The proposed contract includes increases in pay that will place Republic pilots at or near the top of its airline peers. It also includes improvements in work rules, quality of life enhancements and more flexibility in scheduling, as well as a significant signing bonus if ratified. The TA still must be presented to union members for review and a formal ratification vote, which, if it occurs, is expected to be completed in March 2014. |
Capital_Stock_and_Stock_Option
Capital Stock and Stock Options | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Class of Stock [Line Items] | ' | ||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | ' | ||||||||||||||
CAPITAL STOCK AND STOCK OPTIONS | |||||||||||||||
The following table summarizes common stock activity for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||
(in millions) | Common Stock | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Beginning balance | 48.6 | 48.4 | 48.2 | ||||||||||||
Shares issued for stock options exercised | 0.7 | — | — | ||||||||||||
Vesting of restricted stock and other | 0.2 | 0.2 | 0.2 | ||||||||||||
Ending balance | 49.5 | 48.6 | 48.4 | ||||||||||||
Employee Stock Options | |||||||||||||||
The 2002 Equity Incentive Plan expired on April 19, 2012 with 22,434 shares available to be issued. These shares were canceled in April of 2012 and as of December 31, 2013, there are no shares available for future issuance. | |||||||||||||||
On December 23, 2013, the Company filed a registration statement for 3,500,000 million additional shares, increasing the total shares available for granting under the 2007 Equity Incentive Plan to 8,500,000 million, of which 2,973,542 shares, respectively, remain available for issuance under the plan as of December 31, 2013. Stock options granted typically vest ratably over the term of the employment agreements or between 36 and 48 months and are granted with exercise prices equal to market prices on the date of grant. The options normally expire 10 years from the date of grant. Options are typically granted to officers and key employees selected by the Compensation Committee of the Board of Directors and have exercise prices ranging from $3.85 to $20.27. | |||||||||||||||
Non-employee Director Stock Options | |||||||||||||||
The non-employee directors receive $50,000 worth of restricted stock on the first trading day after each annual meeting of stockholders at which they are re-elected as a non-employee director. These options vest ratably over 12 months of continuous service. The non-employee options are exercisable until 10 years from the date of grant. | |||||||||||||||
The following table summarizes option activity under the stock option plans as of December 31, 2013: | |||||||||||||||
Options | Weighted | Aggregate | Weighted Average | ||||||||||||
Average | Intrinsic Value (in millions) | Contractual Term | |||||||||||||
Exercise Price | (in years) | ||||||||||||||
Outstanding at January 1, 2013 | 4,539,575 | $ | 12.29 | ||||||||||||
Granted | 442,000 | 11.4 | |||||||||||||
Exercised | (693,993 | ) | 5.87 | ||||||||||||
Forfeited | (110,916 | ) | 6.36 | ||||||||||||
Outstanding at December 31, 2013 | 4,176,666 | $ | 13.5 | $ | 3.6 | 6.54 | |||||||||
Vested or expected to vest at December 31, 2013 | 4,111,805 | $ | 13.61 | $ | 3.3 | 6.45 | |||||||||
Exercisable at December 31, 2013 | 3,513,999 | $ | 14.26 | $ | 2.5 | 4.63 | |||||||||
The intrinsic value of options exercised during the years ended December 31, 2012 and 2011 was not material. | |||||||||||||||
There were 3,790,942 and 3,514,492 options exercisable at December 31, 2012 and 2011, respectively. The weighted average exercise price for the options exercisable at December 31, 2012 and 2011 was $13.59 and $14.27, respectively. The remaining contractual life for the options outstanding at December 31, 2012 and 2011 was 4.91 years and 6.31 years, respectively. | |||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, $1.2 million ($0.7 million net of tax), $1.2 million ($0.7 million net of tax) and $3.2 million ($1.9 million net of tax), respectively, was charged to expense relating to the stock option plans. The Company has a policy of issuing new common shares to satisfy the exercise of stock options. At December 31, 2013 there was $2.2 million of unrecognized stock-based employee compensation expense for unvested stock options, and the expected remaining expense period is 4 years. The Company did not recognize excess tax benefits related to stock option exercises for the last three years due to net operating losses. | |||||||||||||||
The weighted average grant date fair value of options granted in 2013, 2012 and 2011 was $5.28, $2.02, and $2.41, respectively. The Company estimates the fair value of stock options issued using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. Dividends were based on an estimated dividend yield. The risk-free rates for the periods within the contractual life of the option are based on the U.S. Treasury rates in effect at the time of the grant. The forfeiture rate is based on historical information and management’s best estimate of future forfeitures. The expected term of options granted is derived from historical exercise experience and represents the period of time the Company expects options granted to be outstanding. Option valuation models require the input of subjective assumptions including the expected volatility and lives. | |||||||||||||||
The following assumptions were used to value stock option grants during the following periods: | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Dividend yield | —% | —% | —% | ||||||||||||
Expected volatility | 59 | % | - | 62% | 59 | % | - | 62% | 60 | % | - | 61% | |||
Risk-free interest rate | 0.9 | % | - | 1.40% | 0.6 | % | - | 1.00% | 1.2 | % | - | 2.00% | |||
Expected life (in years) | 4 | - | 5 | 4 | - | 5 | 4 | - | 5 | ||||||
Restricted Stock Grants | |||||||||||||||
Restricted stock awards have been granted to certain of our officers, directors, and key employees. Restricted stock awards are grants of shares of our common stock which typically vest over time (generally three or four years). | |||||||||||||||
Compensation expense for our restricted stock grants was $2.8 million, $1.8 million, and $2.4 million during the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, we have $6.8 million in total unrecognized future compensation expense that will be recognized over the next three or four years relating to awards for 846,083 restricted shares which were issued but which had not yet vested. | |||||||||||||||
A summary of restricted stock activity under the aforementioned plan is as follows: | |||||||||||||||
Restricted Stock | |||||||||||||||
Awards | |||||||||||||||
Unvested at January 1, 2013 | 637,870 | ||||||||||||||
Vested | (273,334 | ) | |||||||||||||
Issued | 511,500 | ||||||||||||||
Surrendered | (29,953 | ) | |||||||||||||
Unvested at December 31, 2013 | 846,083 | ||||||||||||||
The grant date weighted-average fair value per share of restricted stock awards granted during the years ended December 31, 2013, 2012, and 2011, was $11.23, $4.98 and $5.39, respectively. The total fair value of shares vested during the years ended December 31, 2013, 2012, and 2011, was $2.8 million, $0.7 million, and $1.4 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Contingency [Line Items] | ' | |||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||
INCOME TAXES | ||||||||||||
The components of the provision for income tax expense (benefit) for the years ended December 31 are as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal: | ||||||||||||
Current | $ | — | $ | — | $ | — | ||||||
Deferred | 30.9 | 13.6 | (45.8 | ) | ||||||||
Total Federal | 30.9 | 13.6 | (45.8 | ) | ||||||||
State: | ||||||||||||
Current | 4.1 | — | (2.2 | ) | ||||||||
Deferred | (9.8 | ) | 6.1 | (7.2 | ) | |||||||
Total State | (5.7 | ) | 6.1 | (9.4 | ) | |||||||
Valuation allowance | 8.8 | 0.1 | (0.6 | ) | ||||||||
Expense for uncertain tax positions | (1.0 | ) | — | — | ||||||||
Income tax expense (benefit) | $ | 33 | $ | 19.8 | $ | (55.8 | ) | |||||
A reconciliation of income tax expense (benefit) at the applicable federal statutory income tax rate to the tax provision as reported for the years ended December 31 are as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal income tax expense (benefit) at statutory rate | $ | 28.4 | $ | 17.9 | $ | (52.2 | ) | |||||
State income tax expense (benefit), net of federal (expense) benefit | 2.7 | 1.6 | (4.5 | ) | ||||||||
Valuation allowance | 8.8 | 0.1 | (0.6 | ) | ||||||||
State net operating loss | (8.8 | ) | (1.2 | ) | — | |||||||
Permanent tax adjustments | 1.7 | 1.2 | 1.2 | |||||||||
Other | 0.2 | 0.2 | 0.3 | |||||||||
Income tax expense (benefit) | $ | 33 | $ | 19.8 | $ | (55.8 | ) | |||||
The components of deferred tax assets and liabilities as of December 31 are as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
DEFERRED TAX ASSETS: | ||||||||||||
Current: | ||||||||||||
Deferred frequent flyer revenue | $ | — | $ | 21 | ||||||||
Nondeductible accruals and deferred revenue | 24.2 | 22.9 | ||||||||||
Total | 24.2 | 43.9 | ||||||||||
Valuation allowance | (8.5 | ) | (12.6 | ) | ||||||||
Total current deferred tax assets | $ | 15.7 | $ | 31.3 | ||||||||
Noncurrent: | ||||||||||||
Nondeductible accruals and deferred revenue | $ | 21.1 | $ | 33.5 | ||||||||
Deferred frequent flyer revenue | — | 22.1 | ||||||||||
Federal and state net operating loss carryforwards, net of liability for uncertain tax positions | 443.4 | 485.7 | ||||||||||
AMT credits | 6.1 | 6.5 | ||||||||||
Prepaid rent | 8.6 | 6.9 | ||||||||||
Deferred credits and other non-current liabilities | 17.4 | 18.5 | ||||||||||
Other | 23.2 | 22.1 | ||||||||||
Total | 519.8 | 595.3 | ||||||||||
Valuation allowance | (182.8 | ) | (169.9 | ) | ||||||||
Total noncurrent deferred tax assets | 337 | 425.4 | ||||||||||
DEFERRED TAX LIABILITIES: | ||||||||||||
Noncurrent: | ||||||||||||
Other intangible assets | (3.4 | ) | (24.9 | ) | ||||||||
Maintenance deposits | (14.0 | ) | (62.6 | ) | ||||||||
Stock basis difference in subsidiary from gain on bargain purchase | — | (78.0 | ) | |||||||||
Accelerated depreciation and fixed asset basis differences for tax purposes | (580.0 | ) | (644.5 | ) | ||||||||
Total noncurrent deferred tax liabilities | (597.4 | ) | (810.0 | ) | ||||||||
Total net noncurrent deferred tax liabilities | $ | (260.4 | ) | $ | (384.6 | ) | ||||||
The company sold Fronter during the fourth quarter of 2013 and classified its Frontier business as discontinued operations. The deferred tax assets and deferred tax liabilities related to the Company’s Frontier business were included above in the historical components of the deferred tax assets and deferred tax liabilities as of December 31, 2012. These deferred tax assets and deferred tax liabilities were recognized as part of the sale of the Frontier business. | ||||||||||||
The Company monitors ongoing tax cases related to its unrecognized tax benefits. The unrecognized tax benefits, which if recognized, would impact the effective tax rate. The Company does not anticipate that total unrecognized tax benefits would significantly change within the next 12 months. The following table reconciles the Company’s tax liability for uncertain tax positions for the year ended December 31 (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 8.1 | $ | 8.1 | $ | 8.1 | ||||||
Additions for tax positions taken in prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (1.0 | ) | — | — | ||||||||
Balance at December 31, | $ | 7.1 | $ | 8.1 | $ | 8.1 | ||||||
The following table reconciles the Company’s valuation allowance for the year ended December 31 (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 182.5 | $ | 182.5 | $ | 166.9 | ||||||
Additions based on filing the final pre-acquisition tax returns | — | — | 16.2 | |||||||||
Reduction of net operating losses previously reserved that were forgone in tax return filings | — | (0.1 | ) | — | ||||||||
Additions (deductions) for change in current year analysis | 8.8 | 0.1 | (0.6 | ) | ||||||||
Balance at December 31, | $ | 191.3 | $ | 182.5 | $ | 182.5 | ||||||
The future use of the net operating losses (“NOLs”) acquired from previous acquisitions are limited based on Internal Revenue Code Section 382 due to the change in control that occurred from the acquisitions. Management evaluated the deferred tax assets and determined that more likely than not, certain deferred tax assets would not be utilized and therefore a valuation allowance was required. The net operating losses generated by the Company after the change in control date, generally do not have a related valuation allowance. As of December 31, 2013, the Company has federal NOL carryforwards totaling $1.2 billion, which begin expiring in 2015, and of which approximately $398.0 million are not expected to be realized prior to expiration mostly due to the limitations under Internal Revenue Code Section 382. Therefore, a valuation allowance has been recorded for these net operating loss carryforwards. In 2013, the Company increased the deferred tax asset for state net operating losses by approximately $8.8 million and increased its valuation allowance related net operating losses by approximately $8.8 million. | ||||||||||||
Deferred tax assets include benefits expected to be realized from the utilization of alternative minimum tax (“AMT”) credit carryforwards of $6.1 million, which do not expire. A valuation allowance of $5.2 million has been recorded against AMT credit carryforwards that were acquired from previous acquisitions as these credits are not expected to be realized. | ||||||||||||
The Company's federal income tax returns for tax years after 1998 remain subject to examination by the Internal Revenue Service (“IRS”) and state taxing jurisdictions. The Company concluded its audit by the IRS for the 2009 tax year in 2012. The Company's NOL's from prior tax years would remain subject to examination by major tax jurisdictions due to our net operating loss carryforwards. |
Retirement_and_Benefit_Plans
Retirement and Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
RETIREMENT AND BENEFIT PLANS | |
Defined Contributions Plans — The Company has defined contribution retirement plans covering all employees meeting the eligibility requirements. The Company matches up to 6% of employees' eligible compensation as defined by the Plan document. Employees are generally vested in matching contributions after 3 years of service with the Company. Employees are also permitted to make pre-tax deferrals and after-tax Roth contributions of up to 90% (up to the annual Internal Revenue Code limit) of their eligible compensation. The Company's expense under this plan was $5.9 million, $5.2 million, and $5.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Qualified Defined Benefit Plan — The Company has one qualified defined benefit plan. The accrued benefit liability (recorded in deferred credits and other noncurrent liabilities) was $3.3 million and $6.5 million as of December 31, 2013 and 2012, respectively. The fair value of the accumulated benefit obligation, projected benefit obligation and fair value of plan assets at December 31, 2013 were $16.7 million, $16.7 million and $13.4 million, respectively. The net periodic benefit cost, employer contributions, and future benefit payments are not material to the Company’s consolidated statements of operations or consolidated financial position. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
(amounts in millions) | Balance at Beginning of Year | Additions Charged to Expense | Deductions | Balance at End of Year | ||||||||||||||
Description | ||||||||||||||||||
Allowance for doubtful accounts receivables: | ||||||||||||||||||
12/31/13 | $ | 1.3 | $ | 0.4 | $ | (0.2 | ) | (1 | ) | $ | 1.5 | |||||||
12/31/12 | 0.5 | 0.9 | (0.1 | ) | (1 | ) | 1.3 | |||||||||||
12/31/11 | $ | 0.6 | $ | — | $ | (0.1 | ) | (1 | ) | $ | 0.5 | |||||||
(1) | Uncollectible accounts written off net of recoveries, if any. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
On Friday, February 14, 2014, the Company announced that it reached a Tentative Agreement (TA) on a new four-year contract with the IBT Local 357. Local 357 represents all of the Company's pilots. The proposed contract includes increases in pay that will place Republic pilots at or near the top of its airline peers. It also includes improvements in work rules, quality of life enhancements and more flexibility in scheduling as well as a significant signing bonus if ratified. The TA still must be presented to union members for review and a formal ratification vote, which is expected in March 2014. | |
Effective March 1, 2014, Chautauqua Airlines, Inc. ("Chautauqua"), a subsidiary of Republic Airways Holdings, Inc., entered into an Amendment to the Amended and Restated Air Services Agreement with American Airlines Group, Inc., dated as of June 12, 2002 (such agreement, as amended, the "Air Services Agreement"). In the Amendment, the parties agreed to remove 15 E140 44-seat aircraft (the "American Removed Aircraft") from service under the Air Services Agreement between March 1, 2014 and August 19, 2014. Upon removal of the last of the American Removed Aircraft, the Air Services Agreement will terminate. | |
Effective March 4, 2014, Chautauqua entered into the Fifth Amendment to the Capacity Purchase Agreement with United Airlines, Inc. ("United") dated as of July 21, 2006 (such agreement, as amended, the "CPA"). In the Amendment, the parties agreed to remove 12 E145 50-seat aircraft (the "United Removed Aircraft") from service under the CPA on April 1, 2014. Upon removal of the last of the United Removed Aircraft, the CPA will terminate. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies Level 2 (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||
Basis of Consolidation—The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries, Chautauqua Airlines, Shuttle America, and Republic Airline. Frontier Airlines is also included in the consolidated financial statements until the sale on December 3, 2013. Intercompany transactions and balances are eliminated in consolidation. | ||||||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||||||
Risk Management—The Company has recorded settlements of treasury lock agreements from prior periods within accumulated other comprehensive loss. Such amounts are reclassified to interest expense over the term of the respective aircraft debt. During 2013, 2012 and 2011, the amount reclassified to interest expense was not material to the financial statements. | ||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||
Cash and Cash Equivalents—Cash equivalents consist of money market funds and short-term, highly liquid investments with maturities of three months or less when purchased and approximates fair value. Substantially all of our cash is on hand with two banks. | ||||||||||||
Supplemental Statement of Cash Flow Information: | ||||||||||||
Years ended December 31, | ||||||||||||
(amounts in millions) | 2013 | 2012 | 2011 | |||||||||
CASH PAID FOR INTEREST AND INCOME TAXES: | ||||||||||||
Interest paid-net of amount capitalized | $ | 108.2 | $ | 116.1 | $ | 121.4 | ||||||
Income taxes paid-net of refunds | 2.1 | 0.1 | (2.6 | ) | ||||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||||||||||||
Inventory and other equipment sold for aircraft and other equipment manufacturer credits (1) | 42.8 | — | — | |||||||||
Other equipment acquired through manufacturer credits | 11.6 | — | — | |||||||||
Manufacturer credits applied to the purchase of aircraft | 8.7 | — | — | |||||||||
Engines received and not yet paid | 5.8 | — | 5 | |||||||||
Issuance of convertible debt | — | 22.9 | — | |||||||||
Chautauqua restructuring asset - Aircraft Manufacturer's Incentive | 12 | 86.4 | — | |||||||||
(1) During the first quarter of 2013, the Company entered into a flight hour pool program to minimize its upfront investment on high-value repairable inventories. Under the program, the Company sold certain parts for total non-cash proceeds of $42.8 million. The total proceeds were received in the form of credit notes that the Company intends to utilize on future aircraft purchases and were recorded as deposits within other assets on the consolidated balance sheet as of December 31, 2013. In addition, the Company recorded deferred credits of $4.0 million related to the sale that will be amortized over the term of the agreement. | ||||||||||||
Restricted Cash primarily consists of balances in escrow for our long-term charter agreement, restricted amounts for satisfying debt and lease payments due within the next year and certificates of deposit that secure certain letters of credit issued for workers' compensation claim reserves and certain airport authorities. Restricted cash is carried at cost, which management believes approximates fair value. | ||||||||||||
Receivables, Policy [Policy Text Block] | ' | |||||||||||
Receivables primarily consist of amounts due from our partners and OEMs. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical write-offs and other specific analysis. Bad debt expense and write-offs were not material for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||
Inventories consist of spare parts and supplies, which are charged to expense as they are used in operations. Inventories are valued at the lower of cost or net realizable value using the average cost. An allowance for obsolescence is provided to reduce inventory to estimated net realizable value. As of December 31, 2013 and 2012, this reserve was $22.6 million and $22.2 million, respectively. | ||||||||||||
Prepaid expenses and Other Current Assets [Policy Text Block] | ' | |||||||||||
Prepaid Expenses and Other Current Assets consist of prepaid expenses, primarily deposits, facility and engine rent, and other current assets. | ||||||||||||
Discontinued Operations, Policy [Policy Text Block] | ' | |||||||||||
Assets/Liabilities Held for Sale consist of our Frontier operations, flight equipment and spare aircraft parts at the lower of their carrying value or estimated fair value less costs to sell as of December 31, 2012. All such assets were sold during the fourth quarter of 2013 and therefore the Company has no assets or liabilities held for sale as of December 31, 2013. See Note 4. | ||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||
Aircraft and Other Equipment is carried at cost. Incentives received from the aircraft manufacturer are recorded as reductions to the cost of the aircraft. Depreciation for aircraft is computed on a straight-line basis, to an estimated residual value, over the estimated useful life of 16.5 to 20 years. Depreciation for other equipment, including rotable parts, is computed on a straight-line basis, to an estimated residual value, over the estimated useful lives of three to 10 years. Leasehold improvements are amortized over the expected life or lease term, whichever is shorter. Interest related to deposits on aircraft on firm order from the manufacturer is capitalized and was not material for the years ended December 31, 2013, 2012 and 2011, respectively. See Note 5. | ||||||||||||
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | ' | |||||||||||
Intangible and Other Assets that have indefinite useful lives are not amortized but are tested if a triggering event occurred, or at least annually, for impairment. | ||||||||||||
other assets [Policy Text Block] | ' | |||||||||||
Other assets consists primarily of aircraft leases and long-term deposits, Chautauqua restructuring asset, prepaid aircraft rents, and debt issue costs and other non-current assets. Debt issue costs are capitalized and are amortized using the effective interest method to interest expense over the term of the related debt. Refer to Note 6 for more detail. | ||||||||||||
Property, Plant and Equipment, Impairment [Policy Text Block] | ' | |||||||||||
Long-Lived Assets—Management reviews long-lived assets for possible impairment, if there is a triggering event that detrimentally affects operations. The primary financial indicator used by the Company to assess the recoverability of its long-lived assets held and used is undiscounted future cash flows from operations. The amount of impairment, if any, is measured based on the excess of estimated fair value over the carrying value. | ||||||||||||
deferred credits and other non current liabilities [Policy Text Block] | ' | |||||||||||
Deferred Credits and Other Non Current Liabilities consist primarily of credits for parts and training from the aircraft and engine manufacturers, deferred gains from the sale and leaseback of aircraft and spare jet engines and deferred revenue. Deferred credits are amortized on a straight-line basis as a reduction of aircraft or engine rent expense over the term of the respective leases. The deferred revenue is amortized as an adjustment to fixed-fee services revenue based on the weighted average aircraft in service over the life of the respective agreements. | ||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Loss—The Company had accumulated other comprehensive loss relating to treasury lock agreements of $0.8 million and $1.1 million (net of tax), as of December 31, 2013 and 2012, respectively; and $1.8 million and $3.9 million (net of tax), relating to the pension plan as of December 31, 2013 and 2012, respectively. | ||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||
Income Taxes—The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts for existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected to be recovered or settled. The measurement of deferred tax assets is adjusted by a valuation allowance, if necessary, to recognize the future tax benefits to the extent, based on available evidence; it is more likely than not they will be realized. | ||||||||||||
Maintenance Cost, Policy [Policy Text Block] | ' | |||||||||||
Aircraft Maintenance and Repair charges are expensed as incurred under the direct expense method. Engines and certain airframe component overhaul and repair costs are subject to power-by-the-hour contracts with external vendors and are expensed as the aircraft are flown. The Company also has deposits related to leased aircraft. Deposits are reimbursed based on the specific event for each specified deposit, as determined by the lease. As of December 31, 2013, the Company has evaluated the carrying amount of maintenance deposits and believes the deposits are recoverable when the future maintenance event occurs and the Company is reimbursed. The Company has determined that it is probable that substantially all maintenance deposits will be refunded through qualifying maintenance activities, except for deposits related to certain aircraft that are expected to be returned to the lessor in 2014 and 2015. This analysis was performed by lease and by deposit type. The Company will continue to evaluate whether it is probable the deposits will be returned to reimburse the costs of the maintenance activities incurred. Deposits will be recognized as additional expense when they are less than probable of being returned. | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such management estimates include, but are not limited to, recognition of revenue, estimated useful lives and residual values of aircraft and other equipment, provision for accrued aircraft return costs, recoverability of maintenance deposits, fair value of financial instruments and valuation of deferred tax assets. Under the code-share agreements, the Company estimates operating costs for certain pass through costs and records revenue based on these estimates. Actual results could differ from these estimates. | ||||||||||||
fixed fee service revenues [Policy Text Block] | ' | |||||||||||
Fixed-fee Service Revenues—Under our fixed-fee arrangements with our Partners, the Company receives fixed-fees for our capacity purchase agreements, as well as reimbursement of specified pass through costs on a gross basis with additional possible incentives from our Partners for superior service. These revenues are recognized in the period the service is provided, and we record an estimate of the profit component based upon the information available at the end of the accounting period. | ||||||||||||
The reimbursement of specified costs, known as pass through costs, may include aircraft ownership cost, passenger liability and hull insurance, aircraft property taxes, fuel, landing fees and catering. All revenue recognized under these contracts is presented at the gross amount billed for reimbursement. | ||||||||||||
Under the Company’s code-share agreements, the Company is reimbursed an amount per aircraft designed to compensate the Company for certain aircraft ownership costs. The Company has concluded that a component of its fixed-fee service revenues under the agreement discussed above is rental income, inasmuch as the agreement identifies the “right of use” of a specific type and number of aircraft over a stated period of time. The amount deemed to be rental income during 2013, 2012 and 2011 was $386.8 million, $338.5 million, and $321.6 million, respectively, and has been included in fixed-fee service revenues in the Company’s consolidated statements of operations. | ||||||||||||
passenger service revenues [Policy Text Block] | ' | |||||||||||
Passenger Service Revenues—Passenger service revenues are revenue from the pro-rate agreements, Republic is allocated an industry standard pro-rata portion of ticket revenue, while Frontier retains all connect revenues as well as ancillary revenues on regional flights. The Company no longer records passenger pro-rate services as the Company terminated its pro-rate services in the first quarter of 2014. | ||||||||||||
charter and other revenue [Policy Text Block] | ' | |||||||||||
Charter and Other Revenue—Charter and other revenue primarily consists of revenue related to our dedicated scheduled charters and lease revenue for aircraft subleased under operating leases. Charter revenues are recognized at the point that our charter service is realizable and earned, which is when the transportation is provided. All other revenue is recognized as revenue when the related goods and services are provided. | ||||||||||||
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | ' | |||||||||||
Promotion and Sales includes expense incurred on our pro-rate operation only and consists of a fee charged by Frontier for advertising costs, passenger reservation and booking fees, credit card processing fees and commissions. Advertising expense was not material for the years ended 2013, 2012 and 2011, respectively. | ||||||||||||
Lease, Policy [Policy Text Block] | ' | |||||||||||
Lease Return Conditions—The Company must meet specified return conditions upon lease expiration for both the airframes and engines. The Company estimates lease return conditions specified in leases and accrues these amounts as contingent rent ratably over the lease term while the aircraft are operating once such costs are probable and reasonably estimable. These expenses are included in accrued liabilities in the consolidated balance sheets. | ||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||
Net Income (Loss) per Common Share is based on the weighted average number of shares outstanding during the period. The following is a reconciliation of the diluted net income (loss) per common share computations: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Income (loss) from continuing operations | $ | 48.3 | $ | 31.3 | $ | (93.3 | ) | |||||
Income (loss) from discontinued operations, net of tax | (21.6 | ) | 20 | (58.5 | ) | |||||||
Net income (loss) | $ | 26.7 | $ | 51.3 | $ | (151.8 | ) | |||||
Reduction in interest expense from convertible notes (net of tax) | 2 | 1.3 | — | |||||||||
Net income (loss) after assumed conversion | $ | 28.7 | $ | 52.6 | $ | (151.8 | ) | |||||
Weighted-average common shares outstanding for basic net income (loss) per common share | 49.2 | 48.5 | 48.2 | |||||||||
Effect of dilutive employee stock options | 0.7 | 0.2 | — | |||||||||
Effect of dilutive convertible notes | 4.7 | 2.7 | — | |||||||||
Adjusted weighted-average common shares outstanding and assumed conversions for diluted net income (loss) per common share | 54.6 | 51.4 | 48.2 | |||||||||
Income (loss) per share - basic: | ||||||||||||
Income (loss) from continuing operations | $ | 0.98 | $ | 0.65 | $ | (1.94 | ) | |||||
Income (loss) from discontinued operations, net of tax | (0.44 | ) | 0.41 | (1.20 | ) | |||||||
Net income (loss) per share - basic | $ | 0.54 | $ | 1.06 | $ | (3.14 | ) | |||||
Income (loss) per share - diluted: | ||||||||||||
Income (loss) from continuing operations | $ | 0.92 | $ | 0.63 | $ | (1.94 | ) | |||||
Income (loss) from discontinued operations, net of tax | (0.40 | ) | 0.39 | (1.20 | ) | |||||||
Net income (loss) per share - diluted | $ | 0.52 | $ | 1.02 | $ | (3.14 | ) | |||||
The Company excluded 3.3 million, 4.1 million, and 4.2 million of employee stock options from the calculation of diluted net income (loss) per share due to their anti-dilutive impact for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
The Company has two convertible notes with face values of $22.3 million and $25.0 million that are convertible in whole or in part, at the option of the holder, for up to 2.2 million and 2.5 million shares, respectively, of the Company’s common stock as of December 31, 2013. The convertible note payable for 2.5 million shares was issued in November of 2012, and it was dilutive for the 12 months ended December 31, 2013. The convertible note payable for 2.2 million shares was dilutive for the 12 months ended December 31, 2013 and 2012. | ||||||||||||
The Company has the ability to redeem each of the two convertible notes to the extent the notes have not previously been converted by the holder. Upon at least 10 day advanced written notice to the holder, the Company can redeem the $22.3 million note at face value, plus any accrued and unpaid interest. Upon not less than 30 days nor more than 60 days advanced written notice, the Company can redeem the $25.0 million note at a premium to face value at any time through October 28, 2016 at which point the note can be redeemed at face value thereafter. | ||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | |||||||||||
Segment Information—As a result of the sale of Frontier there is only one reportable segment for the schedule transportation of passengers and air freight under code-share agreements. | ||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||
Fair Value of Financial Instruments—The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, receivables, and accounts payable approximate fair values because of their immediate or short-term maturity of these financial instruments. | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||
Accounting Pronouncements—In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-05, Service Concession Arrangements (Topic 853), a consensus of the FASB Emerging Issues Task Force. The objective of the update is to specify that an operating entity should not account for a service concession arrangement within the scope of this update as a lease in accordance with Topic 840, Leases. It is effective for fiscal years beginning after December 15, 2014, and the impact to the consolidated financial statements is being evaluated by the Company. | ||||||||||||
In July 2013, the FASB issued ASU 2013-11–Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The standard provides updated guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. It becomes effective for fiscal years beginning after December 15, 2013, and the impact to the consolidated financial statements will not be material. | ||||||||||||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard revises the guidance for providing information about the amounts reclassified out of accumulated other comprehensive income. It became effective for fiscal years beginning after December 15, 2012. The Company adopted this accounting standard on January 1, 2013, and the impact to the consolidated financial statements was not material. | ||||||||||||
In July 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The standard revises the guidance for evaluating impairment on indefinite-lived intangible assets. It was effective for the Company on January 1, 2013, and the impact to the consolidated financial statements was not material. |
Note_1_Organization_and_Busine
Note 1 - Organization and Business Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
ORGANIZATION & BUSINESS [Abstract] | ' | ||||||||||||||||||||
schedule of passenger service [Table Text Block] | ' | ||||||||||||||||||||
The following table outlines the type of aircraft our subsidiaries operate and their respective operations within our business units as of December 31, 2013: | |||||||||||||||||||||
Operating Subsidiaries | Aircraft Size (Seats) | United | Delta | US Airways/American | Frontier | Charters/Spares | Number of Aircraft | ||||||||||||||
Chautauqua | 44 to 50 | 12 | 41 | 15 | — | 4 | 72 | ||||||||||||||
Shuttle America | 70 to 76 | 38 | 30 | — | — | — | 68 | ||||||||||||||
Republic Airline | 69 to 99 | 28 | — | 74 | 2 | 14 | 118 | ||||||||||||||
Total number of operating aircraft | 78 | 71 | 89 | 2 | 18 | 258 | |||||||||||||||
CPA Agreements Details [Table Text Block] | ' | ||||||||||||||||||||
The following table is a summary representation of existing Capacity Purchase Agreements ("CPAs") with our Partners: | |||||||||||||||||||||
Partner | Aircraft Type | Seats on Aircraft | Number of Aircraft under CPAs | Current Expiration Date(s) | |||||||||||||||||
US Airways | E170 | 69 | 20 | Sep-15 | |||||||||||||||||
US Airways | E175 | 80 | 38 | September 2015(1) and February 2019 to July 2020 | |||||||||||||||||
American | E140 | 44 | 15 | March 2014 to August 2014 | |||||||||||||||||
American | E175 | 76 | 16 | July 2025 to February 2027 | |||||||||||||||||
Delta | E145 | 50 | 41 | June 2014 to May 2016 | |||||||||||||||||
Delta | E170 | 70 | 14 | Oct-17 | |||||||||||||||||
Delta | E175 | 76 | 16 | Jan-19 | |||||||||||||||||
United | E145 | 50 | 12 | Apr-14 | |||||||||||||||||
United | E170 | 70 | 38 | June 2016 to June 2019 | |||||||||||||||||
United | Q400 | 71 | 28 | September 2020 to December 2021 | |||||||||||||||||
(1) Expiration date of September 2015 relates to eight E175 aircraft. | |||||||||||||||||||||
partner related revenues and receivables table text block [Table Text Block] | ' | ||||||||||||||||||||
The following sets forth our Partners' regional airline services revenue and accounts receivable as a percentage of total regional airline services revenue and net receivables: | |||||||||||||||||||||
Revenues for the years ended: | Delta | United Continental Holdings, Inc | US Airways/American | ||||||||||||||||||
31-Dec-13 | 24% | 31% | 35% | ||||||||||||||||||
31-Dec-12 | 19% | 27% | 34% | ||||||||||||||||||
31-Dec-11 | 14% | 26% | 31% | ||||||||||||||||||
Receivables as of: | |||||||||||||||||||||
31-Dec-13 | 7% | 23% | 19% | ||||||||||||||||||
31-Dec-12 | 8% | 5% | 11% |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||||||
Supplemental Statement of Cash Flow Information: | ||||||||||||
Years ended December 31, | ||||||||||||
(amounts in millions) | 2013 | 2012 | 2011 | |||||||||
CASH PAID FOR INTEREST AND INCOME TAXES: | ||||||||||||
Interest paid-net of amount capitalized | $ | 108.2 | $ | 116.1 | $ | 121.4 | ||||||
Income taxes paid-net of refunds | 2.1 | 0.1 | (2.6 | ) | ||||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||||||||||||
Inventory and other equipment sold for aircraft and other equipment manufacturer credits (1) | 42.8 | — | — | |||||||||
Other equipment acquired through manufacturer credits | 11.6 | — | — | |||||||||
Manufacturer credits applied to the purchase of aircraft | 8.7 | — | — | |||||||||
Engines received and not yet paid | 5.8 | — | 5 | |||||||||
Issuance of convertible debt | — | 22.9 | — | |||||||||
Chautauqua restructuring asset - Aircraft Manufacturer's Incentive | 12 | 86.4 | — | |||||||||
(1) During the first quarter of 2013, the Company entered into a flight hour pool program to minimize its upfront investment on high-value repairable inventories. Under the program, the Company sold certain parts for total non-cash proceeds of $42.8 million. The total proceeds were received in the form of credit notes that the Company intends to utilize on future aircraft purchases and were recorded as deposits within other assets on the consolidated balance sheet as of December 31, 2013. In addition, the Company recorded deferred credits of $4.0 million related to the sale that will be amortized over the term of the agreement. | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
Net Income (Loss) per Common Share is based on the weighted average number of shares outstanding during the period. The following is a reconciliation of the diluted net income (loss) per common share computations: | ||||||||||||
For the Years Ended December 31, | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Income (loss) from continuing operations | $ | 48.3 | $ | 31.3 | $ | (93.3 | ) | |||||
Income (loss) from discontinued operations, net of tax | (21.6 | ) | 20 | (58.5 | ) | |||||||
Net income (loss) | $ | 26.7 | $ | 51.3 | $ | (151.8 | ) | |||||
Reduction in interest expense from convertible notes (net of tax) | 2 | 1.3 | — | |||||||||
Net income (loss) after assumed conversion | $ | 28.7 | $ | 52.6 | $ | (151.8 | ) | |||||
Weighted-average common shares outstanding for basic net income (loss) per common share | 49.2 | 48.5 | 48.2 | |||||||||
Effect of dilutive employee stock options | 0.7 | 0.2 | — | |||||||||
Effect of dilutive convertible notes | 4.7 | 2.7 | — | |||||||||
Adjusted weighted-average common shares outstanding and assumed conversions for diluted net income (loss) per common share | 54.6 | 51.4 | 48.2 | |||||||||
Income (loss) per share - basic: | ||||||||||||
Income (loss) from continuing operations | $ | 0.98 | $ | 0.65 | $ | (1.94 | ) | |||||
Income (loss) from discontinued operations, net of tax | (0.44 | ) | 0.41 | (1.20 | ) | |||||||
Net income (loss) per share - basic | $ | 0.54 | $ | 1.06 | $ | (3.14 | ) | |||||
Income (loss) per share - diluted: | ||||||||||||
Income (loss) from continuing operations | $ | 0.92 | $ | 0.63 | $ | (1.94 | ) | |||||
Income (loss) from discontinued operations, net of tax | (0.40 | ) | 0.39 | (1.20 | ) | |||||||
Net income (loss) per share - diluted | $ | 0.52 | $ | 1.02 | $ | (3.14 | ) | |||||
Note_3_Fair_Value_Measurement_
Note 3 - Fair Value Measurement Level 3 (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following table sets forth information regarding the Company's assets (liabilities) measured at fair value on a recurring basis (in millions): | |||||||||||||||||
Fair Value of Assets on a Recurring Basis | December 31, 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Chautauqua restructuring asset | $ | 79.6 | $ | — | $ | — | $ | 79.6 | |||||||||
Fair Value of Assets on a Recurring Basis | 31-Dec-12 | Level 1 | Level 2 | Level 3 | |||||||||||||
Chautauqua restructuring asset | $ | 86.4 | $ | — | $ | — | $ | 86.4 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
The following is a reconciliation of the beginning and ending balances for the periods indicated of recurring fair value measurements using Level 3 inputs (in millions): | |||||||||||||||||
Chautauqua Restructuring Asset | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||
Beginning Balance | $ | 86.4 | $ | 86.4 | |||||||||||||
Amendment to agreement | 12 | — | |||||||||||||||
Cash received or other | (18.8 | ) | — | ||||||||||||||
Ending Balance | $ | 79.6 | $ | 86.4 | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
Fair Value of Debt - Market risk associated with our fixed rate long-term debt primarily relates to the potential change in fair value and impact to future earnings, respectively, from an change in interest rates. In the table below, the aggregate fair value of debt was based primarily on recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral and is classified primarily as level 3 within the fair value hierarchy. | |||||||||||||||||
31-Dec | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net carrying amount | $ | 2,166.80 | $ | 1,972.70 | |||||||||||||
Estimated fair value | 2,099.80 | 1,923.80 | |||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||
Aircraft and Other Assets Impairment - Nonrecurring - In September 2013, we recorded a $12.0 million impairment charge primarily related to our decision to substantially reduce the pro-rate flying completed by the E190 fleet over the next year by temporarily parking these aircraft. In evaluating these aircraft and other equipment for impairment, we estimated their fair value by utilizing a market approach considering (1) published market data generally accepted in the airline industry, (2) recent market transactions, where available, and (3) the overall condition and age of the aircraft and other equipment. These aircraft are classified in level 3 of the three-tier fair value hierarchy. | |||||||||||||||||
There were no aircraft and other asset impairment charges recorded for the year ended December 31, 2012. During 2011, the Company recorded impairment of $180.5 million on aircraft, $5.1 million of impairment on assets held for sale, and $5.5 million of impairment on inventory related to these aircraft. The impairment charge primarily related to our decision to substantially reduce the flying completed by the E135/140/145 fleet over the next year by temporarily parking these aircraft. These aircraft and other equipment are classified in level 3 of the three-tier fair value hierarchy. There were no movements into or out of level 3 during the year. | |||||||||||||||||
($ in millions) | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | Year ended 12/31/2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||
Long-lived assets held and used | $ | 152.5 | $ | 152.5 | $ | (12.0 | ) | ||||||||||
Fair Value Measurements Using | |||||||||||||||||
Description | Year ended 12/31/2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) | ||||||||||||
Long-lived assets held and used | $ | 258.1 | $ | 258.1 | $ | (186.0 | ) | ||||||||||
Long-lived assets held for sale | $ | 34.5 | $ | 34.5 | $ | (5.1 | ) | ||||||||||
$ | (191.1 | ) | |||||||||||||||
Note_4_Discontinued_Operations1
Note 4 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
Summarized financial information for discontinued operations is shown below: | |||||||||||||
($ in millions) | Years Ended | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total operating revenue | $ | 1,217.50 | $ | 1,433.50 | $ | 1,350.10 | |||||||
Income (loss) from discontinued operations before tax(2) | $ | 50.9 | $ | 35 | $ | (93.3 | ) | ||||||
Income tax expense (benefit) | 18.7 | 15 | (34.8 | ) | |||||||||
Income (loss) from discontinued operations | 32.2 | 20 | (58.5 | ) | |||||||||
Loss on disposal from discontinued operations (1) | (53.8 | ) | — | — | |||||||||
Total discontinued operations, net of tax | $ | (21.6 | ) | $ | 20 | $ | (58.5 | ) | |||||
(1) In connection with the exit of our Frontier business, we recorded a pre-tax loss of $210.5 million, net of income tax benefit of $156.7 million for the year ended December 31, 2013. This represents the difference between the net book value of our Frontier business and the projected sales price. Included in the $156.7 million of income tax benefit is the release of $78.0 million of deferred tax liabilities associated with the Company's tax basis in the stock of Frontier as the transaction will be treated as an asset sale for tax purposes. The Company incurred $7.1 million of transaction costs that are included in the loss on disposal for the year ended December 31, 2013. The amount included in discontinued operations will be adjusted based on final purchase price adjustments. | |||||||||||||
(2) In addition to the Frontier operations, income from discontinued operations before taxes includes certain adjustments required by discontinued operation presentation. | |||||||||||||
assets and liabiltities held for sale [Table Text Block] | ' | ||||||||||||
Assets/Liabilities held for sale consisted of our Frontier operations and aircraft and flight equipment as of December 31, 2012 (in millions): | |||||||||||||
Assets held for sale | 31-Dec-12 | ||||||||||||
Cash and cash equivalents | $ | 36.4 | |||||||||||
Receivables | 39.2 | ||||||||||||
Restricted cash | 127.5 | ||||||||||||
Other current assets | 71.1 | ||||||||||||
Non-current assets | 482.5 | ||||||||||||
Total assets held for sale | 756.7 | ||||||||||||
Liabilities held for sale | |||||||||||||
Current portion of long-term debt | $ | 55.5 | |||||||||||
Air traffic liability | 146.6 | ||||||||||||
Accrued liabilities | 90.5 | ||||||||||||
Other current liabilities | 61.7 | ||||||||||||
Non-current liabilities | 167.9 | ||||||||||||
Total liabilities held for sale | $ | 522.2 | |||||||||||
Note_5_Aircraft_and_Other_Equi
Note 5 - Aircraft and Other Equipment Level 3 (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
AIRCRAFT AND OTHER EQUIPMENT [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Aircraft and other equipment, excluding aircraft and other equipment held for sale, consist of the following as of December 31 (in millions): | ||||||||
2013 | 2012 | |||||||
Aircraft | $ | 3,221.80 | $ | 2,852.80 | ||||
Flight equipment | 173.8 | 216.5 | ||||||
Office equipment and leasehold improvements | 44.8 | 29.9 | ||||||
Total aircraft and other equipment | 3,440.40 | 3,099.20 | ||||||
Less accumulated depreciation and amortization | (876.8 | ) | (788.0 | ) | ||||
Aircraft and other equipment—net | $ | 2,563.60 | $ | 2,311.20 | ||||
Note_6_Intangible_and_Other_As1
Note 6 - Intangible and Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
schedule of intangible and other assets [Line Items] | ' | |||||||
schedule of intangible and other assets [Table Text Block] | ' | |||||||
Intangible and other assets as of December 31, 2013 and 2012 consist of the following (in millions): | ||||||||
2013 | 2012 | |||||||
Indefinite-lived intangible assets: | ||||||||
Airport slots | $ | 9 | $ | 9 | ||||
Other assets: | ||||||||
Aircraft pre-delivery deposits | 30 | — | ||||||
Aircraft lease and long-term deposits | 38.4 | 35.1 | ||||||
Chautauqua restructuring asset(1) | 79.6 | 67.7 | ||||||
Prepaid aircraft rents | 34.5 | 43.5 | ||||||
Debt issue costs and other non-current assets | 25.3 | 17 | ||||||
Total Other assets | 207.8 | 163.3 | ||||||
Intangible and other assets | $ | 216.8 | $ | 172.3 | ||||
(1) The Chautauqua restructuring asset line item does not include $18.7 million that was included in accounts receivable at December 31, 2012. See Note 3. |
Note_7_Accrued_Liabilities_Lev
Note 7 - Accrued Liabilities Level 3 (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities consist of the following as of December 31 (in millions): | ||||||||
2013 | 2012 | |||||||
Accrued wages, benefits and related taxes | $ | 29.2 | $ | 32 | ||||
Accrued maintenance | 50.2 | 35.8 | ||||||
Accrued interest payable | 18.1 | 17.3 | ||||||
Deferred revenue | 23.8 | 22 | ||||||
Other | 42.5 | 41.3 | ||||||
Total accrued liabilities | $ | 163.8 | $ | 148.4 | ||||
Note_8_Debt_Level_3_Tables
Note 8 - Debt Level 3 (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
Debt consists of the following as of December 31 (in millions): | |||||||||
Secured debt: | 2013 | 2012 | |||||||
Promissory notes payable, collateralized by aircraft, bearing interest at fixed rates ranging from 4.32% to 8.49% at December 31, 2013 and outstanding through 2025, net of unamortized debt discount of $32.0 million. | $ | 1,995.00 | $ | 1,769.50 | |||||
Promissory notes payable, collateralized by aircraft, bearing interest at variable rates based on LIBOR plus a margin, ranging from 1.82% to 1.87% at December 31, 2013 and outstanding through 2020. | 80 | 122.2 | |||||||
Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at fixed rates ranging from 6.72% to 8.38% as of December 31, 2013 and outstanding through 2020. | 37 | 30.3 | |||||||
Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at a variable rate of LIBOR plus a margin, ranging from 3.23% to 3.69% as of December 31, 2013 and outstanding through 2018. | 4.3 | 3.5 | |||||||
Other | 3.7 | 2 | |||||||
Total debt secured by aircraft and parts | 2,120.00 | 1,927.50 | |||||||
Unsecured debt: | |||||||||
Convertible note payable, bearing interest at a fixed rate of 8%, due in full in July 2014. | 22.3 | 22.3 | |||||||
Convertible note payable, bearing interest at a fixed rate of 6%, face value of $25.0 million, net of discount $0.5 million, due in full in 2019. | 24.5 | 22.9 | |||||||
Total unsecured debt | 46.8 | 45.2 | |||||||
Total debt | 2,166.80 | 1,972.70 | |||||||
Current portion | 276.2 | 220.7 | |||||||
Long term debt, less current portion | $ | 1,890.60 | $ | 1,752.00 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Future maturities of debt are payable, as follows for the years ending December 31 (in millions): | |||||||||
2014 | 276.2 | ||||||||
2015 | 267.5 | ||||||||
2016 | 250 | ||||||||
2017 | 300.4 | ||||||||
2018 | 243.1 | ||||||||
Thereafter | 829.6 | ||||||||
Total (net of unamortized debt discount of $32.0 million) | $ | 2,166.80 | |||||||
Note_9_Commitments_Level_3_Tab
Note 9 - Commitments Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
COMMITMENTS [Abstract] | ' | |||||||||||||||||||||||
Schedule of Rent Expense [Table Text Block] | ' | |||||||||||||||||||||||
As of December 31, 2013, the Company leased 90 aircraft and 29 spare engines with varying terms extending through 2023 and terminal space, operating facilities and office equipment with terms extending through 2033 under operating leases. The components of rent expense for the years ended December 31 are as follows (in millions): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Aircraft and engine rent | $ | 122.6 | $ | 110.7 | $ | 117 | ||||||||||||||||||
Other | 11.7 | 9.2 | 10 | |||||||||||||||||||||
Total rent expense | $ | 134.3 | $ | 119.9 | $ | 127 | ||||||||||||||||||
summary of maintenance agreement expiration dates [Table Text Block] | ' | |||||||||||||||||||||||
The following table represents our maintenance agreements for engines, auxiliary power units ("APU") and other airframe components for our E140/145, E170/175 and Q400 aircraft: | ||||||||||||||||||||||||
Expiration Date of Agreement: | ||||||||||||||||||||||||
Maintenance Agreements | E140/145 | E170/175 | Q400 | |||||||||||||||||||||
Engines | December 2017(2) | December 2018(3) | June 2021(2) | |||||||||||||||||||||
APU | Mar-14 | Jul-19 | Jul-21 | |||||||||||||||||||||
Avionics | Dec-17 | Dec-14 | NA(1) | |||||||||||||||||||||
Wheels and Brakes | Jun-14 | Feb-17 | August 2022(4) | |||||||||||||||||||||
Parts pooling | Sep-14 | Jan-20 | Jul-21 | |||||||||||||||||||||
Emergency Slides | NA(1) | May-18 | NA(1) | |||||||||||||||||||||
Tires | NA(1) | NA(1) | Jul-21 | |||||||||||||||||||||
Propellers | NA(1) | NA(1) | Jul-21 | |||||||||||||||||||||
(1) Agreements do not exist for the specified maintenance item for the related aircraft type. | ||||||||||||||||||||||||
(2) Maintenance agreements for engines include life limited parts ("LLPs") for E140/145 and Q400 aircraft. As of December 31, 2013 and 2012, we had maintenance deposits of $36.6 million and $28.1 million, respectively, related mostly for the future replacement of LLPs. | ||||||||||||||||||||||||
(3) E175 aircraft delivered in 2013 are not included under existing engine maintenance agreements. | ||||||||||||||||||||||||
(4) Q400 maintenance agreements do not include wheels. | ||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||||||||||||||
Future minimum payments under non-cancelable operating leases are as follows for the years ending December 31 (in millions): | ||||||||||||||||||||||||
Aircraft | Other | Total | ||||||||||||||||||||||
2014 | $ | 110.1 | $ | 16.8 | $ | 126.9 | ||||||||||||||||||
2015 | 106.1 | 15.7 | 121.8 | |||||||||||||||||||||
2016 | 102.5 | 13.9 | 116.4 | |||||||||||||||||||||
2017 | 90.1 | 12.1 | 102.2 | |||||||||||||||||||||
2018 | 74.7 | 10.5 | 85.2 | |||||||||||||||||||||
Thereafter | 176.4 | 44.4 | 220.8 | |||||||||||||||||||||
Total | $ | 659.9 | $ | 113.4 | $ | 773.3 | ||||||||||||||||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | ' | |||||||||||||||||||||||
Future contractual obligations for aircraft and other equipment under firm order (in millions): | ||||||||||||||||||||||||
Payments Due By Period | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||
Debt or lease financed aircraft under purchase obligations (1) | $ | 689.3 | $ | 889.1 | $ | 1,037.90 | $ | 778.4 | $ | — | $ | 3,394.70 | ||||||||||||
Engines under firm orders | 21.2 | 19.3 | 21 | 7 | — | 68.5 | ||||||||||||||||||
Total contractual obligations for aircraft and engines | $ | 710.5 | $ | 908.4 | $ | 1,058.90 | $ | 785.4 | $ | — | $ | 3,463.20 | ||||||||||||
(1) Represents timing of original CS300 delivery positions |
Note_11_Capital_Stock_and_Stoc
Note 11 - Capital Stock and Stock Options Level 3 (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
CAPITAL STOCK AND STOCK OPTIONS [Abstract] | ' | ||||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | ||||||||||||||
The following table summarizes common stock activity for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||
(in millions) | Common Stock | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Beginning balance | 48.6 | 48.4 | 48.2 | ||||||||||||
Shares issued for stock options exercised | 0.7 | — | — | ||||||||||||
Vesting of restricted stock and other | 0.2 | 0.2 | 0.2 | ||||||||||||
Ending balance | 49.5 | 48.6 | 48.4 | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||
The following table summarizes option activity under the stock option plans as of December 31, 2013: | |||||||||||||||
Options | Weighted | Aggregate | Weighted Average | ||||||||||||
Average | Intrinsic Value (in millions) | Contractual Term | |||||||||||||
Exercise Price | (in years) | ||||||||||||||
Outstanding at January 1, 2013 | 4,539,575 | $ | 12.29 | ||||||||||||
Granted | 442,000 | 11.4 | |||||||||||||
Exercised | (693,993 | ) | 5.87 | ||||||||||||
Forfeited | (110,916 | ) | 6.36 | ||||||||||||
Outstanding at December 31, 2013 | 4,176,666 | $ | 13.5 | $ | 3.6 | 6.54 | |||||||||
Vested or expected to vest at December 31, 2013 | 4,111,805 | $ | 13.61 | $ | 3.3 | 6.45 | |||||||||
Exercisable at December 31, 2013 | 3,513,999 | $ | 14.26 | $ | 2.5 | 4.63 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
The following assumptions were used to value stock option grants during the following periods: | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Dividend yield | —% | —% | —% | ||||||||||||
Expected volatility | 59 | % | - | 62% | 59 | % | - | 62% | 60 | % | - | 61% | |||
Risk-free interest rate | 0.9 | % | - | 1.40% | 0.6 | % | - | 1.00% | 1.2 | % | - | 2.00% | |||
Expected life (in years) | 4 | - | 5 | 4 | - | 5 | 4 | - | 5 | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||
A summary of restricted stock activity under the aforementioned plan is as follows: | |||||||||||||||
Restricted Stock | |||||||||||||||
Awards | |||||||||||||||
Unvested at January 1, 2013 | 637,870 | ||||||||||||||
Vested | (273,334 | ) | |||||||||||||
Issued | 511,500 | ||||||||||||||
Surrendered | (29,953 | ) | |||||||||||||
Unvested at December 31, 2013 | 846,083 | ||||||||||||||
Note_12_Income_Taxes_Level_3_T
Note 12 - Income Taxes Level 3 (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
INCOME TAXES [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The components of the provision for income tax expense (benefit) for the years ended December 31 are as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal: | ||||||||||||
Current | $ | — | $ | — | $ | — | ||||||
Deferred | 30.9 | 13.6 | (45.8 | ) | ||||||||
Total Federal | 30.9 | 13.6 | (45.8 | ) | ||||||||
State: | ||||||||||||
Current | 4.1 | — | (2.2 | ) | ||||||||
Deferred | (9.8 | ) | 6.1 | (7.2 | ) | |||||||
Total State | (5.7 | ) | 6.1 | (9.4 | ) | |||||||
Valuation allowance | 8.8 | 0.1 | (0.6 | ) | ||||||||
Expense for uncertain tax positions | (1.0 | ) | — | — | ||||||||
Income tax expense (benefit) | $ | 33 | $ | 19.8 | $ | (55.8 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
A reconciliation of income tax expense (benefit) at the applicable federal statutory income tax rate to the tax provision as reported for the years ended December 31 are as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal income tax expense (benefit) at statutory rate | $ | 28.4 | $ | 17.9 | $ | (52.2 | ) | |||||
State income tax expense (benefit), net of federal (expense) benefit | 2.7 | 1.6 | (4.5 | ) | ||||||||
Valuation allowance | 8.8 | 0.1 | (0.6 | ) | ||||||||
State net operating loss | (8.8 | ) | (1.2 | ) | — | |||||||
Permanent tax adjustments | 1.7 | 1.2 | 1.2 | |||||||||
Other | 0.2 | 0.2 | 0.3 | |||||||||
Income tax expense (benefit) | $ | 33 | $ | 19.8 | $ | (55.8 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
The components of deferred tax assets and liabilities as of December 31 are as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
DEFERRED TAX ASSETS: | ||||||||||||
Current: | ||||||||||||
Deferred frequent flyer revenue | $ | — | $ | 21 | ||||||||
Nondeductible accruals and deferred revenue | 24.2 | 22.9 | ||||||||||
Total | 24.2 | 43.9 | ||||||||||
Valuation allowance | (8.5 | ) | (12.6 | ) | ||||||||
Total current deferred tax assets | $ | 15.7 | $ | 31.3 | ||||||||
Noncurrent: | ||||||||||||
Nondeductible accruals and deferred revenue | $ | 21.1 | $ | 33.5 | ||||||||
Deferred frequent flyer revenue | — | 22.1 | ||||||||||
Federal and state net operating loss carryforwards, net of liability for uncertain tax positions | 443.4 | 485.7 | ||||||||||
AMT credits | 6.1 | 6.5 | ||||||||||
Prepaid rent | 8.6 | 6.9 | ||||||||||
Deferred credits and other non-current liabilities | 17.4 | 18.5 | ||||||||||
Other | 23.2 | 22.1 | ||||||||||
Total | 519.8 | 595.3 | ||||||||||
Valuation allowance | (182.8 | ) | (169.9 | ) | ||||||||
Total noncurrent deferred tax assets | 337 | 425.4 | ||||||||||
DEFERRED TAX LIABILITIES: | ||||||||||||
Noncurrent: | ||||||||||||
Other intangible assets | (3.4 | ) | (24.9 | ) | ||||||||
Maintenance deposits | (14.0 | ) | (62.6 | ) | ||||||||
Stock basis difference in subsidiary from gain on bargain purchase | — | (78.0 | ) | |||||||||
Accelerated depreciation and fixed asset basis differences for tax purposes | (580.0 | ) | (644.5 | ) | ||||||||
Total noncurrent deferred tax liabilities | (597.4 | ) | (810.0 | ) | ||||||||
Total net noncurrent deferred tax liabilities | $ | (260.4 | ) | $ | (384.6 | ) | ||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
The Company monitors ongoing tax cases related to its unrecognized tax benefits. The unrecognized tax benefits, which if recognized, would impact the effective tax rate. The Company does not anticipate that total unrecognized tax benefits would significantly change within the next 12 months. The following table reconciles the Company’s tax liability for uncertain tax positions for the year ended December 31 (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 8.1 | $ | 8.1 | $ | 8.1 | ||||||
Additions for tax positions taken in prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (1.0 | ) | — | — | ||||||||
Balance at December 31, | $ | 7.1 | $ | 8.1 | $ | 8.1 | ||||||
Summary of Valuation Allowance [Table Text Block] | ' | |||||||||||
The following table reconciles the Company’s valuation allowance for the year ended December 31 (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1, | $ | 182.5 | $ | 182.5 | $ | 166.9 | ||||||
Additions based on filing the final pre-acquisition tax returns | — | — | 16.2 | |||||||||
Reduction of net operating losses previously reserved that were forgone in tax return filings | — | (0.1 | ) | — | ||||||||
Additions (deductions) for change in current year analysis | 8.8 | 0.1 | (0.6 | ) | ||||||||
Balance at December 31, | $ | 191.3 | $ | 182.5 | $ | 182.5 | ||||||
Note_14_Valuation_and_Qualifyi
Note 14 - Valuation and Qualifying Accounts Level 3 (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||
valuation and qualifying accounts [Table Text Block] | ' | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
(amounts in millions) | Balance at Beginning of Year | Additions Charged to Expense | Deductions | Balance at End of Year | ||||||||||||||
Description | ||||||||||||||||||
Allowance for doubtful accounts receivables: | ||||||||||||||||||
12/31/13 | $ | 1.3 | $ | 0.4 | $ | (0.2 | ) | (1 | ) | $ | 1.5 | |||||||
12/31/12 | 0.5 | 0.9 | (0.1 | ) | (1 | ) | 1.3 | |||||||||||
12/31/11 | $ | 0.6 | $ | — | $ | (0.1 | ) | (1 | ) | $ | 0.5 | |||||||
(1) | Uncollectible accounts written off net of recoveries, if any. |
Note_1_Organization_and_Busine1
Note 1 - Organization and Business Schedule of Aircraft (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Aircraft | Aircraft | |
flights | ||
cities | ||
States | ||
Scheduled Passenger Service Stats [Abstract] | ' | ' |
number of daily flights | 1,390 | ' |
scheduled passenger service to cities | 118 | ' |
number of states served | 41 | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
total aircraft in operating subsidiaries | 258 | 226 |
Q400s delivered during the year | 14 | ' |
number of AA 175 aircraft delivered | 19 | ' |
number of E135 aircraft subleased | 1 | ' |
Total E190 Aircraft Sold to US Airways | 2 | ' |
Previously subleased Aircraft returned to Republic | 2 | ' |
fixed fee code share agreement, United [Member] | ' | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
operating subsiduary, chautauqua | 12 | ' |
operating subsiduary, shuttle | 38 | ' |
operating subsiduary, Republic | 28 | ' |
total aircraft in operating subsidiaries | 78 | ' |
fixed fee code share agreement, Delta [Member] | ' | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
operating subsiduary, chautauqua | 41 | ' |
operating subsiduary, shuttle | 30 | ' |
operating subsiduary, Republic | 0 | ' |
total aircraft in operating subsidiaries | 71 | ' |
fixed fee code share agreement, US airways/American [Member] | ' | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
operating subsiduary, chautauqua | 15 | ' |
operating subsiduary, shuttle | 0 | ' |
operating subsiduary, Republic | 74 | ' |
total aircraft in operating subsidiaries | 89 | ' |
fixed fee code share agreement partners, Frontier [Member] | ' | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
operating subsiduary, chautauqua | 0 | ' |
operating subsiduary, shuttle | 0 | ' |
operating subsiduary, Republic | 2 | ' |
total aircraft in operating subsidiaries | 2 | ' |
fixed fee code share agreement, spares [Member] | ' | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
operating subsiduary, chautauqua | 4 | ' |
operating subsiduary, shuttle | 0 | ' |
operating subsiduary, Republic | 14 | ' |
total aircraft in operating subsidiaries | 18 | ' |
total aircraft in operating subsidiaries [Domain] | ' | ' |
Schedule of Offered Passenger Service [Line Items] | ' | ' |
operating subsiduary, chautauqua | 72 | ' |
operating subsiduary, shuttle | 68 | ' |
operating subsiduary, Republic | 118 | ' |
total aircraft in operating subsidiaries | 258 | ' |
Note_1_Organization_and_Busine2
Note 1 - Organization and Business CPA Agreement Details (Details) | Dec. 31, 2013 |
Seats | |
seats on aircraft [Member] | ' |
CPA Agreement Details [Line Items] | ' |
number of seats on E170 aircraft flying with US Airways | 69 |
Seats on E170s under code-share agreement with US Airways | 80 |
Seats on E140 aircraft under CPA with American | 44 |
Seats on E175 aircraft under CPA with America | 76 |
Seats on E145 aircraft under CPA with Delta | 50 |
Seats on E170 aircraft under CPA with Delta | 70 |
Seats on E175 aircraft under CPA with Delta | 76 |
Seats on E145 aircraft under CPA with United | 50 |
Seats on E170 aircraft under CPA with United | 70 |
Seats on Q400 aircraft under CPA with United | 71 |
number of aircraft under related CPA agreement [Member] | ' |
CPA Agreement Details [Line Items] | ' |
E170 aicraft to terminate in September 2015 with US airways | 20 |
E175 aircraft flying under fixed-fee agreements with US Airways | 38 |
E140 aircraft under code-share agreements with American | 15 |
E175 aircraft operating under American Eagle brand | 16 |
E145 aircraft under code-share agreements with Delta | 41 |
E170 aircraft operating under code-share agreements with Delta | 14 |
E175 aircraft under code-share agreements with Delta | 16 |
E145 aircraft under codeshare agreements with United Continental | 12 |
E170 aircraft under code-share agreements with United | 38 |
Q400 Aircraft under code-share agreements with United Continental | 28 |
Note_1_Organization_and_Busine3
Note 1 - Organization and Business Code-Share Text Detail (Details) | Dec. 31, 2013 |
amendmentnumber | |
Seats | |
Aircraft | |
flights | |
US Airways Code-Share Agreement [Abstract] | ' |
E175 AC Under US Airawys that terminate in 2015 | 8 |
Flights per day as US Airways Express | 337 |
E175 aircraft under fixed-fee code-share agreements with US airways that terminate in 2019-2020 | 30 |
Length of US Airways agreement for E175s | '12 years |
days until written termination notice | '90 days |
US Airways Amendment Number | 4 |
E145 50 seat aircraft agreed upon for removal in Agreement with US Airways | 9 |
Chautauqua Seats on Aircraft | 50 |
American Code-Share Agreement [Abstract] | ' |
Flights per day as AmericanConnection | 216 |
Original Total E175 aircraft to operate under American Eagle brand | 53 |
Amended number of E175 aircraft agreed upon to operate under American Eagle brand | 47 |
Remaining E175 aircraft under American to begin service through 2015 | 31 |
E175 code-share agreement will terminate on this anniversary | '12 years |
Number of years American can extend the E175 agreement | '2 years |
Delta Code-Share Agreements [Abstract] | ' |
Flights provided per day as Delta Connection | 394 |
days notice required by Delta before termination of agreement | '180 days |
E145 minimum aircraft in service under Delta code-share agreement | 12 |
Months following Delta's written termination notice | '12 months |
Amendment number with Delta | 10 |
Period of time agreed upon for initial term in Amendment Number Ten with Delta | '18 months |
Addition of E145 aircraft agreed upon in Delta's Amendment Number Ten | 10 |
E145 aircraft with extended term dates under Amendment 9 with Delta | 7 |
Amendment Number Delta | 9 |
days of notice required for Delta to terminate on the additional 17 aircraft | '90 days |
Total E145s under Delta CPA that can be terminated early | 17 |
United Code-Share Agreements [Abstract] | ' |
Flights per day as United Express | 443 |
Number of years United can extend the E170 Agreement | '5 years |
Note_1_Organization_and_Busine4
Note 1 - Organization and Business Partner Concentrations (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentrations [Abstract] | ' | ' | ' |
Percentage of Operating Revenues for Delta | 24.00% | 19.00% | 14.00% |
Percentage of Operating Revenues for United | 31.00% | 27.00% | 26.00% |
Percentage of Opearting Revenues for US Airways | 35.00% | 34.00% | 31.00% |
Percent of Receivables related to Delta | 7.00% | 8.00% | ' |
Percentage of Receivables related to UnitedContinental | 23.00% | 5.00% | ' |
Percentage of Receivables related to US Airways American | 19.00% | 11.00% | ' |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies Level 4 Text (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||
banks | |||
number of banks that contain most of our cash | 2 | ' | ' |
Inventory Valuation Reserves | $22.60 | $22.20 | ' |
Minimum Aircraft Estimated Useful Life | '16 years 6 months | ' | ' |
Maximum Aircraft Estimated Useful Life | '20 years | ' | ' |
Minimum Estimated Useful Life of Other Equipment | '3 years | ' | ' |
Maximum Estimated Useful Life of Other Equipment | '10 years | ' | ' |
accumulated other comprehensive loss related to treasury lock | 0.8 | 1.1 | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 1.8 | 3.9 | ' |
Fixed-Fee Rental Income | 386.8 | 338.5 | 321.6 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.3 | 4.1 | 4.2 |
Convertible Notes Payable - TPG | 22.3 | 22.3 | ' |
Convertible Notes Payable - EMB Fair Value | $25 | ' | ' |
TPG - Stock Issued During Period, Shares, Conversion of Convertible Securities | 2.2 | ' | ' |
EMB - Stock Issued During Period, Shares, Conversion of Convertible Securities | 2.5 | ' | ' |
period of time needed for written advance notice to holder to redeem note | '10 days | ' | ' |
minimum period of time needed for written advance notice to holder to redeem note | '30 days | ' | ' |
maximum period of time needed for written advance notice to redeem note | '60 days | ' | ' |
Number of Reportable Segments | 1 | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies Supplemental Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Paid, Net | $108.20 | $116.10 | $121.40 |
Income Taxes Paid, Net | 2.1 | 0.1 | -2.6 |
Aircraft, inventories and other equipment sold through financing arrangements from manufacturer | 42.8 | 0 | 0 |
other equipment acquired through manufacturer credits | 11.6 | 0 | 0 |
aircraft acquired through manufacturing credits | 8.7 | 0 | 0 |
engines received and not yet paid | 5.8 | 0 | 5 |
Proceeds from Convertible Debt | 0 | 22.9 | 0 |
Chautauqua restructuring asset - Aircraft manufacturers incentive | 12 | 86.4 | 0 |
deferred gain related to parts sale | $4 | ' | ' |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies Net Income per Common Share (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations Attributable to Parent | $48.30 | $31.30 | ($93.30) |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -21.6 | 20 | -58.5 |
Net Income (Loss) Attributable to Parent | 26.7 | 51.3 | -151.8 |
Interest on Convertible Debt, Net of Tax | 2 | 1.3 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $28.70 | $52.60 | ($151.80) |
Weighted Average Number of Shares Outstanding, Basic | 49.2 | 48.5 | 48.2 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0.7 | 0.2 | 0 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 4.7 | 2.7 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 54.6 | 51.4 | 48.2 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.98 | $0.65 | ($1.94) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($0.44) | $0.41 | ($1.20) |
Earnings Per Share, Basic | $0.54 | $1.06 | ($3.14) |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.92 | $0.63 | ($1.94) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($0.40) | $0.39 | ($1.20) |
Earnings Per Share, Diluted | $0.52 | $1.02 | ($3.14) |
Note_3_Fair_Value_Measurement_1
Note 3 - Fair Value Measurement Fair Value of Assets measured Recurring and Nonrecurring basis (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $79.60 | $86.40 | ' |
asset impairment charge for aircraft | ' | ' | 180.5 |
asset impairment charges for aircraft related to inventory | ' | ' | 5.5 |
Assets, Fair Value Disclosure | 152.5 | ' | 258.1 |
asset impairment charge for aircraft and related inventory | -12 | ' | -186 |
Value of net assets and liabilities held for sale | ' | ' | 34.5 |
Other Asset Impairment Charges | ' | ' | -5.1 |
Asset Impairment Charges | -21.2 | 0 | -191.1 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 79.6 | 86.4 | ' |
Assets, Fair Value Disclosure | 152.5 | ' | 258.1 |
Value of net assets and liabilities held for sale | ' | ' | $34.50 |
Note_3_Fair_Value_Measurement_2
Note 3 - Fair Value Measurement Fair Value Measurements Recurring with Unobservable Inputs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Seats | ||
Aircraft | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Chautauqua Seats on Aircraft | 50 | ' |
Convertible Notes Payable - EMB Fair Value | $25 | ' |
CHQ restructuring call rights provided on owned aircraft | 28 | ' |
change in the fair value of the restructuring asset per a 100 basis point change in discount rate | 2.8 | ' |
possible gain or loss if there is a change in assumed probability of call option on restructured aircrat | 3.2 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Begin | 86.4 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 12 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -18.8 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - End | 79.6 | 86.4 |
CHQ Restrucuring - possible voluntary repayment under circumstances of non-performance | $19.40 | ' |
Note_3_Fair_Value_Measurement_3
Note 3 - Fair Value Measurement Fair Value by Balance sheet grouping Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | $2,166.80 | $1,972.70 |
Long-term Debt, Fair Value | $2,099.80 | $1,923.80 |
Note_4_Discontinued_Operations2
Note 4 - Discontinued Operations Income Statement of Discontinued Ops(Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $1,217.50 | $1,433.50 | $1,350.10 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 50.9 | 35 | -93.3 |
Discontinued Operation, Tax Effect of Discontinued Operation | 18.7 | 15 | -34.8 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 32.2 | 20 | -58.5 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -53.8 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -21.6 | 20 | -58.5 |
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | -210.5 | ' | ' |
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 156.7 | ' | ' |
Deferred Tax Liabilities, Parent's Basis in Discontinued Operation | 78 | ' | ' |
Disposal Group, Including Discontinued Operation, Other Expense | 7.1 | ' | ' |
maximum indemnity obligation under stock purchase agreement | $25 | ' | ' |
Note_4_Discontinued_Operations3
Note 4 - Discontinued Operations Assets and Liabilities HFS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
assets and liabilities held for sale [Line Items] | ' | ' |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | ' | $36.40 |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | ' | 39.2 |
Restricted Cash and Equivelants, Discontinued Operations | ' | 127.5 |
Disposal Group, Including Discontinued Operation, Other Current Assets | ' | 71.1 |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 482.5 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | 756.7 |
Current Maturities of Long-Term Debt, Including Discontinued Operations, Disposal Group | ' | 55.5 |
Air Traffic Liability for Discontinued Ops | ' | 146.6 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | ' | 90.5 |
Disposal Group, Including Discontinued Operation, Other Current Liabilities | ' | 61.7 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 167.9 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | $0 | $522.20 |
Note_5_Aircraft_and_Other_Equi1
Note 5 - Aircraft and Other Equipment Level 4 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Aircraft included in Other PPE | $3,221.80 | $2,852.80 | ' |
Flight Equipment Owned, Gross | 173.8 | 216.5 | ' |
office equipment and leasehold improvements, gross | 44.8 | 29.9 | ' |
Aircraft and other equipment—net | 3,440.40 | 3,099.20 | ' |
accumulated depreciation and amortization for aircraft and other equipment | -876.8 | -788 | ' |
Property, Plant and Equipment, Other, Net | 2,563.60 | 2,311.20 | ' |
Depreciation and amortization | 150.7 | 160 | 162.9 |
asset impairment charge for aircraft and related inventory | 12 | ' | 186 |
asset impairment charges for aircraft related to inventory | ' | ' | 5.5 |
Asset Impairment Charges | $21.20 | $0 | $191.10 |
Note_6_Intangible_and_Other_As2
Note 6 - Intangible and Other Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
schedule of intangible and other assets [Line Items] | ' | ' |
Indefinite-Lived Domestic Slots and Routes | $9 | $9 |
aircraft predelivery deposits | 30 | 0 |
aircraft lease and long term deposits (non-current assets) | 38.4 | 35.1 |
financial instrument, other non-current assets | 79.6 | 67.7 |
prepaid aircraft rent | 34.5 | 43.5 |
debt issue costs and other non-current assets | 25.3 | 17 |
Other Assets | 207.8 | 163.3 |
intangible and other assets, net | 216.8 | 172.3 |
current portion of restructuring asset included in AR in prior period | ' | 18.7 |
Total Consideration of United and Delta slot sales | 21 | ' |
Gain (Loss) on Disposition of Intangible Assets | $8.30 | ' |
Note_7_Accrued_Liabilities_Lev1
Note 7 - Accrued Liabilities Level 4 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
accruals table [Abstract] | ' | ' |
Accrued Salaries, Current | $29.20 | $32 |
accrued maintenance, current | 50.2 | 35.8 |
Interest Payable, Current | 18.1 | 17.3 |
Deferred Revenue, Current | 23.8 | 22 |
Other Accrued Liabilities, Current | 42.5 | 41.3 |
Accrued Liabilities, Current | $163.80 | $148.40 |
Note_8_Debt_Level_4_Details
Note 8 - Debt Level 4 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Aircraft Secured Debt (Fixed Rate) | $1,995 | $1,769.50 |
Aircraft Secured Debt (Variable Rate) | 80 | 122.2 |
Equipment Secured Debt (Fixed Rates) | 37 | 30.3 |
Q400 Equipment Secured Debt at Variable Rates | 4.3 | 3.5 |
Other Long-term Debt | 3.7 | 2 |
Secured Debt | 2,120 | 1,927.50 |
Convertible Notes Payable - TPG | 22.3 | 22.3 |
Convertible Notes Payable - EMB | 24.5 | 22.9 |
Unsecured Debt | 46.8 | 45.2 |
Long-term Debt | 2,166.80 | 1,972.70 |
Current portion of long-term debt | -276.2 | -220.7 |
Long-term debt—less current portion | 1,890.60 | 1,752 |
Debt Instrument, Unamortized Discount | 32 | ' |
Aircraft related debt obligations that the company expects to refinance | 20 | ' |
Aircraft Secured Debt (at fixed rates) - Lower percentage range [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.32% | ' |
Aircraft Secured Debt (at fixed rates) - Upper percentage range [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.49% | ' |
Aircraft Secured Debt (at variable rates) - Lower percentage range [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.82% | ' |
Aircraft Secured Debt (at variable rates) - Upper percentage range [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.87% | ' |
Equipment Secured Debt (at fixed rates) - Lower percentage range [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.72% | ' |
Equipment Secured Debt (at fixed rates) - Upper percentage range [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.38% | ' |
Q400 Equipment Secured Debt Lower range (variable rates) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | ' |
Q400 Equipment Secured Debt (variable rates) - Upper range [Member] [Domain] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.69% | ' |
Convertible Note Payable - TPG, Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Convertible Note Payable - EMB, Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' |
Debt Instrument, Unamortized Discount | $0.50 | ' |
Note_8_Debt_statement_Details
Note 8 - Debt statement (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Funds held for cash supported letters of credit and deposits on charter flights | $17 | $15.90 |
Convertible Notes Payable - TPG | 22.3 | 22.3 |
Convertible Notes Payable - EMB Fair Value | $25 | ' |
TPG - Stock Issued During Period, Shares, Conversion of Convertible Securities | 2.2 | ' |
EMB - Stock Issued During Period, Shares, Conversion of Convertible Securities | 2.5 | ' |
period of time needed for written advance notice to holder to redeem note | '10 days | ' |
minimum period of time needed for written advance notice to holder to redeem note | '30 days | ' |
maximum period of time needed for written advance notice to redeem note | '60 days | ' |
Note_8_Debt_Future_maturities_
Note 8 - Debt Future maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $276.20 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 267.5 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 250 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 300.4 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 243.1 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 829.6 | ' |
Long-term Debt | 2,166.80 | 1,972.70 |
Debt Instrument, Unamortized Discount | $32 | ' |
Note_9_Commitments_Schedule_of
Note 9 - Commitments Schedule of Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Aircraft and Engine Rent | $122.60 | $110.70 | $117 |
other rent expenses | 11.7 | 9.2 | 10 |
Operating Leases, Rent Expense | $134.30 | $119.90 | $127 |
Note_9_Commitments_Operating_L
Note 9 - Commitments Operating Lease Payments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Aircraft Operating Leases, Future Minimum Payments Due, Next Twelve Months | $110.10 |
Aircrfat Operating Leases, Future Minimum Payments, Due in Two Years | 106.1 |
Aircraft Operating Leases, Future Minimum Payments, Due in Three Years | 102.5 |
Aircraft Operating Leases, Future Minimum Payments, Due in Four Years | 90.1 |
Aircraft Operating Leases, Future Minimum Payments, Due in Five Years | 74.7 |
Aircraft Operating Leases, Future Minimum Payments, Due Thereafter | 176.4 |
Aircraft Operating Leases, Future Minimum Payments Due, Total | 659.9 |
Engine and Facilities Operating Leases, Future Minimum Payments Due, Next Twelve Months | 16.8 |
Engines and Facilities Operating Leases, Future Minimum Payments, Due in Two Years | 15.7 |
Engine and Facilities Operating Leases, Future Minimum Payments, Due in Three Years | 13.9 |
Engine and Facility Operating Leases, Future Minimum Payments, Due in Four Years | 12.1 |
Engines and Facilities Operating Leases, Future Minimum Payments, Due in Five Years | 10.5 |
Engines and Facilities Operating Leases, Future Minimum Payments, Due Thereafter | 44.4 |
Engines and Facilities Operating Leases, Future Minimum Payments Due, Total | 113.4 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 126.9 |
Operating Leases, Future Minimum Payments, Due in Two Years | 121.8 |
Operating Leases, Future Minimum Payments, Due in Three Years | 116.4 |
Operating Leases, Future Minimum Payments, Due in Four Years | 102.2 |
Operating Leases, Future Minimum Payments, Due in Five Years | 85.2 |
Operating Leases, Future Minimum Payments, Due Thereafter | 220.8 |
Operating Leases, Future Minimum Payments Due | $773.30 |
Note_9_Commitments_Statement_D
Note 9 - Commitments Statement (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Engines | |||
Aircraft | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
number of leased aircraft under operating leases | 90 | ' | ' |
Number of Spare Engines under Operating Leases | 29 | ' | ' |
minimum guarnteed maintenance payments for E145s | $3.80 | ' | ' |
minimum guarneteed maintenance payments for E170 aircraft | 9.6 | ' | ' |
Maintenance deposits | 36.6 | 28.1 | ' |
Cost of Services, Licenses and Maintenance Agreements | 163.8 | 119.4 | 92 |
liability for return conditions of aircraft | 2.5 | ' | ' |
E190 aircraft with maintenance commitments | 5 | ' | ' |
E145 Aircraft subelased to Aeroliteral | 9 | ' | ' |
E170 Aircraft that were subleased to Aeroliteral | 3 | ' | ' |
number of E135 aircraft subleased | 1 | ' | ' |
Capital Leases, Future Minimum Sublease Rentals | 113.3 | ' | ' |
Operating Leases, Income Statement, Sublease Revenue | $18.70 | $15.90 | $13.20 |
Firm Purchase Orders for CS300 Aircraft | 40 | ' | ' |
Amended number of E175 aircraft agreed upon to operate under American Eagle brand | 47 | ' | ' |
number of AA 175 aircraft delivered | 19 | ' | ' |
Number of Spare Aircraft Engines under commitment | 11 | ' | ' |
Number of engines to be delivered in year 1 | 4 | ' | ' |
Number of Engines to be Delivered in Year Two | 3 | ' | ' |
Number of Engines to be Delivered in Year Three | 3 | ' | ' |
Number of Engines to be Deliviered in Year Four | 1 | ' | ' |
Note_9_Commitments_Unrecorded_
Note 9 - Commitments Unrecorded Unconditional Purchase Committments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation for Aircraft due within one year | $689.30 |
Unrecorded Unconditional Purchase Obligation for Aircraft due within three years | 889.1 |
Unrecorded Unconditional Purchase Obligation for Aircraft due within three years | 1,037.90 |
Unrecorded Unconditional Purchase Obligation for Aircraft due within four years | 778.4 |
Unrecorded Unconditional Purchase Obligation for Aircraft due within five years | 0 |
Unrecorded Unconditional Purchase Obligation for Aircraft | 3,394.70 |
Unrecorded Unconditional Purchase Obligations for Engines, due within one year | 21.2 |
Unrecorded Unconditional Purchase Obligation for Engines, due within two years | 19.3 |
Unrecorded Unconditional Purchase Obligation for Engines, due within three years | 21 |
Unrecorded Unconditional Purchase Obligation for Engines, due within four years | 7 |
Unrecorded Unconditional Purchase Obligation for Engines, due within five year | 0 |
Unrecorded Unreconciled Purchase Obligation for Engines, Total | 68.5 |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | 710.5 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 908.4 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 1,058.90 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 785.4 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 |
Unrecorded Unconditional Purchase Obligation | $3,463.20 |
Note_10_Contingencies_Statemen
Note 10 - Contingencies Statement (Details) | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Union Employees | 71.00% |
Note_11_Capital_Stock_and_Stoc1
Note 11 - Capital Stock and Stock Options Common Stock Activity Rollforward (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Common Stock, Shares, Outstanding - begin | 48,558,312 | 48,400,000 | 48,200,000 |
Stock Issued During Period, Shares, New Issues | 700,000 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 200,000 | 200,000 | 200,000 |
Common Stock, Shares, Outstanding - end | 49,525,594 | 48,558,312 | 48,400,000 |
Note_11_Capital_Stock_and_Stoc2
Note 11 - Capital Stock and Stock Options Share-based compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number - Begin | 4,539,575 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 442,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -693,993 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -110,916 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number - End | 4,176,666 | 4,539,575 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 4,111,805 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,513,999 | 3,790,942 | 3,514,492 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price - Begin | $12.29 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $11.40 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $5.87 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $6.36 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price- End | $13.50 | $12.29 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $13.61 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $14.26 | $13.59 | $14.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $3.60 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 3.3 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 2.5 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Contractual Term | '6 years 6 months 16 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Contractual Term | '6 years 5 months 13 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Contractual Term | '4 years 7 months 17 days | '4 years 10 months 27 days | '6 years 3 months 21 days |
Stock or Unit Option Plan Expense | 1.2 | 1.2 | 3.2 |
Allocated Share-based Compensation Expense, Net of Tax | 0.7 | 0.7 | 1.9 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.28 | $2.02 | $2.41 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,500,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Up to Number | 8,500,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Lower Limit to Award Vesting Period | '36 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Upper Limit to Award Vesting Period | '48 months | ' | ' |
Share-based compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $3.85 | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $20.27 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $2.20 | ' | ' |
non-employee stock option [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Share-based compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Number of shares received by non-employee directors after annual meeting | 50,000 | ' | ' |
Number of months that options vest ratably over continuous service of non-employee director | '12 months | ' | ' |
2002 Equity Incentive Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 22,434 | ' | ' |
2007 Equity Incentive Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,973,542 | ' | ' |
Note_11_Capital_Stock_and_Stoc3
Note 11 - Capital Stock and Stock Options Share-based payment award, stock options, valuation assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 59.00% | 59.00% | 60.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% | 0.60% | 1.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '4 years | '4 years | '4 years |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 62.00% | 62.00% | 61.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | 1.00% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years | '5 years | '5 years |
Note_11_Capital_Stock_and_Stoc4
Note 11 - Capital Stock and Stock Options Restricted Stock (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted Stock or Unit Expense | $2.80 | $1.80 | $2.40 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $11.23 | $4.98 | $5.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 2.8 | 0.7 | 1.4 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $6.80 | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 637,870 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -273,334 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 511,500 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -29,953 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 846,083 | ' | ' |
Note_12_Income_Taxes_Income_Ta
Note 12 - Income Taxes Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Federal Tax Expense (Benefit) | $0 | $0 | $0 |
Deferred Federal Income Tax Expense (Benefit) | 30.9 | 13.6 | -45.8 |
Federal Income Tax Expense (Benefit), Continuing Operations | 30.9 | 13.6 | -45.8 |
Current State and Local Tax Expense (Benefit) | 4.1 | 0 | -2.2 |
Deferred State and Local Income Tax Expense (Benefit) | -9.8 | 6.1 | -7.2 |
current and deferred state income tax expense | -5.7 | 6.1 | -9.4 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 8.8 | 0.1 | -0.6 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | -1 | 0 | 0 |
INCOME TAX EXPENSE(BENEFIT) | $33 | $19.80 | ($55.80) |
Note_12_Income_Taxes_Income_Ta1
Note 12 - Income Taxes Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $28.40 | $17.90 | ($52.20) |
Income Tax Reconciliation, State and Local Income Taxes | 2.7 | 1.6 | -4.5 |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 8.8 | 0.1 | -0.6 |
income tax reconciliation, adjustments to DTA and DTL | -8.8 | -1.2 | 0 |
income tax reconciliation, permanent tax adjustments | 1.7 | 1.2 | 1.2 |
Income Tax Reconciliation, Other Reconciling Items | 0.2 | 0.2 | 0.3 |
INCOME TAX EXPENSE(BENEFIT) | $33 | $19.80 | ($55.80) |
Note_12_Income_Taxes_Deferred_
Note 12 - Income Taxes Deferred Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets, Frequent Flier Liability | $0 | $21 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 24.2 | 22.9 |
Deferred Tax Assets, Gross, Current | 24.2 | 43.9 |
Deferred Tax Assets, Valuation Allowance | -8.5 | -12.6 |
Deferred income taxes | 15.7 | 31.3 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Noncurrent | 21.1 | 33.5 |
Deferred Tax Assets, Frequent Flier Liability, Noncurrent | 0 | 22.1 |
Deferred Tax Assets, Operating Loss Carryforwards | 443.4 | 485.7 |
Deferred Tax Assets, Tax Credit Carryforwards | 6.1 | 6.5 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 8.6 | 6.9 |
deferred tax asset, deferred credits and sale leaseback gain | 17.4 | 18.5 |
Deferred Tax Assets, Other | 23.2 | 22.1 |
Deferred Tax Assets, Gross, Noncurrent | 519.8 | 595.3 |
Deferred Tax Assets, Valuation Allowance, Noncurrent | -182.8 | -169.9 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 337 | 425.4 |
Deferred Tax Liabilities, Intangible Assets | -3.4 | -24.9 |
Deferred Tax Liabilities, Other | -14 | -62.6 |
stock basis difference from gain on bargain purchase, deferred tax liability | 0 | -78 |
Deferred Tax Liabilities, Property, Plant and Equipment | -580 | -644.5 |
Deferred Tax Liabilities, Gross, Noncurrent | -597.4 | -810 |
Deferred Tax Liabilities, Net, Noncurrent | ($260.40) | ($384.60) |
Note_12_Income_Taxes_Unrecogni
Note 12 - Income Taxes Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized Tax Benefits - Begin | $8.10 | $8.10 | $8.10 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | 0 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -1 | 0 | 0 |
Unrecognized Tax Benefits - End | $7.10 | $8.10 | $8.10 |
Note_12_Income_Taxes_Valuation
Note 12 - Income Taxes Valuation Allowance (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance, Amount - Begin | $182.50 | $182.50 | $166.90 |
additions to valuation allowance based on final tax return filings | 0 | 0 | 16.2 |
reductions in valuation allowance for net operating losses previously forgone | 0 | -0.1 | 0 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 8.8 | 0.1 | -0.6 |
Valuation Allowance, Amount - End | $191.30 | $182.50 | $182.50 |
Note_12_Income_Taxes_Statement
Note 12 - Income Taxes Statements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Operating Loss Carryforwards | $1,200,000,000 | ' |
NOL carryforwards not expected to be realized prior to expiration | 398,000,000 | ' |
Deferred Tax Assets, Tax Credit Carryforwards | 6,100,000 | 6,500,000 |
Tax Credit Carryforward, Valuation Allowance | $5,200,000 | ' |
Note_13_Retirement_and_Benefit
Note 13 - Retirement and Benefit Plans Defined contribution Plan Statement (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ' | ' |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 'P3Y | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 90.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | $5.90 | $5.20 | $5 |
Note_13_Retirement_and_Benefit1
Note 13 - Retirement and Benefit Plans Qualified Defined Benefit Plan (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Defined Benefit Plan, Funded Status of Plan | $3.30 | $6.50 |
Defined Benefit Plan, Accumulated Benefit Obligation | 16.7 | ' |
Defined Benefit Plan, Benefit Obligation | 16.7 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | $13.40 | ' |
Note_14_Valuation_and_Qualifyi1
Note 14 - Valuation and Qualifying Accounts Valuation Allowance for doubtful accounts and notes receivable (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Balance - Begin | $1.30 | $0.50 | $0.60 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0.4 | 0.9 | 0 |
Valuation Allowances and Reserves, Deductions | -0.2 | -0.1 | -0.1 |
Valuation Allowances and Reserves, Balance - End | $1.50 | $1.30 | $0.50 |
Note_15_Subsequent_Events_Stat
Note 15 - Subsequent Events Statement (Details) | Dec. 31, 2013 |
Aircraft | |
Removal of Aircraft with American [Abstract] | ' |
Number of E145s to be removed from Service under American CPA agreement | 15 |
Number of E145s to be removed from service under CPA agreement with United | 12 |