Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 23, 2015 | Jun. 30, 2014 |
Document and Entity Information | |||
Entity Registrant Name | HAWAIIAN HOLDINGS INC | ||
Entity Central Index Key | 1172222 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $659 | ||
Entity Common Stock, Shares Outstanding | 54,475,352 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenue: | |||
Passenger | $2,045,052 | $1,942,829 | $1,767,041 |
Other | 269,827 | 213,036 | 195,312 |
Total | 2,314,879 | 2,155,865 | 1,962,353 |
Operating Expenses: | |||
Aircraft fuel, including taxes and delivery | 678,253 | 698,802 | 631,741 |
Wages and benefits | 447,446 | 427,438 | 376,574 |
Aircraft rent | 106,422 | 108,534 | 98,786 |
Maintenance materials and repairs | 225,619 | 203,387 | 183,552 |
Aircraft and passenger servicing | 122,780 | 120,635 | 103,825 |
Commissions and other selling | 122,518 | 125,900 | 114,324 |
Depreciation and amortization | 96,374 | 83,050 | 85,599 |
Other rentals and landing fees | 87,902 | 81,317 | 85,623 |
Other | 182,433 | 173,055 | 152,931 |
Total | 2,069,747 | 2,022,118 | 1,832,955 |
Operating Income | 245,132 | 133,747 | 129,398 |
Nonoperating Income (Expense): | |||
Interest expense and amortization of debt discounts and issuance costs | -64,240 | -50,453 | -43,522 |
Interest income | 1,684 | 639 | 580 |
Capitalized interest | 8,024 | 12,625 | 10,524 |
Losses on fuel derivatives | -63,471 | -5,334 | -11,330 |
Other, net | -13,682 | -4,814 | 136 |
Total | -131,685 | -47,337 | -43,612 |
Income Before Income Taxes | 113,447 | 86,410 | 85,786 |
Income tax expense | 44,521 | 34,556 | 32,549 |
Net Income | $68,926 | $51,854 | $53,237 |
Net Income Per Common Stock Share: | |||
Basic (in dollars per share) | $1.29 | $1 | $1.04 |
Diluted (in dollars per share) | $1.10 | $0.98 | $1.01 |
Weighted Average Number of Common Stock Shares Outstanding: | |||
Basic (in shares) | 53,591 | 52,099 | 51,314 |
Diluted (in shares) | 62,822 | 53,155 | 52,535 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $68,926 | $51,854 | $53,237 |
Other comprehensive income (loss), net: | |||
Net change related to employee benefit plans, net of tax benefit of $50,968 for 2014, tax expense of $38,886 for 2013 and tax benefit of $9,224 for 2012 | -83,461 | 61,995 | -11,714 |
Net change in derivative instruments, net of tax expense of $2,188 and $5,696 for 2014 and 2013, respectively | 3,589 | 9,373 | 0 |
Net change in available-for-sale investments, net of tax benefit of $154 for 2014 | -254 | 0 | 0 |
Total other comprehensive income (loss) | -80,126 | 71,368 | -11,714 |
Total Comprehensive Income (Loss) | ($11,200) | $123,222 | $41,523 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net change related to employee benefit plans, tax expense (benefit) | $50,968 | ($38,886) | $9,224 |
Net change in derivative instruments, tax expense | 2,188 | 5,696 | |
Unrealized loss on short-term and long-term investments, tax expense (benefit) | ($154) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $264,087 | $423,384 |
Restricted cash | 6,566 | 19,434 |
Short-term investments | 260,121 | 0 |
Accounts receivable, net | 80,737 | 74,245 |
Spare parts and supplies, net | 18,011 | 19,767 |
Deferred tax assets, net | 21,943 | 17,325 |
Prepaid expenses and other | 53,382 | 51,652 |
Total | 704,847 | 605,807 |
Property and equipment, net | ||
Flight equipment | 1,741,444 | 1,299,861 |
Pre-delivery deposits on flight equipment | 97,685 | 188,738 |
Other property and equipment | 201,871 | 172,835 |
Total property and equipment, gross | 2,041,000 | 1,661,434 |
Less accumulated depreciation and amortization | -367,507 | -327,102 |
Total | 1,673,493 | 1,334,332 |
Other Assets: | ||
Long-term prepayments and other | 96,225 | 91,953 |
Restricted cash | 0 | 1,566 |
Intangible assets, net | 21,300 | 23,940 |
Goodwill | 106,663 | 106,663 |
Total Assets | 2,602,528 | 2,164,261 |
Current Liabilities: | ||
Accounts payable | 97,260 | 89,787 |
Air traffic liability | 424,336 | 409,086 |
Other accrued liabilities | 141,919 | 97,571 |
Current maturities of long-term debt, less discount, and capital lease obligations | 156,349 | 62,187 |
Total | 819,864 | 658,631 |
Long-Term Debt, less discount, and Capital Lease Obligations | 893,288 | 744,286 |
Other Liabilities and Deferred Credits: | ||
Accumulated pension and other postretirement benefit obligations | 407,864 | 264,106 |
Other liabilities and deferred credits | 72,650 | 59,424 |
Deferred tax liability, net | 41,629 | 40,950 |
Total | 522,143 | 364,480 |
Commitments and Contingent Liabilities | ||
Shareholders' Equity: | ||
Special preferred stock, $0.01 par value per share, three shares issued and outstanding at December 31, 2014 and 2013 | 0 | 0 |
Common stock, $0.01 par value per share, 54,455,568 and 52,423,085 shares issued and outstanding as of December 31, 2014 and 2013, respectively. | 545 | 524 |
Capital in excess of par value | 251,432 | 269,884 |
Accumulated income | 238,068 | 169,142 |
Accumulated other comprehensive loss, net | -122,812 | -42,686 |
Total | 367,233 | 396,864 |
Total Liabilities and Shareholders' Equity | $2,602,528 | $2,164,261 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Special preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Special preferred stock, shares issued | 3 | 3 |
Special preferred stock, shares outstanding | 3 | 3 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 54,455,568 | 52,423,085 |
Common stock, shares outstanding | 54,455,568 | 52,423,085 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Capital In Excess of Par Value | Accumulated Income | Accumulated Other Comprehensive Income (Loss) | |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $222,876 | $507 | $260,658 | $64,051 | ($102,340) | |
Increase (Decrease) in Stockholders' Equity | ||||||
Net Income | 53,237 | 53,237 | ||||
Other comprehensive loss | -11,714 | -11,714 | ||||
Issuance of 2,032,486, 983,151, and 710,361 shares of common stock related to stock awards for the years ending 2014, 2013 and 2012, respectively | 770 | 7 | 763 | |||
Share-based compensation expense | 3,433 | 3,433 | ||||
Ending Balance at Dec. 31, 2012 | 268,602 | 514 | 264,854 | 117,288 | -114,054 | |
Increase (Decrease) in Stockholders' Equity | ||||||
Net Income | 51,854 | 51,854 | ||||
Other comprehensive loss | 71,368 | 71,368 | ||||
Issuance of 2,032,486, 983,151, and 710,361 shares of common stock related to stock awards for the years ending 2014, 2013 and 2012, respectively | 989 | 10 | [1] | 979 | ||
Share-based compensation expense | 4,573 | 4,573 | ||||
Excess tax benefits from stock issuance | -522 | -522 | ||||
Ending Balance at Dec. 31, 2013 | 396,864 | 524 | [1] | 269,884 | 169,142 | -42,686 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net Income | 68,926 | 68,926 | ||||
Other comprehensive loss | -80,126 | -80,126 | ||||
Issuance of 2,032,486, 983,151, and 710,361 shares of common stock related to stock awards for the years ending 2014, 2013 and 2012, respectively | 3,750 | 21 | [1] | 3,729 | ||
Share-based compensation expense | 5,056 | 5,056 | ||||
Excess tax benefits from stock issuance | 387 | 387 | ||||
Reacquisition of equity component of Convertible Notes | -27,624 | -27,624 | ||||
Ending Balance at Dec. 31, 2014 | $367,233 | $545 | [1] | $251,432 | $238,068 | ($122,812) |
[1] | Common Stockb$0.01 par value; 118,000,000 authorized as of DecemberB 31, 2014 and 2013. |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock related to stock awards, shares | 2,032,486 | 983,151 | 710,361 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, shares authorized | 118,000,000 | 118,000,000 | |
Special preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
Special preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net Income | $68,926 | $51,854 | $53,237 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 2,640 | 2,640 | 18,788 |
Depreciation and amortization of property and equipment | 94,969 | 81,645 | 69,521 |
Deferred income taxes, net | 43,084 | 34,106 | 31,333 |
Stock compensation | 6,680 | 4,573 | 3,516 |
Loss on extinguishment of debt | 2,617 | 0 | 0 |
Amortization of debt discounts and issuance costs | 9,277 | 6,949 | 5,599 |
Pension and postretirement benefit cost, net | 9,535 | 12,543 | 11,627 |
Other, net | -5,803 | -9,986 | -10,039 |
Changes in operating assets and liabilities: | |||
Restricted cash | 0 | 0 | 25,930 |
Accounts receivable, net | -5,803 | 1,318 | 12,698 |
Spare parts and supplies, net | -1,436 | 5,020 | -6,660 |
Prepaid expenses and other current assets | 2,493 | -6,391 | -2,373 |
Accounts payable | 7,473 | 7,703 | 1,447 |
Air traffic liability | 15,250 | 20,440 | 85,264 |
Other accrued liabilities | 45,353 | 10,765 | 7,459 |
Other assets and liabilities, net | 5,175 | 20,091 | 3,670 |
Net cash provided by operating activities | 300,430 | 243,270 | 311,017 |
Cash Flows From Investing Activities: | |||
Additions to property and equipment, including pre-delivery deposits, net | -442,229 | -342,228 | -290,699 |
Net proceeds from disposition of equipment | 16,953 | 14,414 | 0 |
Purchases of investments | -458,592 | 0 | 0 |
Sales of investments | 197,046 | 0 | 0 |
Net cash used in investing activities | -686,822 | -327,814 | -290,699 |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of stock options | 7,001 | 2,376 | 1,488 |
Long-term borrowings | 368,430 | 243,110 | 133,000 |
Repayments of long-term debt and capital lease obligations | -158,000 | -113,592 | -49,129 |
Debt issuance costs | -1,519 | -13,846 | -3,828 |
Change in restricted cash | 14,434 | -16,000 | 0 |
Other | -3,251 | 0 | -84 |
Net cash provided by financing activities | 227,095 | 102,048 | 81,447 |
Net increase (decrease) in cash and cash equivalents | -159,297 | 17,504 | 101,765 |
Cash and cash equivalents - Beginning of Year | 423,384 | 405,880 | 304,115 |
Cash and cash equivalents - End of Year | $264,087 | $423,384 | $405,880 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||
Basis of Presentation | |||||||||
Hawaiian Holdings, Inc. (the "Company," "Holdings," "we," "us" and "our") and its direct wholly-owned subsidiary, Hawaiian Airlines, Inc. (Hawaiian), are incorporated in the State of Delaware. The Company's primary asset is its sole ownership of all issued and outstanding shares of common stock of Hawaiian. | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including its principal subsidiary, Hawaiian, through which the Company conducts substantially all of its operations. All significant intercompany balances and transactions have been eliminated upon consolidation. | |||||||||
Cash Equivalents | |||||||||
Cash equivalents consist of short-term, highly liquid investments with an original maturity of three months or less at the date of purchase. | |||||||||
Restricted Cash | |||||||||
Restricted cash consists of cash held as collateral for future interest payments owed in connection with the Enhanced Equipment Trust Certificates (EETC) financing which closed in May 2013 and cash held as collateral by institutions that process our credit card transactions for advanced ticket sales. | |||||||||
Spare Parts and Supplies | |||||||||
Spare parts and supplies are valued at average cost, and primarily consist of expendable parts for flight equipment and other supplies. An allowance for obsolescence of expendable parts is provided over the estimated useful lives of the related aircraft and engines for spare parts expected to be on hand at the date the aircraft are retired from service. These allowances are based on management's estimates and are subject to change. | |||||||||
Property, Equipment and Depreciation | |||||||||
Property and equipment are stated at cost and depreciated on a straight-line basis to their estimated residual values over the asset's estimated useful life. Depreciation begins when the asset is placed into service. Aircraft and related parts begin depreciating on the aircraft's first revenue flight. | |||||||||
Estimated useful lives and residual values of property and equipment are as follows: | |||||||||
Boeing 717-200 aircraft and engines | 7 - 11 years, 7 - 34% residual value | ||||||||
Boeing 767-300 aircraft and engines | 7 - 20 years, 0 - 10% residual value | ||||||||
Airbus A330-200 aircraft and engines | 25 years, 10% residual value | ||||||||
ATR42 Turboprop aircraft and engines | 10 years, 15% residual value | ||||||||
Aircraft under capital leases | 8 - 12 years, no residual value | ||||||||
Flight simulator under capital lease | 25 years, 10% residual value | ||||||||
Major rotable parts | Average lease term or useful life for related aircraft, 10% - 15% residual value | ||||||||
Improvements to leased flight equipment | Shorter of lease term or useful life | ||||||||
Facility leasehold improvements | Shorter of lease term, including assumed lease renewals when renewal is economically compelled at key airports, or useful life | ||||||||
Furniture, fixtures and other equipment | 3 - 7 years, no residual value | ||||||||
Capitalized software | 3 - 7 years, no residual value | ||||||||
Additions and modifications that significantly enhance the operating performance and/or extend the useful lives of property and equipment are capitalized and depreciated over the lesser of the remaining useful life of the asset or the remaining lease term, as applicable. Expenditures that do not improve or extend asset lives are charged to expense as incurred. Pre-delivery deposits are capitalized when paid. | |||||||||
Aircraft under capital leases are recorded at an amount equal to the present value of minimum lease payments utilizing the Company's incremental borrowing rate at lease inception and amortized on a straight-line basis over the lesser of the remaining useful life of the aircraft or the lease term. The amortization is recorded in depreciation and amortization expense on the Consolidated Statement of Operations. Accumulated amortization of aircraft and other capital leases was $31.2 million and $19.4 million as of December 31, 2014 and 2013, respectively. | |||||||||
The Company capitalizes certain costs related to the acquisition and development of computer software and amortizes these costs using the straight-line method over the estimated useful life of the software. The net book value of computer software, which is included in Other property and equipment on the consolidated balance sheets, was $15.6 million and $10.8 million at December 31, 2014 and 2013, respectively. Amortization expense related to computer software was $5.5 million, and $7.0 million, $7.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Aircraft Maintenance and Repair Costs | |||||||||
Maintenance and repair costs for owned and leased flight equipment, including the overhaul of aircraft components, are charged to operating expenses as incurred. Engine overhaul costs covered by power-by-the-hour arrangements are paid and expensed as incurred and are based on the amount of hours flown per contract. Under the terms of these power-by-the-hour agreements, the Company pays a set dollar amount per engine hour flown on a monthly basis and the third-party vendor assumes the obligation to repair the engines at no additional cost, subject to certain specified exclusions. | |||||||||
Additionally, although the Company's aircraft lease agreements specifically provide that it is responsible for maintenance of the leased aircraft, the Company pays maintenance reserves to the aircraft lessors that are applied towards the cost of future maintenance events. These reserves are calculated based on a performance measure, such as flight hours, and are available for reimbursement to the Company upon the completion of the maintenance of the leased aircraft. However, reimbursements are limited to the available reserves associated with the specific maintenance activity for which the Company requests reimbursement. | |||||||||
Under certain aircraft lease agreements, if there are excess amounts on deposit at the expiration of the lease, the lessor is entitled to retain any excess amounts; whereas at the expiration of certain other existing aircraft lease agreements any such excess amounts are returned to the Company, provided that it has fulfilled all of its obligations under the lease agreements. The maintenance reserves paid under the lease agreements do not transfer either the obligation to maintain the aircraft or the cost risk associated with the maintenance activities to the aircraft lessor. In addition, the Company maintains the right to select any third-party maintenance provider. | |||||||||
Maintenance reserve payments that are expected to be recovered from lessors are recorded as deposits in the Consolidated Balance Sheets as an asset until it is less than probable that any portion of the deposit is recoverable. In addition, payments of maintenance reserves that are not substantially and contractually related to the maintenance of the leased assets are expensed as incurred. Any costs that are substantially and contractually unrelated to the maintenance of the leased asset are considered to be unrecoverable. In order to properly account for the costs that are related to the maintenance of the leased asset, the Company bifurcates its maintenance reserves into two groups and expenses the proportionate share that is expected to be unrecoverable. | |||||||||
Goodwill and Indefinite-lived Intangible Assets | |||||||||
Goodwill and intangible assets with indefinite lives are not amortized, but are tested for impairment at least annually using a three-step process in accordance with Accounting Standard Codification (ASC) Intangibles—Goodwill and Other (ASC 350). | |||||||||
In the event that the Company determines that the values of goodwill or indefinite-lived intangible assets have become impaired, the Company will incur an accounting charge during the period in which such determination is made. No impairments were recorded in 2014. | |||||||||
Impairment of Long-Lived Assets and Finite-lived Intangible Assets | |||||||||
Long-lived assets used in operations, consisting principally of property and equipment and finite-lived intangible assets, are tested for impairment when events or changes in circumstances indicate, in management's judgment, that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than its carrying amount. When testing for impairment, management considers market trends, the expected useful lives of the assets, changes in economic conditions, recent transactions involving sales of similar assets and, if necessary, estimates of future discounted cash flows. If, at any time, management determines the net carrying value of an asset is not recoverable, the amount is reduced to its fair value during the period in which such determination is made. Any changes in the estimated useful lives of these assets will be accounted for prospectively. | |||||||||
Operating Leases | |||||||||
The Company leases aircraft, engines, airport and terminal facilities, office space, and other equipment under operating leases. Some of these lease agreements include escalation clauses and renewal options. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases in the Consolidated Statements of Operations. When lease renewals are considered to be reasonably assured, the rental payments that will be due during the renewal periods are included in the determination of rent expense over the life of the lease. Rental expense for operating leases totaled $160.7 million, $158.6 million, and $151.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Leased Aircraft Return Costs | |||||||||
Costs associated with the return of leased aircraft are accrued when it is probable that a payment will be made and that amount is reasonably estimable. Any accrual is based on the time remaining on the lease, planned aircraft usage and the provisions included in the lease agreement, although the actual amount due to any lessor upon return will not be known with certainty until lease termination. | |||||||||
Revenue Recognition | |||||||||
Passenger revenue is recognized either when the transportation is provided or when tickets expire unused. The value of passenger tickets for future travel is included as air traffic liability. | |||||||||
Various taxes and fees assessed on the sale of tickets to end customers are collected by the Company as an agent and remitted to taxing authorities. These taxes and fees have been presented on a net basis in the accompanying Consolidated Statements of Operations and recorded as a liability until remitted to the appropriate taxing authority. | |||||||||
Other operating revenue includes checked baggage revenue, cargo revenue, ticket change and cancellation fees, charter revenue, ground handling fees, commissions and fees earned under certain joint marketing agreements with other companies, inflight revenue and other incidental sales. | |||||||||
Baggage fees, cargo and charter revenue are recognized when the transportation is provided. Ticket change and cancellation fees are recognized at the time the fees are assessed. All other revenue is recognized as revenue when the related goods and services are provided. | |||||||||
Frequent Flyer Program | |||||||||
HawaiianMiles, Hawaiian's frequent flyer travel award program provides a variety of awards to program members based on accumulated mileage. The Company utilizes the incremental cost method of accounting for free travel awards issued from the HawaiianMiles program. The Company records a liability for the estimated incremental cost of providing travel awards that are expected to be redeemed on Hawaiian or the contractual rate of expected redemption on other airlines. The Company estimates the incremental cost of travel awards based on periodic studies of actual costs and applies these cost estimates to all issued miles, less an appropriate breakage factor for estimated miles that will not be redeemed. Incremental cost includes the costs of fuel, meals and beverages, insurance and certain other passenger traffic-related costs, but does not include any costs for aircraft ownership and maintenance. The breakage factor is estimated based on an analysis of historical expirations. | |||||||||
The Company also sells mileage credits to companies participating in our frequent flyer program. These sales are accounted for as multiple-element arrangements, with one element representing the travel that will ultimately be provided when the mileage credits are redeemed and the other consisting of marketing related activities that we conduct with the participating company. | |||||||||
In 2013, Hawaiian entered into a co-branded credit card agreement, which provides for the sale of frequent flyer miles to Barclays Bank Delaware (Barclays) which began in 2014. The agreement is a new multiple element arrangement subject to Accounting Standards Update 2009-13, Multiple Deliverable Revenue Arrangements — A consensus of the FASB Emerging Issues Task Force (ASU 2009-13), which is effective for new and materially modified revenue arrangements entered into by the Company after January 1, 2011. ASU 2009-13 requires the allocation of the overall consideration received to each deliverable using the estimated selling price. The objective of using estimated selling price based methodology is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. | |||||||||
The following four deliverables or elements were identified in the agreement: (i) travel miles; (ii) use of the Hawaiian brand and access to member lists; (iii) advertising elements; and (iv) other airline benefits including checked baggage services and travel discounts. The Company determined the relative fair value of each element by estimating the selling prices of the deliverables by considering discounted cash flows using multiple inputs and assumptions, including: (1) the expected number of miles to be awarded and redeemed; (2) the estimated weighted average equivalent ticket value, adjusted by a fulfillment discount; (3) the estimated total annual cardholder spend; (4) an estimated royalty rate for the Hawaiian portfolio; and (5) the expected use of each of the airline benefits. The overall consideration received is allocated to the deliverables based on their relative selling prices. The transportation element is deferred and recognized as passenger revenue over the period when the transportation is expected to be provided (24 months). The other elements will generally be recognized as other revenue when earned. | |||||||||
In the previous co-branded credit card agreement, the estimated fair value of the transportation element was deferred and recognized as passenger revenue over the period the transportation was expected to be provided. Amounts received in excess of the transportation’s estimated fair value were recognized immediately as other revenue. | |||||||||
The impact of applying the new accounting method for the year ended December 31, 2014 was immaterial to the Company’s consolidated financial statements. | |||||||||
The Company's total frequent flyer liability for future award redemptions is reflected as components of Air traffic liability and Other liabilities and deferred credits within the Consolidated Balance Sheets as follows: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Air traffic liability | $ | 49,618 | $ | 51,264 | |||||
Other liabilities and deferred credits | 15,830 | 10,633 | |||||||
Total frequent flyer liability | $ | 65,448 | $ | 61,897 | |||||
Under the programs of certain participating companies, credits are accumulated in accounts maintained by the participating company and then transferred into a member's HawaiianMiles account for immediate redemption of free travel awards. For those transactions, revenue is recognized over the period during which the mileage is projected to be used for travel (five months). | |||||||||
On an annual basis, the Company reviews the deferral period and deferral rate for mileage credits sold to participating companies, as well as the breakage rate assumption for free travel awards earned in connection with the purchase of passenger tickets. The Company's incremental cost assumption is reviewed on a quarterly basis. | |||||||||
Pension and Postretirement and Postemployment Benefits | |||||||||
The Company accounts for its defined benefit pension and other postretirement and postemployment plans in accordance with ASC 715, Compensation—Retirement Benefits (ASC 715), which requires companies to measure their plans' assets and obligations to determine the funded status at fiscal year-end, reflect the funded status in the statement of financial position as an asset or liability, and recognize changes in the funded status of the plans in comprehensive income during the year in which the changes occur. Pension and other postretirement and postemployment benefit expenses are recognized on an accrual basis over each employee's service periods. Pension expense is generally independent of funding decisions or requirements. | |||||||||
The Company uses the corridor approach in the valuation of its defined benefit pension and other postretirement and postemployment plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. These unrecognized actuarial gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. | |||||||||
Advertising Costs | |||||||||
Advertising costs are expensed when incurred. Advertising expense was $15.6 million, $14.1 million and $11.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||
Capitalized Interest | |||||||||
Interest is capitalized upon the payment of predelivery deposits for aircraft and engines, and is depreciated over the estimated useful life of the asset from service inception date. | |||||||||
Stock Compensation Plans | |||||||||
The Company has a stock compensation plan for it and its subsidiaries' officers, consultants and non-employee directors. The Company accounts for stock compensation awards under ASC 718, Compensation—Stock Compensation, which requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the fair value of such awards on the dates they are granted. The fair value of the awards are estimated using the following: (1) option-pricing models for grants of stock options, (2) Monte Carlo simulations for restricted stock units with a market condition, or (3) fair value at the measurement date (usually the grant date) for awards of stock subject to time and / or performance-based vesting. The resultant cost is recognized as compensation expense over the period of time during which an employee is required to provide services to the Company (the service period) in exchange for the award, the service period generally being the vesting period of the award. | |||||||||
Financial Derivative Instruments | |||||||||
The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in global aircraft fuel prices, interest rates and foreign currency exchange rates. | |||||||||
The following table summarizes the accounting treatment of the Company's derivative contracts: | |||||||||
Classification of Unrealized | |||||||||
Gains (Losses) | |||||||||
Derivative Type | Accounting Designation | Classification of Realized | Effective Portion | Ineffective Portion | |||||
Gains and Losses | |||||||||
Interest rate contracts | Designated as cash flow hedges | Interest expense and amortization of debt discounts and issuance costs | AOCI | Nonoperating income (expense) | |||||
Foreign currency exchange contracts | Designated as cash flow hedges | Passenger revenue | AOCI | Nonoperating income (expense) | |||||
Fuel hedge contracts | Not designated as hedges | Gains (losses) on fuel derivatives | Change in fair value is recorded in nonoperating income (expense) | ||||||
Negative interest arbitrage associated with EETCs | Not designated as hedges | Nonoperating income (expense), Other | Change in fair value is recorded in nonoperating income (expense) | ||||||
Foreign currency exchange contracts | Not designated as hedges | Nonoperating income (expense), Other | Change in fair value is recorded in nonoperating income (expense) | ||||||
If the Company terminates a derivative prior to its contractual settlement date, then the cumulative gain or loss recognized in AOCI at the termination date remains in AOCI until the forecasted transaction occurs. In a situation where it becomes probable that a hedged forecasted transaction will not occur, any gains and/or losses that have been recorded to AOCI would be required to be immediately reclassified into earnings. All cash flows associated with purchasing and settling derivatives are classified as operating cash flows in the Consolidated Statements of Cash Flows. | |||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ significantly from those estimates. | |||||||||
Recently Issued Accounting Pronouncements | |||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. Early adoption is not permitted. The amendments in ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the effect that the provisions of ASU 2014-09 will have on its consolidated financial statements and related disclosures. We have determined that the new standard once effective will preclude the Company from accounting for points earned under its customer loyalty program using the incremental cost method, and will require it to use a deferred revenue method. This change could have a significant impact on our financial statements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||||||||||
Reclassifications out of accumulated other comprehensive loss by component is as follows: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
Details about accumulated other comprehensive loss components | 2014 | 2013 | Affected line items in the statement where net income is presented | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||||||
Foreign currency derivative gains, net | $ | (9,943 | ) | $ | (9,016 | ) | Passenger revenue | |||||||||||||
Foreign currency derivative gains, net | — | (760 | ) | Other nonoperating expense | ||||||||||||||||
Interest rate derivative losses, net | 813 | 656 | Interest expense | |||||||||||||||||
Total before tax | (9,130 | ) | (9,120 | ) | ||||||||||||||||
Tax expense | 3,456 | 3,447 | ||||||||||||||||||
Total, net of tax | $ | (5,674 | ) | $ | (5,673 | ) | ||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||||
Actuarial loss | $ | 319 | $ | 8,660 | Wages and benefits | |||||||||||||||
Prior service credit | 226 | (4 | ) | Wages and benefits | ||||||||||||||||
Total before tax | 545 | 8,656 | ||||||||||||||||||
Tax benefit | (206 | ) | (3,336 | ) | ||||||||||||||||
Total, net of tax | $ | 339 | $ | 5,320 | ||||||||||||||||
Short-term investments | ||||||||||||||||||||
Realized gain on sales of investments, net | (22 | ) | — | Other nonoperating income | ||||||||||||||||
Total before tax | (22 | ) | — | |||||||||||||||||
Tax expense | 8 | — | ||||||||||||||||||
Total, net of tax | (14 | ) | — | |||||||||||||||||
Total reclassifications for the period | $ | (5,349 | ) | $ | (353 | ) | ||||||||||||||
A rollforward of the amounts included in accumulated other comprehensive loss, net of taxes, is as follows: | ||||||||||||||||||||
Year ended December 31, 2014 | Interest | Foreign | Defined | Short-Term Investments | Total | |||||||||||||||
Rate | Currency | Benefit | ||||||||||||||||||
Derivatives | Derivatives | Pension Items | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | 1,096 | $ | 8,277 | $ | (52,059 | ) | $ | — | $ | (42,686 | ) | ||||||||
Other comprehensive income before reclassifications, net of tax | (1,340 | ) | 10,603 | (83,800 | ) | (240 | ) | (74,777 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 498 | (6,172 | ) | 339 | (14 | ) | (5,349 | ) | ||||||||||||
Net current-period other comprehensive income, net of tax | (842 | ) | 4,431 | (83,461 | ) | (254 | ) | (80,126 | ) | |||||||||||
Ending balance | $ | 254 | $ | 12,708 | $ | (135,520 | ) | $ | (254 | ) | $ | (122,812 | ) | |||||||
Year ended December 31, 2013 | Interest | Foreign | Defined | Total | ||||||||||||||||
Rate | Currency | Benefit | ||||||||||||||||||
Derivatives | Derivatives | Pension Items | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | (114,054 | ) | $ | (114,054 | ) | ||||||||||
Other comprehensive income before reclassifications, net of tax | 688 | 14,358 | 56,675 | 71,721 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 408 | (6,081 | ) | 5,320 | (353 | ) | ||||||||||||||
Net current-period other comprehensive income, net of tax | 1,096 | 8,277 | 61,995 | 71,368 | ||||||||||||||||
Ending balance | $ | 1,096 | $ | 8,277 | $ | (52,059 | ) | $ | (42,686 | ) | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
Basic earnings per share, which excludes dilution, is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. | ||||||||||||
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except for per share data) | ||||||||||||
Numerator: | ||||||||||||
Net Income | $ | 68,926 | $ | 51,854 | $ | 53,237 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding—Basic | 53,591 | 52,099 | 51,314 | |||||||||
Assumed exercise of stock options and awards | 960 | 884 | 1,221 | |||||||||
Assumed exercise of convertible note premium | 4,910 | 172 | — | |||||||||
Assumed conversion of warrants | 3,361 | — | — | |||||||||
Weighted average common shares outstanding—Diluted | 62,822 | 53,155 | 52,535 | |||||||||
Net Income Per Common Stock Share: | ||||||||||||
Basic | $ | 1.29 | $ | 1 | $ | 1.04 | ||||||
Diluted | $ | 1.1 | $ | 0.98 | $ | 1.01 | ||||||
The table below summarized those common stock equivalents that could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted earnings per share because the instruments were antidilutive. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Stock Options | 3 | 392 | 89 | |||||||||
Deferred Stock | — | 43 | — | |||||||||
Restricted Stock | 2 | 1,345 | 717 | |||||||||
Convertible note premium | — | — | 10,943 | |||||||||
Warrants | — | 10,943 | 10,943 | |||||||||
In March 2011, the Company entered into a convertible note transaction which included the sale of convertible notes, purchase of call options and sale of warrants. | ||||||||||||
In 2014, the Company repurchased $15.1 million of the 5% Convertible Notes due in 2016 (the "Convertible Notes"). The remaining principal balance of $71.1 million as of December 31, 2014 can be redeemed with either cash or the Company’s common stock, or a combination thereof, at the Company’s option. The 9.0 million shares into which the remaining principal balance of the Convertible Notes could be converted will not impact the dilutive earnings per share calculation in the current and future periods under the if-converted method, as the Company has the intent and ability to redeem the principal amount of the Convertible Notes with cash. During the year ended December 31, 2014 and 2013, the average share price of the Company’s common stock exceeded the conversion price of $7.88 per share. Therefore, shares related to the conversion premium of the Convertible Notes (for which share settlement is assumed for EPS purposes) are included in the Company's computation of diluted earnings per share. | ||||||||||||
In connection with the issuance of the Convertible Notes, the Company entered into separate call option transactions and separate warrant transactions with certain financial investors to reduce the potential dilution of the Company’s common stock and to offset potential payments by the Company to holders of the Convertible Notes in excess of the principal of the Convertible Notes upon conversion. | ||||||||||||
The call options to repurchase the Company’s common stock will always be antidilutive and, therefore, will have no effect on diluted earnings per share and are excluded from the table above. | ||||||||||||
For the year ended December 31, 2014, the average share price of the Company's common stock exceeded the warrant strike price of $10.00 per share. Therefore, the assumed conversion of the warrants are included in the Company's computation of diluted earnings per share. For the years ended December 31, 2013 and 2012, the weighted common stock equivalents for warrants were excluded from the computation of diluted earnings per share because the warrant strike price exceeded the average share price of the Company's common stock. | ||||||||||||
See Note 8 for further information over the Convertible Note and repurchase transactions. |
ShortTerm_Investments
Short-Term Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Short-term Investments [Abstract] | |||||||||||||||||
Short-Term Investments | Short-Term Investments | ||||||||||||||||
Debt securities that are not classified as cash equivalents are classified as available-for-sale investments and are stated at fair value. Realized gains and losses on sales of investments are reflected in nonoperating income (expense) in the unaudited consolidated statements of operations. Unrealized gains and losses on available-for-sale securities are reflected as a component of accumulated other comprehensive loss. | |||||||||||||||||
The following is a summary of short-term investments held as of December 31, 2014: | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Corporate debt | $ | 180,794 | $ | 43 | $ | (394 | ) | $ | 180,443 | ||||||||
U.S. government and agency debt | 38,268 | — | (40 | ) | 38,228 | ||||||||||||
Municipal bonds | 23,849 | 4 | (16 | ) | 23,837 | ||||||||||||
Other fixed income securities | 17,618 | — | (5 | ) | 17,613 | ||||||||||||
Total short-term investments | $ | 260,529 | $ | 47 | $ | (455 | ) | $ | 260,121 | ||||||||
Contractual maturities of short-term investments as of December 31, 2014 are shown below. | |||||||||||||||||
Under 1 Year | 1 to 5 Years | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Corporate debt | $ | 74,935 | $ | 105,508 | $ | 180,443 | |||||||||||
U.S. government and agency debt | 10,933 | 27,295 | 38,228 | ||||||||||||||
Municipal bonds | 3,566 | 20,271 | 23,837 | ||||||||||||||
Other fixed income securities | 16,620 | 993 | 17,613 | ||||||||||||||
Total short-term investments | $ | 106,054 | $ | 154,067 | $ | 260,121 | |||||||||||
The Company classifies investments as current assets as these securities are available for use in its current operations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||
ASC 820 defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||||||||||||||||||||
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||||||||||||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term for the assets or liabilities; and | |||||||||||||||||||||||||||||||||||||||
Level 3—Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||||||||||
The tables below present the Company's financial assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 55,072 | $ | 35,913 | $ | 19,159 | $ | — | |||||||||||||||||||||||||||||||
Restricted cash | 6,566 | 6,566 | — | — | |||||||||||||||||||||||||||||||||||
Short-term investments | 260,121 | — | 260,121 | — | |||||||||||||||||||||||||||||||||||
Fuel derivative contracts | 32,637 | — | 32,637 | — | |||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 19,746 | — | 19,746 | — | |||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 374,142 | $ | 42,479 | $ | 331,663 | $ | — | |||||||||||||||||||||||||||||||
Fuel derivative contracts | 71,447 | — | 71,447 | — | |||||||||||||||||||||||||||||||||||
Interest rate derivative | 129 | — | 129 | — | |||||||||||||||||||||||||||||||||||
Negative interest arbitrage derivative | 500 | — | — | 500 | |||||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 72,076 | $ | — | $ | 71,576 | $ | 500 | |||||||||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 269,384 | $ | 269,384 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash | 21,000 | 21,000 | — | — | |||||||||||||||||||||||||||||||||||
Fuel derivative contracts: | |||||||||||||||||||||||||||||||||||||||
Crude oil call options | 7,121 | — | 7,121 | — | |||||||||||||||||||||||||||||||||||
Crude oil put options | 186 | — | 186 | — | |||||||||||||||||||||||||||||||||||
Heating oil put options | 417 | — | 417 | — | |||||||||||||||||||||||||||||||||||
Heating oil swaps | 5,863 | — | 5,863 | — | |||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 12,494 | — | 12,494 | — | |||||||||||||||||||||||||||||||||||
Interest rate derivative | 1,121 | — | 1,121 | — | |||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 317,586 | $ | 290,384 | $ | 27,202 | $ | — | |||||||||||||||||||||||||||||||
Fuel derivative contracts: | |||||||||||||||||||||||||||||||||||||||
Crude oil call options | $ | 7,121 | $ | — | $ | 7,121 | $ | — | |||||||||||||||||||||||||||||||
Crude oil put options | 186 | — | 186 | — | |||||||||||||||||||||||||||||||||||
Heating oil swaps | 187 | — | 187 | — | |||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 1,188 | — | 1,188 | — | |||||||||||||||||||||||||||||||||||
Negative interest arbitrage derivative | 12,865 | — | — | 12,865 | |||||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 21,547 | $ | — | $ | 8,682 | $ | 12,865 | |||||||||||||||||||||||||||||||
Cash equivalents. The Company’s cash equivalents consist of money market securities, U.S. agency bonds, foreign and domestic corporate bonds, and commercial paper. The instruments classified as Level 2 are valued using quoted prices for similar assets in active markets. | |||||||||||||||||||||||||||||||||||||||
Restricted cash. The Company’s restricted cash consist of money market securities. | |||||||||||||||||||||||||||||||||||||||
Short-term investments. Short-term investments include U.S. and foreign government notes and bonds, U.S. agency bonds, variable rate corporate bonds, asset backed securities, foreign and domestic corporate bonds, municipal bonds, and commercial paper. These instruments are valued using quoted prices for similar assets in active markets or other observable inputs. | |||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts. The Company’s fuel derivative contracts consist of heating oil puts and swaps which are not traded on a public exchange. The fair value of these instruments are determined based on inputs available or derived from public markets including contractual terms, market prices, yield curves and measures of volatility among others. | |||||||||||||||||||||||||||||||||||||||
Foreign currency derivatives. The Company’s foreign currency derivatives consist of Japanese Yen and Australian Dollar forward contracts and are valued based primarily on data available or derived from public markets. | |||||||||||||||||||||||||||||||||||||||
Interest rate derivative. The Company’s interest rate derivative consists of an interest rate swap and is valued based primarily on data available or derived from public markets. | |||||||||||||||||||||||||||||||||||||||
Negative arbitrage derivative. The Company’s negative arbitrage derivative represents the net interest owed to the trusts that issued the Company’s enhanced equipment trust certificates during the periods prior to the issuance of the related equipment notes, and is valued based primarily on the discounted amount of future cash flows using the appropriate rate of borrowing. Changes to those discount rates would be unlikely to cause material changes in the fair value of the negative arbitrage derivative (refer to Note 6 for more information). | |||||||||||||||||||||||||||||||||||||||
The table below presents disclosures about the activity for the Company’s “Level 3” financial liability: | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,865 | $ | — | |||||||||||||||||||||||||||||||||||
Issuance of enhanced equipment trust certificates | — | 12,865 | |||||||||||||||||||||||||||||||||||||
Reduction of balance in connection with interest payment | (12,365 | ) | — | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 500 | $ | 12,865 | |||||||||||||||||||||||||||||||||||
The table below presents the Company's debt (excluding obligations under capital leases) measured at fair value: | |||||||||||||||||||||||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||
$ | 947,897 | $ | 956,811 | $ | — | $ | 69,766 | $ | 887,045 | $ | 695,804 | $ | 738,563 | $ | — | $ | 104,656 | $ | 633,907 | ||||||||||||||||||||
The fair value estimates of the Company's debt were based on either market prices or the discounted amount of future cash flows using the Company's current incremental rate of borrowing for similar obligations. | |||||||||||||||||||||||||||||||||||||||
The carrying amounts of cash, other receivables and accounts payable approximate fair value due to the short-term nature of these financial instruments. |
Financial_Derivative_Instrumen
Financial Derivative Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Financial Derivative Instruments | Financial Derivative Instruments | |||||||||||||||||||||||
The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in global fuel prices, interest rates and foreign currencies. | ||||||||||||||||||||||||
In 2013, the Company recognized in its Consolidated Balance Sheets the financial effect of the net interest owed to the trusts that issued the Company's enhanced equipment trust certificates. The characteristics of the net interest obligation resulted in the obligation meeting the definition of a derivative instrument under ASC Topic 815, Derivatives and Hedging (ASC 815). | ||||||||||||||||||||||||
Fuel Risk Management | ||||||||||||||||||||||||
The Company's operations are inherently dependent upon the price and availability of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into derivative financial instruments. The Company primarily used heating oil puts and swaps and Brent crude oil call options and collars to hedge its aircraft fuel expense. As of December 31, 2014, the Company had heating oil put and swap contracts, which were not designated as hedges under ASC Topic 815, Derivatives and Hedging (ASC 815), for hedge accounting treatment. As a result, any changes in fair value of these derivative instruments are adjusted through other nonoperating income (expense) in the period of change. | ||||||||||||||||||||||||
The following table reflects the amount of realized and unrealized gains and losses recorded as nonoperating income (expense) in the Consolidated Statements of Operations. | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Losses realized at settlement | $ | (20,365 | ) | $ | (14,018 | ) | $ | (7,372 | ) | |||||||||||||||
Reversal of prior period unrealized amounts | (2,331 | ) | 6,013 | 2,367 | ||||||||||||||||||||
Unrealized gains (losses) that will settle in future periods | (40,775 | ) | 2,671 | (6,325 | ) | |||||||||||||||||||
Losses on fuel derivatives recorded as Nonoperating income (expense) | $ | (63,471 | ) | $ | (5,334 | ) | $ | (11,330 | ) | |||||||||||||||
Foreign Currency Exchange Rate Risk Management | ||||||||||||||||||||||||
The Company is subject to foreign currency exchange rate risk due to revenues and expenses denominated in foreign currencies, with the primary exposures being the Japanese Yen and Australian Dollar. To manage exchange rate risk, the Company executes its international revenue and expense transactions in the same foreign currency to the extent practicable. The Company enters into foreign currency forward contracts to further manage the effects of fluctuating exchange rates. The effective portion of the gain or loss is reported as a component of AOCI and reclassified into earnings in the same period in which the related sales are recognized as passenger revenue. The effective portion of the foreign currency forward contracts represents the change in fair value of the hedge that offsets the change in the fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized as nonoperating income (expense). | ||||||||||||||||||||||||
The Company believes that its foreign currency forward contracts will continue to be effective in offsetting changes in cash flow attributable to the hedged risk. The Company expects to reclassify a net gain of approximately $14.4 million into earnings over the next 12 months from AOCI based on the values at December 31, 2014. | ||||||||||||||||||||||||
Negative Arbitrage Derivative | ||||||||||||||||||||||||
In 2013, the Company created two pass-through trusts, which issued $444.5 million aggregate principal amount of EETCs. See Note 8 for further information related to the EETCs. In accordance with the related agreements, the Company is obligated to pay the interest that accrues on the proceeds and is also entitled to the benefits of the income generated from the same proceeds. The difference between the interest owed to the pass-through trusts and the interest generated from the proceeds introduces an element of variability that could cause the associated cash flows to fluctuate. This variability requires the Company's obligation to the trusts to be recognized as a derivative in the Company's consolidated financial statements. During the year ended December 31, 2014, approximately $12.4 million of the derivative was reduced in connection with the interest payments made to the trusts. | ||||||||||||||||||||||||
The following tables present the gross fair value of asset and liability derivatives that are designated as hedging instruments under ASC 815 and derivatives that are not designated as hedging instruments under ASC 815, as well as the net derivative positions and location of the asset and liability balances within the Consolidated Balance Sheets. | ||||||||||||||||||||||||
Derivative positions as of December 31, 2014 | ||||||||||||||||||||||||
Balance Sheet | Notional Amount | Final | Gross fair | Gross fair | Net | |||||||||||||||||||
Location | Maturity | value of | value of | derivative | ||||||||||||||||||||
Date | assets | (liabilities) | position | |||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||
Interest rate derivative | Other accrued liabilities | $57,400 U.S. dollars | Apr-23 | $ | — | $ | (26 | ) | $ | (26 | ) | |||||||||||||
Other liabilities and deferred credits(1) | — | (103 | ) | (103 | ) | |||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 6,909,050 Japanese Yen 51,380 Australian Dollars | Dec-15 | 13,921 | — | 13,921 | ||||||||||||||||||
Long-term prepayments and other | 3,758,500 Japanese Yen | Nov-16 | 4,565 | — | 4,565 | |||||||||||||||||||
13,080 Australian Dollars | ||||||||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 7,714,291 Japanese Yen | Dec-15 | 1,191 | — | 1,191 | ||||||||||||||||||
43,546 Australian Dollars | ||||||||||||||||||||||||
Long-term prepayments and other | 2,762,000 Japanese Yen | Aug-16 | 69 | — | 69 | |||||||||||||||||||
3,500 Australian Dollars | ||||||||||||||||||||||||
Fuel derivative contracts | Other accrued liabilities | 90,994 gallons | Dec-15 | 32,637 | (71,447 | ) | (38,810 | ) | ||||||||||||||||
Negative arbitrage derivative | Other accrued liabilities | $444,540 U.S. dollars | Jan-15 | — | (500 | ) | (500 | ) | ||||||||||||||||
______________________________________________ | ||||||||||||||||||||||||
-1 | Represents the noncurrent portion of the $57 million interest rate derivative with final maturity in April 2023. | |||||||||||||||||||||||
Derivative positions as of December 31, 2013 | ||||||||||||||||||||||||
Balance Sheet | Notional Amount | Final | Gross fair | Gross fair | Net | |||||||||||||||||||
Location | Maturity | value of | value of | derivative | ||||||||||||||||||||
Date | assets | (liabilities) | position | |||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||
Interest rate derivative | Prepaid expenses and other | $63,800 U.S. dollars | Apr-23 | $ | 196 | $ | — | $ | 196 | |||||||||||||||
Long-term prepayments and other (1) | 925 | — | 925 | |||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 10,500,321 Japanese Yen | Dec-14 | 9,946 | (450 | ) | 9,496 | |||||||||||||||||
10,895,370 Korean Won | ||||||||||||||||||||||||
62,659 Australian Dollars | ||||||||||||||||||||||||
4,821 New Zealand Dollars | ||||||||||||||||||||||||
Long-term prepayments and other | 1,980,949 Japanese Yen | May-15 | 1,673 | — | 1,673 | |||||||||||||||||||
16,681 Australian Dollars | ||||||||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 6,180 Japanese Yen | Dec-14 | 577 | (229 | ) | 348 | |||||||||||||||||
58 Australian Dollars | ||||||||||||||||||||||||
Other accrued liabilities | 298 | (509 | ) | (211 | ) | |||||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other | 84,714 gallons | Dec-14 | 13,587 | (7,494 | ) | 6,093 | |||||||||||||||||
Negative arbitrage derivative | Other accrued liabilities | $444,540 U.S. dollars | Jan-15 | — | (12,250 | ) | (12,250 | ) | ||||||||||||||||
Other liabilities and deferred credits (2) | — | (615 | ) | (615 | ) | |||||||||||||||||||
__________________________________________________________ | ||||||||||||||||||||||||
(1) Represents the noncurrent portion of the $64 million interest rate derivative with final maturity in April 2023. | ||||||||||||||||||||||||
(2) Represents the noncurrent portion of the $445 million negative arbitrage derivative with final maturity in January 2015. | ||||||||||||||||||||||||
The following table reflects the impact of cash flow hedges designated for hedge accounting treatment and their location within the Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||
(Gain) Loss recognized in | (Gain) Loss reclassified from | Gain recognized in nonoperating | ||||||||||||||||||||||
AOCI on derivatives | AOCI into income | (income) expense | ||||||||||||||||||||||
(effective portion) | (effective portion) | (ineffective portion) | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Foreign currency derivatives | $ | (17,295 | ) | $ | (22,781 | ) | $ | (9,943 | ) | $ | (9,016 | ) | $ | — | $ | (760 | ) | |||||||
Interest rate derivatives | 1,249 | (1,593 | ) | 813 | 656 | — | — | |||||||||||||||||
Risk and Collateral | ||||||||||||||||||||||||
The financial derivative instruments expose the Company to possible credit loss in the event the counterparties to the agreements fail to meet their obligations. To manage such credit risks, the Company (1) selects its counterparties based on past experience and credit ratings, (2) limits its exposure to any single counterparty, and (3) periodically monitors the market position and credit rating of each counterparty. Credit risk is deemed to have a minimal impact on the fair value of the derivative instruments as cash collateral would be provided to or by the counterparties based on the current market exposure of the derivative. | ||||||||||||||||||||||||
The Company's agreements with its counterparties also requires the posting of cash collateral in the event the aggregate value of the Company's positions exceeds certain exposure thresholds that are based upon certain liquidity metrics of the Company. The aggregate fair value of the Company's derivative instruments that contain credit-risk related contingent features that are in a net liability position as of December 31, 2014 was $38.8 million. | ||||||||||||||||||||||||
ASC 815 requires a reporting entity to elect a policy of whether to offset rights to reclaim cash collateral or obligations to return cash collateral against derivative assets and liabilities executed with the same counterparty under a master netting agreement, or present such amounts on a gross basis. The Company's accounting policy is to present its derivative assets and liabilities on a net basis, including any collateral posted with the counterparty. The Company had $0.6 million in collateral posted with its counterparties as of December 31, 2014 and no collateral posted with its counterparties as of December 31, 2013. | ||||||||||||||||||||||||
The Company is also subject to market risk in the event these financial instruments become less valuable in the market. However, changes in the fair value of the derivative instruments will generally offset the change in the fair value of the hedged item, limiting the Company's overall exposure. | ||||||||||||||||||||||||
The following tables reconciles the Company's net derivative positions to the financial statement line item within the Consolidated Balance Sheets (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate derivative | $ | — | $ | 196 | ||||||||||||||||||||
Foreign currency derivatives | 15,113 | 9,844 | ||||||||||||||||||||||
Fuel derivative contracts | — | 6,093 | ||||||||||||||||||||||
Prepaid expenses | 35,815 | 35,067 | ||||||||||||||||||||||
Other | 2,454 | 452 | ||||||||||||||||||||||
Prepaid expenses and other | $ | 53,382 | $ | 51,652 | ||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate derivative | $ | — | $ | 925 | ||||||||||||||||||||
Foreign currency derivatives | 4,633 | 1,673 | ||||||||||||||||||||||
Deposits | 36,295 | 28,144 | ||||||||||||||||||||||
Maintenance reserves | 10,457 | 9,650 | ||||||||||||||||||||||
Debt issuance costs | 30,851 | 35,781 | ||||||||||||||||||||||
Other | 13,989 | 15,780 | ||||||||||||||||||||||
Long-term prepayments and other | $ | 96,225 | $ | 91,953 | ||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency derivatives | $ | — | $ | 211 | ||||||||||||||||||||
Interest rate derivative | 26 | — | ||||||||||||||||||||||
Fuel derivative contracts | 38,810 | — | ||||||||||||||||||||||
Negative arbitrage derivative | 500 | 12,250 | ||||||||||||||||||||||
Accrued payroll and related | 57,661 | 48,088 | ||||||||||||||||||||||
Accrued taxes | 12,582 | 11,670 | ||||||||||||||||||||||
Other | 32,340 | 25,352 | ||||||||||||||||||||||
Other accrued liabilities | $ | 141,919 | $ | 97,571 | ||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate derivative | $ | 103 | $ | — | ||||||||||||||||||||
Negative arbitrage derivative | — | 615 | ||||||||||||||||||||||
Lease related obligations | 35,934 | 26,303 | ||||||||||||||||||||||
Deferred revenue | 34,764 | 32,299 | ||||||||||||||||||||||
Other | 1,849 | 207 | ||||||||||||||||||||||
Other liabilities and deferred credits | $ | 72,650 | $ | 59,424 | ||||||||||||||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Intangible Assets | Intangible Assets | ||||||||||||||
The following tables summarize the gross carrying values of intangible assets less accumulated amortization, and the useful lives assigned to each asset. | |||||||||||||||
As of December 31, 2014 | |||||||||||||||
Gross carrying | Accumulated | Net book value | Approximate | ||||||||||||
value | amortization | useful life (years) | |||||||||||||
(in thousands) | |||||||||||||||
Favorable aircraft and engine leases | $ | 8,674 | $ | (8,674 | ) | $ | — | 7 | (*) | ||||||
Favorable aircraft maintenance contracts | 18,200 | (12,305 | ) | 5,895 | 14 | (*) | |||||||||
Frequent flyer program—customer relations | 12,200 | (10,580 | ) | 1,620 | 11 | ||||||||||
Hawaiian Airlines trade name | 13,000 | — | 13,000 | Indefinite | |||||||||||
Operating certificates | 3,660 | (2,875 | ) | 785 | 12 | ||||||||||
Total intangible assets | $ | 55,734 | $ | (34,434 | ) | $ | 21,300 | ||||||||
As of December 31, 2013 | |||||||||||||||
Gross carrying | Accumulated | Net book value | |||||||||||||
value | amortization | ||||||||||||||
(in thousands) | |||||||||||||||
Frequent flyer program—marketing relationships | $ | 119,900 | $ | (119,900 | ) | $ | — | ||||||||
Favorable aircraft and engine leases | 32,710 | (32,710 | ) | — | |||||||||||
Favorable aircraft maintenance contracts | 18,200 | (11,069 | ) | 7,131 | |||||||||||
Frequent flyer program—customer relations | 12,200 | (9,476 | ) | 2,724 | |||||||||||
Hawaiian Airlines trade name | 13,000 | — | 13,000 | ||||||||||||
Operating certificates | 3,660 | (2,575 | ) | 1,085 | |||||||||||
Total intangible assets | $ | 199,670 | $ | (175,730 | ) | $ | 23,940 | ||||||||
_______________________________________________________________________________ | |||||||||||||||
(*) Weighted average is based on the gross carrying values and estimated useful lives as of June 2, 2005 (the date Hawaiian emerged from bankruptcy). The useful lives ranged from seven years for a favorable aircraft lease to sixteen years for a favorable aircraft maintenance contract. | |||||||||||||||
Amortization expense related to the above intangible assets was $2.6 million, $2.6 million and $18.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. Amortization of the favorable aircraft and engine leases and the favorable aircraft maintenance contracts are included in aircraft rent and maintenance materials and repairs, respectively, in the accompanying Consolidated Statements of Operations. The estimated future amortization expense as of December 31, 2014 for the intangible assets subject to amortization is as follows (in thousands): | |||||||||||||||
2015 | $ | 2,640 | |||||||||||||
2016 | 2,052 | ||||||||||||||
2017 | 1,421 | ||||||||||||||
2018 | 1,236 | ||||||||||||||
2019 | 951 | ||||||||||||||
$ | 8,300 | ||||||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | 8. Debt | |||||||
Long-term debt (including capital lease obligations) net of unamortized discounts is outlined as follows: | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Airbus A330-200 Aircraft Facility Agreements, interest rates ranging from 5.37%- 6.46%, quarterly principal and interest payments, maturing in 2023 - 2024(1) | $ | 270,154 | $ | 353,723 | ||||
Class A EETC, fixed interest rate of 3.9%, interest-only semiannual payments which started in January 2014, principal and interest payments which started in January 2015 and maturing in January 2026(2) | 328,260 | 56,000 | ||||||
Class B EETC, fixed interest rate of 4.95%, interest-only semiannual payments which started in January 2014, principal and interest semiannual payments which started in January 2015 and maturing in January 2022(2) | 116,280 | 20,110 | ||||||
Boeing 717-200 Aircraft Facility Agreements, fixed interest rate of 8%, monthly principal and interest payments, the remaining balance of $39.7 million due at maturity on June 2019(1) | 136,792 | 154,422 | ||||||
Five year 5% unsecured convertible notes, with interest only semiannual payments, and the remaining balance due at maturity on March 15, 2016(4) | 71,120 | 86,250 | ||||||
Boeing 767 Aircraft Facility Agreement, variable interest rate of 2.91% at December 31, 2014, quarterly principal and interest payments, maturing in December 2018(1) | 29,881 | 35,000 | ||||||
Capital lease obligations (see Note 9) | 101,740 | 110,668 | ||||||
Total debt and capital lease obligations | $ | 1,054,227 | $ | 816,173 | ||||
Less: | ||||||||
Unamortized discount on convertible note(3) | (4,590 | ) | (9,700 | ) | ||||
Current maturities | (156,349 | ) | (62,187 | ) | ||||
Long-Term Debt, less discount, and Capital Lease Obligations | $ | 893,288 | $ | 744,286 | ||||
_______________________________________________________________________________ | ||||||||
-1 | Aircraft Facility Agreements are secured by aircraft. | |||||||
-2 | The equipment notes underlying these EETCs are the direct obligations of Hawaiian. | |||||||
-3 | As of December 31, 2014, the Convertible Note discount is being amortized to interest expense over the remaining term of 1.25 years. | |||||||
-4 | During the three months ended December 31, 2014 a condition for conversion of the Convertible Note was satisfied, which permits holders of the Convertible Notes to surrender their notes for conversion during the quarter ending March 31, 2015. Therefore, the principal balance could be settled in as early as 2015 and is classified as a current liability in the Consolidated Balance Sheets. | |||||||
Enhanced Equipment Trust Certificates (EETC) | ||||||||
In 2013, Hawaiian consummated an EETC financing, whereby it created two pass-through trusts, one of which issued $328.2 million aggregate principal amount of Class A pass-through certificates with a stated interest rate of 3.9% and the second of which issued $116.3 million aggregate principal amount of Class B pass-through certificates with a stated interest rate of 4.95%. During the year ended December 31, 2014, the Company received $368.4 million in proceeds from the issuance of the equipment notes, which it used to fund a portion of the purchase price of five Airbus aircraft. The equipment notes are secured by a lien on the aircraft, and the payment obligations of Hawaiian under the equipment notes will be fully and unconditionally guaranteed by the Company. The Company issued the equipment notes to the trusts as aircraft were delivered to Hawaiian. Hawaiian recorded the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass-through certificates. In connection with the consummation of the EETC financing transaction, Hawaiian was required to deposit $16.0 million into a collateral account, of which $14.4 million was released during the year ended December 31, 2014. The funds held in this account are under the control of a third party. Accordingly, these funds are classified as restricted cash in the Company's Consolidated Balance Sheets. | ||||||||
The Company evaluated whether the pass-through trusts formed are variable interest entities ("VIEs") required to be consolidated by the Company under applicable accounting guidance, and determined that the pass-through trusts are VIEs. The Company determined that it does not have a variable interest in the pass-through trusts. Neither the Company nor Hawaiian invested in or obtained a financial interest in the pass-through trusts. Rather, Hawaiian has an obligation to make interest and principal payments on its equipment notes held by the pass-through trusts, which will be fully and unconditionally guaranteed by the Company. Neither the Company nor Hawaiian intends to have any voting or non-voting equity interest in the pass-through trusts or to absorb variability from the pass-through trusts. Based on this analysis, the Company determined that it is not required to consolidate the pass-through trusts. | ||||||||
Convertible Notes | ||||||||
On March 23, 2011, the Company issued $86.25 million principal amount of convertible notes (the Convertible Notes) due March 15, 2016. The Convertible Notes were issued at par and bear interest at a rate of 5.00% per annum. Interest is paid semiannually, in arrears, on March 15 and September 15 each year. | ||||||||
Each $1,000 of principal of the Convertible Notes is convertible under certain circumstances, at an initial conversion rate of 126.8730 shares of the Company's common stock (or a total of approximately 10.9 million shares), which is the equivalent of approximately $7.8819 per share, subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the terms of the Convertible Notes. Upon conversion, the Company will have the right, at the Company's election, to pay or deliver cash, shares of the Company's common stock or a combination thereof. As of December 31, 2014, the Company has the intent and ability to settle the principal balance of the Convertible Notes in cash. Holders may convert their Convertible Notes at their option at any time prior to November 15, 2015, only if one of the following conditions has been met (a condition permitting conversion in the first quarter of 2015 was met as of December 31, 2014): | ||||||||
• | During any calendar quarter after the calendar quarter ending June 30, 2011, and only during such calendar quarter, if the closing price of the Company's common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter exceeds 130% of the conversion price per share of common stock in effect on the last day of such preceding calendar quarter; | |||||||
• | During the five consecutive business days immediately after any 10 consecutive trading day period in which the average trading price per $1,000 principal amount of the Convertible Notes during such period was less than 97% of the product of the closing sale price of the common stock and the conversion rate on such trading day; | |||||||
• | The Company makes specified distributions to holders of the Company's common stock or specified corporate transactions occur. | |||||||
On or after November 15, 2015, and up through and including the second business day immediately preceding March 15, 2016, the Holders may convert their Convertible Notes into common stock. | ||||||||
Holders may require the Company to repurchase all or a portion of their Convertible Notes upon a fundamental change, primarily a change in control or termination of trading, at a cash repurchase price equal to 100% of the principal amount of the Convertible Notes plus accrued and unpaid interest, if any. The Company may not redeem the Convertible Notes prior to their maturity date. The Convertible Notes do not limit the amount that the Company would be required to pay or the number of shares that would be required to be issued upon conversion. | ||||||||
Amortization of the discount allocated to the debt component of the Convertible Notes for the years ended December 31, 2014, 2013 and 2012 was $4.1 million, $3.9 million and $3.5 million, respectively, and interest expense for the years ended December 31, 2014, 2013, and 2012 was $4.3 million, $4.8 million and $4.8 million, respectively. | ||||||||
As of December 31, 2014, the if-converted value of the notes, which assumes that the notes will be converted into shares of the Company's common stock, exceeded the principal amount by $163.9 million. | ||||||||
Convertible Note Hedges and Warrants | ||||||||
In connection with the issuance of the Convertible Notes, the Company entered into separate convertible note hedge transactions (the Convertible Note Hedges) and separate warrant transactions (the Warrants) with certain financial investors to reduce the potential dilution of the Company's common stock and to offset potential payments by the Company to holders of the Convertible Notes in excess of the principal of the Convertible Notes upon conversion. The Convertible Note Hedges and Warrants are separate transactions, entered into by the Company with the financial institutions, and are not part of the Convertible Notes described above. | ||||||||
The Company paid $19.5 million for the Convertible Note Hedges. Under the terms of the Convertible Note Hedges, the counterparties to the Convertible Note Hedges will generally deliver to the Company amounts in excess of the principal amount of the Convertible Notes delivered upon conversion by the Company to the holders of the Convertible Notes in the same form of consideration elected to be delivered by the Company to the holders of the Convertible Notes under the indenture for the Convertible Notes. The Company may elect to settle the conversion feature of the Convertible Notes in cash or shares of common stock or in any combination of cash or shares of common stock as determined in accordance with the provisions of the indenture. The Convertible Note Hedges are currently exercisable and expire on March 15, 2016. | ||||||||
Concurrent with the issuance of the Convertible Notes, the Company sold Warrants to certain financial institutions that permit such financial institutions to acquire shares of the Company's common stock. The Warrants are exercisable by the financial institutions for 10.9 million shares of the Company's common stock at an exercise price of $10.00 per share. The Company received $11.9 million in proceeds from the sale of the Warrants. The Warrants expire at various dates beginning in June 2016 and ending in September 2016. The Warrants provide for net share settlement by the Company, subject to the option of the Company to deliver cash in lieu of shares if certain conditions under the Warrants have been met. | ||||||||
Convertible Note Repurchase | ||||||||
During 2014, the Company repurchased $15.1 million in principal of its Convertible Notes for $42.7 million. This cash consideration was allocated to the fair value of the liability component immediately before extinguishment and the remaining consideration was allocated to the equity component and recognized as a reduction of shareholders' equity. As of December 31, 2013, the carrying value of the equity component of the Convertible Notes was $19.5 million. In 2014, the carrying value was reduced by $27.6 million in connection with the repurchase of the Convertible Notes. The effective interest rate on the liability component during the year ended December 31, 2014 was 11%. | ||||||||
The repurchase of the Convertible Notes resulted in a loss on extinguishment of $1.4 million, which classified as Interest expense and amortization of debt discounts and issuance costs in the Consolidated Statement of Operations. | ||||||||
Debt Extinguishment | ||||||||
In October 2014, Hawaiian extinguished $54.2 million of existing debt under a secured financing agreement, which was originally scheduled to mature in October 2023. This debt extinguishment resulted in a loss of $2.3 million, which was reported as Interest expense and amortization of debt discounts and issuance costs in the Consolidated Statement of Operations. | ||||||||
Revolving Credit Facilities | ||||||||
In September 2014, Hawaiian terminated its secured revolving credit facility with Wells Fargo Capital Finance LLC, which provided for a secured revolving credit facility of up to $75 million. | ||||||||
In November 2014, Hawaiian entered into a credit agreement with Citigroup Global Markets Inc. providing for a secured revolving credit and letter of credit facility ("Revolving Credit Facility") in an amount of up to $175 million, maturing in November 2017. Hawaiian may, from time to time, grant liens on certain eligible account receivables, aircraft, spare engines, and ground support equipment, as well as cash and certain cash equivalents, in order to secure its outstanding obligations under the Revolving Credit Facility. Indebtedness under the Revolving Credit Facility will bear interest, at a per annum rate based on, at Hawaiian's option: (1) a variable rate equal to the London interbank offer rate plus a margin of 3.0%; or (2) another rate based on certain market interest rates plus a margin of 2.0%. Hawaiian is also subject to compliance and liquidity covenants under the Revolving Credit Facility. | ||||||||
As of December 31, 2014 the Company had no outstanding borrowing under the Revolving Credit Facility. | ||||||||
Schedule of Maturities of Long-Term Debt | ||||||||
As of December 31, 2014, the scheduled maturities of long-term debt are as follows (in thousands): | ||||||||
2015 | $ | 151,722 | ||||||
2016 | 82,861 | |||||||
2017 | 82,092 | |||||||
2018 | 87,425 | |||||||
2019 | 99,070 | |||||||
Thereafter | 449,317 | |||||||
$ | 952,487 | |||||||
Leases
Leases | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Leases [Abstract] | ||||||||||||||||
Leases | Leases | |||||||||||||||
As of December 31, 2014, the Company had lease contracts for 16 of its 50 aircraft. Of the 16 lease contracts, 3 aircraft lease contracts were accounted for as capital leases, with the remaining 13 lease contracts accounted for as operating leases. These aircraft leases have remaining lease terms ranging from approximately 1 to 11 years. | ||||||||||||||||
As of December 31, 2014, the scheduled future minimum rental payments under capital leases and operating leases with noncancelable basic terms of more than one year are as follows: | ||||||||||||||||
Capital Leases | Operating Leases | |||||||||||||||
Aircraft | Other | Aircraft | Other | |||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 13,705 | $ | 1,190 | $ | 102,972 | $ | 5,228 | ||||||||
2016 | 13,803 | 1,223 | 86,260 | 5,104 | ||||||||||||
2017 | 13,803 | 1,180 | 81,988 | 4,404 | ||||||||||||
2018 | 13,803 | 1,280 | 81,238 | 4,268 | ||||||||||||
2019 | 13,803 | 1,412 | 81,094 | 3,922 | ||||||||||||
Thereafter | 45,742 | 9,279 | 171,662 | 22,335 | ||||||||||||
114,659 | 15,564 | $ | 605,214 | $ | 45,261 | |||||||||||
Less amounts representing interest | (24,379 | ) | (4,104 | ) | ||||||||||||
Present value of minimum capital lease payments | $ | 90,280 | $ | 11,460 | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The significant components of income tax expense are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 1,437 | 450 | 1,216 | |||||||||
1,437 | 450 | 1,216 | ||||||||||
Deferred | ||||||||||||
Federal | $ | 38,865 | $ | 30,542 | $ | 27,936 | ||||||
State | 4,219 | 3,564 | 3,397 | |||||||||
43,084 | 34,106 | 31,333 | ||||||||||
Income tax expense | $ | 44,521 | $ | 34,556 | $ | 32,549 | ||||||
The income tax expense differed from amounts computed at the statutory federal income tax rate as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Income tax expense computed at the statutory federal rate | $ | 39,707 | $ | 30,243 | $ | 30,025 | ||||||
Increase (decrease) resulting from: | ||||||||||||
State income taxes, net of federal tax effect | 3,677 | 2,631 | 2,999 | |||||||||
Nondeductible meals | 925 | 971 | 910 | |||||||||
Other | 212 | 711 | (1,385 | ) | ||||||||
Income tax expense | $ | 44,521 | $ | 34,556 | $ | 32,549 | ||||||
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income (including the reversal of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. The Company's management assesses the realizability of its deferred tax assets, and records a valuation allowance when it is more likely than not that a portion, or all, of the deferred tax assets will not be realized. As result of the Company's assessment, a valuation allowance was not recorded as of December 31, 2014. | ||||||||||||
The components of the Company's deferred tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Accumulated pension and other postretirement benefits | $ | 155,353 | $ | 100,907 | ||||||||
Leases | 7,674 | 7,009 | ||||||||||
Air traffic liability | 11,951 | 10,390 | ||||||||||
Federal and state net operating loss carryforwards | 122,134 | 91,911 | ||||||||||
Alternative minimum tax credit carryforwards | 5,913 | 7,447 | ||||||||||
Other assets | 43,137 | 24,782 | ||||||||||
Total deferred tax assets | $ | 346,162 | $ | 242,446 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | $ | (8,056 | ) | $ | (9,050 | ) | ||||||
Plant and equipment, principally accelerated depreciation | (358,717 | ) | (252,902 | ) | ||||||||
Other liabilities | 925 | (4,119 | ) | |||||||||
Total deferred tax liabilities | (365,848 | ) | (266,071 | ) | ||||||||
Net deferred tax liability | $ | (19,686 | ) | $ | (23,625 | ) | ||||||
As of December 31, 2014, the Company had available for federal income tax purposes an alternative minimum tax credit carryforward of approximately $5.9 million, which is available for an indefinite period, and federal and state net operating loss carryforwards of $365.8 million. The tax benefit of the net operating loss carryforwards as of December 31, 2014 was $122.1 million, substantially all of which will not begin to expire until 2031. | ||||||||||||
In accordance with ASC 740, the Company reviews its uncertain tax positions on an ongoing basis. As of December 31, 2014, and 2013, the Company had no unrecognized tax benefits related to uncertain tax positions. | ||||||||||||
The Company records interest and penalties relating to unrecognized tax benefits in other nonoperating expense in its Consolidated Statements of Operations. | ||||||||||||
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company's federal income tax returns for tax years 2012 and beyond remain subject to examination by the Internal Revenue Service. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||
Hawaiian sponsors various defined benefit pension plans covering the Air Line Pilots Association, International Association of Machinists and Aerospace Workers (AFL-CIO) (IAM) and other personnel (salaried, Transport Workers Union, Network Engineering Group). The plans for the IAM and other employees were frozen in September 1993. Effective January 1, 2008, benefit accruals for pilots under age 50 as of July 1, 2005 were frozen (with the exception of certain pilots who were both age 50 and older and participants of the plan on July 1, 2005) and Hawaiian began making contributions to an alternate defined contribution retirement program for its pilots. All of the pilots' accrued benefits under their defined benefit plan at the date of the freeze were preserved. In addition, Hawaiian sponsors four unfunded defined benefit postretirement medical and life insurance plans and a separate plan to administer the pilots' disability benefits. | ||||||||||||||||||||||||
The following tables summarize changes to projected benefit obligations, plan assets, funded status and applicable amounts included in the Consolidated Balance Sheets: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension | Other | Pension | Other | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||
Benefit obligations, beginning of year | $ | (397,209 | ) | $ | (154,864 | ) | $ | (421,884 | ) | $ | (183,944 | ) | ||||||||||||
Service cost | (1,359 | ) | (10,868 | ) | (2,555 | ) | (13,596 | ) | ||||||||||||||||
Interest cost | (19,125 | ) | (8,527 | ) | (17,389 | ) | (7,888 | ) | ||||||||||||||||
Actuarial gains (losses) | (84,723 | ) | (42,964 | ) | 25,213 | 47,296 | ||||||||||||||||||
Benefits paid | 22,205 | 3,736 | 19,406 | 3,319 | ||||||||||||||||||||
less: federal subsidy on benefits paid | N/A | (58 | ) | N/A | (51 | ) | ||||||||||||||||||
Plan amendments | — | (2,453 | ) | — | — | |||||||||||||||||||
Benefit obligation at end of year(a) | $ | (480,211 | ) | $ | (215,998 | ) | $ | (397,209 | ) | $ | (154,864 | ) | ||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of assets, beginning of year | $ | 270,005 | $ | 15,129 | $ | 238,134 | $ | 12,418 | ||||||||||||||||
Actual return on plan assets | 13,855 | 695 | 35,344 | 766 | ||||||||||||||||||||
Employer contribution | 6,159 | 5,577 | 15,933 | 5,264 | ||||||||||||||||||||
Benefits paid | (22,205 | ) | (3,736 | ) | (19,406 | ) | (3,319 | ) | ||||||||||||||||
Fair value of assets at end of year | $ | 267,814 | $ | 17,665 | $ | 270,005 | $ | 15,129 | ||||||||||||||||
Unfunded status at December 31, | $ | (212,397 | ) | $ | (198,333 | ) | $ | (127,204 | ) | $ | (139,735 | ) | ||||||||||||
Amounts recognized in the statement of financial position consist of: | ||||||||||||||||||||||||
Current benefit liability | $ | (18 | ) | $ | (2,848 | ) | $ | (17 | ) | $ | (2,816 | ) | ||||||||||||
Noncurrent benefit liability | (212,379 | ) | (195,485 | ) | (127,187 | ) | (136,919 | ) | ||||||||||||||||
$ | (212,397 | ) | $ | (198,333 | ) | $ | (127,204 | ) | $ | (139,735 | ) | |||||||||||||
Amounts recognized in other comprehensive loss | ||||||||||||||||||||||||
Unamortized actuarial loss | $ | 145,823 | $ | 50,078 | $ | 57,265 | $ | 6,435 | ||||||||||||||||
Prior service cost (credit) | (53 | ) | 2,203 | (55 | ) | (22 | ) | |||||||||||||||||
$ | 145,770 | $ | 52,281 | $ | 57,210 | $ | 6,413 | |||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
(a) | The accumulated pension benefit obligation as of December 31, 2014 and 2013 was $475.4 million and $391.5 million, respectively. | |||||||||||||||||||||||
The following table sets forth the net periodic benefit cost: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Pension | Other | Pension | Other | Pension | Other | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 1,359 | $ | 10,868 | $ | 2,555 | $ | 13,596 | $ | 2,723 | $ | 11,152 | ||||||||||||
Interest cost | 19,125 | 8,527 | 17,389 | 7,888 | 18,993 | 8,548 | ||||||||||||||||||
Expected return on plan assets | (18,337 | ) | (1,037 | ) | (15,348 | ) | (912 | ) | (15,253 | ) | (819 | ) | ||||||||||||
Recognized net actuarial loss (gain) | 645 | (326 | ) | 6,246 | 2,414 | 4,653 | 2,717 | |||||||||||||||||
Prior service cost (credit) | (2 | ) | 229 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | |||||||||||||
Net periodic benefit cost | $ | 2,790 | $ | 18,261 | $ | 10,840 | $ | 22,984 | $ | 11,114 | $ | 21,596 | ||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | ||||||||||||||||||||||||
Current year actuarial (gain) loss | $ | 89,204 | $ | 43,318 | $ | (45,209 | ) | $ | (47,143 | ) | $ | 17,178 | $ | 11,148 | ||||||||||
Current year prior service cost | — | 2,453 | — | — | — | — | ||||||||||||||||||
Amortization of actuarial gain (loss) | (645 | ) | 326 | (6,246 | ) | (2,414 | ) | (4,653 | ) | (2,717 | ) | |||||||||||||
Amortization of prior service cost (credit) | 2 | (229 | ) | 2 | 2 | 2 | 2 | |||||||||||||||||
Total recognized in other comprehensive loss | $ | 88,561 | $ | 45,868 | $ | (51,453 | ) | $ | (49,555 | ) | $ | 12,527 | $ | 8,433 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 91,351 | $ | 64,129 | $ | (40,613 | ) | $ | (26,571 | ) | $ | 23,641 | $ | 30,029 | ||||||||||
The weighted average actuarial assumptions used to determine the net periodic benefit expense and the projected benefit obligation were as follows: | ||||||||||||||||||||||||
Pension | Postretirement | Disability | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Discount rate to determine net periodic benefit expense | 5.01 | % | 4.1 | % | 5.21 | % | 4.24 | % | 4.99 | % | 4.06 | % | ||||||||||||
Discount rate to determine projected benefit obligation | 4.19 | % | 5.01 | % | 4.3 | % | 5.21 | % | 4.16 | % | 4.99 | % | ||||||||||||
Expected return on plan assets | 6.92 | % | 6.55 | % | N/A | N/A | 5.92 | % | 6.15 | % | ||||||||||||||
Rate of compensation increase | Various+ | Various+ | N/A | N/A | Various+ | Various+ | ||||||||||||||||||
Health care trend rate to determine net periodic benefit expense | N/A | N/A | 8 | % | 8 | % | N/A | N/A | ||||||||||||||||
Health care trend rate in 2019 | N/A | N/A | 4.75 | % | 4.75 | % | N/A | N/A | ||||||||||||||||
Health care trend rate to determine projected benefit obligation | N/A | N/A | 7.5 | % | 8 | % | N/A | N/A | ||||||||||||||||
Health care trend rate in 2018 | N/A | N/A | 4.75 | % | 4.75 | % | N/A | N/A | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
+ | Differs for each pilot based on current fleet and seat position on the aircraft and seniority service. Negotiated salary increases and expected changes in fleet and seat positions on the aircraft are included in the assumed rate of compensation increase which range from 1.8% to 6.5% in 2014 and 1.5% to 6.0% in 2013. | |||||||||||||||||||||||
++ | Expected return on plan assets used to determine the net periodic benefit expense for 2015 is 6.89% for Pension and 5.40% for Disability. | |||||||||||||||||||||||
In 2014, the Company adopted a new mortality rate table and mortality improvement scale to calculate its pension and other postretirement benefit obligations. The adoption of these mortality rates had the following effects: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Increase in pension obligation as of December 31, 2014 | $ | 29,842 | ||||||||||||||||||||||
Increase in other postretirement benefit obligation as of December 31, 2014 | 20,757 | |||||||||||||||||||||||
A change in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||
100 Basis | 100 Basis | |||||||||||||||||||||||
Point | Point | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Effect on postretirement benefit obligation at December 31, 2014 | $ | 43,228 | $ | (33,189 | ) | |||||||||||||||||||
Effect on total service and interest cost for the year ended December 31, 2014 | 3,897 | (2,988 | ) | |||||||||||||||||||||
Estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015 are as follows: | ||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Actuarial loss | $ | 8,296 | $ | 2,422 | ||||||||||||||||||||
Amortization of prior service credit | (2 | ) | (2 | ) | ||||||||||||||||||||
To be recognized in net periodic benefit cost from accumulated other comprehensive loss | $ | 8,294 | $ | 2,420 | ||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The Company develops the expected long-term rate of return assumption based on historical experience and by evaluating input from the trustee managing the plan's assets, including the trustee's review of asset class return expectations by several consultants and economists, as well as long-term inflation assumptions. The Company's expected long-term rate of return on plan assets is based on a target allocation of assets, which is based on the goal of earning the highest rate of return while maintaining risk at acceptable levels. The plan strives to have assets sufficiently diversified so that adverse or unexpected results from any one security class will not have an unduly detrimental impact on the entire portfolio. The actual allocation of our pension and disability plan assets and the target allocation of assets by category at December 31, 2014 are as follows: | ||||||||||||||||||||||||
Asset Allocation | ||||||||||||||||||||||||
2014 | Target | |||||||||||||||||||||||
Equity securities | 59 | % | 60 | % | ||||||||||||||||||||
Fixed income securities | 36 | % | 35 | % | ||||||||||||||||||||
Real estate investment trusts | 5 | % | 5 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
As discussed in Note 5, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||||||||||
Level 1 — | Observable inputs such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||||||
Level 2 — | Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term for the assets or liabilities; and | |||||||||||||||||||||||
Level 3 — | Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||
The table below presents the Company's pension plan and other postretirement plan investments (excluding cash and receivables): | ||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2014 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Pension Plan Assets: | ||||||||||||||||||||||||
Equity index funds | $ | 159,299 | $ | — | $ | 159,299 | $ | — | ||||||||||||||||
Fixed income funds | 92,801 | — | 92,801 | — | ||||||||||||||||||||
Real estate investment fund | 13,154 | — | 13,154 | — | ||||||||||||||||||||
Insurance company pooled separate account | 2,113 | — | 2,113 | — | ||||||||||||||||||||
Total | $ | 267,367 | $ | — | $ | 267,367 | $ | — | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Common collective trust fund | $ | 17,565 | $ | — | $ | 17,565 | $ | — | ||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Pension Plan Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 164 | $ | 164 | $ | — | $ | — | ||||||||||||||||
Common stock | 2 | 2 | — | — | ||||||||||||||||||||
Equity index funds | 160,286 | — | 160,286 | — | ||||||||||||||||||||
Fixed income funds | 89,086 | — | 89,086 | — | ||||||||||||||||||||
Real estate investment fund | 12,237 | — | 12,237 | — | ||||||||||||||||||||
Insurance company pooled separate account | 1,281 | — | 1,281 | — | ||||||||||||||||||||
Total | $ | 263,056 | $ | 166 | $ | 262,890 | $ | — | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Common collective trust fund | $ | 15,063 | $ | — | $ | 15,063 | $ | — | ||||||||||||||||
Equity index funds. The investment objective of these funds are to obtain a reasonable rate of return while investing principally or entirely in foreign or domestic equity securities. There are currently no redemption restrictions on these investments. The fair value of the investments in this category has been estimated using the net asset value per share. | ||||||||||||||||||||||||
Fixed income funds. The investment objective of these funds are to obtain a reasonable rate of return while principally investing in foreign and domestic bonds, mortgage-backed securities, and asset-backed securities . There are currently no redemption restrictions on these investments. The fair value of the investments in this category has been estimated using the net asset value per share. | ||||||||||||||||||||||||
Real estate investment fund. The investment objective of this fund is to obtain a reasonable rate of return while principally investing in real estate investment trusts. There are currently no redemption restrictions on these investments. The fair value of the investments in this category has been estimated using the net asset value per share. | ||||||||||||||||||||||||
Insurance Company Pooled Separate Account. The investment objective of the Insurance Company Pooled Separate Account is to invest in short-term cash equivalent securities to provide a high current income consistent with the preservation of principal and liquidity. The fair value of the investments in this category has been estimated using the net asset value per share. | ||||||||||||||||||||||||
Common collective trust (CCT). The postretirement plan's CCT investment consists of a balanced profile fund and a conservative profile fund. These funds primarily invest in mutual funds and exchange-traded funds. The balanced profile fund is designed for participating trusts that seek substantial capital growth, place modest emphasis on short-term stability, have long-term investment objectives, and accept short-term volatility in the value of the fund's portfolio. The conservative profile fund is designed for participating trusts that place modest emphasis on capital growth, place moderate emphasis on short-term stability, have intermediate-to-long-term investment objectives, and accept moderate short-term volatility in the value of the fund's portfolio. There are currently no redemption restrictions on these investments. The fair value of the investments in this category has been estimated using the net asset value per share. | ||||||||||||||||||||||||
Based on current legislation and current assumptions, the minimum required contribution that the Company is required to make to Hawaiian's defined benefit pension plans and disability plan during 2015 is $5.1 million. The Company projects that Hawaiian's pension plans and other postretirement benefit plans will make the following benefit payments, which reflect expected future service, during the years ending December 31: | ||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Pension | Gross | Expected | ||||||||||||||||||||||
Benefits | Federal Subsidy | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2015 | $ | 21,967 | $ | 3,982 | $ | (54 | ) | |||||||||||||||||
2016 | 23,341 | 4,674 | (61 | ) | ||||||||||||||||||||
2017 | 24,705 | 5,355 | (70 | ) | ||||||||||||||||||||
2018 | 26,014 | 6,068 | (80 | ) | ||||||||||||||||||||
2019 | 27,171 | 6,859 | (90 | ) | ||||||||||||||||||||
2020 - 2022 | 145,159 | 47,521 | (643 | ) | ||||||||||||||||||||
$ | 268,357 | $ | 74,459 | $ | (998 | ) | ||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||
The Company also sponsors separate defined contribution plans for its pilots, flight attendants and ground and salaried personnel. Contributions to the Company's defined contribution plans were $27.3 million, $25.1 million and $21.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Capital_Stock_and_Sharebased_C
Capital Stock and Share-based Compensation | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity [Abstract] | |||||||
Capital Stock and Share-based Compensation | Capital Stock and Share-based Compensation | ||||||
Common Stock | |||||||
The Company has one class of common stock issued and outstanding. Each share of common stock is entitled to one vote per share. | |||||||
No dividends were paid by the Company during the years ended December 31, 2014, 2013 or 2012. Provisions in certain of the Company's aircraft lease agreements restrict the Company's ability to pay dividends. | |||||||
Special Preferred Stock | |||||||
The IAM, AFA, and ALPA each hold one share of Special Preferred Stock, which entitles each union to nominate one director to the Company's Board of Directors. In addition, each series of the Special Preferred Stock, unless otherwise specified: (i) ranks senior to the Company's common stock and ranks pari passu with each other series of Special Preferred Stock with respect to liquidation, dissolution and winding up of the Company and will be entitled to receive $0.01 per share before any payments are made, or assets distributed to holders of any stock ranking junior to the Special Preferred Stock; (ii) has no dividend rights unless a dividend is declared and paid on the Company's common stock, in which case the Special Preferred Stock would be entitled to receive a dividend in an amount per share equal to two times the dividend per share paid on the common stock; (iii) is entitled to one vote per share of such series and votes with the common stock as a single class on all matters submitted to holders of the Company's common stock; and (iv) automatically converts into the Company's common stock on a 1:1basis, at such time as such shares are transferred or such holders are no longer entitled to nominate a representative to the Company's Board of Directors pursuant to their respective collective bargaining agreements. | |||||||
Share-Based Compensation | |||||||
Total share-based compensation expense recognized by the Company under ASC 718 was $6.7 million, $4.6 million and $3.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, $7.8 million of share-based compensation expense related to unvested stock options and other stock awards (inclusive of $0.3 million for stock options and other stock awards granted to non-employee directors) is attributable to future performance and has not yet been recognized. The related expense will be recognized over a weighted average period of approximately 1.1 years. | |||||||
Stock Options | |||||||
The aggregate intrinsic value of stock options outstanding as of December 31, 2014 and 2013 was $7.6 million and $9.7 million, respectively. The aggregate intrinsic value of stock options exercisable as of December 31, 2014 and 2013 was $7.5 million and $9.7 million, respectively. The intrinsic value of stock options exercised during the year ended December 31, 2014, 2013 and 2012 was $15.9 million, $2.7 million and $0.4 million, respectively. | |||||||
Performance-Based Stock Awards | |||||||
During 2014, the Company granted performance-based stock awards covering 348,009 shares of Company Common Stock (the Target Award) with a maximum payout of 598,690 shares of Common Stock (the Maximum Award) to employees pursuant to the Company's 2005 Stock Incentive Plan. These awards vest over a period of three years. The Company valued the performance-based stock awards using grant date fair values equal to the Company's share price on the measurement date. | |||||||
The following table summarizes information about performance-based stock awards: | |||||||
Number of units | Weighted | ||||||
average | |||||||
grant date | |||||||
fair value | |||||||
Non-vested at December 31, 2013 | 1,142,592 | $ | 5.88 | ||||
Granted during the period | 348,009 | 10.04 | |||||
Vested during the period | (353,344 | ) | 5.89 | ||||
Forfeited during the period | (133,628 | ) | 6.89 | ||||
Non-vested at December 31, 2014 | 1,003,629 | $ | 7.19 | ||||
Time-Based Stock Awards | |||||||
During 2014, the Company awarded 337,333 time-based stock awards to employees and non-employee directors, pursuant to the Company's 2005 Stock Incentive Plan. These stock awards vest over a period of one to three years and have a grant date fair value equal to the Company's share price on the measurement date. | |||||||
The following table summarizes information about outstanding time-based stock awards: | |||||||
Number of units | Weighted | ||||||
average | |||||||
grant date | |||||||
fair value | |||||||
Non-vested at December 31, 2013 | 560,898 | $ | 5.86 | ||||
Granted during the period | 337,333 | 12.5 | |||||
Vested during the period | (376,408 | ) | 7.04 | ||||
Forfeited during the period | (83,862 | ) | 7.4 | ||||
Non-vested at December 31, 2014 | 437,961 | $ | 9.66 | ||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities | |||||||||||||||||||
Commitments | ||||||||||||||||||||
The Company has operating commitments with a third-party to provide aircraft maintenance services which include fixed payments as well as variable payments based on flight hours for our Airbus fleet through 2027. The Company also has operating commitments with third-party service providers for reservations, IT, and accounting services through 2024. | ||||||||||||||||||||
Committed capital and operating expenditures include escalation and variable amounts based on estimated forecasts. The gross committed expenditures for upcoming aircraft deliveries and committed financings for those deliveries for the next five years and thereafter are detailed below: | ||||||||||||||||||||
Capital | Operating | Total Committed | Less: Committed | Net Committed | ||||||||||||||||
Expenditures | Financing for Upcoming | Expenditures | ||||||||||||||||||
Aircraft Deliveries* | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
2015 | $ | 203,156 | $ | 70,003 | $ | 273,159 | $ | 181,190 | $ | 91,969 | ||||||||||
2016 | 67,381 | 57,911 | 125,292 | — | 125,292 | |||||||||||||||
2017 | 234,250 | 57,714 | 291,964 | — | 291,964 | |||||||||||||||
2018 | 411,406 | 51,019 | 462,425 | — | 462,425 | |||||||||||||||
2019 | 497,018 | 46,669 | 543,687 | — | 543,687 | |||||||||||||||
Thereafter | 434,841 | 264,037 | 698,878 | — | 698,878 | |||||||||||||||
$ | 1,848,052 | $ | 547,353 | $ | 2,395,405 | $ | 181,190 | $ | 2,214,215 | |||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
* | See below for a detailed discussion of the committed financings Hawaiian has received for its upcoming capital commitments for aircraft deliveries. | |||||||||||||||||||
A330-800neo and Rolls-Royce Agreements | ||||||||||||||||||||
In December 2014, Hawaiian entered into an amendment (the "Purchase Agreement Amendment") to the Airbus A330/A350WXB Purchase Agreement to convert its order for six firm A350XWB-800 aircraft with an additional six purchase rights into an order for six firm A330-800neo aircraft with an additional four options and two purchase rights. The Purchase Agreement Amendment provides for delivery, subject to certain flexibility rights, of six A330-800neo aircraft starting in 2019. The aircraft will be powered by Rolls-Royce Trent 7000 engines. | ||||||||||||||||||||
In December 2014, Hawaiian entered into a General Terms Agreement with Rolls-Royce for the supply of products and services in support of the Trent 7000 engines to be installed on the Airbus A330-800neo aircraft. The General Terms Agreement includes the terms for the supply of spare engines, product warranties and performance guarantees. The General Terms Agreement also includes the provision of TotalCare maintenance for the engines while in service with Hawaiian. | ||||||||||||||||||||
Purchase Assignment and Lease Financing Agreement | ||||||||||||||||||||
In December 2014, Hawaiian entered into an agreement with a third-party aircraft lessor for the purchase assignment and leaseback of three Airbus A330-200 aircraft scheduled for delivery in 2015 with total committed lease financing of $181 million. Both the gross capital commitment for the cost of the aircraft and the committed financing are reflected in the table above. The agreement has an initial lease term of 12 years and fixed monthly rental payments that will be determined upon delivery of the aircraft. | ||||||||||||||||||||
The anticipated future minimum payments for this lease are $16.2 million in 2015, $25.3 million in each of the years 2016 through 2019, and $186.3 million thereafter. | ||||||||||||||||||||
Litigation and Contingencies | ||||||||||||||||||||
The Company is subject to legal proceedings arising in the normal course of its operations. Management does not anticipate that the disposition of any currently pending proceeding will have a material effect on the Company's operations, business or financial condition. | ||||||||||||||||||||
General Guarantees and Indemnifications | ||||||||||||||||||||
In the normal course of business, the Company enters into numerous aircraft financing and real estate leasing arrangements that have various guarantees included in the contract. It is common in such lease transactions for the lessee to agree to indemnify the lessor and other related third-parties for tort liabilities that arise out of or relate to the lessee's use of the leased aircraft or occupancy of the leased premises. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by their gross negligence or willful misconduct. Additionally, the lessee typically indemnifies such parties for any environmental liability that arises out of or relates to its use of the real estate leased premises. The Company believes that it is insured (subject to deductibles) for most tort liabilities and related indemnities described above with respect to the aircraft and real estate that it leases. The Company cannot estimate the potential amount of future payments, if any, under the foregoing indemnities and agreements. | ||||||||||||||||||||
Credit Card Holdback | ||||||||||||||||||||
Under the Company's bank-issued credit card processing agreements, certain proceeds from advance ticket sales may be held back to serve as collateral to cover any possible chargebacks or other disputed charges that may occur. These holdbacks, which are included in restricted cash in the Company's Consolidated Balance Sheets, totaled $5.0 million at December 31, 2014 and 2013. | ||||||||||||||||||||
In the event of a material adverse change in the business, the holdback could increase to an amount up to 100% of the applicable credit card air traffic liability, which would also cause an increase in the level of restricted cash. |
Geographic_Information
Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Geographic Information | Geographic Information | |||||||||||
The Company's primary operations are that of its wholly-owned subsidiary, Hawaiian. Principally all operations of Hawaiian either originate and/or end in the State of Hawai'i. The management of such operations is based on a system-wide approach due to the interdependence of Hawaiian's route structure in its various markets. As Hawaiian offers only one significant line of business (i.e., air transportation), management has concluded that it has only one segment. | ||||||||||||
The Company's operating revenues by geographic region (as defined by the Department of Transportation, DOT) are summarized below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Domestic | $ | 1,683,487 | $ | 1,493,295 | $ | 1,378,498 | ||||||
Pacific | 631,392 | 662,570 | 583,855 | |||||||||
Total operating revenue | $ | 2,314,879 | $ | 2,155,865 | $ | 1,962,353 | ||||||
Hawaiian attributes operating revenue by geographic region based upon the origin and destination of each flight segment. Hawaiian's tangible assets consist primarily of flight equipment, which are mobile across geographic markets, and, therefore, have not been allocated to specific geographic regions. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||||||
Supplemental disclosures of cash flow information and non-cash investing and financing activities were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Cash payments for interest (net of amounts capitalized) | $ | 42,242 | $ | 36,574 | $ | 35,153 | ||||||
Cash payments (refunds) for income taxes | (1,882 | ) | 2 | (16,913 | ) | |||||||
Investing and Financing Activities Not Affecting Cash: | ||||||||||||
Property and equipment acquired through a capital lease | — | 11,840 | 111,921 | |||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | |||||||||||||||||||
The following condensed consolidating financial information is presented in accordance with Regulation S-X paragraph 210.3-10 because, in connection with the issuance by two pass-through trusts formed by Hawaiian (which is also referred to in this Note 16 as Subsidiary Issuer / Guarantor) of pass-through certificates, as discussed in Note 8, the Company (which is also referred to in this Note 16 as Parent Issuer / Guarantor), is fully and unconditionally guaranteeing the payment obligations of Hawaiian, which is a 100% owned subsidiary of the Company, under equipment notes to be issued by Hawaiian to purchase new aircraft. | ||||||||||||||||||||
Condensed consolidating financial statements are presented in the following tables: | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Loss | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 2,311,200 | $ | 4,029 | $ | (350 | ) | $ | 2,314,879 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 678,253 | — | — | 678,253 | |||||||||||||||
Wages and benefits | — | 447,446 | — | — | 447,446 | |||||||||||||||
Aircraft rent | — | 106,422 | — | — | 106,422 | |||||||||||||||
Maintenance materials and repairs | — | 223,783 | 1,836 | — | 225,619 | |||||||||||||||
Aircraft and passenger servicing | — | 122,780 | — | — | 122,780 | |||||||||||||||
Commissions and other selling | 49 | 122,480 | 76 | (87 | ) | 122,518 | ||||||||||||||
Depreciation and amortization | — | 94,146 | 2,228 | — | 96,374 | |||||||||||||||
Other rentals and landing fees | 5 | 87,897 | — | — | 87,902 | |||||||||||||||
Other | 5,258 | 176,466 | 972 | (263 | ) | 182,433 | ||||||||||||||
Total | 5,312 | 2,059,673 | 5,112 | (350 | ) | 2,069,747 | ||||||||||||||
Operating Income (Loss) | (5,312 | ) | 251,527 | (1,083 | ) | — | 245,132 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 78,702 | — | — | (78,702 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (8,894 | ) | (55,346 | ) | — | — | (64,240 | ) | ||||||||||||
Interest income | 185 | 1,499 | — | — | 1,684 | |||||||||||||||
Capitalized interest | — | 8,024 | — | — | 8,024 | |||||||||||||||
Losses on fuel derivatives | — | (63,471 | ) | — | — | (63,471 | ) | |||||||||||||
Other, net | (1,433 | ) | (12,249 | ) | — | — | (13,682 | ) | ||||||||||||
Total | 68,560 | (121,543 | ) | — | (78,702 | ) | (131,685 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 63,248 | 129,984 | (1,083 | ) | (78,702 | ) | 113,447 | |||||||||||||
Income tax expense (benefit) | (5,678 | ) | 50,199 | — | — | 44,521 | ||||||||||||||
Net Income (Loss) | $ | 68,926 | $ | 79,785 | $ | (1,083 | ) | $ | (78,702 | ) | $ | 68,926 | ||||||||
Comprehensive Loss | $ | (11,200 | ) | $ | (341 | ) | $ | (1,083 | ) | $ | 1,424 | $ | (11,200 | ) | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 2,155,554 | $ | 647 | $ | (336 | ) | $ | 2,155,865 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 698,802 | — | — | 698,802 | |||||||||||||||
Wages and benefits | — | 427,438 | — | — | 427,438 | |||||||||||||||
Aircraft rent | — | 108,534 | — | — | 108,534 | |||||||||||||||
Maintenance materials and repairs | — | 203,387 | — | — | 203,387 | |||||||||||||||
Aircraft and passenger servicing | — | 120,635 | — | — | 120,635 | |||||||||||||||
Commissions and other selling | — | 125,962 | — | (62 | ) | 125,900 | ||||||||||||||
Depreciation and amortization | — | 83,050 | — | — | 83,050 | |||||||||||||||
Other rentals and landing fees | — | 81,317 | — | — | 81,317 | |||||||||||||||
Other | 7,772 | 165,101 | 456 | (274 | ) | 173,055 | ||||||||||||||
Total | 7,772 | 2,014,226 | 456 | (336 | ) | 2,022,118 | ||||||||||||||
Operating Income (Loss) | (7,772 | ) | 141,328 | 191 | — | 133,747 | ||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 62,549 | — | — | (62,549 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (8,710 | ) | (41,743 | ) | — | — | (50,453 | ) | ||||||||||||
Interest income | 132 | 507 | — | — | 639 | |||||||||||||||
Capitalized interest | — | 12,625 | — | — | 12,625 | |||||||||||||||
Losses on fuel derivatives | — | (5,334 | ) | — | — | (5,334 | ) | |||||||||||||
Other, net | — | (4,814 | ) | — | — | (4,814 | ) | |||||||||||||
Total | 53,971 | (38,759 | ) | — | (62,549 | ) | (47,337 | ) | ||||||||||||
Income Before Income Taxes | 46,199 | 102,569 | 191 | (62,549 | ) | 86,410 | ||||||||||||||
Income tax expense (benefit) | (5,655 | ) | 40,211 | — | — | 34,556 | ||||||||||||||
Net Income | $ | 51,854 | $ | 62,358 | $ | 191 | $ | (62,549 | ) | $ | 51,854 | |||||||||
Comprehensive Income | $ | 123,222 | $ | 133,726 | $ | 191 | $ | (133,917 | ) | $ | 123,222 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 1,962,571 | $ | 41 | $ | (259 | ) | $ | 1,962,353 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 631,741 | — | — | 631,741 | |||||||||||||||
Wages and benefits | — | 376,574 | — | — | 376,574 | |||||||||||||||
Aircraft rent | — | 98,786 | — | — | 98,786 | |||||||||||||||
Maintenance materials and repairs | — | 183,552 | — | — | 183,552 | |||||||||||||||
Aircraft and passenger servicing | — | 103,825 | — | — | 103,825 | |||||||||||||||
Commissions and other selling | — | 114,366 | — | (42 | ) | 114,324 | ||||||||||||||
Depreciation and amortization | — | 85,599 | — | — | 85,599 | |||||||||||||||
Other rentals and landing fees | — | 85,623 | — | — | 85,623 | |||||||||||||||
Other | 4,712 | 148,300 | 136 | (217 | ) | 152,931 | ||||||||||||||
Total | 4,712 | 1,828,366 | 136 | (259 | ) | 1,832,955 | ||||||||||||||
Operating Income (Loss) | (4,712 | ) | 134,205 | (95 | ) | — | 129,398 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 61,388 | — | — | (61,388 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (8,330 | ) | (35,192 | ) | — | — | (43,522 | ) | ||||||||||||
Interest income | 114 | 466 | — | — | 580 | |||||||||||||||
Capitalized interest | — | 10,524 | — | — | 10,524 | |||||||||||||||
Losses on fuel derivatives | — | (11,330 | ) | — | — | (11,330 | ) | |||||||||||||
Other, net | — | 136 | — | — | 136 | |||||||||||||||
Total | 53,172 | (35,396 | ) | — | (61,388 | ) | (43,612 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 48,460 | 98,809 | (95 | ) | (61,388 | ) | 85,786 | |||||||||||||
Income tax expense (benefit) | (4,777 | ) | 37,326 | — | — | 32,549 | ||||||||||||||
Net Income (Loss) | $ | 53,237 | $ | 61,483 | $ | (95 | ) | $ | (61,388 | ) | $ | 53,237 | ||||||||
Comprehensive Income (Loss) | $ | 41,523 | $ | 49,769 | $ | (95 | ) | $ | (49,674 | ) | $ | 41,523 | ||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 79,532 | $ | 179,676 | $ | 4,879 | $ | — | $ | 264,087 | ||||||||||
Restricted cash | — | 6,566 | — | — | 6,566 | |||||||||||||||
Short-term investments | — | 260,121 | — | — | 260,121 | |||||||||||||||
Accounts receivable, net | 63 | 80,289 | 531 | (146 | ) | 80,737 | ||||||||||||||
Spare parts and supplies, net | — | 18,011 | — | — | 18,011 | |||||||||||||||
Deferred tax assets, net | — | 21,943 | — | — | 21,943 | |||||||||||||||
Prepaid expenses and other | 12 | 53,281 | 89 | — | 53,382 | |||||||||||||||
Total | 79,607 | 619,887 | 5,499 | (146 | ) | 704,847 | ||||||||||||||
Property and equipment at cost | — | 2,006,274 | 34,726 | — | 2,041,000 | |||||||||||||||
Less accumulated depreciation and amortization | — | (365,279 | ) | (2,228 | ) | — | (367,507 | ) | ||||||||||||
Property and equipment, net | — | 1,640,995 | 32,498 | — | 1,673,493 | |||||||||||||||
Long-term prepayments and other | 537 | 95,688 | — | — | 96,225 | |||||||||||||||
Restricted cash | — | — | — | — | — | |||||||||||||||
Deferred tax assets, net | 20,556 | — | — | (20,556 | ) | — | ||||||||||||||
Goodwill and other intangible assets, net | — | 127,963 | — | — | 127,963 | |||||||||||||||
Intercompany receivable | — | 15,081 | — | (15,081 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 351,391 | — | — | (351,391 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 452,091 | $ | 2,499,614 | $ | 37,997 | $ | (387,174 | ) | $ | 2,602,528 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 514 | $ | 96,196 | $ | 696 | $ | (146 | ) | $ | 97,260 | |||||||||
Air traffic liability | — | 421,547 | 2,789 | — | 424,336 | |||||||||||||||
Other accrued liabilities | 1,686 | 140,088 | 145 | — | 141,919 | |||||||||||||||
Current maturities of long-term debt, less discount, and capital lease obligations | 66,530 | 89,819 | — | — | 156,349 | |||||||||||||||
Total | 68,730 | 747,650 | 3,630 | (146 | ) | 819,864 | ||||||||||||||
Long-term debt and capital lease obligations | — | 893,288 | — | — | 893,288 | |||||||||||||||
Intercompany payable | 15,081 | — | — | (15,081 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||
Accumulated pension and other postretirement benefit obligations. | — | 407,864 | — | — | 407,864 | |||||||||||||||
Other liabilities and deferred credits | 1,047 | 70,853 | 750 | — | 72,650 | |||||||||||||||
Deferred tax liabilities, net | — | 62,185 | — | (20,556 | ) | 41,629 | ||||||||||||||
Total | 1,047 | 540,902 | 750 | (20,556 | ) | 522,143 | ||||||||||||||
Shareholders' equity | 367,233 | 317,774 | 33,617 | (351,391 | ) | 367,233 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 452,091 | $ | 2,499,614 | $ | 37,997 | $ | (387,174 | ) | $ | 2,602,528 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 84,797 | $ | 333,663 | $ | 4,924 | $ | — | $ | 423,384 | ||||||||||
Restricted cash | — | 19,434 | — | — | 19,434 | |||||||||||||||
Accounts receivable, net | 1,192 | 73,241 | 31 | (219 | ) | 74,245 | ||||||||||||||
Spare parts and supplies, net | — | 19,767 | — | — | 19,767 | |||||||||||||||
Deferred tax assets, net | — | 17,325 | — | — | 17,325 | |||||||||||||||
Prepaid expenses and other | — | 51,613 | 39 | — | 51,652 | |||||||||||||||
Total | 85,989 | 515,043 | 4,994 | (219 | ) | 605,807 | ||||||||||||||
Property and equipment at cost | — | 1,629,517 | 31,917 | — | 1,661,434 | |||||||||||||||
Less accumulated depreciation and amortization | — | (327,102 | ) | — | — | (327,102 | ) | |||||||||||||
Property and equipment, net | — | 1,302,415 | 31,917 | — | 1,334,332 | |||||||||||||||
Long-term prepayments and other | 1,171 | 90,782 | — | — | 91,953 | |||||||||||||||
Restricted cash | — | 1,566 | — | — | 1,566 | |||||||||||||||
Deferred tax assets, net | 14,767 | — | — | (14,767 | ) | — | ||||||||||||||
Goodwill and other intangible assets, net | — | 130,603 | — | — | 130,603 | |||||||||||||||
Intercompany receivable | 25,286 | — | — | (25,286 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 348,040 | — | — | (348,040 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 475,253 | $ | 2,040,409 | $ | 36,911 | $ | (388,312 | ) | $ | 2,164,261 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 532 | $ | 88,990 | $ | 484 | $ | (219 | ) | $ | 89,787 | |||||||||
Air traffic liability | — | 407,359 | 1,727 | — | 409,086 | |||||||||||||||
Other accrued liabilities | 1,307 | 96,264 | — | — | 97,571 | |||||||||||||||
Current maturities of long-term debt and capital lease obligations | — | 62,187 | — | — | 62,187 | |||||||||||||||
Total | 1,839 | 654,800 | 2,211 | (219 | ) | 658,631 | ||||||||||||||
Long-term debt, less discount, and capital lease obligations | 76,550 | 667,736 | — | — | 744,286 | |||||||||||||||
Intercompany payable | — | 25,286 | — | (25,286 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||
Accumulated pension and other postretirement benefit obligations. | — | 264,106 | — | — | 264,106 | |||||||||||||||
Other liabilities and deferred credits | — | 59,424 | — | — | 59,424 | |||||||||||||||
Deferred tax liabilities, net | — | 55,717 | — | (14,767 | ) | 40,950 | ||||||||||||||
Total | — | 379,247 | — | (14,767 | ) | 364,480 | ||||||||||||||
Shareholders' equity | 396,864 | 313,340 | 34,700 | (348,040 | ) | 396,864 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 475,253 | $ | 2,040,409 | $ | 36,911 | $ | (388,312 | ) | $ | 2,164,261 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities: | $ | (8,303 | ) | $ | 305,969 | $ | 2,764 | $ | — | $ | 300,430 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments from subsidiaries | 38,791 | — | — | (38,791 | ) | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (439,420 | ) | (2,809 | ) | — | (442,229 | ) | ||||||||||||
Net proceeds from disposition of equipment | — | 16,953 | — | — | 16,953 | |||||||||||||||
Purchases of investments | — | (458,592 | ) | — | — | (458,592 | ) | |||||||||||||
Sales of investments | — | 197,046 | — | — | 197,046 | |||||||||||||||
Net cash provided by (used in) investing activities | 38,791 | (684,013 | ) | (2,809 | ) | (38,791 | ) | (686,822 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 7,001 | — | — | — | 7,001 | |||||||||||||||
Long-term borrowings | — | 368,430 | — | — | 368,430 | |||||||||||||||
Repayments of long-term debt and capital lease obligations | (42,754 | ) | (115,246 | ) | — | — | (158,000 | ) | ||||||||||||
Debt issuance costs | — | (1,519 | ) | — | — | (1,519 | ) | |||||||||||||
Net payments to parent company | — | (38,791 | ) | — | 38,791 | — | ||||||||||||||
Change in cash collateral for EETC financing | — | 14,434 | — | — | 14,434 | |||||||||||||||
Other | — | (3,251 | ) | — | — | (3,251 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (35,753 | ) | 224,057 | — | 38,791 | 227,095 | ||||||||||||||
Net decrease in cash and cash equivalents | (5,265 | ) | (153,987 | ) | (45 | ) | — | (159,297 | ) | |||||||||||
Cash and cash equivalents—Beginning of Period | 84,797 | 333,663 | 4,924 | — | 423,384 | |||||||||||||||
Cash and cash equivalents—End of Period | $ | 79,532 | $ | 179,676 | $ | 4,879 | $ | — | $ | 264,087 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities: | $ | (8,088 | ) | $ | 251,260 | $ | 98 | $ | — | $ | 243,270 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments from subsidiaries | 6,883 | — | — | (6,883 | ) | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (328,767 | ) | (13,461 | ) | — | (342,228 | ) | ||||||||||||
Net proceeds from disposition of equipment | — | 14,414 | — | — | 14,414 | |||||||||||||||
Net cash provided by (used in) investing activities | 6,883 | (314,353 | ) | (13,461 | ) | (6,883 | ) | (327,814 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 2,376 | — | — | — | 2,376 | |||||||||||||||
Long-term borrowings | — | 243,110 | — | — | 243,110 | |||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (113,592 | ) | — | — | (113,592 | ) | |||||||||||||
Debt issuance costs | — | (13,846 | ) | — | — | (13,846 | ) | |||||||||||||
Net payments to parent company | — | (6,883 | ) | — | 6,883 | — | ||||||||||||||
Change in cash collateral for EETC financing | — | (16,000 | ) | — | — | (16,000 | ) | |||||||||||||
Net cash provided by financing activities | 2,376 | 92,789 | — | 6,883 | 102,048 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,171 | 29,696 | (13,363 | ) | — | 17,504 | ||||||||||||||
Cash and cash equivalents—Beginning of Period | 83,626 | 303,967 | 18,287 | — | 405,880 | |||||||||||||||
Cash and cash equivalents—End of Period | $ | 84,797 | $ | 333,663 | $ | 4,924 | $ | — | $ | 423,384 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By Operating Activities: | $ | 10,669 | $ | 299,845 | $ | 503 | $ | — | $ | 311,017 | ||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments to subsidiaries | (25,750 | ) | — | — | 25,750 | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (272,243 | ) | (18,456 | ) | — | (290,699 | ) | ||||||||||||
Net cash used in investing activities | (25,750 | ) | (272,243 | ) | (18,456 | ) | 25,750 | (290,699 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 1,488 | — | — | — | 1,488 | |||||||||||||||
Long-term borrowings | — | 133,000 | — | — | 133,000 | |||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (49,129 | ) | — | — | (49,129 | ) | |||||||||||||
Debt issuance costs | — | (3,828 | ) | — | — | (3,828 | ) | |||||||||||||
Net payments from (to) parent company | — | (9,250 | ) | 35,000 | (25,750 | ) | — | |||||||||||||
Other | — | (84 | ) | — | — | (84 | ) | |||||||||||||
Net cash provided by financing activities | 1,488 | 70,709 | 35,000 | (25,750 | ) | 81,447 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (13,593 | ) | 98,311 | 17,047 | — | 101,765 | ||||||||||||||
Cash and cash equivalents—Beginning of Period | 97,219 | 205,656 | 1,240 | — | 304,115 | |||||||||||||||
Cash and cash equivalents—End of Period | $ | 83,626 | $ | 303,967 | $ | 18,287 | $ | — | $ | 405,880 | ||||||||||
Certain Restrictions on Subsidiary Distributions, Dividends and Repurchases | ||||||||||||||||||||
The Company and Hawaiian are party to a Credit and Guaranty Agreement (Credit Agreement), dated as of November 7, 2014, that provides for a Revolving Credit Facility. See further discussion of the Revolving Credit Facility at Note 8. Pursuant to the terms of the Credit Agreement, neither Hawaiian nor any other subsidiary of the Company will directly or indirectly declare or pay any dividend, or purchase, redeem or otherwise acquire or retire for value any equity interests of the Company unless certain conditions are met. | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
The long-term debt included in the Parent Issuer / Guarantor column represents the Convertible Notes described in Note 8. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
The income tax expense (benefit) is presented as if each entity that is part of the consolidated group files a separate return. |
Supplemental_Financial_Informa
Supplemental Financial Information (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Supplemental Financial Information (unaudited) | Supplemental Financial Information (unaudited) | |||||||||||||||
Unaudited Quarterly Financial Information: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
2014:00:00 | ||||||||||||||||
Operating revenue | $ | 524,858 | $ | 575,720 | $ | 639,462 | $ | 574,839 | ||||||||
Operating income | 10,037 | 51,594 | 106,169 | 77,332 | ||||||||||||
Nonoperating loss | (18,329 | ) | (6,615 | ) | (47,805 | ) | (58,936 | ) | ||||||||
Net income (loss) | (5,075 | ) | 27,327 | 35,575 | 11,099 | |||||||||||
Net Income (Loss) Per Common Stock Share: | ||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.51 | $ | 0.66 | $ | 0.2 | |||||||
Diluted | (0.10 | ) | 0.43 | 0.56 | 0.17 | |||||||||||
2013:00:00 | ||||||||||||||||
Operating revenue | $ | 490,754 | $ | 533,928 | $ | 599,298 | $ | 531,885 | ||||||||
Operating income (loss) | (11,926 | ) | 37,391 | 74,434 | 33,848 | |||||||||||
Nonoperating loss | (15,453 | ) | (19,176 | ) | (7,016 | ) | (5,692 | ) | ||||||||
Net income (loss) | (17,145 | ) | 11,316 | 40,604 | 17,079 | |||||||||||
Net Income (Loss) Per Common Stock Share: | ||||||||||||||||
Basic | $ | (0.33 | ) | $ | 0.22 | $ | 0.78 | $ | 0.33 | |||||||
Diluted | (0.33 | ) | 0.21 | 0.76 | 0.31 | |||||||||||
The sum of the quarterly net income (loss) per common stock share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. | ||||||||||||||||
The Company's quarterly financial results are subject to seasonal fluctuations. Historically its second and third quarter financial results, which reflect periods of higher travel demand, are better than its first and fourth quarter financial results. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | Schedule II—Hawaiian Holdings, Inc. | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||
COLUMN A | COLUMN B | COLUMN C | COLUMN D | COLUMN E | |||||||||||||
ADDITIONS | |||||||||||||||||
Description | Balance at Beginning of Year | -1 | -2 | Deductions | Balance at End of Year | ||||||||||||
Charged to Costs and Expenses | Charged to Other Accounts | ||||||||||||||||
(in thousands) | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
2014 | $ | 101 | 593 | — | (559 | ) | (a) | $ | 135 | ||||||||
2013 | $ | 371 | 292 | — | (562 | ) | (a) | $ | 101 | ||||||||
2012 | $ | 630 | 185 | — | (444 | ) | (a) | $ | 371 | ||||||||
Allowance for Obsolescence of Flight Equipment Expendable Parts and Supplies | |||||||||||||||||
2014 | $ | 12,801 | 2,193 | (b) | — | (495 | ) | (c) | $ | 14,499 | |||||||
2013 | $ | 10,963 | 2,471 | (b) | — | (633 | ) | (c) | $ | 12,801 | |||||||
2012 | $ | 8,824 | 2,388 | (b) | — | (249 | ) | (c) | $ | 10,963 | |||||||
_______________________________________________________________________________ | |||||||||||||||||
(a) | Doubtful accounts written off, net of recoveries. | ||||||||||||||||
(b) | Obsolescence reserve for Hawaiian flight equipment expendable parts and supplies. | ||||||||||||||||
(c) | Spare parts and supplies written off against the allowance for obsolescence. | ||||||||||||||||
Note, the Company did not have a tax valuation allowance for the years ended December 31, 2014, 2013 and 2012. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Presentation | Basis of Presentation | ||||||||
Hawaiian Holdings, Inc. (the "Company," "Holdings," "we," "us" and "our") and its direct wholly-owned subsidiary, Hawaiian Airlines, Inc. (Hawaiian), are incorporated in the State of Delaware. The Company's primary asset is its sole ownership of all issued and outstanding shares of common stock of Hawaiian. | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including its principal subsidiary, Hawaiian, through which the Company conducts substantially all of its operations. All significant intercompany balances and transactions have been eliminated upon consolidation. | |||||||||
Cash Equivalents | Cash Equivalents | ||||||||
Cash equivalents consist of short-term, highly liquid investments with an original maturity of three months or less at the date of purchase. | |||||||||
Restricted Cash | Restricted Cash | ||||||||
Restricted cash consists of cash held as collateral for future interest payments owed in connection with the Enhanced Equipment Trust Certificates (EETC) financing which closed in May 2013 and cash held as collateral by institutions that process our credit card transactions for advanced ticket sales. | |||||||||
Spare Parts and Supplies | Spare Parts and Supplies | ||||||||
Spare parts and supplies are valued at average cost, and primarily consist of expendable parts for flight equipment and other supplies. An allowance for obsolescence of expendable parts is provided over the estimated useful lives of the related aircraft and engines for spare parts expected to be on hand at the date the aircraft are retired from service. These allowances are based on management's estimates and are subject to change. | |||||||||
Property, Equipment and Depreciation | Property, Equipment and Depreciation | ||||||||
Property and equipment are stated at cost and depreciated on a straight-line basis to their estimated residual values over the asset's estimated useful life. Depreciation begins when the asset is placed into service. Aircraft and related parts begin depreciating on the aircraft's first revenue flight. | |||||||||
Estimated useful lives and residual values of property and equipment are as follows: | |||||||||
Boeing 717-200 aircraft and engines | 7 - 11 years, 7 - 34% residual value | ||||||||
Boeing 767-300 aircraft and engines | 7 - 20 years, 0 - 10% residual value | ||||||||
Airbus A330-200 aircraft and engines | 25 years, 10% residual value | ||||||||
ATR42 Turboprop aircraft and engines | 10 years, 15% residual value | ||||||||
Aircraft under capital leases | 8 - 12 years, no residual value | ||||||||
Flight simulator under capital lease | 25 years, 10% residual value | ||||||||
Major rotable parts | Average lease term or useful life for related aircraft, 10% - 15% residual value | ||||||||
Improvements to leased flight equipment | Shorter of lease term or useful life | ||||||||
Facility leasehold improvements | Shorter of lease term, including assumed lease renewals when renewal is economically compelled at key airports, or useful life | ||||||||
Furniture, fixtures and other equipment | 3 - 7 years, no residual value | ||||||||
Capitalized software | 3 - 7 years, no residual value | ||||||||
Additions and modifications that significantly enhance the operating performance and/or extend the useful lives of property and equipment are capitalized and depreciated over the lesser of the remaining useful life of the asset or the remaining lease term, as applicable. Expenditures that do not improve or extend asset lives are charged to expense as incurred. Pre-delivery deposits are capitalized when paid. | |||||||||
Aircraft under capital leases are recorded at an amount equal to the present value of minimum lease payments utilizing the Company's incremental borrowing rate at lease inception and amortized on a straight-line basis over the lesser of the remaining useful life of the aircraft or the lease term. The amortization is recorded in depreciation and amortization expense on the Consolidated Statement of Operations. Accumulated amortization of aircraft and other capital leases was $31.2 million and $19.4 million as of December 31, 2014 and 2013, respectively. | |||||||||
The Company capitalizes certain costs related to the acquisition and development of computer software and amortizes these costs using the straight-line method over the estimated useful life of the software. The net book value of computer software, which is included in Other property and equipment on the consolidated balance sheets, was $15.6 million and $10.8 million at December 31, 2014 and 2013, respectively. Amortization expense related to computer software was $5.5 million, and $7.0 million, $7.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Aircraft Maintenance and Repair Costs | Aircraft Maintenance and Repair Costs | ||||||||
Maintenance and repair costs for owned and leased flight equipment, including the overhaul of aircraft components, are charged to operating expenses as incurred. Engine overhaul costs covered by power-by-the-hour arrangements are paid and expensed as incurred and are based on the amount of hours flown per contract. Under the terms of these power-by-the-hour agreements, the Company pays a set dollar amount per engine hour flown on a monthly basis and the third-party vendor assumes the obligation to repair the engines at no additional cost, subject to certain specified exclusions. | |||||||||
Additionally, although the Company's aircraft lease agreements specifically provide that it is responsible for maintenance of the leased aircraft, the Company pays maintenance reserves to the aircraft lessors that are applied towards the cost of future maintenance events. These reserves are calculated based on a performance measure, such as flight hours, and are available for reimbursement to the Company upon the completion of the maintenance of the leased aircraft. However, reimbursements are limited to the available reserves associated with the specific maintenance activity for which the Company requests reimbursement. | |||||||||
Under certain aircraft lease agreements, if there are excess amounts on deposit at the expiration of the lease, the lessor is entitled to retain any excess amounts; whereas at the expiration of certain other existing aircraft lease agreements any such excess amounts are returned to the Company, provided that it has fulfilled all of its obligations under the lease agreements. The maintenance reserves paid under the lease agreements do not transfer either the obligation to maintain the aircraft or the cost risk associated with the maintenance activities to the aircraft lessor. In addition, the Company maintains the right to select any third-party maintenance provider. | |||||||||
Maintenance reserve payments that are expected to be recovered from lessors are recorded as deposits in the Consolidated Balance Sheets as an asset until it is less than probable that any portion of the deposit is recoverable. In addition, payments of maintenance reserves that are not substantially and contractually related to the maintenance of the leased assets are expensed as incurred. Any costs that are substantially and contractually unrelated to the maintenance of the leased asset are considered to be unrecoverable. In order to properly account for the costs that are related to the maintenance of the leased asset, the Company bifurcates its maintenance reserves into two groups and expenses the proportionate share that is expected to be unrecoverable. | |||||||||
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets | ||||||||
Goodwill and intangible assets with indefinite lives are not amortized, but are tested for impairment at least annually using a three-step process in accordance with Accounting Standard Codification (ASC) Intangibles—Goodwill and Other (ASC 350). | |||||||||
In the event that the Company determines that the values of goodwill or indefinite-lived intangible assets have become impaired, the Company will incur an accounting charge during the period in which such determination is made. No impairments were recorded in 2014. | |||||||||
Impairment of Long-Lived Assets and Finite-lived Intangible Assets | Impairment of Long-Lived Assets and Finite-lived Intangible Assets | ||||||||
Long-lived assets used in operations, consisting principally of property and equipment and finite-lived intangible assets, are tested for impairment when events or changes in circumstances indicate, in management's judgment, that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than its carrying amount. When testing for impairment, management considers market trends, the expected useful lives of the assets, changes in economic conditions, recent transactions involving sales of similar assets and, if necessary, estimates of future discounted cash flows. If, at any time, management determines the net carrying value of an asset is not recoverable, the amount is reduced to its fair value during the period in which such determination is made. Any changes in the estimated useful lives of these assets will be accounted for prospectively. | |||||||||
Operating Leases | Operating Leases | ||||||||
The Company leases aircraft, engines, airport and terminal facilities, office space, and other equipment under operating leases. Some of these lease agreements include escalation clauses and renewal options. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases in the Consolidated Statements of Operations. When lease renewals are considered to be reasonably assured, the rental payments that will be due during the renewal periods are included in the determination of rent expense over the life of the lease. Rental expense for operating leases totaled $160.7 million, $158.6 million, and $151.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Leased Aircraft Return Costs | Leased Aircraft Return Costs | ||||||||
Costs associated with the return of leased aircraft are accrued when it is probable that a payment will be made and that amount is reasonably estimable. Any accrual is based on the time remaining on the lease, planned aircraft usage and the provisions included in the lease agreement, although the actual amount due to any lessor upon return will not be known with certainty until lease termination. | |||||||||
Revenue Recognition | Revenue Recognition | ||||||||
Passenger revenue is recognized either when the transportation is provided or when tickets expire unused. The value of passenger tickets for future travel is included as air traffic liability. | |||||||||
Various taxes and fees assessed on the sale of tickets to end customers are collected by the Company as an agent and remitted to taxing authorities. These taxes and fees have been presented on a net basis in the accompanying Consolidated Statements of Operations and recorded as a liability until remitted to the appropriate taxing authority. | |||||||||
Other operating revenue includes checked baggage revenue, cargo revenue, ticket change and cancellation fees, charter revenue, ground handling fees, commissions and fees earned under certain joint marketing agreements with other companies, inflight revenue and other incidental sales. | |||||||||
Baggage fees, cargo and charter revenue are recognized when the transportation is provided. Ticket change and cancellation fees are recognized at the time the fees are assessed. All other revenue is recognized as revenue when the related goods and services are provided. | |||||||||
Frequent Flyer Program | Frequent Flyer Program | ||||||||
HawaiianMiles, Hawaiian's frequent flyer travel award program provides a variety of awards to program members based on accumulated mileage. The Company utilizes the incremental cost method of accounting for free travel awards issued from the HawaiianMiles program. The Company records a liability for the estimated incremental cost of providing travel awards that are expected to be redeemed on Hawaiian or the contractual rate of expected redemption on other airlines. The Company estimates the incremental cost of travel awards based on periodic studies of actual costs and applies these cost estimates to all issued miles, less an appropriate breakage factor for estimated miles that will not be redeemed. Incremental cost includes the costs of fuel, meals and beverages, insurance and certain other passenger traffic-related costs, but does not include any costs for aircraft ownership and maintenance. The breakage factor is estimated based on an analysis of historical expirations. | |||||||||
The Company also sells mileage credits to companies participating in our frequent flyer program. These sales are accounted for as multiple-element arrangements, with one element representing the travel that will ultimately be provided when the mileage credits are redeemed and the other consisting of marketing related activities that we conduct with the participating company. | |||||||||
In 2013, Hawaiian entered into a co-branded credit card agreement, which provides for the sale of frequent flyer miles to Barclays Bank Delaware (Barclays) which began in 2014. The agreement is a new multiple element arrangement subject to Accounting Standards Update 2009-13, Multiple Deliverable Revenue Arrangements — A consensus of the FASB Emerging Issues Task Force (ASU 2009-13), which is effective for new and materially modified revenue arrangements entered into by the Company after January 1, 2011. ASU 2009-13 requires the allocation of the overall consideration received to each deliverable using the estimated selling price. The objective of using estimated selling price based methodology is to determine the price at which the Company would transact a sale if the product or service were sold on a stand-alone basis. | |||||||||
The following four deliverables or elements were identified in the agreement: (i) travel miles; (ii) use of the Hawaiian brand and access to member lists; (iii) advertising elements; and (iv) other airline benefits including checked baggage services and travel discounts. The Company determined the relative fair value of each element by estimating the selling prices of the deliverables by considering discounted cash flows using multiple inputs and assumptions, including: (1) the expected number of miles to be awarded and redeemed; (2) the estimated weighted average equivalent ticket value, adjusted by a fulfillment discount; (3) the estimated total annual cardholder spend; (4) an estimated royalty rate for the Hawaiian portfolio; and (5) the expected use of each of the airline benefits. The overall consideration received is allocated to the deliverables based on their relative selling prices. The transportation element is deferred and recognized as passenger revenue over the period when the transportation is expected to be provided (24 months). The other elements will generally be recognized as other revenue when earned. | |||||||||
In the previous co-branded credit card agreement, the estimated fair value of the transportation element was deferred and recognized as passenger revenue over the period the transportation was expected to be provided. Amounts received in excess of the transportation’s estimated fair value were recognized immediately as other revenue. | |||||||||
The impact of applying the new accounting method for the year ended December 31, 2014 was immaterial to the Company’s consolidated financial statements. | |||||||||
Under the programs of certain participating companies, credits are accumulated in accounts maintained by the participating company and then transferred into a member's HawaiianMiles account for immediate redemption of free travel awards. For those transactions, revenue is recognized over the period during which the mileage is projected to be used for travel (five months). | |||||||||
On an annual basis, the Company reviews the deferral period and deferral rate for mileage credits sold to participating companies, as well as the breakage rate assumption for free travel awards earned in connection with the purchase of passenger tickets. The Company's incremental cost assumption is reviewed on a quarterly basis. | |||||||||
Pension and Postretirement and Postemployment Benefits | Pension and Postretirement and Postemployment Benefits | ||||||||
The Company accounts for its defined benefit pension and other postretirement and postemployment plans in accordance with ASC 715, Compensation—Retirement Benefits (ASC 715), which requires companies to measure their plans' assets and obligations to determine the funded status at fiscal year-end, reflect the funded status in the statement of financial position as an asset or liability, and recognize changes in the funded status of the plans in comprehensive income during the year in which the changes occur. Pension and other postretirement and postemployment benefit expenses are recognized on an accrual basis over each employee's service periods. Pension expense is generally independent of funding decisions or requirements. | |||||||||
The Company uses the corridor approach in the valuation of its defined benefit pension and other postretirement and postemployment plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. These unrecognized actuarial gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. | |||||||||
Advertising Costs | Advertising Costs | ||||||||
Advertising costs are expensed when incurred. | |||||||||
Capitalized Interest | Capitalized Interest | ||||||||
Interest is capitalized upon the payment of predelivery deposits for aircraft and engines, and is depreciated over the estimated useful life of the asset from service inception date. | |||||||||
Stock Compensation Plans | Stock Compensation Plans | ||||||||
The Company has a stock compensation plan for it and its subsidiaries' officers, consultants and non-employee directors. The Company accounts for stock compensation awards under ASC 718, Compensation—Stock Compensation, which requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the fair value of such awards on the dates they are granted. The fair value of the awards are estimated using the following: (1) option-pricing models for grants of stock options, (2) Monte Carlo simulations for restricted stock units with a market condition, or (3) fair value at the measurement date (usually the grant date) for awards of stock subject to time and / or performance-based vesting. The resultant cost is recognized as compensation expense over the period of time during which an employee is required to provide services to the Company (the service period) in exchange for the award, the service period generally being the vesting period of the award. | |||||||||
Financial Derivative Instruments | Financial Derivative Instruments | ||||||||
The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in global aircraft fuel prices, interest rates and foreign currency exchange rates. | |||||||||
The following table summarizes the accounting treatment of the Company's derivative contracts: | |||||||||
Classification of Unrealized | |||||||||
Gains (Losses) | |||||||||
Derivative Type | Accounting Designation | Classification of Realized | Effective Portion | Ineffective Portion | |||||
Gains and Losses | |||||||||
Interest rate contracts | Designated as cash flow hedges | Interest expense and amortization of debt discounts and issuance costs | AOCI | Nonoperating income (expense) | |||||
Foreign currency exchange contracts | Designated as cash flow hedges | Passenger revenue | AOCI | Nonoperating income (expense) | |||||
Fuel hedge contracts | Not designated as hedges | Gains (losses) on fuel derivatives | Change in fair value is recorded in nonoperating income (expense) | ||||||
Negative interest arbitrage associated with EETCs | Not designated as hedges | Nonoperating income (expense), Other | Change in fair value is recorded in nonoperating income (expense) | ||||||
Foreign currency exchange contracts | Not designated as hedges | Nonoperating income (expense), Other | Change in fair value is recorded in nonoperating income (expense) | ||||||
If the Company terminates a derivative prior to its contractual settlement date, then the cumulative gain or loss recognized in AOCI at the termination date remains in AOCI until the forecasted transaction occurs. In a situation where it becomes probable that a hedged forecasted transaction will not occur, any gains and/or losses that have been recorded to AOCI would be required to be immediately reclassified into earnings. All cash flows associated with purchasing and settling derivatives are classified as operating cash flows in the Consolidated Statements of Cash Flows. | |||||||||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements | ||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ significantly from those estimates. | |||||||||
Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. Early adoption is not permitted. The amendments in ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the effect that the provisions of ASU 2014-09 will have on its consolidated financial statements and related disclosures. We have determined that the new standard once effective will preclude the Company from accounting for points earned under its customer loyalty program using the incremental cost method, and will require it to use a deferred revenue method. This change could have a significant impact on our financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of estimated useful lives and residual values of property and equipment | Estimated useful lives and residual values of property and equipment are as follows: | ||||||||
Boeing 717-200 aircraft and engines | 7 - 11 years, 7 - 34% residual value | ||||||||
Boeing 767-300 aircraft and engines | 7 - 20 years, 0 - 10% residual value | ||||||||
Airbus A330-200 aircraft and engines | 25 years, 10% residual value | ||||||||
ATR42 Turboprop aircraft and engines | 10 years, 15% residual value | ||||||||
Aircraft under capital leases | 8 - 12 years, no residual value | ||||||||
Flight simulator under capital lease | 25 years, 10% residual value | ||||||||
Major rotable parts | Average lease term or useful life for related aircraft, 10% - 15% residual value | ||||||||
Improvements to leased flight equipment | Shorter of lease term or useful life | ||||||||
Facility leasehold improvements | Shorter of lease term, including assumed lease renewals when renewal is economically compelled at key airports, or useful life | ||||||||
Furniture, fixtures and other equipment | 3 - 7 years, no residual value | ||||||||
Capitalized software | 3 - 7 years, no residual value | ||||||||
Schedule of Company's total frequent flyer liability for future award redemptions reflected as components of air traffic liability and other liabilities and deferred credits | The Company's total frequent flyer liability for future award redemptions is reflected as components of Air traffic liability and Other liabilities and deferred credits within the Consolidated Balance Sheets as follows: | ||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Air traffic liability | $ | 49,618 | $ | 51,264 | |||||
Other liabilities and deferred credits | 15,830 | 10,633 | |||||||
Total frequent flyer liability | $ | 65,448 | $ | 61,897 | |||||
Summary of accounting treatment of derivative contracts | The following table summarizes the accounting treatment of the Company's derivative contracts: | ||||||||
Classification of Unrealized | |||||||||
Gains (Losses) | |||||||||
Derivative Type | Accounting Designation | Classification of Realized | Effective Portion | Ineffective Portion | |||||
Gains and Losses | |||||||||
Interest rate contracts | Designated as cash flow hedges | Interest expense and amortization of debt discounts and issuance costs | AOCI | Nonoperating income (expense) | |||||
Foreign currency exchange contracts | Designated as cash flow hedges | Passenger revenue | AOCI | Nonoperating income (expense) | |||||
Fuel hedge contracts | Not designated as hedges | Gains (losses) on fuel derivatives | Change in fair value is recorded in nonoperating income (expense) | ||||||
Negative interest arbitrage associated with EETCs | Not designated as hedges | Nonoperating income (expense), Other | Change in fair value is recorded in nonoperating income (expense) | ||||||
Foreign currency exchange contracts | Not designated as hedges | Nonoperating income (expense), Other | Change in fair value is recorded in nonoperating income (expense) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Information related to amounts reclassified from AOCI | Reclassifications out of accumulated other comprehensive loss by component is as follows: | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
Details about accumulated other comprehensive loss components | 2014 | 2013 | Affected line items in the statement where net income is presented | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||||||
Foreign currency derivative gains, net | $ | (9,943 | ) | $ | (9,016 | ) | Passenger revenue | |||||||||||||
Foreign currency derivative gains, net | — | (760 | ) | Other nonoperating expense | ||||||||||||||||
Interest rate derivative losses, net | 813 | 656 | Interest expense | |||||||||||||||||
Total before tax | (9,130 | ) | (9,120 | ) | ||||||||||||||||
Tax expense | 3,456 | 3,447 | ||||||||||||||||||
Total, net of tax | $ | (5,674 | ) | $ | (5,673 | ) | ||||||||||||||
Amortization of defined benefit pension items | ||||||||||||||||||||
Actuarial loss | $ | 319 | $ | 8,660 | Wages and benefits | |||||||||||||||
Prior service credit | 226 | (4 | ) | Wages and benefits | ||||||||||||||||
Total before tax | 545 | 8,656 | ||||||||||||||||||
Tax benefit | (206 | ) | (3,336 | ) | ||||||||||||||||
Total, net of tax | $ | 339 | $ | 5,320 | ||||||||||||||||
Short-term investments | ||||||||||||||||||||
Realized gain on sales of investments, net | (22 | ) | — | Other nonoperating income | ||||||||||||||||
Total before tax | (22 | ) | — | |||||||||||||||||
Tax expense | 8 | — | ||||||||||||||||||
Total, net of tax | (14 | ) | — | |||||||||||||||||
Total reclassifications for the period | $ | (5,349 | ) | $ | (353 | ) | ||||||||||||||
Schedule of amounts included in accumulated other comprehensive loss, net of taxes | A rollforward of the amounts included in accumulated other comprehensive loss, net of taxes, is as follows: | |||||||||||||||||||
Year ended December 31, 2014 | Interest | Foreign | Defined | Short-Term Investments | Total | |||||||||||||||
Rate | Currency | Benefit | ||||||||||||||||||
Derivatives | Derivatives | Pension Items | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | 1,096 | $ | 8,277 | $ | (52,059 | ) | $ | — | $ | (42,686 | ) | ||||||||
Other comprehensive income before reclassifications, net of tax | (1,340 | ) | 10,603 | (83,800 | ) | (240 | ) | (74,777 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 498 | (6,172 | ) | 339 | (14 | ) | (5,349 | ) | ||||||||||||
Net current-period other comprehensive income, net of tax | (842 | ) | 4,431 | (83,461 | ) | (254 | ) | (80,126 | ) | |||||||||||
Ending balance | $ | 254 | $ | 12,708 | $ | (135,520 | ) | $ | (254 | ) | $ | (122,812 | ) | |||||||
Year ended December 31, 2013 | Interest | Foreign | Defined | Total | ||||||||||||||||
Rate | Currency | Benefit | ||||||||||||||||||
Derivatives | Derivatives | Pension Items | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | (114,054 | ) | $ | (114,054 | ) | ||||||||||
Other comprehensive income before reclassifications, net of tax | 688 | 14,358 | 56,675 | 71,721 | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 408 | (6,081 | ) | 5,320 | (353 | ) | ||||||||||||||
Net current-period other comprehensive income, net of tax | 1,096 | 8,277 | 61,995 | 71,368 | ||||||||||||||||
Ending balance | $ | 1,096 | $ | 8,277 | $ | (52,059 | ) | $ | (42,686 | ) | ||||||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of earnings (loss) per share basic and diluted | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except for per share data) | ||||||||||||
Numerator: | ||||||||||||
Net Income | $ | 68,926 | $ | 51,854 | $ | 53,237 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding—Basic | 53,591 | 52,099 | 51,314 | |||||||||
Assumed exercise of stock options and awards | 960 | 884 | 1,221 | |||||||||
Assumed exercise of convertible note premium | 4,910 | 172 | — | |||||||||
Assumed conversion of warrants | 3,361 | — | — | |||||||||
Weighted average common shares outstanding—Diluted | 62,822 | 53,155 | 52,535 | |||||||||
Net Income Per Common Stock Share: | ||||||||||||
Basic | $ | 1.29 | $ | 1 | $ | 1.04 | ||||||
Diluted | $ | 1.1 | $ | 0.98 | $ | 1.01 | ||||||
Summary of common stock equivalent excluded from the computation of diluted earnings (loss) per share because the awards were antidilutive | The table below summarized those common stock equivalents that could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted earnings per share because the instruments were antidilutive. | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Stock Options | 3 | 392 | 89 | |||||||||
Deferred Stock | — | 43 | — | |||||||||
Restricted Stock | 2 | 1,345 | 717 | |||||||||
Convertible note premium | — | — | 10,943 | |||||||||
Warrants | — | 10,943 | 10,943 | |||||||||
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Short-term Investments [Abstract] | |||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of short-term investments held as of December 31, 2014: | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Corporate debt | $ | 180,794 | $ | 43 | $ | (394 | ) | $ | 180,443 | ||||||||
U.S. government and agency debt | 38,268 | — | (40 | ) | 38,228 | ||||||||||||
Municipal bonds | 23,849 | 4 | (16 | ) | 23,837 | ||||||||||||
Other fixed income securities | 17,618 | — | (5 | ) | 17,613 | ||||||||||||
Total short-term investments | $ | 260,529 | $ | 47 | $ | (455 | ) | $ | 260,121 | ||||||||
Investments Classified by Contractual Maturity Date | Contractual maturities of short-term investments as of December 31, 2014 are shown below. | ||||||||||||||||
Under 1 Year | 1 to 5 Years | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Corporate debt | $ | 74,935 | $ | 105,508 | $ | 180,443 | |||||||||||
U.S. government and agency debt | 10,933 | 27,295 | 38,228 | ||||||||||||||
Municipal bonds | 3,566 | 20,271 | 23,837 | ||||||||||||||
Other fixed income securities | 16,620 | 993 | 17,613 | ||||||||||||||
Total short-term investments | $ | 106,054 | $ | 154,067 | $ | 260,121 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis | The tables below present the Company's financial assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 55,072 | $ | 35,913 | $ | 19,159 | $ | — | |||||||||||||||||||||||||||||||
Restricted cash | 6,566 | 6,566 | — | — | |||||||||||||||||||||||||||||||||||
Short-term investments | 260,121 | — | 260,121 | — | |||||||||||||||||||||||||||||||||||
Fuel derivative contracts | 32,637 | — | 32,637 | — | |||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 19,746 | — | 19,746 | — | |||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 374,142 | $ | 42,479 | $ | 331,663 | $ | — | |||||||||||||||||||||||||||||||
Fuel derivative contracts | 71,447 | — | 71,447 | — | |||||||||||||||||||||||||||||||||||
Interest rate derivative | 129 | — | 129 | — | |||||||||||||||||||||||||||||||||||
Negative interest arbitrage derivative | 500 | — | — | 500 | |||||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 72,076 | $ | — | $ | 71,576 | $ | 500 | |||||||||||||||||||||||||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 269,384 | $ | 269,384 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted cash | 21,000 | 21,000 | — | — | |||||||||||||||||||||||||||||||||||
Fuel derivative contracts: | |||||||||||||||||||||||||||||||||||||||
Crude oil call options | 7,121 | — | 7,121 | — | |||||||||||||||||||||||||||||||||||
Crude oil put options | 186 | — | 186 | — | |||||||||||||||||||||||||||||||||||
Heating oil put options | 417 | — | 417 | — | |||||||||||||||||||||||||||||||||||
Heating oil swaps | 5,863 | — | 5,863 | — | |||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 12,494 | — | 12,494 | — | |||||||||||||||||||||||||||||||||||
Interest rate derivative | 1,121 | — | 1,121 | — | |||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | 317,586 | $ | 290,384 | $ | 27,202 | $ | — | |||||||||||||||||||||||||||||||
Fuel derivative contracts: | |||||||||||||||||||||||||||||||||||||||
Crude oil call options | $ | 7,121 | $ | — | $ | 7,121 | $ | — | |||||||||||||||||||||||||||||||
Crude oil put options | 186 | — | 186 | — | |||||||||||||||||||||||||||||||||||
Heating oil swaps | 187 | — | 187 | — | |||||||||||||||||||||||||||||||||||
Foreign currency derivatives | 1,188 | — | 1,188 | — | |||||||||||||||||||||||||||||||||||
Negative interest arbitrage derivative | 12,865 | — | — | 12,865 | |||||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 21,547 | $ | — | $ | 8,682 | $ | 12,865 | |||||||||||||||||||||||||||||||
Schedule of activity for "Level 3" financial liability | The table below presents disclosures about the activity for the Company’s “Level 3” financial liability: | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,865 | $ | — | |||||||||||||||||||||||||||||||||||
Issuance of enhanced equipment trust certificates | — | 12,865 | |||||||||||||||||||||||||||||||||||||
Reduction of balance in connection with interest payment | (12,365 | ) | — | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 500 | $ | 12,865 | |||||||||||||||||||||||||||||||||||
Schedule of debt (excluding obligations under capital leases) measured at fair value | The table below presents the Company's debt (excluding obligations under capital leases) measured at fair value: | ||||||||||||||||||||||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||
$ | 947,897 | $ | 956,811 | $ | — | $ | 69,766 | $ | 887,045 | $ | 695,804 | $ | 738,563 | $ | — | $ | 104,656 | $ | 633,907 | ||||||||||||||||||||
Financial_Derivative_Instrumen1
Financial Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of realized and unrealized gains and losses recorded as nonoperating income (expense) | The following table reflects the amount of realized and unrealized gains and losses recorded as nonoperating income (expense) in the Consolidated Statements of Operations. | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Losses realized at settlement | $ | (20,365 | ) | $ | (14,018 | ) | $ | (7,372 | ) | |||||||||||||||
Reversal of prior period unrealized amounts | (2,331 | ) | 6,013 | 2,367 | ||||||||||||||||||||
Unrealized gains (losses) that will settle in future periods | (40,775 | ) | 2,671 | (6,325 | ) | |||||||||||||||||||
Losses on fuel derivatives recorded as Nonoperating income (expense) | $ | (63,471 | ) | $ | (5,334 | ) | $ | (11,330 | ) | |||||||||||||||
Schedule of fair value of the asset and liability derivatives and net derivative position recorded | The following tables present the gross fair value of asset and liability derivatives that are designated as hedging instruments under ASC 815 and derivatives that are not designated as hedging instruments under ASC 815, as well as the net derivative positions and location of the asset and liability balances within the Consolidated Balance Sheets. | |||||||||||||||||||||||
Derivative positions as of December 31, 2014 | ||||||||||||||||||||||||
Balance Sheet | Notional Amount | Final | Gross fair | Gross fair | Net | |||||||||||||||||||
Location | Maturity | value of | value of | derivative | ||||||||||||||||||||
Date | assets | (liabilities) | position | |||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||
Interest rate derivative | Other accrued liabilities | $57,400 U.S. dollars | Apr-23 | $ | — | $ | (26 | ) | $ | (26 | ) | |||||||||||||
Other liabilities and deferred credits(1) | — | (103 | ) | (103 | ) | |||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 6,909,050 Japanese Yen 51,380 Australian Dollars | Dec-15 | 13,921 | — | 13,921 | ||||||||||||||||||
Long-term prepayments and other | 3,758,500 Japanese Yen | Nov-16 | 4,565 | — | 4,565 | |||||||||||||||||||
13,080 Australian Dollars | ||||||||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 7,714,291 Japanese Yen | Dec-15 | 1,191 | — | 1,191 | ||||||||||||||||||
43,546 Australian Dollars | ||||||||||||||||||||||||
Long-term prepayments and other | 2,762,000 Japanese Yen | Aug-16 | 69 | — | 69 | |||||||||||||||||||
3,500 Australian Dollars | ||||||||||||||||||||||||
Fuel derivative contracts | Other accrued liabilities | 90,994 gallons | Dec-15 | 32,637 | (71,447 | ) | (38,810 | ) | ||||||||||||||||
Negative arbitrage derivative | Other accrued liabilities | $444,540 U.S. dollars | Jan-15 | — | (500 | ) | (500 | ) | ||||||||||||||||
______________________________________________ | ||||||||||||||||||||||||
-1 | Represents the noncurrent portion of the $57 million interest rate derivative with final maturity in April 2023. | |||||||||||||||||||||||
Derivative positions as of December 31, 2013 | ||||||||||||||||||||||||
Balance Sheet | Notional Amount | Final | Gross fair | Gross fair | Net | |||||||||||||||||||
Location | Maturity | value of | value of | derivative | ||||||||||||||||||||
Date | assets | (liabilities) | position | |||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||
Interest rate derivative | Prepaid expenses and other | $63,800 U.S. dollars | Apr-23 | $ | 196 | $ | — | $ | 196 | |||||||||||||||
Long-term prepayments and other (1) | 925 | — | 925 | |||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 10,500,321 Japanese Yen | Dec-14 | 9,946 | (450 | ) | 9,496 | |||||||||||||||||
10,895,370 Korean Won | ||||||||||||||||||||||||
62,659 Australian Dollars | ||||||||||||||||||||||||
4,821 New Zealand Dollars | ||||||||||||||||||||||||
Long-term prepayments and other | 1,980,949 Japanese Yen | May-15 | 1,673 | — | 1,673 | |||||||||||||||||||
16,681 Australian Dollars | ||||||||||||||||||||||||
Derivatives not designated as hedges | ||||||||||||||||||||||||
Foreign currency derivatives | Prepaid expenses and other | 6,180 Japanese Yen | Dec-14 | 577 | (229 | ) | 348 | |||||||||||||||||
58 Australian Dollars | ||||||||||||||||||||||||
Other accrued liabilities | 298 | (509 | ) | (211 | ) | |||||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other | 84,714 gallons | Dec-14 | 13,587 | (7,494 | ) | 6,093 | |||||||||||||||||
Negative arbitrage derivative | Other accrued liabilities | $444,540 U.S. dollars | Jan-15 | — | (12,250 | ) | (12,250 | ) | ||||||||||||||||
Other liabilities and deferred credits (2) | — | (615 | ) | (615 | ) | |||||||||||||||||||
__________________________________________________________ | ||||||||||||||||||||||||
(1) Represents the noncurrent portion of the $64 million interest rate derivative with final maturity in April 2023. | ||||||||||||||||||||||||
(2) Represents the noncurrent portion of the $445 million negative arbitrage derivative with final maturity in January 2015. | ||||||||||||||||||||||||
Schedule of realized and unrealized gains and losses of derivatives designated as cash flow hedges | The following table reflects the impact of cash flow hedges designated for hedge accounting treatment and their location within the Consolidated Statements of Comprehensive Income. | |||||||||||||||||||||||
(Gain) Loss recognized in | (Gain) Loss reclassified from | Gain recognized in nonoperating | ||||||||||||||||||||||
AOCI on derivatives | AOCI into income | (income) expense | ||||||||||||||||||||||
(effective portion) | (effective portion) | (ineffective portion) | ||||||||||||||||||||||
Year ended | Year ended | Year ended | ||||||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Foreign currency derivatives | $ | (17,295 | ) | $ | (22,781 | ) | $ | (9,943 | ) | $ | (9,016 | ) | $ | — | $ | (760 | ) | |||||||
Interest rate derivatives | 1,249 | (1,593 | ) | 813 | 656 | — | — | |||||||||||||||||
Schedule of prepaid expenses and other | The following tables reconciles the Company's net derivative positions to the financial statement line item within the Consolidated Balance Sheets (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate derivative | $ | — | $ | 196 | ||||||||||||||||||||
Foreign currency derivatives | 15,113 | 9,844 | ||||||||||||||||||||||
Fuel derivative contracts | — | 6,093 | ||||||||||||||||||||||
Prepaid expenses | 35,815 | 35,067 | ||||||||||||||||||||||
Other | 2,454 | 452 | ||||||||||||||||||||||
Prepaid expenses and other | $ | 53,382 | $ | 51,652 | ||||||||||||||||||||
Schedule of long-term prepayments and other | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate derivative | $ | — | $ | 925 | ||||||||||||||||||||
Foreign currency derivatives | 4,633 | 1,673 | ||||||||||||||||||||||
Deposits | 36,295 | 28,144 | ||||||||||||||||||||||
Maintenance reserves | 10,457 | 9,650 | ||||||||||||||||||||||
Debt issuance costs | 30,851 | 35,781 | ||||||||||||||||||||||
Other | 13,989 | 15,780 | ||||||||||||||||||||||
Long-term prepayments and other | $ | 96,225 | $ | 91,953 | ||||||||||||||||||||
Schedule of other accrued liabilities | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency derivatives | $ | — | $ | 211 | ||||||||||||||||||||
Interest rate derivative | 26 | — | ||||||||||||||||||||||
Fuel derivative contracts | 38,810 | — | ||||||||||||||||||||||
Negative arbitrage derivative | 500 | 12,250 | ||||||||||||||||||||||
Accrued payroll and related | 57,661 | 48,088 | ||||||||||||||||||||||
Accrued taxes | 12,582 | 11,670 | ||||||||||||||||||||||
Other | 32,340 | 25,352 | ||||||||||||||||||||||
Other accrued liabilities | $ | 141,919 | $ | 97,571 | ||||||||||||||||||||
Schedule of liabilities and deferred credits | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate derivative | $ | 103 | $ | — | ||||||||||||||||||||
Negative arbitrage derivative | — | 615 | ||||||||||||||||||||||
Lease related obligations | 35,934 | 26,303 | ||||||||||||||||||||||
Deferred revenue | 34,764 | 32,299 | ||||||||||||||||||||||
Other | 1,849 | 207 | ||||||||||||||||||||||
Other liabilities and deferred credits | $ | 72,650 | $ | 59,424 | ||||||||||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Summary of gross carrying values of intangible assets less accumulated amortization | The following tables summarize the gross carrying values of intangible assets less accumulated amortization, and the useful lives assigned to each asset. | ||||||||||||||
As of December 31, 2014 | |||||||||||||||
Gross carrying | Accumulated | Net book value | Approximate | ||||||||||||
value | amortization | useful life (years) | |||||||||||||
(in thousands) | |||||||||||||||
Favorable aircraft and engine leases | $ | 8,674 | $ | (8,674 | ) | $ | — | 7 | (*) | ||||||
Favorable aircraft maintenance contracts | 18,200 | (12,305 | ) | 5,895 | 14 | (*) | |||||||||
Frequent flyer program—customer relations | 12,200 | (10,580 | ) | 1,620 | 11 | ||||||||||
Hawaiian Airlines trade name | 13,000 | — | 13,000 | Indefinite | |||||||||||
Operating certificates | 3,660 | (2,875 | ) | 785 | 12 | ||||||||||
Total intangible assets | $ | 55,734 | $ | (34,434 | ) | $ | 21,300 | ||||||||
As of December 31, 2013 | |||||||||||||||
Gross carrying | Accumulated | Net book value | |||||||||||||
value | amortization | ||||||||||||||
(in thousands) | |||||||||||||||
Frequent flyer program—marketing relationships | $ | 119,900 | $ | (119,900 | ) | $ | — | ||||||||
Favorable aircraft and engine leases | 32,710 | (32,710 | ) | — | |||||||||||
Favorable aircraft maintenance contracts | 18,200 | (11,069 | ) | 7,131 | |||||||||||
Frequent flyer program—customer relations | 12,200 | (9,476 | ) | 2,724 | |||||||||||
Hawaiian Airlines trade name | 13,000 | — | 13,000 | ||||||||||||
Operating certificates | 3,660 | (2,575 | ) | 1,085 | |||||||||||
Total intangible assets | $ | 199,670 | $ | (175,730 | ) | $ | 23,940 | ||||||||
_______________________________________________________________________________ | |||||||||||||||
(*) Weighted average is based on the gross carrying values and estimated useful lives as of June 2, 2005 (the date Hawaiian emerged from bankruptcy). The useful lives ranged from seven years for a favorable aircraft lease to sixteen years for a favorable aircraft maintenance contract. | |||||||||||||||
Schedule of estimated future amortization expense of the intangible assets subject to amortization | The estimated future amortization expense as of December 31, 2014 for the intangible assets subject to amortization is as follows (in thousands): | ||||||||||||||
2015 | $ | 2,640 | |||||||||||||
2016 | 2,052 | ||||||||||||||
2017 | 1,421 | ||||||||||||||
2018 | 1,236 | ||||||||||||||
2019 | 951 | ||||||||||||||
$ | 8,300 | ||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt and Capital Lease Obligations | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Airbus A330-200 Aircraft Facility Agreements, interest rates ranging from 5.37%- 6.46%, quarterly principal and interest payments, maturing in 2023 - 2024(1) | $ | 270,154 | $ | 353,723 | ||||
Class A EETC, fixed interest rate of 3.9%, interest-only semiannual payments which started in January 2014, principal and interest payments which started in January 2015 and maturing in January 2026(2) | 328,260 | 56,000 | ||||||
Class B EETC, fixed interest rate of 4.95%, interest-only semiannual payments which started in January 2014, principal and interest semiannual payments which started in January 2015 and maturing in January 2022(2) | 116,280 | 20,110 | ||||||
Boeing 717-200 Aircraft Facility Agreements, fixed interest rate of 8%, monthly principal and interest payments, the remaining balance of $39.7 million due at maturity on June 2019(1) | 136,792 | 154,422 | ||||||
Five year 5% unsecured convertible notes, with interest only semiannual payments, and the remaining balance due at maturity on March 15, 2016(4) | 71,120 | 86,250 | ||||||
Boeing 767 Aircraft Facility Agreement, variable interest rate of 2.91% at December 31, 2014, quarterly principal and interest payments, maturing in December 2018(1) | 29,881 | 35,000 | ||||||
Capital lease obligations (see Note 9) | 101,740 | 110,668 | ||||||
Total debt and capital lease obligations | $ | 1,054,227 | $ | 816,173 | ||||
Less: | ||||||||
Unamortized discount on convertible note(3) | (4,590 | ) | (9,700 | ) | ||||
Current maturities | (156,349 | ) | (62,187 | ) | ||||
Long-Term Debt, less discount, and Capital Lease Obligations | $ | 893,288 | $ | 744,286 | ||||
_______________________________________________________________________________ | ||||||||
-1 | Aircraft Facility Agreements are secured by aircraft. | |||||||
-2 | The equipment notes underlying these EETCs are the direct obligations of Hawaiian. | |||||||
-3 | As of December 31, 2014, the Convertible Note discount is being amortized to interest expense over the remaining term of 1.25 years. | |||||||
-4 | During the three months ended December 31, 2014 a condition for conversion of the Convertible Note was satisfied, which permits holders of the Convertible Notes to surrender their notes for conversion during the quarter ending March 31, 2015. Therefore, the principal balance could be settled in as early as 2015 and is classified as a current liability in the Consolidated Balance Sheets. | |||||||
Schedule of maturities of long-term debt | ||||||||
2015 | $ | 151,722 | ||||||
2016 | 82,861 | |||||||
2017 | 82,092 | |||||||
2018 | 87,425 | |||||||
2019 | 99,070 | |||||||
Thereafter | 449,317 | |||||||
$ | 952,487 | |||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Leases [Abstract] | ||||||||||||||||
Schedule of future minimum rental payments under capital and operating leases | As of December 31, 2014, the scheduled future minimum rental payments under capital leases and operating leases with noncancelable basic terms of more than one year are as follows: | |||||||||||||||
Capital Leases | Operating Leases | |||||||||||||||
Aircraft | Other | Aircraft | Other | |||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 13,705 | $ | 1,190 | $ | 102,972 | $ | 5,228 | ||||||||
2016 | 13,803 | 1,223 | 86,260 | 5,104 | ||||||||||||
2017 | 13,803 | 1,180 | 81,988 | 4,404 | ||||||||||||
2018 | 13,803 | 1,280 | 81,238 | 4,268 | ||||||||||||
2019 | 13,803 | 1,412 | 81,094 | 3,922 | ||||||||||||
Thereafter | 45,742 | 9,279 | 171,662 | 22,335 | ||||||||||||
114,659 | 15,564 | $ | 605,214 | $ | 45,261 | |||||||||||
Less amounts representing interest | (24,379 | ) | (4,104 | ) | ||||||||||||
Present value of minimum capital lease payments | $ | 90,280 | $ | 11,460 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of significant components of income tax expense | The significant components of income tax expense are as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current | ||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||
State | 1,437 | 450 | 1,216 | |||||||||
1,437 | 450 | 1,216 | ||||||||||
Deferred | ||||||||||||
Federal | $ | 38,865 | $ | 30,542 | $ | 27,936 | ||||||
State | 4,219 | 3,564 | 3,397 | |||||||||
43,084 | 34,106 | 31,333 | ||||||||||
Income tax expense | $ | 44,521 | $ | 34,556 | $ | 32,549 | ||||||
Schedule of reconciliation between income tax expense and amounts computed at the statutory federal income tax rate | The income tax expense differed from amounts computed at the statutory federal income tax rate as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Income tax expense computed at the statutory federal rate | $ | 39,707 | $ | 30,243 | $ | 30,025 | ||||||
Increase (decrease) resulting from: | ||||||||||||
State income taxes, net of federal tax effect | 3,677 | 2,631 | 2,999 | |||||||||
Nondeductible meals | 925 | 971 | 910 | |||||||||
Other | 212 | 711 | (1,385 | ) | ||||||||
Income tax expense | $ | 44,521 | $ | 34,556 | $ | 32,549 | ||||||
Schedule of the components of deferred tax asset and liabilities | The components of the Company's deferred tax assets and liabilities were as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Accumulated pension and other postretirement benefits | $ | 155,353 | $ | 100,907 | ||||||||
Leases | 7,674 | 7,009 | ||||||||||
Air traffic liability | 11,951 | 10,390 | ||||||||||
Federal and state net operating loss carryforwards | 122,134 | 91,911 | ||||||||||
Alternative minimum tax credit carryforwards | 5,913 | 7,447 | ||||||||||
Other assets | 43,137 | 24,782 | ||||||||||
Total deferred tax assets | $ | 346,162 | $ | 242,446 | ||||||||
Deferred tax liabilities: | ||||||||||||
Intangible assets | $ | (8,056 | ) | $ | (9,050 | ) | ||||||
Plant and equipment, principally accelerated depreciation | (358,717 | ) | (252,902 | ) | ||||||||
Other liabilities | 925 | (4,119 | ) | |||||||||
Total deferred tax liabilities | (365,848 | ) | (266,071 | ) | ||||||||
Net deferred tax liability | $ | (19,686 | ) | $ | (23,625 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Summary of changes to projected benefit obligations, plan assets, funded status and applicable amounts included in the Consolidated Balance Sheets | The following tables summarize changes to projected benefit obligations, plan assets, funded status and applicable amounts included in the Consolidated Balance Sheets: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension | Other | Pension | Other | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||
Benefit obligations, beginning of year | $ | (397,209 | ) | $ | (154,864 | ) | $ | (421,884 | ) | $ | (183,944 | ) | ||||||||||||
Service cost | (1,359 | ) | (10,868 | ) | (2,555 | ) | (13,596 | ) | ||||||||||||||||
Interest cost | (19,125 | ) | (8,527 | ) | (17,389 | ) | (7,888 | ) | ||||||||||||||||
Actuarial gains (losses) | (84,723 | ) | (42,964 | ) | 25,213 | 47,296 | ||||||||||||||||||
Benefits paid | 22,205 | 3,736 | 19,406 | 3,319 | ||||||||||||||||||||
less: federal subsidy on benefits paid | N/A | (58 | ) | N/A | (51 | ) | ||||||||||||||||||
Plan amendments | — | (2,453 | ) | — | — | |||||||||||||||||||
Benefit obligation at end of year(a) | $ | (480,211 | ) | $ | (215,998 | ) | $ | (397,209 | ) | $ | (154,864 | ) | ||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of assets, beginning of year | $ | 270,005 | $ | 15,129 | $ | 238,134 | $ | 12,418 | ||||||||||||||||
Actual return on plan assets | 13,855 | 695 | 35,344 | 766 | ||||||||||||||||||||
Employer contribution | 6,159 | 5,577 | 15,933 | 5,264 | ||||||||||||||||||||
Benefits paid | (22,205 | ) | (3,736 | ) | (19,406 | ) | (3,319 | ) | ||||||||||||||||
Fair value of assets at end of year | $ | 267,814 | $ | 17,665 | $ | 270,005 | $ | 15,129 | ||||||||||||||||
Unfunded status at December 31, | $ | (212,397 | ) | $ | (198,333 | ) | $ | (127,204 | ) | $ | (139,735 | ) | ||||||||||||
Amounts recognized in the statement of financial position consist of: | ||||||||||||||||||||||||
Current benefit liability | $ | (18 | ) | $ | (2,848 | ) | $ | (17 | ) | $ | (2,816 | ) | ||||||||||||
Noncurrent benefit liability | (212,379 | ) | (195,485 | ) | (127,187 | ) | (136,919 | ) | ||||||||||||||||
$ | (212,397 | ) | $ | (198,333 | ) | $ | (127,204 | ) | $ | (139,735 | ) | |||||||||||||
Amounts recognized in other comprehensive loss | ||||||||||||||||||||||||
Unamortized actuarial loss | $ | 145,823 | $ | 50,078 | $ | 57,265 | $ | 6,435 | ||||||||||||||||
Prior service cost (credit) | (53 | ) | 2,203 | (55 | ) | (22 | ) | |||||||||||||||||
$ | 145,770 | $ | 52,281 | $ | 57,210 | $ | 6,413 | |||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
(a) | The accumulated pension benefit obligation as of December 31, 2014 and 2013 was $475.4 million and $391.5 million, respectively. | |||||||||||||||||||||||
Schedule of net periodic benefit cost | The following table sets forth the net periodic benefit cost: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Pension | Other | Pension | Other | Pension | Other | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 1,359 | $ | 10,868 | $ | 2,555 | $ | 13,596 | $ | 2,723 | $ | 11,152 | ||||||||||||
Interest cost | 19,125 | 8,527 | 17,389 | 7,888 | 18,993 | 8,548 | ||||||||||||||||||
Expected return on plan assets | (18,337 | ) | (1,037 | ) | (15,348 | ) | (912 | ) | (15,253 | ) | (819 | ) | ||||||||||||
Recognized net actuarial loss (gain) | 645 | (326 | ) | 6,246 | 2,414 | 4,653 | 2,717 | |||||||||||||||||
Prior service cost (credit) | (2 | ) | 229 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | |||||||||||||
Net periodic benefit cost | $ | 2,790 | $ | 18,261 | $ | 10,840 | $ | 22,984 | $ | 11,114 | $ | 21,596 | ||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | ||||||||||||||||||||||||
Current year actuarial (gain) loss | $ | 89,204 | $ | 43,318 | $ | (45,209 | ) | $ | (47,143 | ) | $ | 17,178 | $ | 11,148 | ||||||||||
Current year prior service cost | — | 2,453 | — | — | — | — | ||||||||||||||||||
Amortization of actuarial gain (loss) | (645 | ) | 326 | (6,246 | ) | (2,414 | ) | (4,653 | ) | (2,717 | ) | |||||||||||||
Amortization of prior service cost (credit) | 2 | (229 | ) | 2 | 2 | 2 | 2 | |||||||||||||||||
Total recognized in other comprehensive loss | $ | 88,561 | $ | 45,868 | $ | (51,453 | ) | $ | (49,555 | ) | $ | 12,527 | $ | 8,433 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 91,351 | $ | 64,129 | $ | (40,613 | ) | $ | (26,571 | ) | $ | 23,641 | $ | 30,029 | ||||||||||
Schedule of actuarial assumptions used to determine the net periodic benefit expense and the projected benefit obligation | The weighted average actuarial assumptions used to determine the net periodic benefit expense and the projected benefit obligation were as follows: | |||||||||||||||||||||||
Pension | Postretirement | Disability | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Discount rate to determine net periodic benefit expense | 5.01 | % | 4.1 | % | 5.21 | % | 4.24 | % | 4.99 | % | 4.06 | % | ||||||||||||
Discount rate to determine projected benefit obligation | 4.19 | % | 5.01 | % | 4.3 | % | 5.21 | % | 4.16 | % | 4.99 | % | ||||||||||||
Expected return on plan assets | 6.92 | % | 6.55 | % | N/A | N/A | 5.92 | % | 6.15 | % | ||||||||||||||
Rate of compensation increase | Various+ | Various+ | N/A | N/A | Various+ | Various+ | ||||||||||||||||||
Health care trend rate to determine net periodic benefit expense | N/A | N/A | 8 | % | 8 | % | N/A | N/A | ||||||||||||||||
Health care trend rate in 2019 | N/A | N/A | 4.75 | % | 4.75 | % | N/A | N/A | ||||||||||||||||
Health care trend rate to determine projected benefit obligation | N/A | N/A | 7.5 | % | 8 | % | N/A | N/A | ||||||||||||||||
Health care trend rate in 2018 | N/A | N/A | 4.75 | % | 4.75 | % | N/A | N/A | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
+ | Differs for each pilot based on current fleet and seat position on the aircraft and seniority service. Negotiated salary increases and expected changes in fleet and seat positions on the aircraft are included in the assumed rate of compensation increase which range from 1.8% to 6.5% in 2014 and 1.5% to 6.0% in 2013. | |||||||||||||||||||||||
++ | Expected return on plan assets used to determine the net periodic benefit expense for 2015 is 6.89% for Pension and 5.40% for Disability. | |||||||||||||||||||||||
Schedule of Effects of Adoption of Updated Mortality Rates [Table Text Block] | The adoption of these mortality rates had the following effects: | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Increase in pension obligation as of December 31, 2014 | $ | 29,842 | ||||||||||||||||||||||
Increase in other postretirement benefit obligation as of December 31, 2014 | 20,757 | |||||||||||||||||||||||
Schedule of annual effects of one-percentage point change in the assumed health care cost trend rates | A change in the assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||
100 Basis | 100 Basis | |||||||||||||||||||||||
Point | Point | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Effect on postretirement benefit obligation at December 31, 2014 | $ | 43,228 | $ | (33,189 | ) | |||||||||||||||||||
Effect on total service and interest cost for the year ended December 31, 2014 | 3,897 | (2,988 | ) | |||||||||||||||||||||
Schedule of estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in next fiscal year | Estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015 are as follows: | |||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Actuarial loss | $ | 8,296 | $ | 2,422 | ||||||||||||||||||||
Amortization of prior service credit | (2 | ) | (2 | ) | ||||||||||||||||||||
To be recognized in net periodic benefit cost from accumulated other comprehensive loss | $ | 8,294 | $ | 2,420 | ||||||||||||||||||||
Schedule of actual allocation of the pension and disability plan assets and the target allocation of assets by category and the expected long-term rate of return by category | The actual allocation of our pension and disability plan assets and the target allocation of assets by category at December 31, 2014 are as follows: | |||||||||||||||||||||||
Asset Allocation | ||||||||||||||||||||||||
2014 | Target | |||||||||||||||||||||||
Equity securities | 59 | % | 60 | % | ||||||||||||||||||||
Fixed income securities | 36 | % | 35 | % | ||||||||||||||||||||
Real estate investment trusts | 5 | % | 5 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
Schedule of fair values of pension plan and other postretirement plan assets by asset category (excluding cash) | The table below presents the Company's pension plan and other postretirement plan investments (excluding cash and receivables): | |||||||||||||||||||||||
Fair Value Measurements as of December 31, 2014 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Pension Plan Assets: | ||||||||||||||||||||||||
Equity index funds | $ | 159,299 | $ | — | $ | 159,299 | $ | — | ||||||||||||||||
Fixed income funds | 92,801 | — | 92,801 | — | ||||||||||||||||||||
Real estate investment fund | 13,154 | — | 13,154 | — | ||||||||||||||||||||
Insurance company pooled separate account | 2,113 | — | 2,113 | — | ||||||||||||||||||||
Total | $ | 267,367 | $ | — | $ | 267,367 | $ | — | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Common collective trust fund | $ | 17,565 | $ | — | $ | 17,565 | $ | — | ||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Pension Plan Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 164 | $ | 164 | $ | — | $ | — | ||||||||||||||||
Common stock | 2 | 2 | — | — | ||||||||||||||||||||
Equity index funds | 160,286 | — | 160,286 | — | ||||||||||||||||||||
Fixed income funds | 89,086 | — | 89,086 | — | ||||||||||||||||||||
Real estate investment fund | 12,237 | — | 12,237 | — | ||||||||||||||||||||
Insurance company pooled separate account | 1,281 | — | 1,281 | — | ||||||||||||||||||||
Total | $ | 263,056 | $ | 166 | $ | 262,890 | $ | — | ||||||||||||||||
Postretirement Assets: | ||||||||||||||||||||||||
Common collective trust fund | $ | 15,063 | $ | — | $ | 15,063 | $ | — | ||||||||||||||||
Schedule of projected benefits payments reflecting expected future service | The Company projects that Hawaiian's pension plans and other postretirement benefit plans will make the following benefit payments, which reflect expected future service, during the years ending December 31: | |||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Pension | Gross | Expected | ||||||||||||||||||||||
Benefits | Federal Subsidy | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2015 | $ | 21,967 | $ | 3,982 | $ | (54 | ) | |||||||||||||||||
2016 | 23,341 | 4,674 | (61 | ) | ||||||||||||||||||||
2017 | 24,705 | 5,355 | (70 | ) | ||||||||||||||||||||
2018 | 26,014 | 6,068 | (80 | ) | ||||||||||||||||||||
2019 | 27,171 | 6,859 | (90 | ) | ||||||||||||||||||||
2020 - 2022 | 145,159 | 47,521 | (643 | ) | ||||||||||||||||||||
$ | 268,357 | $ | 74,459 | $ | (998 | ) | ||||||||||||||||||
Capital_Stock_and_Sharebased_C1
Capital Stock and Share-based Compensation (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Performance Based Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Schedule of Stock-Based Activities | The following table summarizes information about performance-based stock awards: | ||||||
Number of units | Weighted | ||||||
average | |||||||
grant date | |||||||
fair value | |||||||
Non-vested at December 31, 2013 | 1,142,592 | $ | 5.88 | ||||
Granted during the period | 348,009 | 10.04 | |||||
Vested during the period | (353,344 | ) | 5.89 | ||||
Forfeited during the period | (133,628 | ) | 6.89 | ||||
Non-vested at December 31, 2014 | 1,003,629 | $ | 7.19 | ||||
Time-Based Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Schedule of Stock-Based Activities | The following table summarizes information about outstanding time-based stock awards: | ||||||
Number of units | Weighted | ||||||
average | |||||||
grant date | |||||||
fair value | |||||||
Non-vested at December 31, 2013 | 560,898 | $ | 5.86 | ||||
Granted during the period | 337,333 | 12.5 | |||||
Vested during the period | (376,408 | ) | 7.04 | ||||
Forfeited during the period | (83,862 | ) | 7.4 | ||||
Non-vested at December 31, 2014 | 437,961 | $ | 9.66 | ||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||
Schedule of committed capital and operating expenditures | The gross committed expenditures for upcoming aircraft deliveries and committed financings for those deliveries for the next five years and thereafter are detailed below: | |||||||||||||||||||
Capital | Operating | Total Committed | Less: Committed | Net Committed | ||||||||||||||||
Expenditures | Financing for Upcoming | Expenditures | ||||||||||||||||||
Aircraft Deliveries* | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
2015 | $ | 203,156 | $ | 70,003 | $ | 273,159 | $ | 181,190 | $ | 91,969 | ||||||||||
2016 | 67,381 | 57,911 | 125,292 | — | 125,292 | |||||||||||||||
2017 | 234,250 | 57,714 | 291,964 | — | 291,964 | |||||||||||||||
2018 | 411,406 | 51,019 | 462,425 | — | 462,425 | |||||||||||||||
2019 | 497,018 | 46,669 | 543,687 | — | 543,687 | |||||||||||||||
Thereafter | 434,841 | 264,037 | 698,878 | — | 698,878 | |||||||||||||||
$ | 1,848,052 | $ | 547,353 | $ | 2,395,405 | $ | 181,190 | $ | 2,214,215 | |||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||
* | See below for a detailed discussion of the committed financings Hawaiian has received for its upcoming capital commitments for aircraft deliveries. |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Operating Revenue by Geographic Region | The Company's operating revenues by geographic region (as defined by the Department of Transportation, DOT) are summarized below: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Domestic | $ | 1,683,487 | $ | 1,493,295 | $ | 1,378,498 | ||||||
Pacific | 631,392 | 662,570 | 583,855 | |||||||||
Total operating revenue | $ | 2,314,879 | $ | 2,155,865 | $ | 1,962,353 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Schedule of non-cash investing and financing activities | Supplemental disclosures of cash flow information and non-cash investing and financing activities were as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Cash payments for interest (net of amounts capitalized) | $ | 42,242 | $ | 36,574 | $ | 35,153 | ||||||
Cash payments (refunds) for income taxes | (1,882 | ) | 2 | (16,913 | ) | |||||||
Investing and Financing Activities Not Affecting Cash: | ||||||||||||
Property and equipment acquired through a capital lease | — | 11,840 | 111,921 | |||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | Condensed Consolidating Statements of Operations and Comprehensive Loss | |||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 2,311,200 | $ | 4,029 | $ | (350 | ) | $ | 2,314,879 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 678,253 | — | — | 678,253 | |||||||||||||||
Wages and benefits | — | 447,446 | — | — | 447,446 | |||||||||||||||
Aircraft rent | — | 106,422 | — | — | 106,422 | |||||||||||||||
Maintenance materials and repairs | — | 223,783 | 1,836 | — | 225,619 | |||||||||||||||
Aircraft and passenger servicing | — | 122,780 | — | — | 122,780 | |||||||||||||||
Commissions and other selling | 49 | 122,480 | 76 | (87 | ) | 122,518 | ||||||||||||||
Depreciation and amortization | — | 94,146 | 2,228 | — | 96,374 | |||||||||||||||
Other rentals and landing fees | 5 | 87,897 | — | — | 87,902 | |||||||||||||||
Other | 5,258 | 176,466 | 972 | (263 | ) | 182,433 | ||||||||||||||
Total | 5,312 | 2,059,673 | 5,112 | (350 | ) | 2,069,747 | ||||||||||||||
Operating Income (Loss) | (5,312 | ) | 251,527 | (1,083 | ) | — | 245,132 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 78,702 | — | — | (78,702 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (8,894 | ) | (55,346 | ) | — | — | (64,240 | ) | ||||||||||||
Interest income | 185 | 1,499 | — | — | 1,684 | |||||||||||||||
Capitalized interest | — | 8,024 | — | — | 8,024 | |||||||||||||||
Losses on fuel derivatives | — | (63,471 | ) | — | — | (63,471 | ) | |||||||||||||
Other, net | (1,433 | ) | (12,249 | ) | — | — | (13,682 | ) | ||||||||||||
Total | 68,560 | (121,543 | ) | — | (78,702 | ) | (131,685 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 63,248 | 129,984 | (1,083 | ) | (78,702 | ) | 113,447 | |||||||||||||
Income tax expense (benefit) | (5,678 | ) | 50,199 | — | — | 44,521 | ||||||||||||||
Net Income (Loss) | $ | 68,926 | $ | 79,785 | $ | (1,083 | ) | $ | (78,702 | ) | $ | 68,926 | ||||||||
Comprehensive Loss | $ | (11,200 | ) | $ | (341 | ) | $ | (1,083 | ) | $ | 1,424 | $ | (11,200 | ) | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 2,155,554 | $ | 647 | $ | (336 | ) | $ | 2,155,865 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 698,802 | — | — | 698,802 | |||||||||||||||
Wages and benefits | — | 427,438 | — | — | 427,438 | |||||||||||||||
Aircraft rent | — | 108,534 | — | — | 108,534 | |||||||||||||||
Maintenance materials and repairs | — | 203,387 | — | — | 203,387 | |||||||||||||||
Aircraft and passenger servicing | — | 120,635 | — | — | 120,635 | |||||||||||||||
Commissions and other selling | — | 125,962 | — | (62 | ) | 125,900 | ||||||||||||||
Depreciation and amortization | — | 83,050 | — | — | 83,050 | |||||||||||||||
Other rentals and landing fees | — | 81,317 | — | — | 81,317 | |||||||||||||||
Other | 7,772 | 165,101 | 456 | (274 | ) | 173,055 | ||||||||||||||
Total | 7,772 | 2,014,226 | 456 | (336 | ) | 2,022,118 | ||||||||||||||
Operating Income (Loss) | (7,772 | ) | 141,328 | 191 | — | 133,747 | ||||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 62,549 | — | — | (62,549 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (8,710 | ) | (41,743 | ) | — | — | (50,453 | ) | ||||||||||||
Interest income | 132 | 507 | — | — | 639 | |||||||||||||||
Capitalized interest | — | 12,625 | — | — | 12,625 | |||||||||||||||
Losses on fuel derivatives | — | (5,334 | ) | — | — | (5,334 | ) | |||||||||||||
Other, net | — | (4,814 | ) | — | — | (4,814 | ) | |||||||||||||
Total | 53,971 | (38,759 | ) | — | (62,549 | ) | (47,337 | ) | ||||||||||||
Income Before Income Taxes | 46,199 | 102,569 | 191 | (62,549 | ) | 86,410 | ||||||||||||||
Income tax expense (benefit) | (5,655 | ) | 40,211 | — | — | 34,556 | ||||||||||||||
Net Income | $ | 51,854 | $ | 62,358 | $ | 191 | $ | (62,549 | ) | $ | 51,854 | |||||||||
Comprehensive Income | $ | 123,222 | $ | 133,726 | $ | 191 | $ | (133,917 | ) | $ | 123,222 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Revenue | $ | — | $ | 1,962,571 | $ | 41 | $ | (259 | ) | $ | 1,962,353 | |||||||||
Operating Expenses: | ||||||||||||||||||||
Aircraft fuel, including taxes and delivery | — | 631,741 | — | — | 631,741 | |||||||||||||||
Wages and benefits | — | 376,574 | — | — | 376,574 | |||||||||||||||
Aircraft rent | — | 98,786 | — | — | 98,786 | |||||||||||||||
Maintenance materials and repairs | — | 183,552 | — | — | 183,552 | |||||||||||||||
Aircraft and passenger servicing | — | 103,825 | — | — | 103,825 | |||||||||||||||
Commissions and other selling | — | 114,366 | — | (42 | ) | 114,324 | ||||||||||||||
Depreciation and amortization | — | 85,599 | — | — | 85,599 | |||||||||||||||
Other rentals and landing fees | — | 85,623 | — | — | 85,623 | |||||||||||||||
Other | 4,712 | 148,300 | 136 | (217 | ) | 152,931 | ||||||||||||||
Total | 4,712 | 1,828,366 | 136 | (259 | ) | 1,832,955 | ||||||||||||||
Operating Income (Loss) | (4,712 | ) | 134,205 | (95 | ) | — | 129,398 | |||||||||||||
Nonoperating Income (Expense): | ||||||||||||||||||||
Undistributed net income of subsidiaries | 61,388 | — | — | (61,388 | ) | — | ||||||||||||||
Interest expense and amortization of debt discounts and issuance costs | (8,330 | ) | (35,192 | ) | — | — | (43,522 | ) | ||||||||||||
Interest income | 114 | 466 | — | — | 580 | |||||||||||||||
Capitalized interest | — | 10,524 | — | — | 10,524 | |||||||||||||||
Losses on fuel derivatives | — | (11,330 | ) | — | — | (11,330 | ) | |||||||||||||
Other, net | — | 136 | — | — | 136 | |||||||||||||||
Total | 53,172 | (35,396 | ) | — | (61,388 | ) | (43,612 | ) | ||||||||||||
Income (Loss) Before Income Taxes | 48,460 | 98,809 | (95 | ) | (61,388 | ) | 85,786 | |||||||||||||
Income tax expense (benefit) | (4,777 | ) | 37,326 | — | — | 32,549 | ||||||||||||||
Net Income (Loss) | $ | 53,237 | $ | 61,483 | $ | (95 | ) | $ | (61,388 | ) | $ | 53,237 | ||||||||
Comprehensive Income (Loss) | $ | 41,523 | $ | 49,769 | $ | (95 | ) | $ | (49,674 | ) | $ | 41,523 | ||||||||
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 79,532 | $ | 179,676 | $ | 4,879 | $ | — | $ | 264,087 | ||||||||||
Restricted cash | — | 6,566 | — | — | 6,566 | |||||||||||||||
Short-term investments | — | 260,121 | — | — | 260,121 | |||||||||||||||
Accounts receivable, net | 63 | 80,289 | 531 | (146 | ) | 80,737 | ||||||||||||||
Spare parts and supplies, net | — | 18,011 | — | — | 18,011 | |||||||||||||||
Deferred tax assets, net | — | 21,943 | — | — | 21,943 | |||||||||||||||
Prepaid expenses and other | 12 | 53,281 | 89 | — | 53,382 | |||||||||||||||
Total | 79,607 | 619,887 | 5,499 | (146 | ) | 704,847 | ||||||||||||||
Property and equipment at cost | — | 2,006,274 | 34,726 | — | 2,041,000 | |||||||||||||||
Less accumulated depreciation and amortization | — | (365,279 | ) | (2,228 | ) | — | (367,507 | ) | ||||||||||||
Property and equipment, net | — | 1,640,995 | 32,498 | — | 1,673,493 | |||||||||||||||
Long-term prepayments and other | 537 | 95,688 | — | — | 96,225 | |||||||||||||||
Restricted cash | — | — | — | — | — | |||||||||||||||
Deferred tax assets, net | 20,556 | — | — | (20,556 | ) | — | ||||||||||||||
Goodwill and other intangible assets, net | — | 127,963 | — | — | 127,963 | |||||||||||||||
Intercompany receivable | — | 15,081 | — | (15,081 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 351,391 | — | — | (351,391 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 452,091 | $ | 2,499,614 | $ | 37,997 | $ | (387,174 | ) | $ | 2,602,528 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 514 | $ | 96,196 | $ | 696 | $ | (146 | ) | $ | 97,260 | |||||||||
Air traffic liability | — | 421,547 | 2,789 | — | 424,336 | |||||||||||||||
Other accrued liabilities | 1,686 | 140,088 | 145 | — | 141,919 | |||||||||||||||
Current maturities of long-term debt, less discount, and capital lease obligations | 66,530 | 89,819 | — | — | 156,349 | |||||||||||||||
Total | 68,730 | 747,650 | 3,630 | (146 | ) | 819,864 | ||||||||||||||
Long-term debt and capital lease obligations | — | 893,288 | — | — | 893,288 | |||||||||||||||
Intercompany payable | 15,081 | — | — | (15,081 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||
Accumulated pension and other postretirement benefit obligations. | — | 407,864 | — | — | 407,864 | |||||||||||||||
Other liabilities and deferred credits | 1,047 | 70,853 | 750 | — | 72,650 | |||||||||||||||
Deferred tax liabilities, net | — | 62,185 | — | (20,556 | ) | 41,629 | ||||||||||||||
Total | 1,047 | 540,902 | 750 | (20,556 | ) | 522,143 | ||||||||||||||
Shareholders' equity | 367,233 | 317,774 | 33,617 | (351,391 | ) | 367,233 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 452,091 | $ | 2,499,614 | $ | 37,997 | $ | (387,174 | ) | $ | 2,602,528 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 84,797 | $ | 333,663 | $ | 4,924 | $ | — | $ | 423,384 | ||||||||||
Restricted cash | — | 19,434 | — | — | 19,434 | |||||||||||||||
Accounts receivable, net | 1,192 | 73,241 | 31 | (219 | ) | 74,245 | ||||||||||||||
Spare parts and supplies, net | — | 19,767 | — | — | 19,767 | |||||||||||||||
Deferred tax assets, net | — | 17,325 | — | — | 17,325 | |||||||||||||||
Prepaid expenses and other | — | 51,613 | 39 | — | 51,652 | |||||||||||||||
Total | 85,989 | 515,043 | 4,994 | (219 | ) | 605,807 | ||||||||||||||
Property and equipment at cost | — | 1,629,517 | 31,917 | — | 1,661,434 | |||||||||||||||
Less accumulated depreciation and amortization | — | (327,102 | ) | — | — | (327,102 | ) | |||||||||||||
Property and equipment, net | — | 1,302,415 | 31,917 | — | 1,334,332 | |||||||||||||||
Long-term prepayments and other | 1,171 | 90,782 | — | — | 91,953 | |||||||||||||||
Restricted cash | — | 1,566 | — | — | 1,566 | |||||||||||||||
Deferred tax assets, net | 14,767 | — | — | (14,767 | ) | — | ||||||||||||||
Goodwill and other intangible assets, net | — | 130,603 | — | — | 130,603 | |||||||||||||||
Intercompany receivable | 25,286 | — | — | (25,286 | ) | — | ||||||||||||||
Investment in consolidated subsidiaries | 348,040 | — | — | (348,040 | ) | — | ||||||||||||||
TOTAL ASSETS | $ | 475,253 | $ | 2,040,409 | $ | 36,911 | $ | (388,312 | ) | $ | 2,164,261 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 532 | $ | 88,990 | $ | 484 | $ | (219 | ) | $ | 89,787 | |||||||||
Air traffic liability | — | 407,359 | 1,727 | — | 409,086 | |||||||||||||||
Other accrued liabilities | 1,307 | 96,264 | — | — | 97,571 | |||||||||||||||
Current maturities of long-term debt and capital lease obligations | — | 62,187 | — | — | 62,187 | |||||||||||||||
Total | 1,839 | 654,800 | 2,211 | (219 | ) | 658,631 | ||||||||||||||
Long-term debt, less discount, and capital lease obligations | 76,550 | 667,736 | — | — | 744,286 | |||||||||||||||
Intercompany payable | — | 25,286 | — | (25,286 | ) | — | ||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||
Accumulated pension and other postretirement benefit obligations. | — | 264,106 | — | — | 264,106 | |||||||||||||||
Other liabilities and deferred credits | — | 59,424 | — | — | 59,424 | |||||||||||||||
Deferred tax liabilities, net | — | 55,717 | — | (14,767 | ) | 40,950 | ||||||||||||||
Total | — | 379,247 | — | (14,767 | ) | 364,480 | ||||||||||||||
Shareholders' equity | 396,864 | 313,340 | 34,700 | (348,040 | ) | 396,864 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 475,253 | $ | 2,040,409 | $ | 36,911 | $ | (388,312 | ) | $ | 2,164,261 | |||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities: | $ | (8,303 | ) | $ | 305,969 | $ | 2,764 | $ | — | $ | 300,430 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments from subsidiaries | 38,791 | — | — | (38,791 | ) | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (439,420 | ) | (2,809 | ) | — | (442,229 | ) | ||||||||||||
Net proceeds from disposition of equipment | — | 16,953 | — | — | 16,953 | |||||||||||||||
Purchases of investments | — | (458,592 | ) | — | — | (458,592 | ) | |||||||||||||
Sales of investments | — | 197,046 | — | — | 197,046 | |||||||||||||||
Net cash provided by (used in) investing activities | 38,791 | (684,013 | ) | (2,809 | ) | (38,791 | ) | (686,822 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 7,001 | — | — | — | 7,001 | |||||||||||||||
Long-term borrowings | — | 368,430 | — | — | 368,430 | |||||||||||||||
Repayments of long-term debt and capital lease obligations | (42,754 | ) | (115,246 | ) | — | — | (158,000 | ) | ||||||||||||
Debt issuance costs | — | (1,519 | ) | — | — | (1,519 | ) | |||||||||||||
Net payments to parent company | — | (38,791 | ) | — | 38,791 | — | ||||||||||||||
Change in cash collateral for EETC financing | — | 14,434 | — | — | 14,434 | |||||||||||||||
Other | — | (3,251 | ) | — | — | (3,251 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (35,753 | ) | 224,057 | — | 38,791 | 227,095 | ||||||||||||||
Net decrease in cash and cash equivalents | (5,265 | ) | (153,987 | ) | (45 | ) | — | (159,297 | ) | |||||||||||
Cash and cash equivalents—Beginning of Period | 84,797 | 333,663 | 4,924 | — | 423,384 | |||||||||||||||
Cash and cash equivalents—End of Period | $ | 79,532 | $ | 179,676 | $ | 4,879 | $ | — | $ | 264,087 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities: | $ | (8,088 | ) | $ | 251,260 | $ | 98 | $ | — | $ | 243,270 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments from subsidiaries | 6,883 | — | — | (6,883 | ) | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (328,767 | ) | (13,461 | ) | — | (342,228 | ) | ||||||||||||
Net proceeds from disposition of equipment | — | 14,414 | — | — | 14,414 | |||||||||||||||
Net cash provided by (used in) investing activities | 6,883 | (314,353 | ) | (13,461 | ) | (6,883 | ) | (327,814 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 2,376 | — | — | — | 2,376 | |||||||||||||||
Long-term borrowings | — | 243,110 | — | — | 243,110 | |||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (113,592 | ) | — | — | (113,592 | ) | |||||||||||||
Debt issuance costs | — | (13,846 | ) | — | — | (13,846 | ) | |||||||||||||
Net payments to parent company | — | (6,883 | ) | — | 6,883 | — | ||||||||||||||
Change in cash collateral for EETC financing | — | (16,000 | ) | — | — | (16,000 | ) | |||||||||||||
Net cash provided by financing activities | 2,376 | 92,789 | — | 6,883 | 102,048 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,171 | 29,696 | (13,363 | ) | — | 17,504 | ||||||||||||||
Cash and cash equivalents—Beginning of Period | 83,626 | 303,967 | 18,287 | — | 405,880 | |||||||||||||||
Cash and cash equivalents—End of Period | $ | 84,797 | $ | 333,663 | $ | 4,924 | $ | — | $ | 423,384 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent Issuer / | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Issuer / | Subsidiaries | ||||||||||||||||||
Guarantor | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net Cash Provided By Operating Activities: | $ | 10,669 | $ | 299,845 | $ | 503 | $ | — | $ | 311,017 | ||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||||||
Net payments to subsidiaries | (25,750 | ) | — | — | 25,750 | — | ||||||||||||||
Additions to property and equipment, including pre-delivery deposits | — | (272,243 | ) | (18,456 | ) | — | (290,699 | ) | ||||||||||||
Net cash used in investing activities | (25,750 | ) | (272,243 | ) | (18,456 | ) | 25,750 | (290,699 | ) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||||||
Proceeds from exercise of stock options | 1,488 | — | — | — | 1,488 | |||||||||||||||
Long-term borrowings | — | 133,000 | — | — | 133,000 | |||||||||||||||
Repayments of long-term debt and capital lease obligations | — | (49,129 | ) | — | — | (49,129 | ) | |||||||||||||
Debt issuance costs | — | (3,828 | ) | — | — | (3,828 | ) | |||||||||||||
Net payments from (to) parent company | — | (9,250 | ) | 35,000 | (25,750 | ) | — | |||||||||||||
Other | — | (84 | ) | — | — | (84 | ) | |||||||||||||
Net cash provided by financing activities | 1,488 | 70,709 | 35,000 | (25,750 | ) | 81,447 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (13,593 | ) | 98,311 | 17,047 | — | 101,765 | ||||||||||||||
Cash and cash equivalents—Beginning of Period | 97,219 | 205,656 | 1,240 | — | 304,115 | |||||||||||||||
Cash and cash equivalents—End of Period | $ | 83,626 | $ | 303,967 | $ | 18,287 | $ | — | $ | 405,880 | ||||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Selected Quarterly Financial Data | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
2014:00:00 | ||||||||||||||||
Operating revenue | $ | 524,858 | $ | 575,720 | $ | 639,462 | $ | 574,839 | ||||||||
Operating income | 10,037 | 51,594 | 106,169 | 77,332 | ||||||||||||
Nonoperating loss | (18,329 | ) | (6,615 | ) | (47,805 | ) | (58,936 | ) | ||||||||
Net income (loss) | (5,075 | ) | 27,327 | 35,575 | 11,099 | |||||||||||
Net Income (Loss) Per Common Stock Share: | ||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.51 | $ | 0.66 | $ | 0.2 | |||||||
Diluted | (0.10 | ) | 0.43 | 0.56 | 0.17 | |||||||||||
2013:00:00 | ||||||||||||||||
Operating revenue | $ | 490,754 | $ | 533,928 | $ | 599,298 | $ | 531,885 | ||||||||
Operating income (loss) | (11,926 | ) | 37,391 | 74,434 | 33,848 | |||||||||||
Nonoperating loss | (15,453 | ) | (19,176 | ) | (7,016 | ) | (5,692 | ) | ||||||||
Net income (loss) | (17,145 | ) | 11,316 | 40,604 | 17,079 | |||||||||||
Net Income (Loss) Per Common Stock Share: | ||||||||||||||||
Basic | $ | (0.33 | ) | $ | 0.22 | $ | 0.78 | $ | 0.33 | |||||||
Diluted | (0.33 | ) | 0.21 | 0.76 | 0.31 | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
group | deliverable_or_element | ||
Property, Equipment and Depreciation | |||
Accumulated amortization for aircraft and other capital leases | $31,200,000 | $19,400,000 | |
Property and equipment, Net | 1,673,493,000 | 1,334,332,000 | |
Operating Lease Rent expense | 160,700,000 | 158,600,000 | 151,000,000 |
Aircraft Maintenance and Repair Costs | |||
Additional cost of repairing engines | 0 | ||
Number of groups in which maintenance deposits bifurcated | 2 | ||
Frequent Flyer Program | |||
Number of Deliverables or Elements | 4 | ||
Estimated transportation period relating to Mileage Credits | 24 months | ||
Air traffic liability | 49,618,000 | 51,264,000 | |
Other liabilities and deferred credits | 15,830,000 | 10,633,000 | |
Total frequent flyer liability | 65,448,000 | 61,897,000 | |
Estimated transportation period relating to Mileage Credits accumulated | 5 months | ||
Commissions and Other Selling Expenses | |||
Advertising expense | 15,600,000 | 14,100,000 | 11,200,000 |
Boeing 717-200 aircraft and engines | Minimum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 7 years | ||
Residual value (as a percent) | 7.00% | ||
Boeing 717-200 aircraft and engines | Maximum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 11 years | ||
Residual value (as a percent) | 34.00% | ||
Boeing 767-300 aircraft and engines | Minimum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 7 years | ||
Residual value (as a percent) | 0.00% | ||
Boeing 767-300 aircraft and engines | Maximum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 20 years | ||
Residual value (as a percent) | 10.00% | ||
Airbus A330-200 aircraft and engines | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 25 years | ||
Residual value (as a percent) | 10.00% | ||
ATR42 Turboprop aircraft and engines | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 10 years | ||
Residual value (as a percent) | 15.00% | ||
Aircraft under capital leases | |||
Property, Equipment and Depreciation | |||
Residual value (as a percent) | 0.00% | ||
Aircraft under capital leases | Minimum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 8 years | ||
Aircraft under capital leases | Maximum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 12 years | ||
Flight simulator under capital lease | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 25 years | ||
Residual value (as a percent) | 10.00% | ||
Major rotable parts | Minimum | |||
Property, Equipment and Depreciation | |||
Residual value (as a percent) | 10.00% | ||
Major rotable parts | Maximum | |||
Property, Equipment and Depreciation | |||
Residual value (as a percent) | 15.00% | ||
Furniture, fixtures and other equipment | |||
Property, Equipment and Depreciation | |||
Residual value (as a percent) | 0.00% | ||
Furniture, fixtures and other equipment | Minimum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 3 years | ||
Furniture, fixtures and other equipment | Maximum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 7 years | ||
Capitalized software | |||
Property, Equipment and Depreciation | |||
Property and equipment, Net | 15,600,000 | 10,800,000 | |
Amortization expense | $5,500,000 | $7,000,000 | $7,700,000 |
Residual value (as a percent) | 0.00% | ||
Capitalized software | Minimum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 3 years | ||
Capitalized software | Maximum | |||
Property, Equipment and Depreciation | |||
Estimated useful lives | 7 years |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts reclassified from AOCI | |||||||||||
Foreign currency derivative gains, net | ($2,045,052) | ($1,942,829) | ($1,767,041) | ||||||||
Foreign currency derivative gains, net | 13,682 | 4,814 | -136 | ||||||||
Interest rate derivative losses, net | 64,240 | 50,453 | 43,522 | ||||||||
Total before tax | -113,447 | -86,410 | -85,786 | ||||||||
Income tax expense (benefit) | 44,521 | 34,556 | 32,549 | ||||||||
Total net of tax | -11,099 | -35,575 | -27,327 | 5,075 | -17,079 | -40,604 | -11,316 | 17,145 | -68,926 | -51,854 | -53,237 |
Amount reclassified from accumulated other comprehensive loss | |||||||||||
Amounts reclassified from AOCI | |||||||||||
Total net of tax | -5,349 | -353 | |||||||||
Gains on derivatives designated as hedging instruments | Amount reclassified from accumulated other comprehensive loss | |||||||||||
Amounts reclassified from AOCI | |||||||||||
Total before tax | -9,130 | -9,120 | |||||||||
Income tax expense (benefit) | 3,456 | 3,447 | |||||||||
Total net of tax | -5,674 | -5,673 | |||||||||
Gains on derivatives designated as hedging instruments | Amount reclassified from accumulated other comprehensive loss | Foreign currency derivatives gains | |||||||||||
Amounts reclassified from AOCI | |||||||||||
Foreign currency derivative gains, net | -9,943 | -9,016 | |||||||||
Foreign currency derivative gains, net | 0 | -760 | |||||||||
Gains on derivatives designated as hedging instruments | Amount reclassified from accumulated other comprehensive loss | Interest rate derivatives loss | |||||||||||
Amounts reclassified from AOCI | |||||||||||
Interest rate derivative losses, net | 813 | 656 | |||||||||
Defined benefit pension | Amount reclassified from accumulated other comprehensive loss | |||||||||||
Amounts reclassified from AOCI | |||||||||||
Actuarial loss | 319 | 8,660 | |||||||||
Prior service credit | 226 | -4 | |||||||||
Total before tax | 545 | 8,656 | |||||||||
Income tax expense (benefit) | -206 | -3,336 | |||||||||
Total net of tax | 339 | 5,320 | |||||||||
Accumulated Net Unrealized Investment Gain (Loss) | Amount reclassified from accumulated other comprehensive loss | |||||||||||
Amounts reclassified from AOCI | |||||||||||
Realized gain on sales of investments, net | -22 | 0 | |||||||||
Total before tax | -22 | 0 | |||||||||
Income tax expense (benefit) | 8 | 0 | |||||||||
Total net of tax | ($14) | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Rollforward of Amounts Included in Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Rollforward of Accumulated other comprehensive income (loss) | |||
Beginning balance | ($42,686) | ($114,054) | |
Other comprehensive income before reclassifications, net of tax | -74,777 | 71,721 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -5,349 | -353 | |
Total other comprehensive income (loss) | -80,126 | 71,368 | -11,714 |
Ending balance | -122,812 | -42,686 | -114,054 |
Gains (losses) on derivatives designated as hedging instruments | Interest rate derivatives | |||
Rollforward of Accumulated other comprehensive income (loss) | |||
Beginning balance | 1,096 | 0 | |
Other comprehensive income before reclassifications, net of tax | -1,340 | 688 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 498 | 408 | |
Total other comprehensive income (loss) | -842 | 1,096 | |
Ending balance | 254 | 1,096 | |
Gains (losses) on derivatives designated as hedging instruments | Foreign currency derivatives | |||
Rollforward of Accumulated other comprehensive income (loss) | |||
Beginning balance | 8,277 | 0 | |
Other comprehensive income before reclassifications, net of tax | 10,603 | 14,358 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -6,172 | -6,081 | |
Total other comprehensive income (loss) | 4,431 | 8,277 | |
Ending balance | 12,708 | 8,277 | |
Defined Benefit Pension Items | |||
Rollforward of Accumulated other comprehensive income (loss) | |||
Beginning balance | -52,059 | -114,054 | |
Other comprehensive income before reclassifications, net of tax | -83,800 | 56,675 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 339 | 5,320 | |
Total other comprehensive income (loss) | -83,461 | 61,995 | |
Ending balance | -135,520 | -52,059 | |
Accumulated Net Unrealized Investment Gain (Loss) | |||
Rollforward of Accumulated other comprehensive income (loss) | |||
Beginning balance | 0 | ||
Other comprehensive income before reclassifications, net of tax | -240 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -14 | ||
Total other comprehensive income (loss) | -254 | ||
Ending balance | ($254) |
Earnings_Per_Share_Potential_D
Earnings Per Share - Potential Dilution (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Net Income | $11,099 | $35,575 | $27,327 | ($5,075) | $17,079 | $40,604 | $11,316 | ($17,145) | $68,926 | $51,854 | $53,237 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted average common shares outstandingbBasic | 53,591 | 52,099 | 51,314 | ||||||||
Assumed exercise of stock options and awards | 960 | 884 | 1,221 | ||||||||
Assumed exercise of convertible note premium | 4,910 | 172 | 0 | ||||||||
Assumed conversion of warrants | 3,361 | 0 | 0 | ||||||||
Weighted average common shares outstandingbDiluted | 62,822 | 53,155 | 52,535 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Basic (in dollars per share) | $0.20 | $0.66 | $0.51 | ($0.10) | $0.33 | $0.78 | $0.22 | ($0.33) | $1.29 | $1 | $1.04 |
Diluted (in dollars per share) | $0.17 | $0.56 | $0.43 | ($0.10) | $0.31 | $0.76 | $0.21 | ($0.33) | $1.10 | $0.98 | $1.01 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Antidilutive Instruments (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | 392 | 89 |
Deferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 43 | 0 |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 1,345 | 717 |
Convertible note premium | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 10,943 |
Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 10,943 | 10,943 |
Earnings_Per_Share_Narrative_D
Earnings Per Share - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 23, 2011 | Dec. 31, 2014 |
Convertible Notes Payable | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $15.10 | |
Stated interest rate (as a percent) | 5.00% | |
Debt Instrument, Face Amount | $86.25 | $71.10 |
Number of shares that the holder of the debt instrument would receive upon conversion | 10.9 | 9 |
Conversion price (in dollars per share) | $7.88 | |
Warrants | ||
Debt Instrument [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $10 |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $260,529 |
Gross Unrealized Gains | 47 |
Gross Unrealized Losses | -455 |
Fair Value | 260,121 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |
Under 1 Year | 106,054 |
1 to 5 Years | 154,067 |
Total | 260,121 |
Corporate Debt Securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 180,794 |
Gross Unrealized Gains | 43 |
Gross Unrealized Losses | -394 |
Fair Value | 180,443 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |
Under 1 Year | 74,935 |
1 to 5 Years | 105,508 |
Total | 180,443 |
US Government Agencies Debt Securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 38,268 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | -40 |
Fair Value | 38,228 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |
Under 1 Year | 10,933 |
1 to 5 Years | 27,295 |
Total | 38,228 |
Municipal Bonds | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 23,849 |
Gross Unrealized Gains | 4 |
Gross Unrealized Losses | -16 |
Fair Value | 23,837 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |
Under 1 Year | 3,566 |
1 to 5 Years | 20,271 |
Total | 23,837 |
Fixed income securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 17,618 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | -5 |
Fair Value | 17,613 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | |
Under 1 Year | 16,620 |
1 to 5 Years | 993 |
Total | $17,613 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value | ||
Short-term investments | $260,121 | |
Recurring basis | ||
Assets measured at fair value | ||
Cash equivalents | 55,072 | 269,384 |
Restricted cash | 6,566 | 21,000 |
Short-term investments | 260,121 | |
Total assets measured at fair value | 374,142 | 317,586 |
Liabilities measured at fair value | ||
Total liabilities measured at fair value | 72,076 | 21,547 |
Recurring basis | Interest rate derivatives | ||
Liabilities measured at fair value | ||
Derivative contracts | 129 | |
Recurring basis | Fuel derivative contracts | Crude oil call options | ||
Assets measured at fair value | ||
Fuel derivative contracts | 7,121 | |
Liabilities measured at fair value | ||
Derivative contracts | 7,121 | |
Recurring basis | Fuel derivative contracts | Crude oil put options | ||
Assets measured at fair value | ||
Fuel derivative contracts | 186 | |
Liabilities measured at fair value | ||
Derivative contracts | 186 | |
Recurring basis | Fuel derivative contracts | Heating oil put options | ||
Assets measured at fair value | ||
Fuel derivative contracts | 32,637 | 417 |
Recurring basis | Fuel derivative contracts | Heating oil swaps | ||
Assets measured at fair value | ||
Fuel derivative contracts | 5,863 | |
Liabilities measured at fair value | ||
Derivative contracts | 71,447 | 187 |
Recurring basis | Foreign currency derivatives | ||
Assets measured at fair value | ||
Fuel derivative contracts | 19,746 | 12,494 |
Liabilities measured at fair value | ||
Derivative contracts | 1,188 | |
Recurring basis | Interest rate derivatives | ||
Assets measured at fair value | ||
Fuel derivative contracts | 1,121 | |
Recurring basis | Negative interest arbitrage derivative | ||
Liabilities measured at fair value | ||
Derivative contracts | 500 | 12,865 |
Recurring basis | Level 1 | ||
Assets measured at fair value | ||
Cash equivalents | 35,913 | 269,384 |
Restricted cash | 6,566 | 21,000 |
Total assets measured at fair value | 42,479 | 290,384 |
Recurring basis | Level 2 | ||
Assets measured at fair value | ||
Cash equivalents | 19,159 | |
Restricted cash | 0 | |
Short-term investments | 260,121 | |
Total assets measured at fair value | 331,663 | 27,202 |
Liabilities measured at fair value | ||
Total liabilities measured at fair value | 71,576 | 8,682 |
Recurring basis | Level 2 | Interest rate derivatives | ||
Liabilities measured at fair value | ||
Derivative contracts | 129 | |
Recurring basis | Level 2 | Fuel derivative contracts | Crude oil call options | ||
Assets measured at fair value | ||
Fuel derivative contracts | 7,121 | |
Liabilities measured at fair value | ||
Derivative contracts | 7,121 | |
Recurring basis | Level 2 | Fuel derivative contracts | Crude oil put options | ||
Assets measured at fair value | ||
Fuel derivative contracts | 186 | |
Liabilities measured at fair value | ||
Derivative contracts | 186 | |
Recurring basis | Level 2 | Fuel derivative contracts | Heating oil put options | ||
Assets measured at fair value | ||
Fuel derivative contracts | 32,637 | 417 |
Recurring basis | Level 2 | Fuel derivative contracts | Heating oil swaps | ||
Assets measured at fair value | ||
Fuel derivative contracts | 5,863 | |
Liabilities measured at fair value | ||
Derivative contracts | 71,447 | 187 |
Recurring basis | Level 2 | Foreign currency derivatives | ||
Assets measured at fair value | ||
Fuel derivative contracts | 19,746 | 12,494 |
Liabilities measured at fair value | ||
Derivative contracts | 1,188 | |
Recurring basis | Level 2 | Interest rate derivatives | ||
Assets measured at fair value | ||
Fuel derivative contracts | 1,121 | |
Recurring basis | Level 3 | ||
Liabilities measured at fair value | ||
Total liabilities measured at fair value | 500 | 12,865 |
Recurring basis | Level 3 | Negative interest arbitrage derivative | ||
Liabilities measured at fair value | ||
Derivative contracts | $500 | $12,865 |
Fair_Value_Measurements_Level_
Fair Value Measurements - Level 3 Financial Liability Activity (Details) (Negative interest arbitrage derivative, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Negative interest arbitrage derivative | ||
Activity for Level 3 financial liability | ||
Beginning balance | $12,865 | $0 |
Issuance of enhanced equipment trust certificates | 0 | 12,865 |
Reduction of balance in connection with interest payment | -12,365 | 0 |
Ending balance | $500 | $12,865 |
Fair_Value_Measurements_Debt_M
Fair Value Measurements - Debt Measured at Fair Value (Excluding Capital Leases) (Details) (Recurring basis, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements | ||
Carrying value of debt | $947,897 | $695,804 |
Fair value of debt | 956,811 | 738,563 |
Level 2 | ||
Fair Value Measurements | ||
Fair value of debt | 69,766 | 104,656 |
Level 3 | ||
Fair Value Measurements | ||
Fair value of debt | $887,045 | $633,907 |
Financial_Derivative_Instrumen2
Financial Derivative Instruments - Realized and Unrealized Gains and Losses (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative instrument | |||
Losses on fuel derivatives recorded as nonoperating income (expense) | ($63,471,000) | ($5,334,000) | ($11,330,000) |
Derivatives Not Designated as Hedging Instruments | Fuel derivative contracts | |||
Derivative instrument | |||
Losses realized at settlement | -20,365,000 | -14,018,000 | -7,372,000 |
Reversal of prior period unrealized amounts | -2,331,000 | 6,013,000 | 2,367,000 |
Unrealized gains (losses) on contracts that will settle in future periods | -40,775,000 | 2,671,000 | -6,325,000 |
Losses on fuel derivatives recorded as nonoperating income (expense) | -63,471,000 | -5,334,000 | -11,330,000 |
Derivatives Designated as Hedging Instruments | Foreign currency derivatives | |||
Derivative instrument | |||
Accumulated other comprehensive income (loss) expected to be reclassified to earnings in the next 12 months | $14,400,000 | ||
Reclassification estimated time period | 12 months |
Financial_Derivative_Instrumen3
Financial Derivative Instruments - Derivative Position (Details) | 31-May-13 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 |
pass_through_trust | Interest rate derivatives | Interest rate derivatives | Foreign currency derivatives | Foreign currency derivatives | Fuel derivative contracts | Fuel derivative contracts | Negative interest arbitrage derivative | Negative interest arbitrage derivative | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Enhanced Equipment Trust Certificates (EETC) | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Foreign currency derivatives | Fuel derivative contracts | Fuel derivative contracts | Negative interest arbitrage derivative | Negative interest arbitrage derivative | Negative interest arbitrage derivative | Negative interest arbitrage derivative | Negative interest arbitrage derivative | USD ($) | ||
USD ($) | USD ($) | Deferred Credits and Other Liabilities | Prepaid expenses and other | Long-term prepayments and other | Other Accrued Liabilities, Current | Prepaid expenses and other | Prepaid expenses and other | Long-term prepayments and other | Long-term prepayments and other | Japanese yen | Japanese yen | Japanese yen | Japanese yen | Korean Won | Australian dollar | Australian dollar | Australian dollar | Australian dollar | New Zealand Dollars | Prepaid expenses and other | Prepaid expenses and other | Long-term prepayments and other | Other Accrued Liabilities, Current | Japanese yen | Japanese yen | Japanese yen | Australian dollar | Australian dollar | Australian dollar | Prepaid expenses and other | Other Accrued Liabilities, Current | USD ($) | USD ($) | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current | Other liabilities and deferred credits | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Prepaid expenses and other | Prepaid expenses and other | Long-term prepayments and other | Long-term prepayments and other | Prepaid expenses and other | Prepaid expenses and other | Prepaid expenses and other | Long-term prepayments and other | Long-term prepayments and other | Prepaid expenses and other | USD ($) | USD ($) | USD ($) | USD ($) | Prepaid expenses and other | Prepaid expenses and other | Long-term prepayments and other | Prepaid expenses and other | Prepaid expenses and other | Long-term prepayments and other | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||
JPY (¥) | JPY (¥) | JPY (¥) | JPY (¥) | KRW | AUD | AUD | AUD | AUD | NZD | JPY (¥) | JPY (¥) | JPY (¥) | AUD | AUD | AUD | gal | gal | ||||||||||||||||||||||||||||||
Fair Value of Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Number of pass-through trusts | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount issued | $444,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Derivative Liabilities | -12,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | 57,400,000 | 63,800,000 | 6,909,050,000 | 10,500,321,000 | 3,758,500,000 | 1,980,949,000 | 10,895,370,000 | 51,380,000 | 62,659,000 | 13,080,000 | 16,681,000 | 4,821,000 | 7,714,291,000 | 6,180,000 | 2,762,000,000 | 43,546,000 | 58,000 | 3,500,000 | 444,540,000 | 444,540,000 | |||||||||||||||||||||||||||
Notional Amount (volume) | 84,714,000 | 90,994,000 | |||||||||||||||||||||||||||||||||||||||||||||
Gross fair value of assets, current | 0 | 196,000 | 15,113,000 | 9,844,000 | 0 | 6,093,000 | 196,000 | 0 | 13,921,000 | 9,946,000 | 1,191,000 | 577,000 | 298,000 | 13,587,000 | 32,637,000 | ||||||||||||||||||||||||||||||||
Gross fair value of assets, noncurrent | 0 | 925,000 | 4,633,000 | 1,673,000 | 0 | 925,000 | 4,565,000 | 1,673,000 | 69,000 | ||||||||||||||||||||||||||||||||||||||
Gross fair value of liabilities, current | -26,000 | 0 | 0 | -211,000 | -38,810,000 | 0 | -500,000 | -12,250,000 | 0 | -26,000 | 0 | -450,000 | 0 | -229,000 | -509,000 | -7,494,000 | -71,447,000 | -500,000 | -12,250,000 | ||||||||||||||||||||||||||||
Gross fair value of liabilities, noncurrent | -103,000 | 0 | 0 | -615,000 | -103,000 | 0 | -615,000 | ||||||||||||||||||||||||||||||||||||||||
Net derivative position | ($103,000) | $196,000 | $925,000 | ($26,000) | $13,921,000 | $9,496,000 | $4,565,000 | $1,673,000 | $1,191,000 | $348,000 | $69,000 | ($211,000) | $6,093,000 | ($38,810,000) | ($500,000) | ($12,250,000) | ($615,000) |
Financial_Derivative_Instrumen4
Financial Derivative Instruments - Impact of Cash Flow Hedges; Risk and Collateral (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Gains (losses) for designated hedge contracts | ||
Amount of collateral posted with counterparties | $600,000 | $0 |
Foreign currency derivatives | Derivatives Not Designated as Hedging Instruments | Other Accrued Liabilities, Current | ||
Gains (losses) for designated hedge contracts | ||
Derivative Assets (Liabilities), at Fair Value, Net | 211,000 | |
Fuel derivative contracts | Derivatives Not Designated as Hedging Instruments | Other Accrued Liabilities, Current | ||
Gains (losses) for designated hedge contracts | ||
Derivative Assets (Liabilities), at Fair Value, Net | 38,810,000 | |
Cash Flow Hedging | Foreign currency derivatives | ||
Gains (losses) for designated hedge contracts | ||
Gain recognized in AOCI on derivatives (effective portion) | 17,295,000 | 22,781,000 |
(Gain) loss reclassified from AOCI into income (effective portion) | 9,943,000 | 9,016,000 |
Gain recognized in nonoperating (income) expense (ineffective portion) | 0 | 760,000 |
Cash Flow Hedging | Interest rate derivatives | ||
Gains (losses) for designated hedge contracts | ||
Gain recognized in AOCI on derivatives (effective portion) | -1,249,000 | 1,593,000 |
(Gain) loss reclassified from AOCI into income (effective portion) | ($813,000) | ($656,000) |
Financial_Derivative_Instrumen5
Financial Derivative Instruments - Derivative BS Reconciliation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid expenses and other | ||
Prepaid expenses | $35,815 | $35,067 |
Other | 2,454 | 452 |
Prepaid expenses and other | 53,382 | 51,652 |
Long-term prepayments and other | ||
Deposits | 36,295 | 28,144 |
Maintenance reserves | 10,457 | 9,650 |
Debt issuance costs | 30,851 | 35,781 |
Other | 13,989 | 15,780 |
Long-term prepayments and other | 96,225 | 91,953 |
Other accrued liabilities | ||
Accrued payroll and related | 57,661 | 48,088 |
Accrued taxes | 12,582 | 11,670 |
Other | 32,340 | 25,352 |
Other accrued liabilities | 141,919 | 97,571 |
Other liabilities and deferred credits | ||
Lease related obligations | 35,934 | 26,303 |
Deferred revenue | 34,764 | 32,299 |
Other | 1,849 | 207 |
Other liabilities and deferred credits | 72,650 | 59,424 |
Interest rate derivatives | ||
Prepaid expenses and other | ||
Derivative assets | 0 | 196 |
Long-term prepayments and other | ||
Derivative assets | 0 | 925 |
Other accrued liabilities | ||
Derivative liabilities | 26 | 0 |
Other liabilities and deferred credits | ||
Derivative liabilities | 103 | 0 |
Foreign currency derivatives | ||
Prepaid expenses and other | ||
Derivative assets | 15,113 | 9,844 |
Long-term prepayments and other | ||
Derivative assets | 4,633 | 1,673 |
Other accrued liabilities | ||
Derivative liabilities | 0 | 211 |
Fuel derivative contracts | ||
Prepaid expenses and other | ||
Derivative assets | 0 | 6,093 |
Other accrued liabilities | ||
Derivative liabilities | 38,810 | 0 |
Negative interest arbitrage derivative | ||
Other accrued liabilities | ||
Derivative liabilities | 500 | 12,250 |
Other liabilities and deferred credits | ||
Derivative liabilities | $0 | $615 |
Intangible_Assets_Net_Book_Val
Intangible Assets - Net Book Value and Useful Lives (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 02, 2005 | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Assets | |||
Hawaiian Airlines trade name | 13,000 | $13,000 | |
Gross carrying value of intangible assets | 55,734 | 199,670 | |
Accumulated amortization | -34,434 | -175,730 | |
Net book value | 8,300 | ||
Net book value of intangible assets | 21,300 | 23,940 | |
Frequent flyer program - marketing relationships | |||
Intangible Assets | |||
Gross carrying value | 119,900 | ||
Accumulated amortization | -119,900 | ||
Favorable aircraft and engine leases | |||
Intangible Assets | |||
Gross carrying value | 8,674 | 32,710 | |
Accumulated amortization | -8,674 | -32,710 | |
Approximate useful life | 7 years | ||
Favorable aircraft and engine leases | Weighted average | |||
Intangible Assets | |||
Approximate useful life | 7 years | ||
Favorable aircraft maintenance contracts | |||
Intangible Assets | |||
Gross carrying value | 18,200 | 18,200 | |
Accumulated amortization | -12,305 | -11,069 | |
Net book value | 5,895 | 7,131 | |
Approximate useful life | 16 years | ||
Favorable aircraft maintenance contracts | Weighted average | |||
Intangible Assets | |||
Approximate useful life | 14 years | ||
Frequent flyer program - customer relations | |||
Intangible Assets | |||
Gross carrying value | 12,200 | 12,200 | |
Accumulated amortization | -10,580 | -9,476 | |
Net book value | 1,620 | 2,724 | |
Approximate useful life | 11 years | ||
Operating certificates | |||
Intangible Assets | |||
Gross carrying value | 3,660 | 3,660 | |
Accumulated amortization | -2,875 | -2,575 | |
Net book value | 785 | $1,085 | |
Approximate useful life | 12 years |
Intangible_Assets_Amortization
Intangible Assets - Amortization Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $2,640 | $2,640 | $18,788 |
Estimated future amortization expense | |||
2015 | 2,640 | ||
2016 | 2,052 | ||
2017 | 1,421 | ||
2018 | 1,236 | ||
2019 | 951 | ||
Net book value | $8,300 |
Debt_Schedule_of_Debt_Details
Debt - Schedule of Debt (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Mar. 23, 2011 | |
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $1,054,227,000 | $816,173,000 | ||
Less: Current maturities | -156,349,000 | -62,187,000 | ||
Long-Term Debt, less discount, and Capital Lease Obligations | 893,288,000 | 744,286,000 | ||
Aircraft Facility Agreement | Airbus A330-200 | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 270,154,000 | 353,723,000 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.37% | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.46% | |||
Aircraft Facility Agreement | Boeing 767-300 | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 29,881,000 | 35,000,000 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.91% | |||
Aircraft Facility Agreement | Boeing 717-200 | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 136,792,000 | 154,422,000 | ||
Stated interest rate (as a percent) | 8.00% | |||
Debt Instrument Principal Payment at Maturity | 39,700,000 | |||
Enhanced Equipment Trust Certificates (EETC) | Class A Pass-Through Trust | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 3.90% | |||
Enhanced Equipment Trust Certificates (EETC) | Class B Pass-Through trust | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.95% | |||
Enhanced Equipment Trust Certificates (EETC) | Airbus A330-200 | Class A Pass-Through Trust | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 328,260,000 | 56,000,000 | ||
Stated interest rate (as a percent) | 3.90% | |||
Enhanced Equipment Trust Certificates (EETC) | Airbus A330-200 | Class B Pass-Through trust | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 116,280,000 | 20,110,000 | ||
Stated interest rate (as a percent) | 4.95% | |||
Convertible Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 71,120,000 | 86,250,000 | ||
Less: Unamortized discount on convertible note | -4,590,000 | -9,700,000 | ||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 1 year 3 months | |||
Debt Instrument, Term | 5 years | |||
Stated interest rate (as a percent) | 5.00% | |||
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | |||
Capital Lease Obligations | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $101,740,000 | $110,668,000 |
Debt_Enhanced_Equipment_Trust_
Debt - Enhanced Equipment Trust Certificates (EETC) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | |
pass_through_trust | ||||
Debt Instrument [Line Items] | ||||
Number of pass-through trusts | 2 | |||
Long-term Debt, Gross | $952,487,000 | |||
Increase (Decrease) in Restricted Cash | -14,434,000 | 16,000,000 | 0 | |
Enhanced Equipment Trust Certificates (EETC) | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount issued | 444,500,000 | |||
Number of Aircraft Financed Through Loan | 5 | |||
Restricted cash | 16,000,000 | |||
Enhanced Equipment Trust Certificates (EETC) | Airbus A330-200 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 368,400,000 | |||
Enhanced Equipment Trust Certificates (EETC) | Class A Pass-Through Trust | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount issued | 328,200,000 | |||
Stated interest rate (as a percent) | 3.90% | |||
Enhanced Equipment Trust Certificates (EETC) | Class A Pass-Through Trust | Airbus A330-200 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 3.90% | |||
Enhanced Equipment Trust Certificates (EETC) | Class B Pass-Through trust | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount issued | 116,300,000 | |||
Stated interest rate (as a percent) | 4.95% | |||
Enhanced Equipment Trust Certificates (EETC) | Class B Pass-Through trust | Airbus A330-200 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.95% |
Debt_Convertible_Notes_Details
Debt - Convertible Notes (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 23, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
D | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Debt | $64,240,000 | $50,453,000 | $43,522,000 | ||
Gains (Losses) on Extinguishment of Debt | -2,617,000 | 0 | 0 | ||
Convertible Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 86,250,000 | 71,100,000 | |||
Stated interest rate (as a percent) | 5.00% | ||||
Debt Instrument Principal Amount Denomination for Conversion into Common Stock | 1,000 | ||||
Debt Instrument, Convertible, Conversion Ratio | 127 | ||||
Number of shares that the holder of the debt instrument would receive upon conversion | 10.9 | 9 | |||
Conversion price (in dollars per share) | $7.88 | ||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | ||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||||
Debt Instrument Conversion Obligation Number of Consecutive Business Days after Consecutive Trading Day Period | 5 days | ||||
Debt Instrument Conversion Obligation Period of Consecutive Trading Days | 10 days | ||||
Debt Instrument Conversion Obligation Average Trading Price as Percentage of Average Conversion Value Maximum | 97.00% | ||||
Debt Redemption, Price Due to Fundamental Change as Percentage of Principal Amount | 100.00% | ||||
Amortization of Financing Costs | 4,100,000 | 3,900,000 | 3,500,000 | ||
Interest Expense, Debt | 4,300,000 | 4,800,000 | 4,800,000 | ||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | 163,900,000 | ||||
Payments for Derivative Instrument, Financing Activities | 19,500,000 | ||||
Debt Instrument, Repurchased Face Amount | 15,100,000 | ||||
Debt Instrument, Repurchase Amount | 42,700,000 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 19,500,000 | ||||
Debt Instrument, Reduction in Carrying Amount | 27,600,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | ||||
Gains (Losses) on Extinguishment of Debt | -1,400,000 | ||||
Warrants | |||||
Debt Instrument [Line Items] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10.9 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $10 | ||||
Proceeds from Issuance of Warrants | $11,900,000 |
Debt_Debt_Extinguishment_and_R
Debt - Debt Extinguishment and Revolving Credit Facilities (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Sep. 30, 2014 | Nov. 30, 2014 | |
Extinguishment of Debt [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | ($2,617,000) | $0 | $0 | |||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | |||||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term Line of Credit | 0 | |||||
CITIGROUP GLOBAL MARKETS | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000,000 | |||||
CITIGROUP GLOBAL MARKETS | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate (as a percent) | 3.00% | |||||
CITIGROUP GLOBAL MARKETS | Revolving Credit Facility | Certain Market Rates | ||||||
Line of Credit Facility [Line Items] | ||||||
Stated interest rate (as a percent) | 2.00% | |||||
Secured Debt | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 54,200,000 | |||||
Gains (Losses) on Extinguishment of Debt | ($2,300,000) |
Debt_Schedule_of_Maturities_of
Debt - Schedule of Maturities of Long-Term Debt (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $151,722 |
2016 | 82,861 |
2017 | 82,092 |
2018 | 87,425 |
2019 | 99,070 |
Thereafter | 449,317 |
Long-term Debt, Gross | $952,487 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
airbus_aircraft | |
contract | |
Leases | |
Number of Aircraft under Lease Agreement | 16 |
Number of Aircraft Operated | 50 |
Number of Aircraft under Capital Lease Agreements | 3 |
Number of Aircraft under Operating Lease Agreements | 13 |
Aircraft | |
Future minimum rental payments under capital leases | |
2015 | 13,705 |
2016 | 13,803 |
2017 | 13,803 |
2018 | 13,803 |
2019 | 13,803 |
Thereafter | 45,742 |
Total minimum capital lease payments | 114,659 |
Less amounts representing interest | -24,379 |
Present value of minimum capital lease payments | 90,280 |
Future minimum rental payments under operating leases | |
2015 | 102,972 |
2016 | 86,260 |
2017 | 81,988 |
2018 | 81,238 |
2019 | 81,094 |
Thereafter | 171,662 |
Total minimum operating lease payments | 605,214 |
Other | |
Future minimum rental payments under capital leases | |
2015 | 1,190 |
2016 | 1,223 |
2017 | 1,180 |
2018 | 1,280 |
2019 | 1,412 |
Thereafter | 9,279 |
Total minimum capital lease payments | 15,564 |
Less amounts representing interest | -4,104 |
Present value of minimum capital lease payments | 11,460 |
Future minimum rental payments under operating leases | |
2015 | 5,228 |
2016 | 5,104 |
2017 | 4,404 |
2018 | 4,268 |
2019 | 3,922 |
Thereafter | 22,335 |
Total minimum operating lease payments | 45,261 |
Minimum | |
Leases | |
Term of Lease | 1 year |
Maximum | |
Leases | |
Term of Lease | 11 years |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $0 | $0 | $0 |
State | 1,437 | 450 | 1,216 |
Current Income Tax Expense (Benefit) | 1,437 | 450 | 1,216 |
Deferred | |||
Federal | 38,865 | 30,542 | 27,936 |
State | 4,219 | 3,564 | 3,397 |
Deferred income taxes, net | 43,084 | 34,106 | 31,333 |
Income tax expense | $44,521 | $34,556 | $32,549 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Income tax expense computed at the statutory federal rate | $39,707 | $30,243 | $30,025 |
Increase (decrease) resulting from: | |||
State income taxes, net of federal tax effect | 3,677 | 2,631 | 2,999 |
Nondeductible meals | 925 | 971 | 910 |
Other | 212 | 711 | -1,385 |
Income tax expense | $44,521 | $34,556 | $32,549 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Accumulated pension and other postretirement benefits | $155,353 | $100,907 |
Leases | 7,674 | 7,009 |
Air traffic liability | 11,951 | 10,390 |
Federal and state net operating loss carryforwards | 122,134 | 91,911 |
Alternative minimum tax credit carryforwards | 5,913 | 7,447 |
Other assets | 43,137 | 24,782 |
Total deferred tax assets | 346,162 | 242,446 |
Deferred tax liabilities: | ||
Intangible assets | -8,056 | -9,050 |
Plant and equipment, principally accelerated depreciation | -358,717 | -252,902 |
Other liabilities | 925 | -4,119 |
Total deferred tax liabilities | -365,848 | -266,071 |
Net deferred tax liability | ($19,686) | ($23,625) |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Alternative minimum tax credit carryforwards | $5,913,000 | $7,447,000 |
Operating Loss Carryforwards | 365,800,000 | |
Federal and state net operating loss carryforwards | 122,134,000 | 91,911,000 |
Unrecognized Tax Benefits | $0 | $0 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans - Defined Benefit Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 01, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
plan | ||||
Compensation and Retirement Disclosure [Abstract] | ||||
Minimum age of pilots who were participants of plan as of July 1, 2005 for whom further benefit will accrue | 50 years | |||
Number of unfunded defined benefit postretirement medical and life insurance plans sponsored by company | 4 | |||
Accumulated pension benefit obligation | $475,400,000 | $391,500,000 | ||
Amounts recognized in the statement of financial position consist of: | ||||
Noncurrent benefit liability | -407,864,000 | -264,106,000 | ||
Pension | ||||
Change in benefit obligations | ||||
Benefit obligations, beginning of year | -397,209,000 | -421,884,000 | ||
Service cost | -1,359,000 | -2,555,000 | -2,723,000 | |
Interest cost | -19,125,000 | -17,389,000 | -18,993,000 | |
Actuarial gains (losses) | -84,723,000 | 25,213,000 | ||
Benefits paid | 22,205,000 | 19,406,000 | ||
Plan amendments | 0 | 0 | ||
Benefit obligation at end of year | -480,211,000 | -397,209,000 | -421,884,000 | |
Change in plan assets | ||||
Fair value of assets, beginning of year | 270,005,000 | 238,134,000 | ||
Actual return on plan assets | 13,855,000 | 35,344,000 | ||
Employer contribution | 6,159,000 | 15,933,000 | ||
Benefits paid | -22,205,000 | -19,406,000 | ||
Fair value of assets at end of year | 267,814,000 | 270,005,000 | 238,134,000 | |
Unfunded status at December 31, | -212,397,000 | -127,204,000 | ||
Amounts recognized in the statement of financial position consist of: | ||||
Current benefit liability | -18,000 | -17,000 | ||
Noncurrent benefit liability | -212,379,000 | -127,187,000 | ||
Total reflected in the statement of financial position | -212,397,000 | -127,204,000 | ||
Amounts recognized in other comprehensive loss | ||||
Unamortized actuarial loss | 145,823,000 | 57,265,000 | ||
Prior service cost (credit) | -53,000 | -55,000 | ||
Total reflected in other comprehensive loss | 145,770,000 | 57,210,000 | ||
Other | ||||
Change in benefit obligations | ||||
Benefit obligations, beginning of year | -154,864,000 | -183,944,000 | ||
Service cost | -10,868,000 | -13,596,000 | -11,152,000 | |
Interest cost | -8,527,000 | -7,888,000 | -8,548,000 | |
Actuarial gains (losses) | -42,964,000 | 47,296,000 | ||
Benefits paid | 3,736,000 | 3,319,000 | ||
less: federal subsidy on benefits paid | -58,000 | -51,000 | ||
Plan amendments | -2,453,000 | 0 | ||
Benefit obligation at end of year | -215,998,000 | -154,864,000 | -183,944,000 | |
Change in plan assets | ||||
Fair value of assets, beginning of year | 15,129,000 | 12,418,000 | ||
Actual return on plan assets | 695,000 | 766,000 | ||
Employer contribution | 5,577,000 | 5,264,000 | ||
Benefits paid | -3,736,000 | -3,319,000 | ||
Fair value of assets at end of year | 17,665,000 | 15,129,000 | 12,418,000 | |
Unfunded status at December 31, | -198,333,000 | -139,735,000 | ||
Amounts recognized in the statement of financial position consist of: | ||||
Current benefit liability | -2,848,000 | -2,816,000 | ||
Noncurrent benefit liability | -195,485,000 | -136,919,000 | ||
Total reflected in the statement of financial position | -198,333,000 | -139,735,000 | ||
Amounts recognized in other comprehensive loss | ||||
Unamortized actuarial loss | 50,078,000 | 6,435,000 | ||
Prior service cost (credit) | 2,203,000 | -22,000 | ||
Total reflected in other comprehensive loss | $52,281,000 | $6,413,000 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension | |||
Components of Net Periodic Benefit Cost | |||
Service cost | $1,359 | $2,555 | $2,723 |
Interest cost | 19,125 | 17,389 | 18,993 |
Expected return on plan assets | -18,337 | -15,348 | -15,253 |
Recognized net actuarial loss (gain) | 645 | 6,246 | 4,653 |
Prior service cost (credit) | -2 | -2 | -2 |
Net periodic benefit cost | 2,790 | 10,840 | 11,114 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | |||
Current year actuarial (gain) loss | 89,204 | -45,209 | 17,178 |
Current year prior service cost | 0 | 0 | 0 |
Amortization of actuarial gain (loss) | -645 | -6,246 | -4,653 |
Amortization of prior service cost (credit) | 2 | 2 | 2 |
Total recognized in other comprehensive loss | -88,561 | 51,453 | -12,527 |
Total recognized in net periodic benefit cost and other comprehensive loss | 91,351 | -40,613 | 23,641 |
Other | |||
Components of Net Periodic Benefit Cost | |||
Service cost | 10,868 | 13,596 | 11,152 |
Interest cost | 8,527 | 7,888 | 8,548 |
Expected return on plan assets | -1,037 | -912 | -819 |
Recognized net actuarial loss (gain) | -326 | 2,414 | 2,717 |
Prior service cost (credit) | 229 | -2 | -2 |
Net periodic benefit cost | 18,261 | 22,984 | 21,596 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | |||
Current year actuarial (gain) loss | 43,318 | -47,143 | 11,148 |
Current year prior service cost | 2,453 | 0 | 0 |
Amortization of actuarial gain (loss) | 326 | -2,414 | -2,717 |
Amortization of prior service cost (credit) | -229 | 2 | 2 |
Total recognized in other comprehensive loss | -45,868 | 49,555 | -8,433 |
Total recognized in net periodic benefit cost and other comprehensive loss | $64,129 | ($26,571) | $30,029 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans - Weighted Average Actuarial Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate to determine net periodic benefit expense | 5.01% | 4.10% |
Discount rate to determine projected benefit obligation | 4.19% | 5.01% |
Expected return on plan assets | 6.92% | 6.55% |
Defined Benefit Plan Assumption Return on Assets for Following Year | 6.89% | |
Pension | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Assumed rate of compensation increases, range | 1.80% | 1.50% |
Pension | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Assumed rate of compensation increases, range | 6.50% | 6.00% |
Postretirement | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate to determine net periodic benefit expense | 5.21% | 4.24% |
Discount rate to determine projected benefit obligation | 4.30% | 5.21% |
Health care trend rate to determine net periodic benefit expense | 8.00% | 8.00% |
Health care trend rate in 2019 | 4.75% | 4.75% |
Health care trend rate to determine projected benefit obligation | 7.50% | 8.00% |
Health care trend rate in 2018 | 4.75% | 4.75% |
Disability | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate to determine net periodic benefit expense | 4.99% | 4.06% |
Discount rate to determine projected benefit obligation | 4.16% | 4.99% |
Expected return on plan assets | 5.92% | 6.15% |
Defined Benefit Plan Assumption Return on Assets for Following Year | 5.40% |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Assumptions and Estimates (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $43,228 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 3,897 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -33,189 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -2,988 |
Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss | 8,296 |
Amortization of prior service credit | -2 |
To be recognized in net periodic benefit cost from accumulated other comprehensive loss | 8,294 |
Postretirement | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss | 2,422 |
Amortization of prior service credit | -2 |
To be recognized in net periodic benefit cost from accumulated other comprehensive loss | 2,420 |
Change in Assumptions for Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Increase in pension obligation as of December 31, 2014 | 29,842 |
Increase in other postretirement benefit obligation as of December 31, 2014 | $20,757 |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans - Plan Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Defined Benefit Pension and Disability Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $5,100,000 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 267,367,000 | 263,056,000 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 21,967,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 23,341,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 24,705,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 26,014,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 27,171,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 145,159,000 | |
Defined Benefit Plan Expected Future Benefit Payments | 268,357,000 | |
Other Benefits | ||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 3,982,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 4,674,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 5,355,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 6,068,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 6,859,000 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 47,521,000 | |
Defined Benefit Plan Expected Future Benefit Payments | 74,459,000 | |
Prescription Drug Subsidy Receipts, Rolling Maturity [Abstract] | ||
Prescription Drug Subsidy Receipts, Next Twelve Months | -54,000 | |
Prescription Drug Subsidy Receipts, Year Two | -61,000 | |
Prescription Drug Subsidy Receipts, Year Three | -70,000 | |
Prescription Drug Subsidy Receipts, Year Four | -80,000 | |
Prescription Drug Subsidy Receipts, Year Five | -90,000 | |
Prescription Drug Subsidy Receipts, after Year Five | -643,000 | |
Prescription Drug Subsidy Receipts | -998,000 | |
Level 1 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 0 | 166,000 |
Level 2 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 267,367,000 | 262,890,000 |
Equity Securities | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 59.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | |
Fixed Income Securities | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 36.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | |
Cash and Cash Equivalents | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 164,000 | |
Cash and Cash Equivalents | Level 1 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 164,000 | |
Common Stock Domestic | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 2,000 | |
Common Stock Domestic | Level 1 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 2,000 | |
Equity Funds | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 159,299,000 | 160,286,000 |
Equity Funds | Level 2 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 159,299,000 | 160,286,000 |
Fixed Income Funds | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 92,801,000 | 89,086,000 |
Fixed Income Funds | Level 2 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 92,801,000 | 89,086,000 |
Real Estate Investment | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | |
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 13,154,000 | 12,237,000 |
Real Estate Investment | Level 2 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 13,154,000 | 12,237,000 |
Insurance Company Pooled Separate Account | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 2,113,000 | 1,281,000 |
Insurance Company Pooled Separate Account | Level 2 | Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 2,113,000 | 1,281,000 |
Common Collective Trust Fund | Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | 17,565,000 | 15,063,000 |
Common Collective Trust Fund | Level 2 | Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan Fair Value of Plan Assets Excluding Cash | $17,565,000 | $15,063,000 |
Employee_Benefit_Plans_Defined1
Employee Benefit Plans - Defined Contribution Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $27.30 | $25.10 | $21.30 |
Capital_Stock_and_Sharebased_C2
Capital Stock and Share-based Compensation - Capital Stock (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
director | |||
Class of Stock [Line Items] | |||
Common Stock Number of Classes | 1 | ||
Common Stock, Dividends, Per Share, Cash Paid | $0 | $0 | $0 |
Number of Shares of Special Preferred Stock Held by Each Union | 1 | ||
Number of Directors of which Nomination Right is Available to Each Union | 1 | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | |
Multiplier of Dividend Per Share Paid on Common Stock to Determine Dividend on Special Preferred Stock | 2 | ||
Special Preferred Stock Conversion Ratio | 1 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Number of Votes Per Share | 1 | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of Votes Per Share | 1 |
Capital_Stock_and_Sharebased_C3
Capital Stock and Share-based Compensation - Share-Based Compensation and Stock Options (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $6.70 | $4.60 | $3.40 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 7.8 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 7.6 | 9.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 7.5 | 9.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 15.9 | 2.7 | 0.4 |
Non Employee Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $0.30 |
Capital_Stock_and_Sharebased_C4
Capital Stock and Share-based Compensation - Performance-Based Stock Awards (Details) (Performance Shares, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Based Compensation Arrangement by Share Based Payment Award Maximum Number of Shares Payout | 598,690 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Number of units | |
Non-vested at the beginning of the period | 1,142,592 |
Granted during the period | 348,009 |
Vested during the period | -353,344 |
Forfeited during the period | -133,628 |
Non-vested at the end of the period | 1,003,629 |
Weighted average grant date fair value | |
Non-vested at the beginning of the period | $5.88 |
Granted during the period | $10.04 |
Vested during the period | $5.89 |
Forfeited during the period | $6.89 |
Non-vested at the end of the period | $7.19 |
Capital_Stock_and_Sharebased_C5
Capital Stock and Share-based Compensation - Time-Based Stock Awards (Details) (Time-Based Stock Awards, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Number of units | |
Non-vested at the beginning of the period | 560,898 |
Granted during the period | 337,333 |
Vested during the period | -376,408 |
Forfeited during the period | -83,862 |
Non-vested at the end of the period | 437,961 |
Weighted average grant date fair value | |
Non-vested at the beginning of the period | $5.86 |
Granted during the period | $12.50 |
Vested during the period | $7.04 |
Forfeited during the period | $7.40 |
Non-vested at the end of the period | $9.66 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Committed Expenditures and Financings (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Total Committed Expenditures | |
2015 | $273,159 |
2016 | 125,292 |
2017 | 291,964 |
2018 | 462,425 |
2019 | 543,687 |
Thereafter | 698,878 |
Contractual Obligation | 2,395,405 |
Less: Committed Financing for Upcoming Aircraft Deliveries | |
Contractual Obligation Committed Financing | 181,190 |
Net Committed Expenditures | |
2015 | 91,969 |
2016 | 125,292 |
2017 | 291,964 |
2018 | 462,425 |
2019 | 543,687 |
Thereafter | 698,878 |
Contractual Obligation Net of Committed Financing | 2,214,215 |
Capital Addition Purchase Commitments | |
Total Committed Expenditures | |
2015 | 203,156 |
2016 | 67,381 |
2017 | 234,250 |
2018 | 411,406 |
2019 | 497,018 |
Thereafter | 434,841 |
Contractual Obligation | 1,848,052 |
Purchase Commitments Operating Expense | |
Total Committed Expenditures | |
2015 | 70,003 |
2016 | 57,911 |
2017 | 57,714 |
2018 | 51,019 |
2019 | 46,669 |
Thereafter | 264,037 |
Contractual Obligation | $547,353 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities - Narrative (Details) (USD $) | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
aircraft_purchase_right | ||
aircraft_firm_order | ||
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 16,200,000 | |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 25,300,000 | |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 25,300,000 | |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 25,300,000 | |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 25,300,000 | |
Minimum Lease Payments, Sale Leaseback Transactions, Thereafter | 186,300,000 | |
A350XWB800 | Capital Addition Purchase Commitments | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Aircraft Firm Order | 6 | |
Number of Aircraft Purchase Rights | 6 | |
A330-800neo Aircraft | Capital Addition Purchase Commitments | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Aircraft Firm Orders Added in Conversion | 6 | |
Number of Additional Options Added in Conversion | 4 | |
Number of Aircraft Purchase Rights Added in Conversion | 2 | |
Airbus A330-200 | ||
Long-term Purchase Commitment [Line Items] | ||
Sale Leaseback Transaction, Number of Aircraft | 3 | |
Contractual Obligation Committed Financing in Next Twelve Months | 181,190,000 | |
Sale Leaseback, Length of Time | 12 years | |
Credit Card Processing Agreements | ||
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ||
Restricted cash | 5,000,000 | $5,000,000 |
Credit Card Holdback Percentage Limit Maximum | 100.00% |
Geographic_Information_Details
Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
business | |||||||||||
segment | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Number of significant lines of business offered by company | 1 | ||||||||||
Number of reportable segments | 1 | ||||||||||
Geographic Information | |||||||||||
Operating revenue | $574,839 | $639,462 | $575,720 | $524,858 | $531,885 | $599,298 | $533,928 | $490,754 | $2,314,879 | $2,155,865 | $1,962,353 |
Domestic | |||||||||||
Geographic Information | |||||||||||
Operating revenue | 1,683,487 | 1,493,295 | 1,378,498 | ||||||||
Pacific | |||||||||||
Geographic Information | |||||||||||
Operating revenue | $631,392 | $662,570 | $583,855 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Cash payments for interest (net of amounts capitalized) | $42,242 | $36,574 | $35,153 |
Cash payments (refunds) for income taxes | -1,882 | 2 | -16,913 |
Investing and Financing Activities Not Affecting Cash: | |||
Property and equipment acquired through a capital lease | $0 | $11,840 | $111,921 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations and Comprehensive Loss (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 |
pass_through_trust | ||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||
Number of pass-through trusts | 2 | |||||||||||
Operating Revenue | $574,839 | $639,462 | $575,720 | $524,858 | $531,885 | $599,298 | $533,928 | $490,754 | $2,314,879 | $2,155,865 | $1,962,353 | |
Operating Expenses: | ||||||||||||
Aircraft fuel, including taxes and delivery | 678,253 | 698,802 | 631,741 | |||||||||
Wages and benefits | 447,446 | 427,438 | 376,574 | |||||||||
Aircraft rent | 106,422 | 108,534 | 98,786 | |||||||||
Maintenance materials and repairs | 225,619 | 203,387 | 183,552 | |||||||||
Aircraft and passenger servicing | 122,780 | 120,635 | 103,825 | |||||||||
Commissions and other selling | 122,518 | 125,900 | 114,324 | |||||||||
Depreciation and amortization | 96,374 | 83,050 | 85,599 | |||||||||
Other rentals and landing fees | 87,902 | 81,317 | 85,623 | |||||||||
Other | 182,433 | 173,055 | 152,931 | |||||||||
Total | 2,069,747 | 2,022,118 | 1,832,955 | |||||||||
Operating Income | 77,332 | 106,169 | 51,594 | 10,037 | 33,848 | 74,434 | 37,391 | -11,926 | 245,132 | 133,747 | 129,398 | |
Nonoperating Income (Expense): | ||||||||||||
Interest expense and amortization of debt discounts and issuance costs | -64,240 | -50,453 | -43,522 | |||||||||
Interest income | 1,684 | 639 | 580 | |||||||||
Capitalized interest | 8,024 | 12,625 | 10,524 | |||||||||
Losses on fuel derivatives | -63,471 | -5,334 | -11,330 | |||||||||
Other, net | -13,682 | -4,814 | 136 | |||||||||
Total | -58,936 | -47,805 | -6,615 | -18,329 | -5,692 | -7,016 | -19,176 | -15,453 | -131,685 | -47,337 | -43,612 | |
Income Before Income Taxes | 113,447 | 86,410 | 85,786 | |||||||||
Income tax expense (benefit) | 44,521 | 34,556 | 32,549 | |||||||||
Net Income | 11,099 | 35,575 | 27,327 | -5,075 | 17,079 | 40,604 | 11,316 | -17,145 | 68,926 | 51,854 | 53,237 | |
Total Comprehensive Income (Loss) | -11,200 | 123,222 | 41,523 | |||||||||
Parent Issuer / Guarantor | ||||||||||||
Operating Expenses: | ||||||||||||
Commissions and other selling | 49 | |||||||||||
Other rentals and landing fees | 5 | |||||||||||
Other | 5,258 | 7,772 | 4,712 | |||||||||
Total | 5,312 | 7,772 | 4,712 | |||||||||
Operating Income | -5,312 | -7,772 | -4,712 | |||||||||
Nonoperating Income (Expense): | ||||||||||||
Undistributed net income of subsidiaries | 78,702 | 62,549 | 61,388 | |||||||||
Interest expense and amortization of debt discounts and issuance costs | -8,894 | -8,710 | -8,330 | |||||||||
Interest income | 185 | 132 | 114 | |||||||||
Other, net | -1,433 | |||||||||||
Total | 68,560 | 53,971 | 53,172 | |||||||||
Income Before Income Taxes | 63,248 | 46,199 | 48,460 | |||||||||
Income tax expense (benefit) | -5,678 | -5,655 | -4,777 | |||||||||
Net Income | 68,926 | 51,854 | 53,237 | |||||||||
Total Comprehensive Income (Loss) | -11,200 | 123,222 | 41,523 | |||||||||
Subsidiary Issuer/Guarantor | ||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||
Number of pass-through trusts | 2 | |||||||||||
Ownership interest (as a percent) | 100.00% | 100.00% | ||||||||||
Operating Revenue | 2,311,200 | 2,155,554 | 1,962,571 | |||||||||
Operating Expenses: | ||||||||||||
Aircraft fuel, including taxes and delivery | 678,253 | 698,802 | 631,741 | |||||||||
Wages and benefits | 447,446 | 427,438 | 376,574 | |||||||||
Aircraft rent | 106,422 | 108,534 | 98,786 | |||||||||
Maintenance materials and repairs | 223,783 | 203,387 | 183,552 | |||||||||
Aircraft and passenger servicing | 122,780 | 120,635 | 103,825 | |||||||||
Commissions and other selling | 122,480 | 125,962 | 114,366 | |||||||||
Depreciation and amortization | 94,146 | 83,050 | 85,599 | |||||||||
Other rentals and landing fees | 87,897 | 81,317 | 85,623 | |||||||||
Other | 176,466 | 165,101 | 148,300 | |||||||||
Total | 2,059,673 | 2,014,226 | 1,828,366 | |||||||||
Operating Income | 251,527 | 141,328 | 134,205 | |||||||||
Nonoperating Income (Expense): | ||||||||||||
Interest expense and amortization of debt discounts and issuance costs | -55,346 | -41,743 | -35,192 | |||||||||
Interest income | 1,499 | 507 | 466 | |||||||||
Capitalized interest | 8,024 | 12,625 | 10,524 | |||||||||
Losses on fuel derivatives | -63,471 | -5,334 | -11,330 | |||||||||
Other, net | -12,249 | -4,814 | 136 | |||||||||
Total | -121,543 | -38,759 | -35,396 | |||||||||
Income Before Income Taxes | 129,984 | 102,569 | 98,809 | |||||||||
Income tax expense (benefit) | 50,199 | 40,211 | 37,326 | |||||||||
Net Income | 79,785 | 62,358 | 61,483 | |||||||||
Total Comprehensive Income (Loss) | -341 | 133,726 | 49,769 | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||
Operating Revenue | 4,029 | 647 | 41 | |||||||||
Operating Expenses: | ||||||||||||
Maintenance materials and repairs | 1,836 | |||||||||||
Commissions and other selling | 76 | |||||||||||
Depreciation and amortization | 2,228 | |||||||||||
Other | 972 | 456 | 136 | |||||||||
Total | 5,112 | 456 | 136 | |||||||||
Operating Income | -1,083 | 191 | -95 | |||||||||
Nonoperating Income (Expense): | ||||||||||||
Income Before Income Taxes | -1,083 | 191 | -95 | |||||||||
Net Income | -1,083 | 191 | -95 | |||||||||
Total Comprehensive Income (Loss) | -1,083 | 191 | -95 | |||||||||
Eliminations | ||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||
Operating Revenue | -350 | -336 | -259 | |||||||||
Operating Expenses: | ||||||||||||
Commissions and other selling | -87 | -62 | -42 | |||||||||
Other | -263 | -274 | -217 | |||||||||
Total | -350 | -336 | -259 | |||||||||
Nonoperating Income (Expense): | ||||||||||||
Undistributed net income of subsidiaries | -78,702 | -62,549 | -61,388 | |||||||||
Total | -78,702 | -62,549 | -61,388 | |||||||||
Income Before Income Taxes | -78,702 | -62,549 | -61,388 | |||||||||
Net Income | -78,702 | -62,549 | -61,388 | |||||||||
Total Comprehensive Income (Loss) | $1,424 | ($133,917) | ($49,674) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $264,087 | $423,384 | $405,880 | $304,115 |
Restricted cash | 6,566 | 19,434 | ||
Short-term investments | 260,121 | 0 | ||
Accounts receivable, net | 80,737 | 74,245 | ||
Spare parts and supplies, net | 18,011 | 19,767 | ||
Deferred tax assets, net | 21,943 | 17,325 | ||
Prepaid expenses and other | 53,382 | 51,652 | ||
Total | 704,847 | 605,807 | ||
Property and equipment at cost | 2,041,000 | 1,661,434 | ||
Less accumulated depreciation and amortization | -367,507 | -327,102 | ||
Total | 1,673,493 | 1,334,332 | ||
Long-term prepayments and other | 96,225 | 91,953 | ||
Restricted cash | 0 | 1,566 | ||
Deferred tax assets, net | 0 | |||
Goodwill and other intangible assets, net | 127,963 | 130,603 | ||
Intercompany receivable | 0 | |||
Investment in consolidated subsidiaries | 0 | |||
Total Assets | 2,602,528 | 2,164,261 | ||
Current liabilities: | ||||
Accounts payable | 97,260 | 89,787 | ||
Air traffic liability | 424,336 | 409,086 | ||
Other accrued liabilities | 141,919 | 97,571 | ||
Current maturities of long-term debt, less discount, and capital lease obligations | 156,349 | 62,187 | ||
Total | 819,864 | 658,631 | ||
Long-term debt, less discount, and capital lease obligations | 893,288 | 744,286 | ||
Other liabilities and deferred credits: | ||||
Accumulated pension and other postretirement benefit obligations | 407,864 | 264,106 | ||
Other liabilities and deferred credits | 72,650 | 59,424 | ||
Deferred tax liabilities, net | 41,629 | 40,950 | ||
Total | 522,143 | 364,480 | ||
Shareholders' equity | 367,233 | 396,864 | 268,602 | 222,876 |
Total Liabilities and Shareholders' Equity | 2,602,528 | 2,164,261 | ||
Parent Issuer / Guarantor | ||||
Current assets: | ||||
Cash and cash equivalents | 79,532 | 84,797 | 83,626 | 97,219 |
Accounts receivable, net | 63 | 1,192 | ||
Prepaid expenses and other | 12 | |||
Total | 79,607 | 85,989 | ||
Long-term prepayments and other | 537 | 1,171 | ||
Deferred tax assets, net | 20,556 | 14,767 | ||
Intercompany receivable | 25,286 | |||
Investment in consolidated subsidiaries | 351,391 | 348,040 | ||
Total Assets | 452,091 | 475,253 | ||
Current liabilities: | ||||
Accounts payable | 514 | 532 | ||
Other accrued liabilities | 1,686 | 1,307 | ||
Current maturities of long-term debt, less discount, and capital lease obligations | 66,530 | |||
Total | 68,730 | 1,839 | ||
Long-term debt, less discount, and capital lease obligations | 0 | 76,550 | ||
Intercompany payable | 15,081 | |||
Other liabilities and deferred credits: | ||||
Other liabilities and deferred credits | 1,047 | |||
Total | 1,047 | |||
Shareholders' equity | 367,233 | 396,864 | ||
Total Liabilities and Shareholders' Equity | 452,091 | 475,253 | ||
Subsidiary Issuer/Guarantor | ||||
Current assets: | ||||
Cash and cash equivalents | 179,676 | 333,663 | 303,967 | 205,656 |
Restricted cash | 6,566 | 19,434 | ||
Short-term investments | 260,121 | |||
Accounts receivable, net | 80,289 | 73,241 | ||
Spare parts and supplies, net | 18,011 | 19,767 | ||
Deferred tax assets, net | 21,943 | 17,325 | ||
Prepaid expenses and other | 53,281 | 51,613 | ||
Total | 619,887 | 515,043 | ||
Property and equipment at cost | 2,006,274 | 1,629,517 | ||
Less accumulated depreciation and amortization | -365,279 | -327,102 | ||
Total | 1,640,995 | 1,302,415 | ||
Long-term prepayments and other | 95,688 | 90,782 | ||
Restricted cash | 1,566 | |||
Goodwill and other intangible assets, net | 127,963 | 130,603 | ||
Intercompany receivable | 15,081 | |||
Total Assets | 2,499,614 | 2,040,409 | ||
Current liabilities: | ||||
Accounts payable | 96,196 | 88,990 | ||
Air traffic liability | 421,547 | 407,359 | ||
Other accrued liabilities | 140,088 | 96,264 | ||
Current maturities of long-term debt, less discount, and capital lease obligations | 89,819 | 62,187 | ||
Total | 747,650 | 654,800 | ||
Long-term debt, less discount, and capital lease obligations | 893,288 | 667,736 | ||
Intercompany payable | 0 | 25,286 | ||
Other liabilities and deferred credits: | ||||
Accumulated pension and other postretirement benefit obligations | 407,864 | 264,106 | ||
Other liabilities and deferred credits | 70,853 | 59,424 | ||
Deferred tax liabilities, net | 62,185 | 55,717 | ||
Total | 540,902 | 379,247 | ||
Shareholders' equity | 317,774 | 313,340 | ||
Total Liabilities and Shareholders' Equity | 2,499,614 | 2,040,409 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 4,879 | 4,924 | 18,287 | 1,240 |
Accounts receivable, net | 531 | 31 | ||
Prepaid expenses and other | 89 | 39 | ||
Total | 5,499 | 4,994 | ||
Property and equipment at cost | 34,726 | 31,917 | ||
Less accumulated depreciation and amortization | -2,228 | |||
Total | 32,498 | 31,917 | ||
Total Assets | 37,997 | 36,911 | ||
Current liabilities: | ||||
Accounts payable | 696 | 484 | ||
Air traffic liability | 2,789 | 1,727 | ||
Other accrued liabilities | 145 | |||
Total | 3,630 | 2,211 | ||
Other liabilities and deferred credits: | ||||
Other liabilities and deferred credits | 750 | |||
Total | 750 | |||
Shareholders' equity | 33,617 | 34,700 | ||
Total Liabilities and Shareholders' Equity | 37,997 | 36,911 | ||
Eliminations | ||||
Current assets: | ||||
Accounts receivable, net | -146 | -219 | ||
Total | -146 | -219 | ||
Deferred tax assets, net | -20,556 | -14,767 | ||
Intercompany receivable | -15,081 | -25,286 | ||
Investment in consolidated subsidiaries | -351,391 | -348,040 | ||
Total Assets | -387,174 | -388,312 | ||
Current liabilities: | ||||
Accounts payable | -146 | -219 | ||
Total | -146 | -219 | ||
Intercompany payable | -15,081 | -25,286 | ||
Other liabilities and deferred credits: | ||||
Deferred tax liabilities, net | -20,556 | -14,767 | ||
Total | -20,556 | -14,767 | ||
Shareholders' equity | -351,391 | -348,040 | ||
Total Liabilities and Shareholders' Equity | ($387,174) | ($388,312) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By (Used In) Operating Activities: | $300,430 | $243,270 | $311,017 |
Cash Flows From Investing Activities: | |||
Additions to property and equipment, including pre-delivery deposits | -442,229 | -342,228 | -290,699 |
Net proceeds from disposition of equipment | 16,953 | 14,414 | 0 |
Purchases of investments | -458,592 | 0 | 0 |
Sales of investments | 197,046 | 0 | 0 |
Net cash used in investing activities | -686,822 | -327,814 | -290,699 |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of stock options | 7,001 | 2,376 | 1,488 |
Long-term borrowings | 368,430 | 243,110 | 133,000 |
Repayments of long-term debt and capital lease obligations | -158,000 | -113,592 | -49,129 |
Debt issuance costs | -1,519 | -13,846 | -3,828 |
Change in restricted cash | 14,434 | -16,000 | 0 |
Other | -3,251 | 0 | -84 |
Net cash provided by financing activities | 227,095 | 102,048 | 81,447 |
Net increase (decrease) in cash and cash equivalents | -159,297 | 17,504 | 101,765 |
Cash and cash equivalents - Beginning of Year | 423,384 | 405,880 | 304,115 |
Cash and cash equivalents - End of Year | 264,087 | 423,384 | 405,880 |
Parent Issuer / Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By (Used In) Operating Activities: | -8,303 | -8,088 | 10,669 |
Cash Flows From Investing Activities: | |||
Net payments from (to) subsidiaries | 38,791 | 6,883 | -25,750 |
Net cash used in investing activities | 38,791 | 6,883 | -25,750 |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of stock options | 7,001 | 2,376 | 1,488 |
Repayments of long-term debt and capital lease obligations | -42,754 | ||
Net cash provided by financing activities | -35,753 | 2,376 | 1,488 |
Net increase (decrease) in cash and cash equivalents | -5,265 | 1,171 | -13,593 |
Cash and cash equivalents - Beginning of Year | 84,797 | 83,626 | 97,219 |
Cash and cash equivalents - End of Year | 79,532 | 84,797 | 83,626 |
Subsidiary Issuer/Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By (Used In) Operating Activities: | 305,969 | 251,260 | 299,845 |
Cash Flows From Investing Activities: | |||
Additions to property and equipment, including pre-delivery deposits | -439,420 | -328,767 | -272,243 |
Net proceeds from disposition of equipment | 16,953 | 14,414 | |
Purchases of investments | -458,592 | ||
Sales of investments | 197,046 | ||
Net cash used in investing activities | -684,013 | -314,353 | -272,243 |
Cash Flows From Financing Activities: | |||
Long-term borrowings | 368,430 | 243,110 | 133,000 |
Repayments of long-term debt and capital lease obligations | -115,246 | -113,592 | -49,129 |
Debt issuance costs | -1,519 | -13,846 | -3,828 |
Net payments from (to) parent company | -38,791 | -6,883 | -9,250 |
Change in restricted cash | 14,434 | -16,000 | |
Other | -3,251 | -84 | |
Net cash provided by financing activities | 224,057 | 92,789 | 70,709 |
Net increase (decrease) in cash and cash equivalents | -153,987 | 29,696 | 98,311 |
Cash and cash equivalents - Beginning of Year | 333,663 | 303,967 | 205,656 |
Cash and cash equivalents - End of Year | 179,676 | 333,663 | 303,967 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By (Used In) Operating Activities: | 2,764 | 98 | 503 |
Cash Flows From Investing Activities: | |||
Additions to property and equipment, including pre-delivery deposits | -2,809 | -13,461 | -18,456 |
Net cash used in investing activities | -2,809 | -13,461 | -18,456 |
Cash Flows From Financing Activities: | |||
Net payments from (to) parent company | 35,000 | ||
Net cash provided by financing activities | 35,000 | ||
Net increase (decrease) in cash and cash equivalents | -45 | -13,363 | 17,047 |
Cash and cash equivalents - Beginning of Year | 4,924 | 18,287 | 1,240 |
Cash and cash equivalents - End of Year | 4,879 | 4,924 | 18,287 |
Eliminations | |||
Cash Flows From Investing Activities: | |||
Net payments from (to) subsidiaries | -38,791 | -6,883 | 25,750 |
Net cash used in investing activities | -38,791 | -6,883 | 25,750 |
Cash Flows From Financing Activities: | |||
Net payments from (to) parent company | 38,791 | 6,883 | -25,750 |
Net cash provided by financing activities | $38,791 | $6,883 | ($25,750) |
Supplemental_Financial_Informa2
Supplemental Financial Information (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Financial Information | |||||||||||
Operating revenue | $574,839 | $639,462 | $575,720 | $524,858 | $531,885 | $599,298 | $533,928 | $490,754 | $2,314,879 | $2,155,865 | $1,962,353 |
Operating income | 77,332 | 106,169 | 51,594 | 10,037 | 33,848 | 74,434 | 37,391 | -11,926 | 245,132 | 133,747 | 129,398 |
Nonoperating loss | -58,936 | -47,805 | -6,615 | -18,329 | -5,692 | -7,016 | -19,176 | -15,453 | -131,685 | -47,337 | -43,612 |
Net income (loss) | $11,099 | $35,575 | $27,327 | ($5,075) | $17,079 | $40,604 | $11,316 | ($17,145) | $68,926 | $51,854 | $53,237 |
Net Income (Loss) Per Common Stock Share: | |||||||||||
Basic (in dollars per share) | $0.20 | $0.66 | $0.51 | ($0.10) | $0.33 | $0.78 | $0.22 | ($0.33) | $1.29 | $1 | $1.04 |
Diluted (in dollars per share) | $0.17 | $0.56 | $0.43 | ($0.10) | $0.31 | $0.76 | $0.21 | ($0.33) | $1.10 | $0.98 | $1.01 |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts | |||
Movement in valuation and qualifying accounts | |||
Balance at Beginning of Year | $101 | $371 | $630 |
Charged to Costs and Expenses | 593 | 292 | 185 |
Deductions | -559 | -562 | -444 |
Balance at End of Year | 135 | 101 | 371 |
Allowance for Obsolescence of Flight Equipment Expendable Parts and Supplies | |||
Movement in valuation and qualifying accounts | |||
Balance at Beginning of Year | 12,801 | 10,963 | 8,824 |
Charged to Costs and Expenses | 2,193 | 2,471 | 2,388 |
Deductions | -495 | -633 | -249 |
Balance at End of Year | $14,499 | $12,801 | $10,963 |