Hawaiian (HA) 10-Q 22 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 15, 2016
Document and Entity Information
Entity Registrant Name	HAWAIIAN HOLDINGS INC
Entity Central Index Key	1,172,222
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		53,589,252

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Revenue:
Passenger	$ 482,027	$ 469,145
Other	69,153	71,135
Total	551,180	540,280
Operating Expenses:
Aircraft fuel, including taxes and delivery	69,900	111,327
Wages and benefits	133,643	120,014
Aircraft rent	29,388	28,371
Maintenance, materials and repairs	60,504	55,245
Aircraft and passenger servicing	28,551	28,316
Commissions and other selling	33,031	30,428
Depreciation and amortization	27,146	25,179
Other rentals and landing fees	24,434	22,831
Purchased services	22,732	21,240
Other	29,983	26,165
Total	459,312	469,116
Operating Income	91,868	71,164
Nonoperating Income (Expense):
Interest expense and amortization of debt discounts and issuance costs	(11,004)	(15,518)
Interest income	844	636
Capitalized interest	225	1,293
Losses on fuel derivatives	(2,065)	(5,687)
Loss on extinguishment of debt	(3,350)	(6,955)
Other, net	6,586	(2,934)
Total	(8,764)	(29,165)
Income Before Income Taxes	83,104	41,999
Income tax expense	31,638	16,116
Net Income	$ 51,466	$ 25,883
Net Income Per Share
Basic (in dollars per share)	$ 0.96	$ 0.47
Diluted (in dollars per share)	$ 0.95	$ 0.40

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 51,466	$ 25,883
Other comprehensive income (loss), net:
Net change related to employee benefit plans, net of tax expense of $570 and $1,009 for 2016 and 2015, respectively	927	1,658
Net change in derivative instruments, net of tax benefit of $5,007 and $488 for 2016 and 2015, respectively	(8,228)	(802)
Net change in available-for-sale investments, net of tax expense of $323 and $185 for 2016 and 2015, respectively	532	304
Total other comprehensive income (loss)	(6,769)	1,160
Total Comprehensive Income	$ 44,697	$ 27,043

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net change related to employee benefit plans, net of tax expense of $570 and $1,009 for 2016 and 2015, respectively	$ 570	$ 1,009
Net change in derivative instruments, net of tax benefit of $5,007 and $488 for 2016 and 2015, respectively	5,007	488
Net change in available-for-sale investments, net of tax expense of $323 and $185 for 2016 and 2015, respectively	$ 323	$ 185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 388,913	$ 281,502
Restricted cash	5,000	5,000
Short-term investments	280,155	278,545
Accounts receivable, net	79,757	81,723
Spare parts and supplies, net	19,803	19,164
Prepaid expenses and other	37,508	75,050
Total	811,136	740,984
Property and equipment, less accumulated depreciation and amortization of $451,385 and $432,510 as of March 31, 2016 and December 31, 2015, respectively	1,563,613	1,552,742
Other Assets:
Long-term prepayments and other	70,603	70,873
Intangible assets, less accumulated amortization of $29,060 and $28,400 as of March 31, 2016 and December 31, 2015, respectively	18,000	18,660
Goodwill	106,663	106,663
Total Assets	2,570,015	2,489,922
Current Liabilities:
Accounts payable	111,596	101,310
Air traffic liability	527,509	430,766
Other accrued liabilities	146,441	160,258
Current maturities of long-term debt and capital lease obligations	70,183	74,441
Total	855,729	766,775
Long-Term Debt and Capital Lease Obligations	612,596	677,915
Other Liabilities and Deferred Credits:
Accumulated pension and other postretirement benefit obligations	378,473	372,700
Other liabilities and deferred credits	96,358	89,845
Deferred tax liability, net	140,627	136,625
Total	$ 615,458	$ 599,170
Commitments and Contingencies
Shareholders’ Equity:
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of March 31, 2016 and December 31, 2015	$ 0	$ 0
Common stock, $0.01 par value per share, 53,589,252 and 53,401,439 shares outstanding as of March 31, 2016 and December 31, 2015, respectively	536	534
Capital in excess of par value	119,562	124,091
Accumulated income	472,180	420,714
Accumulated other comprehensive loss, net	(106,046)	(99,277)
Total	486,232	446,062
Total Liabilities and Shareholders’ Equity	$ 2,570,015	$ 2,489,922

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation and amortization	$ 451,385	$ 432,510
Intangible assets, accumulated amortization	$ 29,060	$ 28,400
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 outstanding	53,589,252	53,401,439

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Net cash provided by Operating Activities	$ 198,505	$ 161,688
Cash flows from Investing Activities:
Additions to property and equipment, including pre-delivery payments	(30,017)	(49,633)
Proceeds from purchase assignment and leaseback transactions	31,851	37,797
Proceeds from disposition of equipment	0	908
Purchases of investments	(54,748)	(66,125)
Sales of investments	53,320	63,640
Net cash provided by (used in) investing activities	406	(13,413)
Cash flows from Financing Activities:
Repayments of long-term debt and capital lease obligations	(82,303)	(28,459)
Repurchases and redemptions of convertible notes	(1,426)	(156,464)
Repurchases of common stock	(2,464)	0
Other	(5,307)	(1,323)
Net cash used in financing activities	(91,500)	(186,246)
Net increase (decrease) in cash and cash equivalents	107,411	(37,971)
Cash and cash equivalents - Beginning of Period	281,502	264,087
Cash and cash equivalents - End of Period	$ 388,913	$ 226,116

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Hawaiian Holdings, Inc. (the Company or Holdings) is a holding company 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 Airlines, Inc. (Hawaiian). The accompanying unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements contain all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company’s results of operations and financial position for the periods presented. Due to seasonal fluctuations, among other factors common to the airline industry, the results of operations for the periods presented are not necessarily indicative of the results of operations to be expected for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and the notes of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 .

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), requiring all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. ASU 2016-09 will also allow an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the effect that the provisions of ASU 2016-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (ASU 2016-02), requiring a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires entities to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Full retrospective application is prohibited. The Company is currently evaluating the effect that the provisions of ASU 2016-02 will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), requiring an entity to present its debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015. As a result, the Company adopted ASU 2015-03 as of January 1, 2016 and retrospectively applied it to all periods presented in the consolidated balance sheets. The adoption of ASU 2015-03 resulted in a $19.8 million reclassification of the Company's unamortized debt issuance costs from long-term prepayments and other to long-term debt on the consolidated balance sheet as of December 31, 2015. In May 2014, the FASB 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. In July 2015, the FASB voted to defer the amendments in ASU 2014-09 by one year to December 15, 2017. The terms of ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after the revised effective date, and allow for either full retrospective or modified retrospective adoption. Organizations are permitted to adopt the new revenue standard early, but not before December 15, 2016. 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 miles earned under its HawaiianMiles customer loyalty program using the incremental cost method, and will require use of the deferred revenue method. This change could have a significant impact on the Company's financial statements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
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: Details about accumulated other comprehensive loss components Three months ended March 31, Affected line items in the statement where net income is presented 2016 2015 (in thousands) Derivatives designated as hedging instruments under ASC 815 Foreign currency derivative gains, net $ (2,653 ) $ (3,952 ) Passenger revenue Interest rate derivative losses (gains) (291 ) 187 Interest expense Total before tax (2,944 ) (3,765 ) Tax expense 1,114 1,422 Total, net of tax $ (1,830 ) $ (2,343 ) Amortization of defined benefit plan items Actuarial loss $ 1,915 $ 2,680 Wages and benefits Prior service cost 57 57 Wages and benefits Total before tax 1,972 2,737 Tax benefit (746 ) (1,038 ) Total, net of tax $ 1,226 $ 1,699 Short-term investments Realized gain on sales of investments, net $ (3 ) $ (10 ) Other nonoperating income Total before tax (3 ) (10 ) Tax expense 1 1 Total, net of tax (2 ) $ (9 ) Total reclassifications for the period $ (606 ) $ (653 ) A rollforward of the amounts included in accumulated other comprehensive loss, net of taxes, for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 Interest Rate Derivatives Foreign Currency Derivatives Defined Benefit Short-Term Investments Total (in thousands) Beginning balance $ 81 $ 4,879 $ (103,865 ) $ (372 ) $ (99,277 ) Other comprehensive income (loss) before reclassifications, net of tax (668 ) (5,730 ) (299 ) 534 (6,163 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (181 ) (1,649 ) 1,226 (2 ) (606 ) Net current-period other comprehensive income (loss) (849 ) (7,379 ) 927 532 (6,769 ) Ending balance $ (768 ) $ (2,500 ) $ (102,938 ) $ 160 $ (106,046 ) Three months ended March 31, 2015 Interest Rate Derivatives Foreign Currency Derivatives Defined Benefit Plan Items Short-Term Investments Total (in thousands) Beginning balance $ 254 $ 12,708 $ (135,520 ) $ (254 ) $ (122,812 ) Other comprehensive income (loss) before reclassifications, net of tax (476 ) 2,017 (41 ) 313 1,813 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 114 (2,457 ) 1,699 (9 ) (653 ) Net current-period other comprehensive income (loss) (362 ) (440 ) 1,658 304 1,160 Ending balance $ (108 ) $ 12,268 $ (133,862 ) $ 50 $ (121,652 )

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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. For the three months ended March 31, 2016 and 2015 , anti-dilutive shares excluded from the calculation of diluted earnings per share were not material. Three Months Ended March 31, 2016 2015 (in thousands, except for per share data) Numerator: Net Income $ 51,466 $ 25,883 Denominator: Weighted average common stock shares outstanding - Basic 53,656 54,614 Assumed exercise of stock options and awards 275 546 Assumed conversion of convertible note premium 24 3,958 Assumed conversion of warrants — 5,808 Weighted average common stock shares outstanding - Diluted 53,955 64,926 Net Income Per Share Basic $ 0.96 $ 0.47 Diluted $ 0.95 $ 0.40 Convertible Note Transaction 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. The call options and warrants were settled by the Company with its respective counterparties in 2015. The outstanding convertible notes matured on March 15, 2016. Stock Repurchase Program In April 2015, the Company's Board of Directors approved a stock repurchase program under which the Company may repurchase up to $100 million of its outstanding common stock over a two -year period through the open market, established plans or privately negotiated transactions in accordance with all applicable securities laws, rules and regulations. The stock repurchase program is subject to modification or termination at any time. The Company spent $2.5 million to repurchase approximately 73 thousand shares of the Company's common stock in open market transactions during the three months ended March 31, 2016 . As of March 31, 2016 , the Company has $57.4 million remaining to spend under the stock repurchase program. See Part II, Item 2., “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information on the stock repurchase program.

Short-Term Investments

Short-Term Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [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 March 31, 2016 and December 31, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 (in thousands) Corporate debt $ 176,628 $ 305 $ (98 ) $ 176,835 U.S. government and agency debt 60,025 103 (12 ) 60,116 Municipal bonds 18,159 2 (3 ) 18,158 Other fixed income securities 25,046 — — 25,046 Total short-term investments $ 279,858 $ 410 $ (113 ) $ 280,155 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 (in thousands) Corporate debt $ 167,066 $ 13 $ (481 ) $ 166,598 U.S. government and agency debt 62,376 9 (123 ) 62,262 Municipal bonds 22,865 3 (12 ) 22,856 Other fixed income securities 26,835 — (6 ) 26,829 Total short-term investments $ 279,142 $ 25 $ (622 ) $ 278,545 Contractual maturities of short-term investments as of March 31, 2016 are shown below. Under 1 Year 1 to 5 Years Total (in thousands) Corporate debt $ 54,427 $ 122,408 $ 176,835 U.S. government and agency debt 40,583 19,533 60,116 Municipal bonds 15,629 2,529 18,158 Other fixed income securities 21,544 3,502 25,046 Total short-term investments $ 132,183 $ 147,972 $ 280,155 The Company classifies investments as current assets as these securities are available for use in its current operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurement (ASC 820) clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. 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 for 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 March 31, 2016 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 5,742 $ 855 $ 4,887 $ — Cash equivalents measured at net asset value 116,630 — — — Restricted cash 5,000 5,000 — — Short-term investments 280,155 — 280,155 — Fuel derivative contracts: Heating oil swaps 905 — 905 — Foreign currency derivatives 1,715 — 1,715 — Total assets measured at fair value $ 410,147 $ 5,855 $ 287,662 $ — Fuel derivative contracts: Heating oil swaps $ 23,676 $ — $ 23,676 $ — Foreign currency derivatives 7,490 — 7,490 — Interest rate derivative 1,235 — 1,235 — Total liabilities measured at fair value $ 32,401 $ — $ 32,401 $ — Fair Value Measurements as of December 31, 2015 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 5,665 $ 1,648 $ 4,017 $ — Cash equivalents measured at net asset value 61,577 — — — Restricted cash 5,000 5,000 — — Short-term investments 278,545 — 278,545 — Fuel derivative contracts: Heating oil put options 1,060 — 1,060 — Foreign currency derivatives 6,550 — 6,550 — Total assets measured at fair value $ 358,397 $ 6,648 $ 290,172 $ — Fuel derivative contracts: Heating oil swaps $ 40,530 $ — $ 40,530 $ — Foreign currency derivatives 1,049 — 1,049 — Interest rate derivative 312 — 312 — Total liabilities measured at fair value $ 41,891 $ — $ 41,891 $ — 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. Cash equivalents measured at net asset value. Cash equivalents measured at net asset value consist of money market securities that are measured at fair value using the net asset value per share practical expedient. In accordance with ASC 820, these instruments are not included in the fair value hierarchy. 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 derivatives. The Company’s interest rate derivatives consists of interest rate swaps and is valued based primarily on data available or derived from public markets. The table below presents the Company’s debt (excluding obligations under capital leases) measured at fair value: Fair Value of Debt March 31, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Amount Total Level 1 Level 2 Level 3 (in thousands) $ 599,785 $ 590,005 $ — $ — $ 590,005 $ 677,203 $ 665,507 $ — $ 283 $ 665,224 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 liabilities. 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 Instrument

Financial Derivative Instruments	3 Months Ended
	Mar. 31, 2016
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 and foreign currencies. 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. During the three months ended March 31, 2016 , the Company primarily used heating oil puts and swaps to hedge its aircraft fuel expense. These derivative instruments 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 unaudited Consolidated Statements of Operations. Three months ended March 31, Fuel derivative contracts 2016 2015 (in thousands) Losses realized at settlement $ (19,025 ) $ (14,591 ) Reversal of prior period unrealized amounts 17,810 14,413 Unrealized losses on contracts that will settle in future periods (850 ) (5,509 ) Losses on fuel derivatives recorded as Nonoperating income (expense) $ (2,065 ) $ (5,687 ) 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 of designated cash flow hedges is reported as a component of accumulated other comprehensive income (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). Foreign currency forward contracts that are not designated as cash flow hedges are recorded at fair value, and any changes in fair value are recognized as other nonoperating income (expense) in the period of change. The Company believes that its foreign currency forward contracts that are designated as cash flow hedges will continue to be effective in offsetting changes in cash flow attributable to the hedged risk. The Company expects to reclassify a net loss of approximately $0.5 million into earnings over the next 12 months from AOCI based on the values at March 31, 2016 . 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 unaudited Consolidated Balance Sheets. Derivative position as of March 31, 2016 Balance Sheet Notional Amount Final Gross fair Gross fair Net (in thousands) (in thousands) Derivatives designated as hedges Interest rate derivative Other accrued liabilities $49,400 U.S. dollars April 2023 $ — $ (283 ) $ (283 ) Other liabilities and deferred credits (1) — (952 ) (952 ) Foreign currency derivatives Other accrued liabilities 9,185,150 Japanese Yen March 2017 1,704 (4,245 ) (2,541 ) Other liabilities and deferred credits 5,097,750 Japanese Yen March 2018 7 (3,054 ) (3,047 ) Derivatives not designated as hedges Foreign currency derivatives Other accrued liabilities 1,650,000 Japanese Yen March 2017 4 (191 ) (187 ) Fuel derivative contracts Other accrued liabilities 84,946 gallons March 2017 905 (23,676 ) (22,771 ) (1) Represents the noncurrent portion of the $49.4 million interest rate derivative with final maturity in April 2023. Derivative position as of December 31, 2015 Balance Sheet Notional Amount Final Gross fair Gross fair Net (in thousands) (in thousands) Derivatives designated as hedges Interest rate derivative Other accrued liabilities $51,000 U.S. dollars April 2023 $ — $ (70 ) $ (70 ) Other liabilities and deferred credits (1) — (242 ) (242 ) Foreign currency derivatives Prepaid expenses and other 7,594,750 Japanese Yen December 2016 6,461 (525 ) 5,936 Other liabilities and deferred credits 5,437,400 Japanese Yen December 2017 78 (493 ) (415 ) Derivatives not designated as hedges Foreign currency derivatives Prepaid expenses and other 2,762,000 Japanese Yen August 2016 11 — 11 Other liabilities and deferred credits 2,845 Australian Dollars March 2017 — (31 ) (31 ) Fuel derivative contracts Other accrued liabilities 84,067 gallons December 2016 1,060 (40,530 ) (39,470 ) (1) Represents the noncurrent portion of the $51.0 million interest rate derivative with final maturity in April 2023. The following table reflects the impact of cash flow hedges designated for hedge accounting treatment and their location within the unaudited Consolidated Statements of Comprehensive Income. (Gain) loss recognized in AOCI on derivatives (effective portion) (Gain) loss reclassified from AOCI (Gain) loss recognized in Three months ended March 31, Three months ended March 31, Three months ended March 31, 2016 2015 2016 2015 2016 2015 (in thousands) Foreign currency derivatives $ 9,217 $ (3,245 ) $ (2,653 ) $ (3,952 ) $ — $ — Interest rate derivatives 923 557 148 187 — — 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) regularly 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 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 March 31, 2016 was $24.0 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 no collateral posted with counterparties as of March 31, 2016 or December 31, 2015 . 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2016 , the expected maturities of long-term debt for the remainder of 2016 and the next four years, and thereafter, were as follows (in thousands): Remaining months in 2016 $ 38,103 2017 60,618 2018 59,661 2019 83,944 2020 32,429 Thereafter 325,030 $ 599,785 Debt Extinguishment In March 2016, Hawaiian extinguished $51.9 million of existing debt under a secured financing agreement, which was originally scheduled to mature in April 2022. This debt extinguishment resulted in a loss of $3.4 million , which was reflected in nonoperating income (expense) in the unaudited Consolidated Statement of Operations. In April 2016, Hawaiian extinguished approximately $90 million of existing debt under a secured financing agreement, which was originally scheduled to mature in 2023.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The components of net periodic benefit cost for the Company’s defined benefit and other postretirement plans included the following: Three months ended March 31, Components of Net Period Benefit Cost 2016 2015 (in thousands) Service cost $ 3,713 $ 4,225 Interest cost 7,582 7,389 Expected return on plan assets (4,472 ) (4,716 ) Recognized net actuarial loss 1,973 2,737 Net periodic benefit cost $ 8,796 $ 9,635 The Company contributed $0.3 million and $12.8 million to its defined benefit and other postretirement plans during the three months ended March 31, 2016 and 2015 , respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Commitments As of March 31, 2016 , the Company had the following capital commitments consisting of firm aircraft and engine orders and purchase rights: Aircraft Type Firm Orders Purchase Rights Expected Delivery Dates A321neo aircraft 16 9 Between 2017 and 2020 A330-800neo aircraft 6 6 Between 2019 and 2021 Pratt & Whitney spare engines: A321neo spare engines 2 — Between 2017 and 2018 Rolls-Royce spare engines: A330-800neo spare engines 2 2 Between 2019 and 2026 The Company has operating commitments with a third-party to provide aircraft maintenance services which require fixed payments as well as variable payments based on flight hours for its Airbus fleet through 2027. The Company also has operating commitments with third-party service providers for IT, accounting services and a capacity purchase agreement through 2024. Committed capital and operating expenditures include escalation amounts based on estimates. The gross committed expenditures and committed financings for those deliveries as of March 31, 2016 are detailed below: Capital Operating Total Committed (in thousands) Remaining months in 2016 $ 85,955 $ 55,171 $ 141,126 2017 236,217 74,111 310,328 2018 395,652 67,867 463,519 2019 477,409 63,447 540,856 2020 227,031 65,277 292,308 Thereafter 205,488 300,080 505,568 $ 1,627,752 $ 625,953 $ 2,253,705 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 unaudited Consolidated Balance Sheets, totaled $5.0 million at March 31, 2016 and December 31, 2015 . 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. If the Company is unable to obtain a waiver of, or otherwise mitigate the increase in the restriction of cash, it could have a material adverse impact on the Company.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Non-cash investing and financing activities for the three months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, 2016 2015 (in thousands) Investing and Financing Activities Not Affecting Cash: Property and equipment acquired through a capital lease $ 9,104 $ —

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2016
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 12 as Subsidiary Issuer / Guarantor) of pass-through certificates, the Company (which is also referred to in this Note 12 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 issued by Hawaiian to purchase new aircraft. Condensed consolidating financial statements are presented in the following tables: Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Three months ended March 31, 2016 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 550,134 $ 1,163 $ (117 ) $ 551,180 Operating Expenses: Aircraft fuel, including taxes and delivery — 69,900 — — 69,900 Wages and benefits — 133,643 — — 133,643 Aircraft rent — 29,388 — — 29,388 Maintenance materials and repairs — 59,100 1,404 — 60,504 Aircraft and passenger servicing — 28,551 — — 28,551 Commissions and other selling 1 33,052 16 (38 ) 33,031 Depreciation and amortization — 26,399 747 — 27,146 Other rentals and landing fees — 24,434 — — 24,434 Purchased services 35 22,640 72 (15 ) 22,732 Other 1,326 28,596 125 (64 ) 29,983 Total 1,362 455,703 2,364 (117 ) 459,312 Operating Income (Loss) (1,362 ) 94,431 (1,201 ) — 91,868 Nonoperating Income (Expense): Undistributed net income of subsidiaries 51,816 — — (51,816 ) — Interest expense and amortization of debt discounts and issuance costs 117 (11,121 ) — — (11,004 ) Interest income 59 785 — — 844 Capitalized interest — 225 — — 225 Losses on fuel derivatives — (2,065 ) — — (2,065 ) Loss on extinguishment of debt — (3,350 ) — — (3,350 ) Other, net — 6,586 — — 6,586 Total 51,992 (8,940 ) — (51,816 ) (8,764 ) Income (Loss) Before Income Taxes 50,630 85,491 (1,201 ) (51,816 ) 83,104 Income tax expense (benefit) (836 ) 32,474 — — 31,638 Net Income (Loss) $ 51,466 $ 53,017 $ (1,201 ) $ (51,816 ) $ 51,466 Comprehensive Income (Loss) $ 44,697 $ 46,248 $ (1,201 ) $ (45,047 ) $ 44,697 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Three months ended March 31, 2015 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 539,207 $ 1,173 $ (100 ) $ 540,280 Operating Expenses: Aircraft fuel, including taxes and delivery — 111,327 — — 111,327 Wages and benefits — 120,014 — — 120,014 Aircraft rent — 28,371 — — 28,371 Maintenance materials and repairs — 54,913 332 — 55,245 Aircraft and passenger servicing — 28,316 — — 28,316 Commissions and other selling 4 30,441 12 (29 ) 30,428 Depreciation and amortization — 24,432 747 — 25,179 Other rentals and landing fees — 22,831 — — 22,831 Purchased services — 21,240 — — 21,240 Other 1,985 24,081 170 (71 ) 26,165 Total 1,989 465,966 1,261 (100 ) 469,116 Operating Income (Loss) (1,989 ) 73,241 (88 ) — 71,164 Nonoperating Income (Expense): Undistributed net income of subsidiaries 32,563 — — (32,563 ) — Interest expense and amortization of debt discounts and issuance costs (1,436 ) (14,082 ) — — (15,518 ) Interest income 56 580 — — 636 Capitalized interest — 1,293 — — 1,293 Losses on fuel derivatives — (5,687 ) — — (5,687 ) Loss on extinguishment of debt (6,955 ) — — — (6,955 ) Other, net — (2,934 ) — — (2,934 ) Total 24,228 (20,830 ) — (32,563 ) (29,165 ) Income (Loss) Before Income Taxes 22,239 52,411 (88 ) (32,563 ) 41,999 Income tax expense (benefit) (3,644 ) 19,760 — — 16,116 Net Income (Loss) $ 25,883 $ 32,651 $ (88 ) $ (32,563 ) $ 25,883 Comprehensive Income (Loss) $ 27,043 $ 33,811 $ (88 ) $ (33,723 ) $ 27,043 Condensed Consolidating Balance Sheets March 31, 2016 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current assets: Cash and cash equivalents $ 67,605 $ 313,338 $ 7,970 $ — $ 388,913 Restricted cash — 5,000 — — 5,000 Short-term investments — 280,155 — — 280,155 Accounts receivable, net 63 79,523 433 (262 ) 79,757 Spare parts and supplies, net — 19,803 — — 19,803 Prepaid expenses and other 113 37,317 78 — 37,508 Total 67,781 735,136 8,481 (262 ) 811,136 Property and equipment at cost — 1,956,345 58,653 — 2,014,998 Less accumulated depreciation and amortization — (445,443 ) (5,942 ) — (451,385 ) Property and equipment, net — 1,510,902 52,711 — 1,563,613 Long-term prepayments and other — 70,103 500 — 70,603 Deferred tax assets, net 26,894 — — (26,894 ) — Goodwill and other intangible assets, net — 124,663 — — 124,663 Intercompany receivable — 251,163 — (251,163 ) — Investment in consolidated subsidiaries 645,872 — — (645,872 ) — TOTAL ASSETS $ 740,547 $ 2,691,967 $ 61,692 $ (924,191 ) $ 2,570,015 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 670 $ 110,130 $ 1,058 $ (262 ) $ 111,596 Air traffic liability — 524,278 3,231 — 527,509 Other accrued liabilities 2,318 143,978 145 — 146,441 Current maturities of long-term debt, less discount, and capital lease obligations — 70,183 — — 70,183 Total 2,988 848,569 4,434 (262 ) 855,729 Long-term debt and capital lease obligations — 612,596 — — 612,596 Intercompany payable 251,163 — — (251,163 ) — Other liabilities and deferred credits: 0 Accumulated pension and other postretirement benefit obligations — 378,473 — — 378,473 Other liabilities and deferred credits 164 95,444 750 — 96,358 Deferred tax liabilities, net — 167,521 — (26,894 ) 140,627 Total 164 641,438 750 (26,894 ) 615,458 Shareholders’ equity 486,232 589,364 56,508 (645,872 ) 486,232 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 740,547 $ 2,691,967 $ 61,692 $ (924,191 ) $ 2,570,015 Condensed Consolidating Balance Sheets December 31, 2015 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current assets: Cash and cash equivalents $ 69,420 $ 203,406 $ 8,676 $ — $ 281,502 Restricted cash — 5,000 — — 5,000 Short-term investments — 278,545 — — 278,545 Accounts receivable, net 61 81,248 625 (211 ) 81,723 Spare parts and supplies, net — 19,164 — — 19,164 Prepaid expenses and other 7 74,948 95 — 75,050 Total 69,488 662,311 9,396 (211 ) 740,984 Property and equipment at cost — 1,927,126 58,126 — 1,985,252 Less accumulated depreciation and amortization — (427,315 ) (5,195 ) — (432,510 ) Property and equipment, net — 1,499,811 52,931 — 1,552,742 Long-term prepayments and other — 70,373 500 — 70,873 Deferred tax assets, net 26,059 — — (26,059 ) — Goodwill and other intangible assets, net — 125,323 — — 125,323 Intercompany receivable — 242,248 — (242,248 ) — Investment in consolidated subsidiaries 596,570 — — (596,570 ) — TOTAL ASSETS $ 692,117 $ 2,600,066 $ 62,827 $ (865,088 ) $ 2,489,922 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 755 $ 100,007 $ 759 $ (211 ) $ 101,310 Air traffic liability — 427,302 3,464 — 430,766 Other accrued liabilities 530 159,583 145 — 160,258 Current maturities of long-term debt, less discount, and capital lease obligations 288 74,153 — — 74,441 Total 1,573 761,045 4,368 (211 ) 766,775 Long-term debt and capital lease obligations — 677,915 — — 677,915 Intercompany payable 242,248 — — (242,248 ) — Other liabilities and deferred credits: 0 Accumulated pension and other postretirement benefit obligations — 372,700 — — 372,700 Other liabilities and deferred credits 2,234 86,861 750 — 89,845 Deferred tax liabilities, net — 162,684 — (26,059 ) 136,625 Total 2,234 622,245 750 (26,059 ) 599,170 Shareholders’ equity 446,062 538,861 57,709 (596,570 ) 446,062 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 692,117 $ 2,600,066 $ 62,827 $ (865,088 ) $ 2,489,922 Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2016 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (1,387 ) $ 200,071 $ (179 ) $ — $ 198,505 Cash Flows From Investing Activities: Net payments to affiliates — (3,314 ) — 3,314 — Additions to property and equipment, including pre-delivery deposits — (29,490 ) (527 ) — (30,017 ) Proceeds from purchase assignment and leaseback transaction — 31,851 — — 31,851 Proceeds from disposition of property and equipment — — — — — Purchases of investments — (54,748 ) — — (54,748 ) Sales of investments — 53,320 — — 53,320 Net cash provided by (used in) investing activities — (2,381 ) (527 ) 3,314 406 Cash Flows From Financing Activities: Repayments of long-term debt and capital lease obligations — (82,303 ) — — (82,303 ) Repurchases and redemptions of convertible notes (1,426 ) — — — (1,426 ) Net payments from affiliates 3,314 — — (3,314 ) — Repurchases of common stock (2,464 ) — — — (2,464 ) Other 148 (5,455 ) — — (5,307 ) Net cash used in financing activities (428 ) (87,758 ) — (3,314 ) (91,500 ) Net increase (decrease) in cash and cash equivalents (1,815 ) 109,932 (706 ) — 107,411 Cash and cash equivalents - Beginning of Period 69,420 203,406 8,676 — 281,502 Cash and cash equivalents - End of Period $ 67,605 $ 313,338 $ 7,970 $ — $ 388,913 Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2015 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (877 ) $ 161,838 $ 727 $ — $ 161,688 Cash Flows From Investing Activities: Net payments to affiliates — (143,078 ) — 143,078 — Additions to property and equipment, including pre-delivery deposits — (49,622 ) (11 ) — (49,633 ) Proceeds from purchase assignment and leaseback transaction — 37,797 — — 37,797 Net proceeds from disposition of property and equipment — 908 — — 908 Purchases of investments — (66,125 ) — — (66,125 ) Sales of investments — 63,640 — — 63,640 Net cash used in investing activities — (156,480 ) (11 ) 143,078 (13,413 ) Cash Flows From Financing Activities: Repayments of long-term debt and capital lease obligations — (28,459 ) — — (28,459 ) Repurchase of convertible notes (156,464 ) — — — (156,464 ) Net payments from affiliates 143,078 — — (143,078 ) — Other 87 (1,410 ) — — (1,323 ) Net cash used in financing activities (13,299 ) (29,869 ) — (143,078 ) (186,246 ) Net increase (decrease) in cash and cash equivalents (14,176 ) (24,511 ) 716 — (37,971 ) Cash and cash equivalents - Beginning of Period 79,532 179,676 4,879 — 264,087 Cash and cash equivalents - End of Period $ 65,356 $ 155,165 $ 5,595 $ — $ 226,116 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 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . 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. Income Taxes The income tax expense (benefit) is presented as if each entity that is part of the consolidated group files a separate return.

Significant Accounting Polici20

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), requiring all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. ASU 2016-09 will also allow an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the effect that the provisions of ASU 2016-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (ASU 2016-02), requiring a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires entities to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Full retrospective application is prohibited. The Company is currently evaluating the effect that the provisions of ASU 2016-02 will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), requiring an entity to present its debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015. As a result, the Company adopted ASU 2015-03 as of January 1, 2016 and retrospectively applied it to all periods presented in the consolidated balance sheets. The adoption of ASU 2015-03 resulted in a $19.8 million reclassification of the Company's unamortized debt issuance costs from long-term prepayments and other to long-term debt on the consolidated balance sheet as of December 31, 2015. In May 2014, the FASB 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. In July 2015, the FASB voted to defer the amendments in ASU 2014-09 by one year to December 15, 2017. The terms of ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after the revised effective date, and allow for either full retrospective or modified retrospective adoption. Organizations are permitted to adopt the new revenue standard early, but not before December 15, 2016. 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 miles earned under its HawaiianMiles customer loyalty program using the incremental cost method, and will require use of the deferred revenue method. This change could have a significant impact on the Company's financial statements.

Accumulated Other Comprehensi21

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
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: Details about accumulated other comprehensive loss components Three months ended March 31, Affected line items in the statement where net income is presented 2016 2015 (in thousands) Derivatives designated as hedging instruments under ASC 815 Foreign currency derivative gains, net $ (2,653 ) $ (3,952 ) Passenger revenue Interest rate derivative losses (gains) (291 ) 187 Interest expense Total before tax (2,944 ) (3,765 ) Tax expense 1,114 1,422 Total, net of tax $ (1,830 ) $ (2,343 ) Amortization of defined benefit plan items Actuarial loss $ 1,915 $ 2,680 Wages and benefits Prior service cost 57 57 Wages and benefits Total before tax 1,972 2,737 Tax benefit (746 ) (1,038 ) Total, net of tax $ 1,226 $ 1,699 Short-term investments Realized gain on sales of investments, net $ (3 ) $ (10 ) Other nonoperating income Total before tax (3 ) (10 ) Tax expense 1 1 Total, net of tax (2 ) $ (9 ) Total reclassifications for the period $ (606 ) $ (653 )
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, for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 Interest Rate Derivatives Foreign Currency Derivatives Defined Benefit Short-Term Investments Total (in thousands) Beginning balance $ 81 $ 4,879 $ (103,865 ) $ (372 ) $ (99,277 ) Other comprehensive income (loss) before reclassifications, net of tax (668 ) (5,730 ) (299 ) 534 (6,163 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (181 ) (1,649 ) 1,226 (2 ) (606 ) Net current-period other comprehensive income (loss) (849 ) (7,379 ) 927 532 (6,769 ) Ending balance $ (768 ) $ (2,500 ) $ (102,938 ) $ 160 $ (106,046 ) Three months ended March 31, 2015 Interest Rate Derivatives Foreign Currency Derivatives Defined Benefit Plan Items Short-Term Investments Total (in thousands) Beginning balance $ 254 $ 12,708 $ (135,520 ) $ (254 ) $ (122,812 ) Other comprehensive income (loss) before reclassifications, net of tax (476 ) 2,017 (41 ) 313 1,813 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 114 (2,457 ) 1,699 (9 ) (653 ) Net current-period other comprehensive income (loss) (362 ) (440 ) 1,658 304 1,160 Ending balance $ (108 ) $ 12,268 $ (133,862 ) $ 50 $ (121,652 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of earnings per share basic and diluted	Three Months Ended March 31, 2016 2015 (in thousands, except for per share data) Numerator: Net Income $ 51,466 $ 25,883 Denominator: Weighted average common stock shares outstanding - Basic 53,656 54,614 Assumed exercise of stock options and awards 275 546 Assumed conversion of convertible note premium 24 3,958 Assumed conversion of warrants — 5,808 Weighted average common stock shares outstanding - Diluted 53,955 64,926 Net Income Per Share Basic $ 0.96 $ 0.47 Diluted $ 0.95 $ 0.40

Short-Term Investments (Tables)

Short-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of short-term investments	The following is a summary of short-term investments held as of March 31, 2016 and December 31, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2016 (in thousands) Corporate debt $ 176,628 $ 305 $ (98 ) $ 176,835 U.S. government and agency debt 60,025 103 (12 ) 60,116 Municipal bonds 18,159 2 (3 ) 18,158 Other fixed income securities 25,046 — — 25,046 Total short-term investments $ 279,858 $ 410 $ (113 ) $ 280,155 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2015 (in thousands) Corporate debt $ 167,066 $ 13 $ (481 ) $ 166,598 U.S. government and agency debt 62,376 9 (123 ) 62,262 Municipal bonds 22,865 3 (12 ) 22,856 Other fixed income securities 26,835 — (6 ) 26,829 Total short-term investments $ 279,142 $ 25 $ (622 ) $ 278,545
Schedule of contractual maturities of short-term investments	Contractual maturities of short-term investments as of March 31, 2016 are shown below. Under 1 Year 1 to 5 Years Total (in thousands) Corporate debt $ 54,427 $ 122,408 $ 176,835 U.S. government and agency debt 40,583 19,533 60,116 Municipal bonds 15,629 2,529 18,158 Other fixed income securities 21,544 3,502 25,046 Total short-term investments $ 132,183 $ 147,972 $ 280,155

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 5,742 $ 855 $ 4,887 $ — Cash equivalents measured at net asset value 116,630 — — — Restricted cash 5,000 5,000 — — Short-term investments 280,155 — 280,155 — Fuel derivative contracts: Heating oil swaps 905 — 905 — Foreign currency derivatives 1,715 — 1,715 — Total assets measured at fair value $ 410,147 $ 5,855 $ 287,662 $ — Fuel derivative contracts: Heating oil swaps $ 23,676 $ — $ 23,676 $ — Foreign currency derivatives 7,490 — 7,490 — Interest rate derivative 1,235 — 1,235 — Total liabilities measured at fair value $ 32,401 $ — $ 32,401 $ — Fair Value Measurements as of December 31, 2015 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 5,665 $ 1,648 $ 4,017 $ — Cash equivalents measured at net asset value 61,577 — — — Restricted cash 5,000 5,000 — — Short-term investments 278,545 — 278,545 — Fuel derivative contracts: Heating oil put options 1,060 — 1,060 — Foreign currency derivatives 6,550 — 6,550 — Total assets measured at fair value $ 358,397 $ 6,648 $ 290,172 $ — Fuel derivative contracts: Heating oil swaps $ 40,530 $ — $ 40,530 $ — Foreign currency derivatives 1,049 — 1,049 — Interest rate derivative 312 — 312 — Total liabilities measured at fair value $ 41,891 $ — $ 41,891 $ —
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 March 31, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Amount Total Level 1 Level 2 Level 3 (in thousands) $ 599,785 $ 590,005 $ — $ — $ 590,005 $ 677,203 $ 665,507 $ — $ 283 $ 665,224

Financial Derivative Instrume25

Financial Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 unaudited Consolidated Statements of Operations. Three months ended March 31, Fuel derivative contracts 2016 2015 (in thousands) Losses realized at settlement $ (19,025 ) $ (14,591 ) Reversal of prior period unrealized amounts 17,810 14,413 Unrealized losses on contracts that will settle in future periods (850 ) (5,509 ) Losses on fuel derivatives recorded as Nonoperating income (expense) $ (2,065 ) $ (5,687 )
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 unaudited Consolidated Balance Sheets. Derivative position as of March 31, 2016 Balance Sheet Notional Amount Final Gross fair Gross fair Net (in thousands) (in thousands) Derivatives designated as hedges Interest rate derivative Other accrued liabilities $49,400 U.S. dollars April 2023 $ — $ (283 ) $ (283 ) Other liabilities and deferred credits (1) — (952 ) (952 ) Foreign currency derivatives Other accrued liabilities 9,185,150 Japanese Yen March 2017 1,704 (4,245 ) (2,541 ) Other liabilities and deferred credits 5,097,750 Japanese Yen March 2018 7 (3,054 ) (3,047 ) Derivatives not designated as hedges Foreign currency derivatives Other accrued liabilities 1,650,000 Japanese Yen March 2017 4 (191 ) (187 ) Fuel derivative contracts Other accrued liabilities 84,946 gallons March 2017 905 (23,676 ) (22,771 ) (1) Represents the noncurrent portion of the $49.4 million interest rate derivative with final maturity in April 2023. Derivative position as of December 31, 2015 Balance Sheet Notional Amount Final Gross fair Gross fair Net (in thousands) (in thousands) Derivatives designated as hedges Interest rate derivative Other accrued liabilities $51,000 U.S. dollars April 2023 $ — $ (70 ) $ (70 ) Other liabilities and deferred credits (1) — (242 ) (242 ) Foreign currency derivatives Prepaid expenses and other 7,594,750 Japanese Yen December 2016 6,461 (525 ) 5,936 Other liabilities and deferred credits 5,437,400 Japanese Yen December 2017 78 (493 ) (415 ) Derivatives not designated as hedges Foreign currency derivatives Prepaid expenses and other 2,762,000 Japanese Yen August 2016 11 — 11 Other liabilities and deferred credits 2,845 Australian Dollars March 2017 — (31 ) (31 ) Fuel derivative contracts Other accrued liabilities 84,067 gallons December 2016 1,060 (40,530 ) (39,470 ) (1) Represents the noncurrent portion of the $51.0 million interest rate derivative with final maturity in April 2023.
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 unaudited Consolidated Statements of Comprehensive Income. (Gain) loss recognized in AOCI on derivatives (effective portion) (Gain) loss reclassified from AOCI (Gain) loss recognized in Three months ended March 31, Three months ended March 31, Three months ended March 31, 2016 2015 2016 2015 2016 2015 (in thousands) Foreign currency derivatives $ 9,217 $ (3,245 ) $ (2,653 ) $ (3,952 ) $ — $ — Interest rate derivatives 923 557 148 187 — —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of expected maturities of long-term debt	As of March 31, 2016 , the expected maturities of long-term debt for the remainder of 2016 and the next four years, and thereafter, were as follows (in thousands): Remaining months in 2016 $ 38,103 2017 60,618 2018 59,661 2019 83,944 2020 32,429 Thereafter 325,030 $ 599,785

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of net periodic benefit cost	The components of net periodic benefit cost for the Company’s defined benefit and other postretirement plans included the following: Three months ended March 31, Components of Net Period Benefit Cost 2016 2015 (in thousands) Service cost $ 3,713 $ 4,225 Interest cost 7,582 7,389 Expected return on plan assets (4,472 ) (4,716 ) Recognized net actuarial loss 1,973 2,737 Net periodic benefit cost $ 8,796 $ 9,635

Commitments and Contingent Li28

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of firm aircraft and engine orders	As of March 31, 2016 , the Company had the following capital commitments consisting of firm aircraft and engine orders and purchase rights: Aircraft Type Firm Orders Purchase Rights Expected Delivery Dates A321neo aircraft 16 9 Between 2017 and 2020 A330-800neo aircraft 6 6 Between 2019 and 2021 Pratt & Whitney spare engines: A321neo spare engines 2 — Between 2017 and 2018 Rolls-Royce spare engines: A330-800neo spare engines 2 2 Between 2019 and 2026
Schedule of committed capital and operating expenditures	The gross committed expenditures and committed financings for those deliveries as of March 31, 2016 are detailed below: Capital Operating Total Committed (in thousands) Remaining months in 2016 $ 85,955 $ 55,171 $ 141,126 2017 236,217 74,111 310,328 2018 395,652 67,867 463,519 2019 477,409 63,447 540,856 2020 227,031 65,277 292,308 Thereafter 205,488 300,080 505,568 $ 1,627,752 $ 625,953 $ 2,253,705

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Non-cash investing and financing activities for the three months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, 2016 2015 (in thousands) Investing and Financing Activities Not Affecting Cash: Property and equipment acquired through a capital lease $ 9,104 $ —

Condensed Consolidating Finan30

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information
Schedule of Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)	Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Three months ended March 31, 2016 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 550,134 $ 1,163 $ (117 ) $ 551,180 Operating Expenses: Aircraft fuel, including taxes and delivery — 69,900 — — 69,900 Wages and benefits — 133,643 — — 133,643 Aircraft rent — 29,388 — — 29,388 Maintenance materials and repairs — 59,100 1,404 — 60,504 Aircraft and passenger servicing — 28,551 — — 28,551 Commissions and other selling 1 33,052 16 (38 ) 33,031 Depreciation and amortization — 26,399 747 — 27,146 Other rentals and landing fees — 24,434 — — 24,434 Purchased services 35 22,640 72 (15 ) 22,732 Other 1,326 28,596 125 (64 ) 29,983 Total 1,362 455,703 2,364 (117 ) 459,312 Operating Income (Loss) (1,362 ) 94,431 (1,201 ) — 91,868 Nonoperating Income (Expense): Undistributed net income of subsidiaries 51,816 — — (51,816 ) — Interest expense and amortization of debt discounts and issuance costs 117 (11,121 ) — — (11,004 ) Interest income 59 785 — — 844 Capitalized interest — 225 — — 225 Losses on fuel derivatives — (2,065 ) — — (2,065 ) Loss on extinguishment of debt — (3,350 ) — — (3,350 ) Other, net — 6,586 — — 6,586 Total 51,992 (8,940 ) — (51,816 ) (8,764 ) Income (Loss) Before Income Taxes 50,630 85,491 (1,201 ) (51,816 ) 83,104 Income tax expense (benefit) (836 ) 32,474 — — 31,638 Net Income (Loss) $ 51,466 $ 53,017 $ (1,201 ) $ (51,816 ) $ 51,466 Comprehensive Income (Loss) $ 44,697 $ 46,248 $ (1,201 ) $ (45,047 ) $ 44,697 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Three months ended March 31, 2015 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 539,207 $ 1,173 $ (100 ) $ 540,280 Operating Expenses: Aircraft fuel, including taxes and delivery — 111,327 — — 111,327 Wages and benefits — 120,014 — — 120,014 Aircraft rent — 28,371 — — 28,371 Maintenance materials and repairs — 54,913 332 — 55,245 Aircraft and passenger servicing — 28,316 — — 28,316 Commissions and other selling 4 30,441 12 (29 ) 30,428 Depreciation and amortization — 24,432 747 — 25,179 Other rentals and landing fees — 22,831 — — 22,831 Purchased services — 21,240 — — 21,240 Other 1,985 24,081 170 (71 ) 26,165 Total 1,989 465,966 1,261 (100 ) 469,116 Operating Income (Loss) (1,989 ) 73,241 (88 ) — 71,164 Nonoperating Income (Expense): Undistributed net income of subsidiaries 32,563 — — (32,563 ) — Interest expense and amortization of debt discounts and issuance costs (1,436 ) (14,082 ) — — (15,518 ) Interest income 56 580 — — 636 Capitalized interest — 1,293 — — 1,293 Losses on fuel derivatives — (5,687 ) — — (5,687 ) Loss on extinguishment of debt (6,955 ) — — — (6,955 ) Other, net — (2,934 ) — — (2,934 ) Total 24,228 (20,830 ) — (32,563 ) (29,165 ) Income (Loss) Before Income Taxes 22,239 52,411 (88 ) (32,563 ) 41,999 Income tax expense (benefit) (3,644 ) 19,760 — — 16,116 Net Income (Loss) $ 25,883 $ 32,651 $ (88 ) $ (32,563 ) $ 25,883 Comprehensive Income (Loss) $ 27,043 $ 33,811 $ (88 ) $ (33,723 ) $ 27,043
Schedule of Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets March 31, 2016 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current assets: Cash and cash equivalents $ 67,605 $ 313,338 $ 7,970 $ — $ 388,913 Restricted cash — 5,000 — — 5,000 Short-term investments — 280,155 — — 280,155 Accounts receivable, net 63 79,523 433 (262 ) 79,757 Spare parts and supplies, net — 19,803 — — 19,803 Prepaid expenses and other 113 37,317 78 — 37,508 Total 67,781 735,136 8,481 (262 ) 811,136 Property and equipment at cost — 1,956,345 58,653 — 2,014,998 Less accumulated depreciation and amortization — (445,443 ) (5,942 ) — (451,385 ) Property and equipment, net — 1,510,902 52,711 — 1,563,613 Long-term prepayments and other — 70,103 500 — 70,603 Deferred tax assets, net 26,894 — — (26,894 ) — Goodwill and other intangible assets, net — 124,663 — — 124,663 Intercompany receivable — 251,163 — (251,163 ) — Investment in consolidated subsidiaries 645,872 — — (645,872 ) — TOTAL ASSETS $ 740,547 $ 2,691,967 $ 61,692 $ (924,191 ) $ 2,570,015 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 670 $ 110,130 $ 1,058 $ (262 ) $ 111,596 Air traffic liability — 524,278 3,231 — 527,509 Other accrued liabilities 2,318 143,978 145 — 146,441 Current maturities of long-term debt, less discount, and capital lease obligations — 70,183 — — 70,183 Total 2,988 848,569 4,434 (262 ) 855,729 Long-term debt and capital lease obligations — 612,596 — — 612,596 Intercompany payable 251,163 — — (251,163 ) — Other liabilities and deferred credits: 0 Accumulated pension and other postretirement benefit obligations — 378,473 — — 378,473 Other liabilities and deferred credits 164 95,444 750 — 96,358 Deferred tax liabilities, net — 167,521 — (26,894 ) 140,627 Total 164 641,438 750 (26,894 ) 615,458 Shareholders’ equity 486,232 589,364 56,508 (645,872 ) 486,232 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 740,547 $ 2,691,967 $ 61,692 $ (924,191 ) $ 2,570,015 Condensed Consolidating Balance Sheets December 31, 2015 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current assets: Cash and cash equivalents $ 69,420 $ 203,406 $ 8,676 $ — $ 281,502 Restricted cash — 5,000 — — 5,000 Short-term investments — 278,545 — — 278,545 Accounts receivable, net 61 81,248 625 (211 ) 81,723 Spare parts and supplies, net — 19,164 — — 19,164 Prepaid expenses and other 7 74,948 95 — 75,050 Total 69,488 662,311 9,396 (211 ) 740,984 Property and equipment at cost — 1,927,126 58,126 — 1,985,252 Less accumulated depreciation and amortization — (427,315 ) (5,195 ) — (432,510 ) Property and equipment, net — 1,499,811 52,931 — 1,552,742 Long-term prepayments and other — 70,373 500 — 70,873 Deferred tax assets, net 26,059 — — (26,059 ) — Goodwill and other intangible assets, net — 125,323 — — 125,323 Intercompany receivable — 242,248 — (242,248 ) — Investment in consolidated subsidiaries 596,570 — — (596,570 ) — TOTAL ASSETS $ 692,117 $ 2,600,066 $ 62,827 $ (865,088 ) $ 2,489,922 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 755 $ 100,007 $ 759 $ (211 ) $ 101,310 Air traffic liability — 427,302 3,464 — 430,766 Other accrued liabilities 530 159,583 145 — 160,258 Current maturities of long-term debt, less discount, and capital lease obligations 288 74,153 — — 74,441 Total 1,573 761,045 4,368 (211 ) 766,775 Long-term debt and capital lease obligations — 677,915 — — 677,915 Intercompany payable 242,248 — — (242,248 ) — Other liabilities and deferred credits: 0 Accumulated pension and other postretirement benefit obligations — 372,700 — — 372,700 Other liabilities and deferred credits 2,234 86,861 750 — 89,845 Deferred tax liabilities, net — 162,684 — (26,059 ) 136,625 Total 2,234 622,245 750 (26,059 ) 599,170 Shareholders’ equity 446,062 538,861 57,709 (596,570 ) 446,062 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 692,117 $ 2,600,066 $ 62,827 $ (865,088 ) $ 2,489,922
Schedule of Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2016 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (1,387 ) $ 200,071 $ (179 ) $ — $ 198,505 Cash Flows From Investing Activities: Net payments to affiliates — (3,314 ) — 3,314 — Additions to property and equipment, including pre-delivery deposits — (29,490 ) (527 ) — (30,017 ) Proceeds from purchase assignment and leaseback transaction — 31,851 — — 31,851 Proceeds from disposition of property and equipment — — — — — Purchases of investments — (54,748 ) — — (54,748 ) Sales of investments — 53,320 — — 53,320 Net cash provided by (used in) investing activities — (2,381 ) (527 ) 3,314 406 Cash Flows From Financing Activities: Repayments of long-term debt and capital lease obligations — (82,303 ) — — (82,303 ) Repurchases and redemptions of convertible notes (1,426 ) — — — (1,426 ) Net payments from affiliates 3,314 — — (3,314 ) — Repurchases of common stock (2,464 ) — — — (2,464 ) Other 148 (5,455 ) — — (5,307 ) Net cash used in financing activities (428 ) (87,758 ) — (3,314 ) (91,500 ) Net increase (decrease) in cash and cash equivalents (1,815 ) 109,932 (706 ) — 107,411 Cash and cash equivalents - Beginning of Period 69,420 203,406 8,676 — 281,502 Cash and cash equivalents - End of Period $ 67,605 $ 313,338 $ 7,970 $ — $ 388,913 Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2015 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (877 ) $ 161,838 $ 727 $ — $ 161,688 Cash Flows From Investing Activities: Net payments to affiliates — (143,078 ) — 143,078 — Additions to property and equipment, including pre-delivery deposits — (49,622 ) (11 ) — (49,633 ) Proceeds from purchase assignment and leaseback transaction — 37,797 — — 37,797 Net proceeds from disposition of property and equipment — 908 — — 908 Purchases of investments — (66,125 ) — — (66,125 ) Sales of investments — 63,640 — — 63,640 Net cash used in investing activities — (156,480 ) (11 ) 143,078 (13,413 ) Cash Flows From Financing Activities: Repayments of long-term debt and capital lease obligations — (28,459 ) — — (28,459 ) Repurchase of convertible notes (156,464 ) — — — (156,464 ) Net payments from affiliates 143,078 — — (143,078 ) — Other 87 (1,410 ) — — (1,323 ) Net cash used in financing activities (13,299 ) (29,869 ) — (143,078 ) (186,246 ) Net increase (decrease) in cash and cash equivalents (14,176 ) (24,511 ) 716 — (37,971 ) Cash and cash equivalents - Beginning of Period 79,532 179,676 4,879 — 264,087 Cash and cash equivalents - End of Period $ 65,356 $ 155,165 $ 5,595 $ — $ 226,116

Significant Accounting Polici31

Significant Accounting Policies - Narrative (Details) - Accounting Standards Update 2015-03 [Member] - USD ($) $ in Millions	Jan. 01, 2016	Dec. 31, 2015
Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Finance Costs, Net		$ 19.8
Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Finance Costs, Net	$ 19.8

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amounts reclassified from AOCI
Foreign currency derivative gains, net	$ (482,027)	$ (469,145)
Total reclassifications for the period	(606)	(653)
Total before tax	(83,104)	(41,999)
Tax expense	31,638	16,116
Total, net of tax	(51,466)	(25,883)
Gains on derivatives designated as hedging instruments | Foreign currency derivatives gains
Amounts reclassified from AOCI
Total reclassifications for the period	(1,649)	(2,457)
Gains on derivatives designated as hedging instruments | Interest rate derivatives loss
Amounts reclassified from AOCI
Total reclassifications for the period	(181)	114
Gains on derivatives designated as hedging instruments | Amount reclassified from accumulated other comprehensive loss
Amounts reclassified from AOCI
Total before tax	(2,944)	(3,765)
Tax expense	1,114	1,422
Total, net of tax	(1,830)	(2,343)
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	(2,653)	(3,952)
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 (gains)	(291)	187
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Amounts reclassified from AOCI
Actuarial loss	1,915	2,680
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Amounts reclassified from AOCI
Actuarial loss	57	57
Defined benefit pension
Amounts reclassified from AOCI
Actuarial loss	1,972	2,737
Tax benefit	(746)	(1,038)
Total reclassifications for the period	1,226	1,699
Short-Term Investments
Amounts reclassified from AOCI
Total reclassifications for the period	(2)	(9)
Short-Term Investments | Amount reclassified from accumulated other comprehensive loss
Amounts reclassified from AOCI
Realized gain on sales of investments, net	(3)	(10)
Total before tax	(3)	(10)
Tax expense	1	1
Total, net of tax	$ (2)	$ (9)

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss - Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Rollforward of Accumulated other comprehensive income (loss)
Beginning balance	$ (99,277)	$ (122,812)
Other comprehensive income (loss) before reclassifications, net of tax	(6,163)	1,813
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(606)	(653)
Total other comprehensive income (loss)	(6,769)	1,160
Ending balance	(106,046)	(121,652)
Gains (losses) on derivatives designated as hedging instruments | Interest Rate Derivatives
Rollforward of Accumulated other comprehensive income (loss)
Beginning balance	81	254
Other comprehensive income (loss) before reclassifications, net of tax	(668)	(476)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(181)	114
Total other comprehensive income (loss)	(849)	(362)
Ending balance	(768)	(108)
Gains (losses) on derivatives designated as hedging instruments | Foreign Currency Derivatives
Rollforward of Accumulated other comprehensive income (loss)
Beginning balance	4,879	12,708
Other comprehensive income (loss) before reclassifications, net of tax	(5,730)	2,017
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(1,649)	(2,457)
Total other comprehensive income (loss)	(7,379)	(440)
Ending balance	(2,500)	12,268
Defined Benefit Pension Items
Rollforward of Accumulated other comprehensive income (loss)
Beginning balance	(103,865)	(135,520)
Other comprehensive income (loss) before reclassifications, net of tax	(299)	(41)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	1,226	1,699
Total other comprehensive income (loss)	927	1,658
Ending balance	(102,938)	(133,862)
Short-Term Investments
Rollforward of Accumulated other comprehensive income (loss)
Beginning balance	(372)	(254)
Other comprehensive income (loss) before reclassifications, net of tax	534	313
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	(2)	(9)
Total other comprehensive income (loss)	532	304
Ending balance	$ 160	$ 50

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Potential Dilution (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net Income	$ 51,466	$ 25,883
Denominator:
Weighted average common stock shares outstanding - Basic	53,656	54,614
Assumed exercise of stock options and awards	275	546
Assumed conversion of convertible note premium	24	3,958
Assumed conversion of warrants	0	5,808
Weighted average common stock shares outstanding - Diluted	53,955	64,926
Net Income Per Share
Basic (in dollars per share)	$ 0.96	$ 0.47
Diluted (in dollars per share)	$ 0.95	$ 0.40

Earnings Per Share -Share Repur

Earnings Per Share -Share Repurchase Program (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2015	Mar. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Repurchase Amount	$ 100
Stock Repurchase Program, Period in Force	2 years
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 57.4
Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value		$ 2.5
Stock Repurchased During Period, Shares		73,000

Short-Term Investments (Details

Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Short-Term Investments
Amortized Cost	$ 279,858	$ 279,142
Gross Unrealized Gains	410	25
Gross Unrealized Losses	(113)	(622)
Fair Value	280,155	278,545
Contractual maturities of short-term investments
Under 1 Year	132,183
1 to 5 Years	147,972
Total	280,155
Corporate debt
Short-Term Investments
Amortized Cost	176,628	167,066
Gross Unrealized Gains	305	13
Gross Unrealized Losses	(98)	(481)
Fair Value	176,835	166,598
Contractual maturities of short-term investments
Under 1 Year	54,427
1 to 5 Years	122,408
Total	176,835
U.S. government and agency debt
Short-Term Investments
Amortized Cost	60,025	62,376
Gross Unrealized Gains	103	9
Gross Unrealized Losses	(12)	(123)
Fair Value	60,116	62,262
Contractual maturities of short-term investments
Under 1 Year	40,583
1 to 5 Years	19,533
Total	60,116
Municipal bonds
Short-Term Investments
Amortized Cost	18,159	22,865
Gross Unrealized Gains	2	3
Gross Unrealized Losses	(3)	(12)
Fair Value	18,158	22,856
Contractual maturities of short-term investments
Under 1 Year	15,629
1 to 5 Years	2,529
Total	18,158
Other fixed income securities
Short-Term Investments
Amortized Cost	25,046	26,835
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(6)
Fair Value	25,046	$ 26,829
Contractual maturities of short-term investments
Under 1 Year	21,544
1 to 5 Years	3,502
Total	$ 25,046

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities, Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Measurements
Short-term investments	$ 280,155	$ 278,545
Recurring basis
Fair Value Measurements
Cash equivalents	5,742	5,665
Cash equivalents measured at net asset value	116,630	61,577
Restricted cash	5,000	5,000
Short-term investments	280,155	278,545
Total assets measured at fair value	410,147	358,397
Total liabilities measured at fair value	32,401	41,891
Recurring basis | Fuel derivative contracts | Heating oil put options
Fair Value Measurements
Derivative contracts		1,060
Recurring basis | Fuel derivative contracts | Heating oil swaps
Fair Value Measurements
Derivative contracts	905
Derivative contracts	23,676	40,530
Recurring basis | Foreign Currency Derivatives
Fair Value Measurements
Derivative contracts	1,715	6,550
Derivative contracts	7,490	1,049
Recurring basis | Interest Rate Derivatives
Fair Value Measurements
Derivative contracts	1,235	312
Recurring basis | Level 1
Fair Value Measurements
Cash equivalents	855	1,648
Restricted cash	5,000	5,000
Total assets measured at fair value	5,855	6,648
Recurring basis | Level 2
Fair Value Measurements
Cash equivalents	4,887	4,017
Short-term investments	280,155	278,545
Total assets measured at fair value	287,662	290,172
Total liabilities measured at fair value	32,401	41,891
Recurring basis | Level 2 | Fuel derivative contracts | Heating oil put options
Fair Value Measurements
Derivative contracts		1,060
Recurring basis | Level 2 | Fuel derivative contracts | Heating oil swaps
Fair Value Measurements
Derivative contracts	905
Derivative contracts	23,676	40,530
Recurring basis | Level 2 | Foreign Currency Derivatives
Fair Value Measurements
Derivative contracts	1,715	6,550
Derivative contracts	7,490	1,049
Recurring basis | Level 2 | Interest Rate Derivatives
Fair Value Measurements
Derivative contracts	$ 1,235	$ 312

Fair Value Measurements - Sch38

Fair Value Measurements - Schedule of Certain Debt (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Measurements
Carrying value of debt	$ 599,785	$ 677,203
Fair value of debt	590,005	665,507
Level 2
Fair Value Measurements
Fair value of debt		283
Level 3
Fair Value Measurements
Fair value of debt	$ 590,005	$ 665,224

Financial Derivative Instrume39

Financial Derivative Instruments - Risk Management (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative instrument
Losses on fuel derivatives recorded as Nonoperating income (expense)	$ (2,065)	$ (5,687)
Derivatives Not Designated as Hedging Instruments | Fuel derivative contracts
Derivative instrument
Losses realized at settlement	(19,025)	(14,591)
Reversal of prior period unrealized amounts	17,810	14,413
Unrealized losses on contracts that will settle in future periods	(850)	(5,509)
Losses on fuel derivatives recorded as Nonoperating income (expense)	(2,065)	$ (5,687)
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	$ (500)
Reclassification estimated time period	12 months

Financial Derivative Instrume40

Financial Derivative Instruments - Derivative Position (Details) ¥ in Thousands, gal in Thousands, AUD in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016JPY (¥)gal	Dec. 31, 2014gal	Mar. 31, 2016AUD	Mar. 31, 2016USD ($)	Dec. 31, 2015JPY (¥)	Dec. 31, 2015AUD	Dec. 31, 2015USD ($)
Derivatives designated as hedging instruments | Interest Rate Derivatives
Fair Value of Derivatives
Notional Amount				$ 49,400			$ 51,000
Derivatives designated as hedging instruments | Interest Rate Derivatives | Other Current Liabilities
Fair Value of Derivatives
Gross fair value of assets, current				0			0
Gross fair value of liabilities, current				(283)			(70)
Net derivative position				(283)			(70)
Derivatives designated as hedging instruments | Interest Rate Derivatives | Deferred Credits and Other Liabilities
Fair Value of Derivatives
Gross fair value of assets, noncurrent				0			0
Gross fair value of liabilities, noncurrent				(952)			(242)
Net derivative position				(952)			(242)
Derivatives designated as hedging instruments | Foreign Currency Derivatives | Prepaid expenses and other
Fair Value of Derivatives
Notional Amount	¥ 9,185,150		AUD 41,373		¥ 7,594,750	AUD 44,917
Gross fair value of assets, current				1,704			6,461
Gross fair value of liabilities, current				(4,245)			(525)
Net derivative position				(2,541)			5,936
Derivatives designated as hedging instruments | Foreign Currency Derivatives | Deferred Credits and Other Liabilities
Fair Value of Derivatives
Notional Amount	5,097,750		8,170		5,437,400	8,730
Gross fair value of assets, noncurrent				7			78
Gross fair value of liabilities, noncurrent				(3,054)			(493)
Net derivative position				(3,047)			(415)
Derivatives not designated as hedging instruments | Foreign Currency Derivatives | Other Current Liabilities
Fair Value of Derivatives
Notional Amount	¥ 1,650,000		AUD 5,287
Gross fair value of assets, current				4
Gross fair value of liabilities, current				(191)
Net derivative position				(187)
Derivatives not designated as hedging instruments | Foreign Currency Derivatives | Prepaid expenses and other
Fair Value of Derivatives
Notional Amount					¥ 2,762,000	3,303
Gross fair value of assets, current							11
Gross fair value of liabilities, current							0
Net derivative position							11
Derivatives not designated as hedging instruments | Foreign Currency Derivatives | Deferred Credits and Other Liabilities
Fair Value of Derivatives
Notional Amount | AUD						AUD 2,845
Gross fair value of assets, noncurrent							0
Gross fair value of liabilities, noncurrent							(31)
Net derivative position							(31)
Derivatives not designated as hedging instruments | Fuel derivative contracts | Other Current Liabilities
Fair Value of Derivatives
Notional Amount (Volume) | gal	84,946	84,067
Gross fair value of assets, current				905			1,060
Gross fair value of liabilities, current				(23,676)			(40,530)
Net derivative position				$ (22,771)			$ (39,470)

Financial Derivative Instrume41

Financial Derivative Instruments - Impact of Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign Currency Derivatives
Gains (losses) for designated hedge contracts
(Gain) loss recognized in AOCI on derivatives (effective portion)	$ 9,217	$ (3,245)
(Gain) loss reclassified from AOCI into income (effective portion)	(2,653)	(3,952)
(Gain) loss recognized in nonoperating (income) expense (ineffective portion)	0	0
Interest Rate Derivatives
Gains (losses) for designated hedge contracts
(Gain) loss recognized in AOCI on derivatives (effective portion)	923	557
(Gain) loss reclassified from AOCI into income (effective portion)	148	187
(Gain) loss recognized in nonoperating (income) expense (ineffective portion)	$ 0	$ 0

Financial Derivative Instrume42

Financial Derivative Instruments - Risk and Collateral (Details) $ in Millions	Mar. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net derivative position	$ 24

Debt - Schedule of Maturities (

Debt - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Remaining months in 2016	$ 38,103
2,017	60,618
2,018	59,661
2,019	83,944
2,020	32,429
Thereafter	325,030
Long-term Debt, Gross	$ 599,785

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 21, 2016	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (3,350)	$ (6,955)
Subsequent event
Debt Instrument [Line Items]
Extinguishment of existing debt	$ 90,000
5% convertible notes, due in 2016
Debt Instrument [Line Items]
Repurchase of convertible notes, principal amount		$ 51,900

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Components of Net Periodic Benefit Cost
Service cost	$ 3,713	$ 4,225
Interest cost	7,582	7,389
Expected return on plan assets	(4,472)	(4,716)
Recognized net actuarial loss	1,973	2,737
Net periodic benefit cost	8,796	9,635
Employer contribution	$ 300	$ 12,800

Commitments and Contingent Li46

Commitments and Contingent Liabilities - Capital Commitments and Operating Expenditures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)spare_engine_orderedaircraft_purchase_rightaircraft_firm_order
Total Committed Expenditures
Remaining months in 2016	$ 141,126
2,017	310,328
2,018	463,519
2,019	540,856
2,020	292,308
Thereafter	505,568
Total	2,253,705
Capital
Total Committed Expenditures
Remaining months in 2016	85,955
2,017	236,217
2,018	395,652
2,019	477,409
2,020	227,031
Thereafter	205,488
Total	$ 1,627,752
Capital | A321neo aircraft
Commitments and Contingent Liabilities
Number of firm aircraft orders | aircraft_firm_order	16
Number of aircraft purchase rights | aircraft_purchase_right	9
Capital | A321neo aircraft | Pratt & Whitney spare engines
Commitments and Contingent Liabilities
Firm orders, number of spare engines | spare_engine_ordered	2
Capital | A330-800neo aircraft
Commitments and Contingent Liabilities
Number of firm aircraft orders | aircraft_firm_order	6
Number of aircraft purchase rights | aircraft_purchase_right	6
Capital | A330-800neo aircraft | Rolls-Royce spare engines
Commitments and Contingent Liabilities
Firm orders, number of spare engines | spare_engine_ordered	2
Number of spare engine purchase rights | spare_engine_ordered	2
Operating
Total Committed Expenditures
Remaining months in 2016	$ 55,171
2,017	74,111
2,018	67,867
2,019	63,447
2,020	65,277
Thereafter	300,080
Total	$ 625,953

Commitments and Contingent Li47

Commitments and Contingent Liabilities - Narrative (Details) $ in Millions	Mar. 31, 2016USD ($)
Credit Card Processing Agreements
Commitments
Restricted cash	$ 5
Maximum limit of holdback (as a percent)	100.00%
A330-200 aircraft
Other Commitment, Fiscal Year Maturity [Abstract]
Other Commitment, Due in Third Year	$ 8.9
Other Commitment, Due in Fourth Year	$ 8.9

Supplemental Cash Flow Inform48

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Information [Abstract]
Property and equipment acquired through a capital lease	$ 9,104	$ 0

Condensed Consolidating Finan49

Condensed Consolidating Financial Information - Narrative and Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)pass_through_trust	Mar. 31, 2015USD ($)
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Operating Revenue	$ 551,180	$ 540,280
Operating Expenses:
Aircraft fuel, including taxes and delivery	69,900	111,327
Wages and benefits	133,643	120,014
Aircraft rent	29,388	28,371
Maintenance, materials and repairs	60,504	55,245
Aircraft and passenger servicing	28,551	28,316
Commissions and other selling	33,031	30,428
Depreciation and amortization	27,146	25,179
Other rentals and landing fees	24,434	22,831
Purchased services	22,732	21,240
Other	29,983	26,165
Total	459,312	469,116
Operating Income (Loss)	91,868	71,164
Nonoperating Income (Expense):
Interest expense and amortization of debt discounts and issuance costs	(11,004)	(15,518)
Interest income	844	636
Capitalized interest	225	1,293
Losses on fuel derivatives	(2,065)	(5,687)
Loss on extinguishment of debt	(3,350)	(6,955)
Other, net	6,586	(2,934)
Total	(8,764)	(29,165)
Income (Loss) Before Income Taxes	83,104	41,999
Income tax expense	31,638	16,116
Net Income (Loss)	51,466	25,883
Comprehensive Income (Loss)	44,697	27,043
Parent Issuer / Guarantor
Operating Expenses:
Commissions and other selling	1	4
Other rentals and landing fees		0
Purchased services	35
Other	1,326	1,985
Total	1,362	1,989
Operating Income (Loss)	(1,362)	(1,989)
Nonoperating Income (Expense):
Undistributed net income of subsidiaries	51,816	32,563
Interest expense and amortization of debt discounts and issuance costs	117	(1,436)
Interest income	59	56
Loss on extinguishment of debt		(6,955)
Other, net		0
Total	51,992	24,228
Income (Loss) Before Income Taxes	50,630	22,239
Income tax expense	(836)	(3,644)
Net Income (Loss)	51,466	25,883
Comprehensive Income (Loss)	$ 44,697	27,043
Subsidiary Issuer / Guarantor
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Number of pass-through trusts | pass_through_trust	2
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Operating Revenue	$ 550,134	539,207
Operating Expenses:
Aircraft fuel, including taxes and delivery	69,900	111,327
Wages and benefits	133,643	120,014
Aircraft rent	29,388	28,371
Maintenance, materials and repairs	59,100	54,913
Aircraft and passenger servicing	28,551	28,316
Commissions and other selling	33,052	30,441
Depreciation and amortization	26,399	24,432
Other rentals and landing fees	24,434	22,831
Purchased services	22,640	21,240
Other	28,596	24,081
Total	455,703	465,966
Operating Income (Loss)	94,431	73,241
Nonoperating Income (Expense):
Interest expense and amortization of debt discounts and issuance costs	(11,121)	(14,082)
Interest income	785	580
Capitalized interest	225	1,293
Losses on fuel derivatives	(2,065)	(5,687)
Loss on extinguishment of debt	(3,350)
Other, net	6,586	(2,934)
Total	(8,940)	(20,830)
Income (Loss) Before Income Taxes	85,491	52,411
Income tax expense	32,474	19,760
Net Income (Loss)	53,017	32,651
Comprehensive Income (Loss)	46,248	33,811
Non-Guarantor Subsidiaries
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Operating Revenue	1,163	1,173
Operating Expenses:
Maintenance, materials and repairs	1,404	332
Commissions and other selling	16	12
Depreciation and amortization	747	747
Purchased services	72
Other	125	170
Total	2,364	1,261
Operating Income (Loss)	(1,201)	(88)
Nonoperating Income (Expense):
Total	0	0
Income (Loss) Before Income Taxes	(1,201)	(88)
Income tax expense		0
Net Income (Loss)	(1,201)	(88)
Comprehensive Income (Loss)	(1,201)	(88)
Eliminations
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Operating Revenue	(117)	(100)
Operating Expenses:
Commissions and other selling	(38)	(29)
Purchased services	(15)
Other	(64)	(71)
Total	(117)	(100)
Operating Income (Loss)	0	0
Nonoperating Income (Expense):
Undistributed net income of subsidiaries	(51,816)	(32,563)
Total	(51,816)	(32,563)
Income (Loss) Before Income Taxes	(51,816)	(32,563)
Income tax expense		0
Net Income (Loss)	(51,816)	(32,563)
Comprehensive Income (Loss)	$ (45,047)	$ (33,723)

Condensed Consolidating Finan50

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 388,913	$ 281,502	$ 226,116	$ 264,087
Restricted cash	5,000	5,000
Short-term investments	280,155	278,545
Accounts receivable, net	79,757	81,723
Spare parts and supplies, net	19,803	19,164
Prepaid expenses and other	37,508	75,050
Total	811,136	740,984
Property and equipment at cost	2,014,998	1,985,252
Less accumulated depreciation and amortization	(451,385)	(432,510)
Property and equipment, net	1,563,613	1,552,742
Long-term prepayments and other	70,603	70,873
Goodwill and other intangible assets, net	124,663	125,323
Total Assets	2,570,015	2,489,922
Current liabilities:
Accounts payable	111,596	101,310
Air traffic liability	527,509	430,766
Other accrued liabilities	146,441	160,258
Current maturities of long-term debt, less discount, and capital lease obligations	70,183	74,441
Total	855,729	766,775
Long-term debt and capital lease obligations	612,596	677,915
Other liabilities and deferred credits:
Accumulated pension and other postretirement benefit obligations	378,473	372,700
Other liabilities and deferred credits	96,358	89,845
Deferred tax liabilities, net	140,627	136,625
Total	615,458	599,170
Shareholders’ equity	486,232	446,062
Total Liabilities and Shareholders’ Equity	2,570,015	2,489,922
Parent Issuer / Guarantor
Current assets:
Cash and cash equivalents	67,605	69,420	65,356	79,532
Accounts receivable, net	63	61
Prepaid expenses and other	113	7
Total	67,781	69,488
Deferred tax assets, net	26,894	26,059
Investment in consolidated subsidiaries	645,872	596,570
Total Assets	740,547	692,117
Current liabilities:
Accounts payable	670	755
Other accrued liabilities	2,318	530
Current maturities of long-term debt, less discount, and capital lease obligations		288
Total	2,988	1,573
Intercompany payable	251,163	242,248
Other liabilities and deferred credits:
Other liabilities and deferred credits	164	2,234
Total	164	2,234
Shareholders’ equity	486,232	446,062
Total Liabilities and Shareholders’ Equity	740,547	692,117
Subsidiary Issuer / Guarantor
Current assets:
Cash and cash equivalents	313,338	203,406	155,165	179,676
Restricted cash	5,000	5,000
Short-term investments	280,155	278,545
Accounts receivable, net	79,523	81,248
Spare parts and supplies, net	19,803	19,164
Prepaid expenses and other	37,317	74,948
Total	735,136	662,311
Property and equipment at cost	1,956,345	1,927,126
Less accumulated depreciation and amortization	(445,443)	(427,315)
Property and equipment, net	1,510,902	1,499,811
Long-term prepayments and other	70,103	70,373
Goodwill and other intangible assets, net	124,663	125,323
Intercompany receivable	251,163	242,248
Total Assets	2,691,967	2,600,066
Current liabilities:
Accounts payable	110,130	100,007
Air traffic liability	524,278	427,302
Other accrued liabilities	143,978	159,583
Current maturities of long-term debt, less discount, and capital lease obligations	70,183	74,153
Total	848,569	761,045
Long-term debt and capital lease obligations	612,596	677,915
Other liabilities and deferred credits:
Accumulated pension and other postretirement benefit obligations	378,473	372,700
Other liabilities and deferred credits	95,444	86,861
Deferred tax liabilities, net	167,521	162,684
Total	641,438	622,245
Shareholders’ equity	589,364	538,861
Total Liabilities and Shareholders’ Equity	2,691,967	2,600,066
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	7,970	8,676	5,595	$ 4,879
Accounts receivable, net	433	625
Prepaid expenses and other	78	95
Total	8,481	9,396
Property and equipment at cost	58,653	58,126
Less accumulated depreciation and amortization	(5,942)	(5,195)
Property and equipment, net	52,711	52,931
Long-term prepayments and other	500	500
Total Assets	61,692	62,827
Current liabilities:
Accounts payable	1,058	759
Air traffic liability	3,231	3,464
Other accrued liabilities	145	145
Total	4,434	4,368
Other liabilities and deferred credits:
Other liabilities and deferred credits	750	750
Total	750	750
Shareholders’ equity	56,508	57,709
Total Liabilities and Shareholders’ Equity	61,692	62,827
Eliminations
Current assets:
Cash and cash equivalents	0		$ 0
Accounts receivable, net	(262)	(211)
Total	(262)	(211)
Deferred tax assets, net	(26,894)	(26,059)
Intercompany receivable	(251,163)	(242,248)
Investment in consolidated subsidiaries	(645,872)	(596,570)
Total Assets	(924,191)	(865,088)
Current liabilities:
Accounts payable	(262)	(211)
Total	(262)	(211)
Intercompany payable	(251,163)	(242,248)
Other liabilities and deferred credits:
Deferred tax liabilities, net	(26,894)	(26,059)
Total	(26,894)	(26,059)
Shareholders’ equity	(645,872)	(596,570)
Total Liabilities and Shareholders’ Equity	$ (924,191)	$ (865,088)

Condensed Consolidating Finan51

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidating Statements of Cash Flows
Net cash provided by Operating Activities	$ 198,505	$ 161,688
Cash Flows From Investing Activities:
Additions to property and equipment, including pre-delivery deposits	(30,017)	(49,633)
Proceeds from purchase assignment and leaseback transactions	31,851	37,797
Proceeds from disposition of property and equipment	0	908
Purchases of investments	(54,748)	(66,125)
Sales of investments	53,320	63,640
Net cash provided by (used in) investing activities	406	(13,413)
Cash Flows From Financing Activities:
Repayments of long-term debt and capital lease obligations	(82,303)	(28,459)
Repurchases and redemptions of convertible notes	(1,426)	(156,464)
Repurchases of common stock	(2,464)	0
Other	(5,307)	(1,323)
Net cash used in financing activities	(91,500)	(186,246)
Net increase (decrease) in cash and cash equivalents	107,411	(37,971)
Cash and cash equivalents - Beginning of Period	281,502	264,087
Cash and cash equivalents - End of Period	388,913	226,116
Parent Issuer / Guarantor
Condensed Consolidating Statements of Cash Flows
Net cash provided by Operating Activities	(1,387)	(877)
Cash Flows From Investing Activities:
Net cash provided by (used in) investing activities	0	0
Cash Flows From Financing Activities:
Repurchases and redemptions of convertible notes	(1,426)	(156,464)
Net payments from affiliates	3,314	143,078
Repurchases of common stock	(2,464)
Other	148	87
Net cash used in financing activities	(428)	(13,299)
Net increase (decrease) in cash and cash equivalents	(1,815)	(14,176)
Cash and cash equivalents - Beginning of Period	69,420	79,532
Cash and cash equivalents - End of Period	67,605	65,356
Subsidiary Issuer / Guarantor
Condensed Consolidating Statements of Cash Flows
Net cash provided by Operating Activities	200,071	161,838
Cash Flows From Investing Activities:
Net payments to affiliates	(3,314)	(143,078)
Additions to property and equipment, including pre-delivery deposits	(29,490)	(49,622)
Proceeds from purchase assignment and leaseback transactions	31,851	37,797
Proceeds from disposition of property and equipment	0	908
Purchases of investments	(54,748)	(66,125)
Sales of investments	53,320	63,640
Net cash provided by (used in) investing activities	(2,381)	(156,480)
Cash Flows From Financing Activities:
Repayments of long-term debt and capital lease obligations	(82,303)	(28,459)
Repurchases and redemptions of convertible notes	0
Repurchases of common stock	0
Other	(5,455)	(1,410)
Net cash used in financing activities	(87,758)	(29,869)
Net increase (decrease) in cash and cash equivalents	109,932	(24,511)
Cash and cash equivalents - Beginning of Period	203,406	179,676
Cash and cash equivalents - End of Period	313,338	155,165
Non-Guarantor Subsidiaries
Condensed Consolidating Statements of Cash Flows
Net cash provided by Operating Activities	(179)	727
Cash Flows From Investing Activities:
Additions to property and equipment, including pre-delivery deposits	(527)	(11)
Proceeds from disposition of property and equipment	0
Net cash provided by (used in) investing activities	(527)	(11)
Cash Flows From Financing Activities:
Net cash used in financing activities	0	0
Net increase (decrease) in cash and cash equivalents	(706)	716
Cash and cash equivalents - Beginning of Period	8,676	4,879
Cash and cash equivalents - End of Period	7,970	5,595
Eliminations
Cash Flows From Investing Activities:
Net payments to affiliates	3,314	143,078
Net cash provided by (used in) investing activities	3,314	143,078
Cash Flows From Financing Activities:
Net payments from affiliates	(3,314)	(143,078)
Net cash used in financing activities	(3,314)	(143,078)
Cash and cash equivalents - End of Period	$ 0	$ 0