Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 15, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Allegiant Travel CO | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 16,980,329 | |
Amendment Flag | false | |
Entity Central Index Key | 1,362,468 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well Known Seasoned Issuer | Yes | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 93,471 | $ 89,610 |
Restricted cash | 8,884 | 12,021 |
Short-term investments | 286,897 | 269,817 |
Accounts receivable | 14,004 | 14,216 |
Expendable parts, supplies and fuel, net of allowance for obsolescence of $3,783 and $3,003 at June 30, 2015 and December 31, 2014, respectively | 15,139 | 16,980 |
Prepaid expenses | 24,937 | 24,306 |
Deferred income taxes | 6,271 | 6,271 |
Other current assets | 3,292 | 406 |
Total current assets | 452,895 | 433,627 |
Property and equipment, net | 818,961 | 738,783 |
Long-term investments | 34,575 | 57,390 |
Investment in and advances to unconsolidated affiliates, net | 2,779 | 1,811 |
Deposits and other assets | 8,271 | 7,774 |
Total assets | 1,317,481 | 1,239,385 |
Current liabilities: | ||
Current maturities of long-term debt | 65,234 | 53,819 |
Accounts payable | 12,120 | 13,232 |
Accrued liabilities | 84,389 | 110,802 |
Air traffic liability | 222,584 | 185,315 |
Total current liabilities | 384,327 | 363,168 |
Long-term debt and other long-term liabilities: | ||
Long-term debt, net of current maturities | 562,382 | 539,280 |
Deferred income taxes | 44,591 | 42,872 |
Total liabilities | 991,300 | 945,320 |
Stockholders' equity: | ||
Common stock, par value $.001, 100,000,000 shares authorized; 22,218,567 and 22,174,241 shares issued; 16,980,329 and 17,413,307 shares outstanding, as of June 30, 2015 and December 31, 2014, respectively | 22 | 22 |
Treasury stock, at cost, 5,238,238 and 4,760,934 shares at June 30, 2015 and December 31, 2014, respectively | (408,183) | (325,396) |
Additional paid in capital | 222,319 | 221,257 |
Accumulated other comprehensive income, net | 1,669 | 1,211 |
Retained earnings | 510,354 | 395,783 |
Total Allegiant Travel Company stockholders' equity | 326,181 | 292,877 |
Noncontrolling interest | 0 | 1,188 |
Total equity | 326,181 | 294,065 |
Total liabilities and stockholders' equity | $ 1,317,481 | $ 1,239,385 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for obsolescence (in dollars) | $ 3,783 | $ 3,003 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 22,218,567 | 22,174,241 |
Common stock, shares outstanding | 16,980,329 | 17,413,307 |
Treasury stock, shares | 5,238,238 | 4,760,934 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash dividend declared per share: | $ 0.25 | $ 0 | $ 0.50 | $ 0 |
OPERATING REVENUE: | ||||
Scheduled service revenue | $ 186,311 | $ 189,172 | $ 386,840 | $ 392,693 |
Ancillary revenue: | ||||
Air-related charges | 113,432 | 85,781 | 218,501 | 171,235 |
Third party products | 10,976 | 9,657 | 21,773 | 20,287 |
Total ancillary revenue | 124,408 | 95,438 | 240,274 | 191,522 |
Fixed fee contract revenue | 2,986 | 2,963 | 7,353 | 5,610 |
Other revenue | 8,397 | 2,968 | 16,874 | 3,241 |
Total operating revenue | 322,102 | 290,541 | 651,341 | 593,066 |
OPERATING EXPENSES: | ||||
Aircraft fuel | 79,087 | 104,495 | 148,713 | 213,444 |
Salary and benefits | 53,598 | 47,297 | 112,151 | 93,736 |
Station operations | 24,462 | 20,157 | 48,314 | 42,390 |
Maintenance and repairs | 23,727 | 21,427 | 45,119 | 42,028 |
Sales and marketing | 5,753 | 6,653 | 12,854 | 14,461 |
Aircraft lease rentals | 680 | 1,903 | 1,398 | 11,332 |
Depreciation and amortization | 24,904 | 19,750 | 49,251 | 38,181 |
Other | 17,135 | 12,446 | 32,687 | 23,808 |
Total operating expenses | 229,346 | 234,128 | 450,487 | 479,380 |
OPERATING INCOME | 92,756 | 56,413 | 200,854 | 113,686 |
OTHER (INCOME) EXPENSE: | ||||
Earnings from unconsolidated affiliates, net | (55) | (75) | (51) | (71) |
Interest income | (542) | (234) | (647) | (439) |
Interest expense | 7,017 | 3,591 | 13,843 | 6,720 |
Total other expense | 6,420 | 3,282 | 13,145 | 6,210 |
INCOME BEFORE INCOME TAXES | 86,336 | 53,131 | 187,709 | 107,476 |
PROVISION FOR INCOME TAXES | 31,997 | 19,764 | 68,548 | 40,034 |
NET INCOME | 54,339 | 33,367 | 119,161 | 67,442 |
Net loss attributable to noncontrolling interest | 0 | (132) | (44) | (278) |
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 54,339 | $ 33,499 | $ 119,205 | $ 67,720 |
Earnings per share to common stockholders: | ||||
Basic (in Dollars per share) | $ 3.19 | $ 1.87 | $ 6.95 | $ 3.74 |
Diluted (in Dollars per share) | $ 3.18 | $ 1.86 | $ 6.93 | $ 3.72 |
Weighted average shares outstanding used in computing earnings per share to common stockholders: | ||||
Basic (in Shares) | 16,954 | 17,777 | 17,073 | 17,971 |
Diluted (in Shares) | 16,992 | 17,865 | 17,114 | 18,055 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 54,339 | $ 33,367 | $ 119,161 | $ 67,442 |
Other comprehensive income: | ||||
Net change in available-for-sale securities, net of tax | 95 | 32 | 398 | 40 |
Foreign currency translation adjustment, net of tax | 263 | 0 | 263 | 0 |
Net change in derivatives, net of tax | (454) | 165 | 540 | 165 |
Reclassification of derivative gains into Other revenue | (266) | 0 | (743) | 0 |
Total other comprehensive (loss) income | (362) | 197 | 458 | 205 |
Total comprehensive income | 53,977 | 33,564 | 119,619 | 67,647 |
Net loss attributable to noncontrolling interest | 0 | (132) | (44) | (278) |
Comprehensive income attributable to Allegiant Travel Company | $ 53,977 | $ 33,696 | $ 119,663 | $ 67,925 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Notes Assumed | $ 141,960 | |
OPERATING ACTIVITIES: | ||
Net income | $ 119,161 | 67,442 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 49,251 | 38,181 |
Loss on aircraft and other equipment disposals | 1,636 | 2,775 |
Provision for obsolescence of expendable parts, supplies and fuel | 780 | 613 |
Amortization of deferred financing costs and original issue discount | 697 | 2,679 |
Stock-based compensation expense | 6,282 | 4,486 |
Deferred income taxes | 1,719 | 8,010 |
Excess tax benefits from stock-based compensation | (1,970) | (1,411) |
Changes in certain assets and liabilities: | ||
Accounts receivable | 212 | (3,599) |
Prepaid expenses | (631) | (2,892) |
Accounts payable | 1,121 | 4,023 |
Accrued liabilities | 13,909 | 5,868 |
Air traffic liability | 37,269 | 25,206 |
Other, net | 1,309 | (4,173) |
Net cash provided by operating activities | 230,745 | 147,208 |
INVESTING ACTIVITIES: | ||
Purchase of investment securities | (162,090) | (69,376) |
Proceeds from maturities of investment securities | 168,023 | 146,001 |
Purchase of property and equipment, including pre-delivery deposits | (132,489) | (114,991) |
Other investing activities | (271) | 1,833 |
Net cash used in investing activities | (126,827) | (36,533) |
FINANCING ACTIVITIES: | ||
Cash dividends paid to shareholders | (52,315) | (41,787) |
Proceeds from the issuance of long-term debt | 64,000 | 385,300 |
Repurchase of common stock | (82,787) | (73,490) |
Principal payments on long-term debt | (29,483) | (142,478) |
Other financing activities | 528 | (668) |
Net cash (used in) provided by financing activities | (100,057) | 126,877 |
Net change in cash and cash equivalents | 3,861 | 237,552 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 89,610 | 97,711 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 93,471 | $ 335,263 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. Investments in affiliates in which the Company’s ownership interest ranges from 20 to 50 percent and in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments, which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods, or for the full year. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, intended to create a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB decided to defer the effective date by one year, to December 15, 2017, for annual and interim periods beginning after that date. The FASB has also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. In April 2015, the FASB issued ASU 2015-03, which amends existing guidance and requires the presentation of debt issuance costs on the balance sheet as a reduction of the carrying amount of the related debt liability rather than a deferred charge. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2015, and early adoption is permitted. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair market value with the net unrealized gain or loss reported as a component of accumulated other comprehensive income ("AOCI") in stockholders’ equity. Excluded from the table below is the change in fair value attributable to the foreign currency risk being hedged. Refer to Note 6 - Derivative Instruments for additional information related to the Company's foreign currency hedge. Investment securities are classified as cash equivalents, short-term investments, and long-term investments based on maturity date. Cash equivalents have maturities of three months or less, short-term investments have maturities of greater than three months but equal to or less than one year, and long-term investments are those with a maturity date greater than one year. Investment securities consisted of the following: As of June 30, 2015 As of December 31, 2014 Net Unrealized Net Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Money market funds $ 9,857 $ — $ — $ 9,857 $ 8,377 $ — $ — $ 8,377 Certificates of deposit — — — — 10,049 2 — 10,051 Commercial paper 91,283 7 (7 ) 91,283 47,941 3 (4 ) 47,940 Municipal debt securities 68,411 5 (6 ) 68,410 105,933 14 (2 ) 105,945 Government debt securities 35,316 9 (6 ) 35,319 24,028 — (31 ) 23,997 Corporate debt securities 124,875 5 (28 ) 124,852 134,770 1 (106 ) 134,665 Federal agency debt securities 6,710 1 — 6,711 4,711 — (1 ) 4,710 Total $ 336,452 $ 27 $ (47 ) $ 336,432 $ 335,809 $ 20 $ (144 ) $ 335,685 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment As of June 30, 2015 , the Company owned 53 MD-80 aircraft, six Boeing 757-200 aircraft, 13 Airbus A320 aircraft and 19 Airbus A319 aircraft, including 12 Airbus A319 aircraft on lease to a third party. The Airbus A320 aircraft and Airbus A319 aircraft are frequently referred to collectively as Airbus A320 series aircraft. Property and equipment consisted of the following: As of June 30, 2015 As of December 31, 2014 Flight equipment $ 1,047,985 $ 947,082 Ground property and equipment 125,026 100,916 Total property and equipment 1,173,011 1,047,998 Less accumulated depreciation and amortization 354,050 309,215 Property and equipment, net $ 818,961 $ 738,783 The following table summarizes the Company's total in service aircraft fleet as of June 30, 2015 : Aircraft Type Owned (1) Seating Capacity (per aircraft) Average Age in Years MD-88/83 53 166 25.6 B757-200 6 215 22.3 A319 (2) 7 156 10.6 A320 (3) 9 177 14.6 Total aircraft 75 (1) Refer to Note 4 - Long-Term Debt for further information on the Company's notes payable secured by aircraft. (2) Excludes 12 Airbus A319 aircraft currently on lease to a European carrier until 2018. (3) Excludes four Airbus A320 aircraft owned on June 30, 2015 but not yet in service. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: As of June 30, 2015 As of December 31, 2014 5.50% Senior Notes, due July 2019 $ 300,000 $ 300,000 Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due May 2018 122,234 131,454 Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 38,455 41,703 Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 32,148 38,505 Notes payable, secured by aircraft, interest at 3.99%, due October 2018 32,244 36,844 Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 30,479 34,915 Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due March 2020 28,569 — Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due June 2020 26,500 — Note payable, secured by real estate, interest at 2.86%, due October 2018 9,537 9,678 Note payable, secured by real estate, interest at 2.86%, due March 2020 7,450 — Total long-term debt 627,616 593,099 Less current maturities 65,234 53,819 Long-term debt, net of current maturities $ 562,382 $ 539,280 Maturities of long-term debt for the remainder of 2015 and for the next four years and thereafter, in aggregate, are: As of June 30, 2015 Remaining in 2015 $ 32,402 2016 66,289 2017 68,340 2018 123,991 2019 325,727 Thereafter 10,867 Total $ 627,616 Secured Debt In June 2015, the Company borrowed $26.5 million secured by two A319 aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.70 percent and will be payable in quarterly installments through June 2020. In March 2015, the Company borrowed $30.0 million secured by two A319 aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.70 percent , and are payable in quarterly installments through March 2020, beginning in June 2015. In March 2015, the Company borrowed $7.5 million secured by the real estate purchased by the Company in October 2014. The note bears a fixed interest rate of 2.86 percent per annum, and provides for a 25-year amortization and a five-year term. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. 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. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of certificates of deposit, commercial paper, municipal debt securities, federal agency debt securities, government debt securities, and corporate debt securities, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. For those assets classified as Level 2 that are not in active markets, the Company obtained fair value from pricing sources using quoted market prices for identical or comparable instruments and based on pricing models which include all significant observable inputs, including maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. The fair value of the Company's derivative instrument is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments include the applicable exchange and interest rates. Financial instruments measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 were as follows: Fair Value Measurements at Reporting Date Using Description June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Cash equivalents Money market funds $ 9,857 $ 9,857 $ — Commercial paper 4,949 — 4,949 Municipal debt securities 154 — 154 Total cash equivalents 14,960 9,857 5,103 Short-term investments Corporate debt securities 124,852 — 124,852 Municipal debt securities 65,999 — 65,999 Commercial paper 86,334 — 86,334 Government debt securities 3,001 — 3,001 Federal agency debt securities 6,711 — 6,711 Total short-term investments 286,897 — 286,897 Long-term investments Government debt securities 32,318 — 32,318 Municipal debt securities 2,257 — 2,257 Derivative instruments 2,718 — 2,718 Total long-term investments 37,293 — 37,293 Total investment securities $ 339,150 $ 9,857 $ 329,293 Fair Value Measurements at Reporting Date Using Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Cash equivalents Money market funds $ 8,377 $ 8,377 $ — Municipal debt securities 101 — 101 Total cash equivalents 8,478 8,377 101 Short-term investments Corporate debt securities 103,961 — 103,961 Municipal debt securities 103,155 — 103,155 Commercial paper 47,940 — 47,940 Certificates of deposit 10,051 — 10,051 Federal agency debt securities 4,710 — 4,710 Total short-term investments 269,817 — 269,817 Long-term investments Corporate debt securities 30,704 — 30,704 Government debt securities 23,997 — 23,997 Municipal debt securities 2,689 — 2,689 Derivative instruments 1,858 — 1,858 Total long-term investments 59,248 — 59,248 Total investment securities $ 337,543 $ 8,377 $ 329,166 The carrying amounts and estimated fair value of the Company's long-term debt (including current maturities), as well as the applicable fair value hierarchy tier, at June 30, 2015 , are presented in the following table. The fair value of the Company’s publicly held long-term debt is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized its publicly held debt as Level 2. The remaining debt agreements are not publicly held. The Company has determined the estimated fair value of these notes to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, are sensitive to changes in inputs. The Company utilizes indicative pricing from counterparties and the discounted cash flow method to estimate the fair value of the Level 3 items. As of June 30, 2015 As of December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level 5.50% Senior Notes, due July 2019 $ 300,000 $ 307,500 $ 300,000 $ 304,875 Level 2 Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due May 2018 122,234 112,608 131,454 119,809 Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 38,455 35,955 41,703 38,735 Level 3 Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 32,148 30,555 38,505 36,330 Level 3 Notes payable, secured by aircraft, interest at 3.99%, due October 2018 32,244 30,059 36,844 34,000 Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 30,479 28,958 34,915 32,923 Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due March 2020 28,569 27,373 — — Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due June 2020 26,500 25,326 — — Level 3 Note payable, secured by real estate, interest at 2.86%, due October 2018 9,537 8,676 9,678 8,693 Level 3 Note payable, secured by real estate, interest at 2.86%, due March 2020 7,450 6,566 — — Level 3 Total long-term debt $ 627,616 $ 613,576 $ 593,099 $ 575,365 Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments In 2014, the Company entered into a foreign currency swap in order to mitigate the foreign currency exchange rate risk associated with the forecasted lease revenue from 12 Airbus A320 series aircraft leased to a European carrier until 2018. The Company uses a cash flow hedge to minimize the variability in cash flows of assets, liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. At June 30, 2015 , the net change in fair value recorded in AOCI related to the unrealized gain on the hedge was $631 , when compared to the fair value at December 31, 2014. At inception, the Company formally designated and documented this financial instrument as a hedge of a specific underlying exposure, the risk management objective, and the strategy for undertaking the hedge transaction. The Company also assessed whether the financial instrument used in the hedging transactions was effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. This assessment is monitored on at least a quarterly basis, and the change in fair market value of any ineffective portion of a financial instrument is immediately recognized into earnings. For the six months ended June 30, 2015 , the Company realized $475 in net gains from its cash flow hedge into Other revenue, and as of June 30, 2015 , expects $646 to be reclassified from Other comprehensive income into Other revenue within the next 12 months. At June 30, 2015 , the fair value of the Company's derivative instrument was $2,718 and is reported in the Company's consolidated balance sheet within deposits and other assets. Refer to Note 5 - Fair Value Measurements for additional information related to the estimated fair value. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company is authorized by the Board of Directors to acquire the Company's stock through open market purchases under its share repurchase program. As the share repurchase authority is used, the Board of Directors has, on several occasions, authorized additional expenditures for share repurchases. Share repurchases consisted of the following during the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares repurchased 178,327 — 469,461 730,162 Average price per share $160.38 — $173.03 $98.82 Total (in thousands) $28,600 — $81,232 $72,157 During the three months ended June 30, 2015 , the Company declared and paid cash dividends of $0.25 per share, or $4,243 . During the six months ended June 30, 2015 , the Company declared and paid cash dividends of $0.50 per share, or $8,577 . In July, the Company's Board of Directors approved an increase in the recurring quarterly cash dividend to $0.30 per share. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes- common stock and unvested restricted stock awards. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: 1. Assume vesting of restricted stock using the treasury stock method. 2. Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. For the three and six months ended June 30, 2015 , the second method, which assumes unvested awards are not vested, was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (shares shown in the following table are in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 54,339 $ 33,499 $ 119,205 $ 67,720 Less net income allocated to participating securities (265 ) (239 ) (609 ) (492 ) Net income attributable to common stock $ 54,074 $ 33,260 $ 118,596 $ 67,228 Net income per share, basic $ 3.19 $ 1.87 $ 6.95 $ 3.74 Weighted-average shares outstanding 16,954 17,777 17,073 17,971 Diluted: Net income attributable to Allegiant Travel Company $ 54,339 $ 33,499 $ 119,205 $ 67,720 Less net income allocated to participating securities (265 ) (238 ) (607 ) (490 ) Net income attributable to common stock $ 54,074 $ 33,261 $ 118,598 $ 67,230 Net income per share, diluted $ 3.18 $ 1.86 $ 6.93 $ 3.72 Weighted-average shares outstanding 16,954 17,777 17,073 17,971 Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights 59 128 71 120 Adjusted weighted-average shares outstanding under treasury stock method 17,013 17,905 17,144 18,091 Participating securities excluded under two-class method (21 ) (40 ) (30 ) (36 ) Adjusted weighted-average shares outstanding under two-class method 16,992 17,865 17,114 18,055 For the three and six months ended June 30, 2014 , anti-dilutive shares excluded from the calculation of earnings per share were not material. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations. As of June 30, 2015 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Firm Commitments Airbus A319 11 Airbus A320 6 Future minimum fixed payments for the Company's commitments related to the acquisition of aircraft, airport fees under use and lease agreements, and other operating lease obligations: As of June 30, 2015 Remaining in 2015 $ 113,353 2016 118,495 2017 73,533 2018 2,758 2019 5,009 Thereafter 2,703 Total commitments $ 315,851 |
Related Party
Related Party | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions The Company previously leased approximately 70,000 square feet of corporate office space under a lease that expires in April 2018, where the Company maintained its corporate headquarters. The Company took action to exercise its option to terminate this lease as of May 2015. The Company also currently leases approximately 10,000 square feet of office space in an adjacent building which was previously utilized for training and other corporate purposes (expires in 2019). Both buildings are owned by limited liability companies in which the Company's Chairman and Chief Executive Officer owns a significant interest as a non-controlling member. Another member of the Company's Board of Directors also owns a minority interest in these limited liability companies. Under the terms of these agreements, the Company made rent payments totaling $991 for the six months ended June 30, 2015 and $1,703 for the same period in 2014 . For the six months ended June 30, 2015 , Game Plane, LLC, a wholly owned subsidiary of the Company, paid $365 in program development costs to Alpine Labs, LLC and $1,635 during the same period in 2014 . Alpine Labs, LLC partnered with Game Plane, LLC to produce and distribute game shows filmed on Company flights. The game shows were part of promotional efforts for the Company for which payments concluded in July 2015. The Company’s Chairman and Chief Executive Officer owns a 25 percent interest in, and is on the managing board of, Alpine Labs, LLC. For the six months ended June 30, 2015 , the Company made payments totaling $1,031 to entities owned or controlled by the Company's Chairman and Chief Executive Officer for the building of corporate training content. No such payments were made during the same period in 2014 . GMS Racing, LLC competes in the NASCAR Camping World Truck Series and ARCA Racing Series. The Company's Chairman and Chief Executive Officer owns a controlling interest in GMS Racing, LLC. The Company has sponsored GMS Racing, LLC since 2013 and has committed to $2,500 for sponsorship and branding opportunities in 2015, of which $1,500 was paid during the six months ended June 30, 2015 . No payments were made to GMS Racing, LLC during the six months ended June 30, 2014 . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In July 2015, the Company's Board of Directors increased the authorization under the stock repurchase plan to $100.0 million and announced an increase in the quarterly recurring dividend to $.30 per share. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies - (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. Investments in affiliates in which the Company’s ownership interest ranges from 20 to 50 percent and in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for under the equity method. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments, which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods, or for the full year. |
New Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, intended to create a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB decided to defer the effective date by one year, to December 15, 2017, for annual and interim periods beginning after that date. The FASB has also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. In April 2015, the FASB issued ASU 2015-03, which amends existing guidance and requires the presentation of debt issuance costs on the balance sheet as a reduction of the carrying amount of the related debt liability rather than a deferred charge. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2015, and early adoption is permitted. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | Investment securities consisted of the following: As of June 30, 2015 As of December 31, 2014 Net Unrealized Net Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Money market funds $ 9,857 $ — $ — $ 9,857 $ 8,377 $ — $ — $ 8,377 Certificates of deposit — — — — 10,049 2 — 10,051 Commercial paper 91,283 7 (7 ) 91,283 47,941 3 (4 ) 47,940 Municipal debt securities 68,411 5 (6 ) 68,410 105,933 14 (2 ) 105,945 Government debt securities 35,316 9 (6 ) 35,319 24,028 — (31 ) 23,997 Corporate debt securities 124,875 5 (28 ) 124,852 134,770 1 (106 ) 134,665 Federal agency debt securities 6,710 1 — 6,711 4,711 — (1 ) 4,710 Total $ 336,452 $ 27 $ (47 ) $ 336,432 $ 335,809 $ 20 $ (144 ) $ 335,685 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property and equipment consisted of the following: As of June 30, 2015 As of December 31, 2014 Flight equipment $ 1,047,985 $ 947,082 Ground property and equipment 125,026 100,916 Total property and equipment 1,173,011 1,047,998 Less accumulated depreciation and amortization 354,050 309,215 Property and equipment, net $ 818,961 $ 738,783 |
Property and Equipment Types of
Property and Equipment Types of Commercial Aircraft (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Types of Commercial Aircraft [Abstract] | |
Types of Commercial Aircraft | The following table summarizes the Company's total in service aircraft fleet as of June 30, 2015 : Aircraft Type Owned (1) Seating Capacity (per aircraft) Average Age in Years MD-88/83 53 166 25.6 B757-200 6 215 22.3 A319 (2) 7 156 10.6 A320 (3) 9 177 14.6 Total aircraft 75 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following: As of June 30, 2015 As of December 31, 2014 5.50% Senior Notes, due July 2019 $ 300,000 $ 300,000 Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due May 2018 122,234 131,454 Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 38,455 41,703 Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 32,148 38,505 Notes payable, secured by aircraft, interest at 3.99%, due October 2018 32,244 36,844 Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 30,479 34,915 Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due March 2020 28,569 — Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due June 2020 26,500 — Note payable, secured by real estate, interest at 2.86%, due October 2018 9,537 9,678 Note payable, secured by real estate, interest at 2.86%, due March 2020 7,450 — Total long-term debt 627,616 593,099 Less current maturities 65,234 53,819 Long-term debt, net of current maturities $ 562,382 $ 539,280 |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt for the remainder of 2015 and for the next four years and thereafter, in aggregate, are: As of June 30, 2015 Remaining in 2015 $ 32,402 2016 66,289 2017 68,340 2018 123,991 2019 325,727 Thereafter 10,867 Total $ 627,616 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 were as follows: Fair Value Measurements at Reporting Date Using Description June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Cash equivalents Money market funds $ 9,857 $ 9,857 $ — Commercial paper 4,949 — 4,949 Municipal debt securities 154 — 154 Total cash equivalents 14,960 9,857 5,103 Short-term investments Corporate debt securities 124,852 — 124,852 Municipal debt securities 65,999 — 65,999 Commercial paper 86,334 — 86,334 Government debt securities 3,001 — 3,001 Federal agency debt securities 6,711 — 6,711 Total short-term investments 286,897 — 286,897 Long-term investments Government debt securities 32,318 — 32,318 Municipal debt securities 2,257 — 2,257 Derivative instruments 2,718 — 2,718 Total long-term investments 37,293 — 37,293 Total investment securities $ 339,150 $ 9,857 $ 329,293 Fair Value Measurements at Reporting Date Using Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Cash equivalents Money market funds $ 8,377 $ 8,377 $ — Municipal debt securities 101 — 101 Total cash equivalents 8,478 8,377 101 Short-term investments Corporate debt securities 103,961 — 103,961 Municipal debt securities 103,155 — 103,155 Commercial paper 47,940 — 47,940 Certificates of deposit 10,051 — 10,051 Federal agency debt securities 4,710 — 4,710 Total short-term investments 269,817 — 269,817 Long-term investments Corporate debt securities 30,704 — 30,704 Government debt securities 23,997 — 23,997 Municipal debt securities 2,689 — 2,689 Derivative instruments 1,858 — 1,858 Total long-term investments 59,248 — 59,248 Total investment securities $ 337,543 $ 8,377 $ 329,166 |
Fair Value, Liabilities Measured on Recurring Basis | The Company utilizes indicative pricing from counterparties and the discounted cash flow method to estimate the fair value of the Level 3 items. As of June 30, 2015 As of December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level 5.50% Senior Notes, due July 2019 $ 300,000 $ 307,500 $ 300,000 $ 304,875 Level 2 Notes payable, secured by aircraft, interest at LIBOR plus 3.08%, due May 2018 122,234 112,608 131,454 119,809 Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 2.46%, due November 2019 38,455 35,955 41,703 38,735 Level 3 Note payable, secured by aircraft, interest at LIBOR plus 2.95%, due April 2018 32,148 30,555 38,505 36,330 Level 3 Notes payable, secured by aircraft, interest at 3.99%, due October 2018 32,244 30,059 36,844 34,000 Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 2.95%, due May 2018 30,479 28,958 34,915 32,923 Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due March 2020 28,569 27,373 — — Level 3 Notes payable, secured by aircraft, interest at LIBOR plus 1.70%, due June 2020 26,500 25,326 — — Level 3 Note payable, secured by real estate, interest at 2.86%, due October 2018 9,537 8,676 9,678 8,693 Level 3 Note payable, secured by real estate, interest at 2.86%, due March 2020 7,450 6,566 — — Level 3 Total long-term debt $ 627,616 $ 613,576 $ 593,099 $ 575,365 |
Stockholders' Equity Repurchase
Stockholders' Equity Repurchases (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | epurchases consisted of the following during the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Shares repurchased 178,327 — 469,461 730,162 Average price per share $160.38 — $173.03 $98.82 Total (in thousands) $28,600 — $81,232 $72,157 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share, Basic and Diluted | The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (shares shown in the following table are in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 54,339 $ 33,499 $ 119,205 $ 67,720 Less net income allocated to participating securities (265 ) (239 ) (609 ) (492 ) Net income attributable to common stock $ 54,074 $ 33,260 $ 118,596 $ 67,228 Net income per share, basic $ 3.19 $ 1.87 $ 6.95 $ 3.74 Weighted-average shares outstanding 16,954 17,777 17,073 17,971 Diluted: Net income attributable to Allegiant Travel Company $ 54,339 $ 33,499 $ 119,205 $ 67,720 Less net income allocated to participating securities (265 ) (238 ) (607 ) (490 ) Net income attributable to common stock $ 54,074 $ 33,261 $ 118,598 $ 67,230 Net income per share, diluted $ 3.18 $ 1.86 $ 6.93 $ 3.72 Weighted-average shares outstanding 16,954 17,777 17,073 17,971 Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights 59 128 71 120 Adjusted weighted-average shares outstanding under treasury stock method 17,013 17,905 17,144 18,091 Participating securities excluded under two-class method (21 ) (40 ) (30 ) (36 ) Adjusted weighted-average shares outstanding under two-class method 16,992 17,865 17,114 18,055 |
Commitments and Contingencies C
Commitments and Contingencies Commitments to Purchase (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments to Purchase Aircraft [Abstract] | |
Long-term Purchase Commitment | As of June 30, 2015 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Firm Commitments Airbus A319 11 Airbus A320 6 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payments Related to Commitments to Purchase [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | As of June 30, 2015 Remaining in 2015 $ 113,353 2016 118,495 2017 73,533 2018 2,758 2019 5,009 Thereafter 2,703 Total commitments $ 315,851 |
Investment Securities (Detail)
Investment Securities (Detail) - Investment Securities - Schedule of Fair Value of Separate Accounts by Major Category of Investment, Category [Domain] - Asset Class [Domain] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Cost | $ 336,452 | $ 335,809 |
Gross Unrealized Gains | 27 | 20 |
Gross Unrealized Losses | (47) | (144) |
Market Value | 336,432 | 335,685 |
Money market funds | ||
Cost | 9,857 | 8,377 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 9,857 | 8,377 |
Certificates of deposit | ||
Cost | 0 | 10,049 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 0 | 10,051 |
Commercial paper | ||
Cost | 91,283 | 47,941 |
Gross Unrealized Gains | 7 | 3 |
Gross Unrealized Losses | (7) | (4) |
Market Value | 91,283 | 47,940 |
Municipal debt securities | ||
Cost | 68,411 | 105,933 |
Gross Unrealized Gains | 5 | 14 |
Gross Unrealized Losses | (6) | (2) |
Market Value | 68,410 | 105,945 |
Government debt securities | ||
Cost | 35,316 | 24,028 |
Gross Unrealized Gains | 9 | 0 |
Gross Unrealized Losses | (6) | (31) |
Market Value | 35,319 | 23,997 |
Corporate debt securities | ||
Cost | 124,875 | 134,770 |
Gross Unrealized Gains | 5 | 1 |
Gross Unrealized Losses | (28) | (106) |
Market Value | 124,852 | 134,665 |
Federal agency debt securities | ||
Cost | 6,710 | 4,711 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | (1) |
Market Value | $ 6,711 | $ 4,710 |
Property and Equipment (Details
Property and Equipment (Details) | 6 Months Ended | ||
Jun. 30, 2015USD ($)aircraftseats | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Assets | $ | $ 1,317,481,000 | $ 1,239,385,000 | |
Secured Long-term Debt, Noncurrent | $ | $ 627,616,000 | 593,099,000 | |
Number of Aircraft Owned | 75 | ||
Property, Plant and Equipment, Gross | $ | $ 1,047,985,000 | 947,082,000 | |
Ground property and equipment | $ | 125,026,000 | 100,916,000 | |
Property, Plant and Equipment, Gross | $ | 1,173,011,000 | 1,047,998,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ | (354,050,000) | (309,215,000) | |
Property, Plant and Equipment, Net | $ | $ 818,961,000 | 738,783,000 | |
MD-80 Aircraft | |||
Property, Plant and Equipment [Line Items] | |||
Number of Aircraft Owned | 53 | ||
Number of Aircraft Owned | 53 | ||
Seating Capacity | seats | 166 | ||
Average Age of Aircraft | 25 years 7 months 6 days | ||
Boeing 757 | |||
Property, Plant and Equipment [Line Items] | |||
Number of Aircraft Owned | 6 | ||
Number of Aircraft Owned | 6 | ||
Seating Capacity | seats | 215 | ||
Average Age of Aircraft | 22 years 3 months 18 days | ||
Airbus A319 | |||
Property, Plant and Equipment [Line Items] | |||
Number of Aircraft Owned | 19 | ||
Number Of Aircraft Committed To Purchase | 11 | ||
Assets | $ | $ 12 | ||
Number of Aircraft Owned | 7 | ||
Seating Capacity | seats | 156 | ||
Average Age of Aircraft | 10 years 7 months 6 days | ||
Airbus A320 | |||
Property, Plant and Equipment [Line Items] | |||
Number of Aircraft Owned | 13 | ||
Number Of Aircraft Committed To Purchase | 6 | ||
Number of Aircraft Owned | 9 | ||
Seating Capacity | seats | 177 | ||
Average Age of Aircraft | 14 years 7 months 6 days | ||
Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Due May 2018 | |||
Property, Plant and Equipment [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ | $ 122,234,000 | $ 131,454,000 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 627,616 | $ 593,099 | |
Long-term Debt, Fair Value | 627,616 | ||
Less current maturities | 65,234 | 53,819 | |
Long-term debt, net of current maturities | 562,382 | 539,280 | |
Due July 2019 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 300,000 | $ 300,000 | |
Interest Rate | 5.50% | 5.50% | |
Due March 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.70% | ||
Due June 2020 | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.70% | ||
Due November 2019 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 38,455 | $ 41,703 | |
Interest Rate | 2.46% | 2.46% | |
Due April 2018 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 32,148 | $ 38,505 | |
Interest Rate | 2.95% | 2.95% | |
Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Due May 2018 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 122,234 | $ 131,454 | |
Interest Rate | 3.08% | 3.08% | |
Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Due October 2018 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 32,244 | $ 36,844 | |
Interest Rate | 3.99% | 3.99% | |
Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Due May 2018 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 30,479 | $ 34,915 | |
Interest Rate | 2.95% | 2.95% | |
Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty [Member] | Due March 2020 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 28,569 | $ 30,000 | $ 0 |
Interest Rate | 1.70% | 0.00% | |
Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty [Member] | Due June 2020 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 26,500 | $ 0 | |
Interest Rate | 1.70% | 0.00% | |
Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | Due October 2018 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 9,537 | $ 9,678 | |
Interest Rate | 2.86% | 2.86% | |
Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty [Member] | Due March 2020 | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 7,450 | $ 7,500 | $ 0 |
Interest Rate | 2.86% | 0.00% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Secured Long-term Debt, Noncurrent | $ 627,616 | $ 593,099 | |
Due June 2020 | |||
Interest Rate | 1.70% | ||
Due April 2018 | |||
Secured Long-term Debt, Noncurrent | $ 32,148 | $ 38,505 | |
Interest Rate | 2.95% | 2.95% | |
Due July 2019 | |||
Secured Long-term Debt, Noncurrent | $ 300,000 | $ 300,000 | |
Interest Rate | 5.50% | 5.50% | |
Due March 2020 | |||
Interest Rate | 1.70% | ||
Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | Due May 2018 | |||
Secured Long-term Debt, Noncurrent | $ 122,234 | $ 131,454 | |
Interest Rate | 3.08% | 3.08% | |
Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | Due October 2018 | |||
Secured Long-term Debt, Noncurrent | $ 32,244 | $ 36,844 | |
Interest Rate | 3.99% | 3.99% | |
Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | Due May 2018 | |||
Secured Long-term Debt, Noncurrent | $ 30,479 | $ 34,915 | |
Interest Rate | 2.95% | 2.95% | |
Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty [Member] | Due March 2020 | |||
Secured Long-term Debt, Noncurrent | $ 28,569 | $ 30,000 | $ 0 |
Interest Rate | 1.70% | 0.00% | |
Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty [Member] | Airbus A319 | |||
Debt Instrument, Collateral | 2 | ||
Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty [Member] | Due June 2020 | |||
Secured Long-term Debt, Noncurrent | $ 26,500 | $ 0 | |
Interest Rate | 1.70% | 0.00% | |
Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty [Member] | Airbus A319 | |||
Debt Instrument, Collateral | 2 | ||
Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | Due October 2018 | |||
Secured Long-term Debt, Noncurrent | $ 9,537 | $ 9,678 | |
Interest Rate | 2.86% | 2.86% | |
Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty [Member] | Due March 2020 | |||
Secured Long-term Debt, Noncurrent | $ 7,450 | $ 7,500 | $ 0 |
Interest Rate | 2.86% | 0.00% |
Long-Term Debt Schedule of Ma33
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 32,402 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 66,289 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 68,340 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 123,991 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 325,727 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 10,867 |
Long-term Debt, Fair Value | $ 627,616 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Securities | $ 336,432 | $ 335,685 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 9,857 | 8,377 |
Investment Securities | 9,857 | 8,377 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 5,103 | 101 |
Investment Securities | 329,293 | 329,166 |
Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement | ||
Cash Equivalents | 14,960 | 8,478 |
Investment Securities | 339,150 | 337,543 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 9,857 | 8,377 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Money market funds | Estimate of Fair Value Measurement | ||
Cash Equivalents | 9,857 | 8,377 |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 4,949 | |
Fair Value, Measurements, Recurring | Commercial paper | Estimate of Fair Value Measurement | ||
Cash Equivalents | 4,949 | |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 154 | 101 |
Fair Value, Measurements, Recurring | Municipal debt securities | Estimate of Fair Value Measurement | ||
Cash Equivalents | 154 | 101 |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 103,961 | |
Short-term Investments | Corporate debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 103,961 | |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Investment Securities | 286,897 | 269,817 |
Short-term Investments | Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement | ||
Investment Securities | 286,897 | 269,817 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Investment Securities | 86,334 | 47,940 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Estimate of Fair Value Measurement | ||
Investment Securities | 86,334 | 47,940 |
Short-term Investments | Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | ||
Investment Securities | 10,051 | |
Short-term Investments | Fair Value, Measurements, Recurring | Certificates of Deposit | Estimate of Fair Value Measurement | ||
Investment Securities | 10,051 | |
Short-term Investments | Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Fair Value, Measurements, Recurring | Government debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 4,710 | |
Short-term Investments | Fair Value, Measurements, Recurring | Government debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 4,710 | |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 124,852 | 103,155 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 124,852 | 103,155 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 65,999 | |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 65,999 | |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 6,711 | |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 6,711 | |
Long Term Investments | Government debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Long Term Investments | Government debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 2,689 | |
Long Term Investments | Government debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 2,689 | |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Long Term Investments | US Treasury and Government | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | US Treasury and Government | Fair Value, Inputs, Level 2 | ||
Investment Securities | 23,997 | |
Long Term Investments | US Treasury and Government | Estimate of Fair Value Measurement | ||
Investment Securities | 23,997 | |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Investment Securities | 37,293 | 59,248 |
Long Term Investments | Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement | ||
Investment Securities | 37,293 | 59,248 |
Long Term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 2,257 | |
Long Term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 2,257 | |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Investment Securities | 30,704 | |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Estimate of Fair Value Measurement | ||
Investment Securities | 30,704 | |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury and Government | Fair Value, Inputs, Level 2 | ||
Investment Securities | 32,318 | |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury and Government | Estimate of Fair Value Measurement | ||
Investment Securities | 32,318 | |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | ||
Investment Securities | 0 | |
Derivative Asset | 0 | |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | ||
Investment Securities | 1,858 | |
Derivative Asset | 2,718 | |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Estimate of Fair Value Measurement | ||
Derivative Asset | $ 2,718 | $ 1,858 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 627,616 | $ 593,099 | |
Fair Value, Measurements, Recurring | Corporate debt securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 613,576 | 575,365 | |
Due July 2019 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 300,000 | 300,000 | |
Due July 2019 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 307,500 | 304,875 | |
Due May 2018 | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 122,234 | 131,454 | |
Due May 2018 | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 30,479 | 34,915 | |
Due May 2018 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Three Point Zero Eight Percent, Due May Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 112,608 | 119,809 | |
Due May 2018 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Two Point Nine Five Percent, Due May Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 28,958 | 32,923 | |
Due March 2020 | Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 28,569 | $ 30,000 | 0 |
Due March 2020 | Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 7,450 | $ 7,500 | 0 |
Due March 2020 | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 0 | ||
Due March 2020 | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 0 | ||
Due March 2020 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, One Point Seven Percent, Due March Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 27,373 | ||
Due March 2020 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Two Point Eight Six Percent, Due March Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 6,566 | ||
Due June 2020 | Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 26,500 | 0 | |
Due June 2020 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, One Point Seven Percent, Due June Two Thousand Twenty [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 25,326 | ||
Due November 2019 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 38,455 | 41,703 | |
Due November 2019 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 35,955 | 38,735 | |
Due April 2018 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 32,148 | 38,505 | |
Due April 2018 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 30,555 | ||
Due April 2018 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 36,330 | ||
Due October 2018 | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 32,244 | 36,844 | |
Due October 2018 | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 9,537 | 9,678 | |
Due October 2018 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Three Point Nine Nine Percent, Due October Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | 30,059 | 34,000 | |
Due October 2018 | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 3 | Notes Payable, Two Point Eight Six Percent, Due October Two Thousand Eighteen | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 8,676 | $ 8,693 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Textuals (Details) - Debt Instrument, Name [Domain] - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Derivative [Line Items] | |||
Assets | $ 1,317,481,000 | $ 1,239,385,000 | |
Derivative, Gain (Loss) on Derivative, Net | 475,000 | ||
Change in Unrealized Gain (Loss) on Foreign Currency Fair Value Hedging Instruments | 631,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 646,000 | ||
Derivative, Notional Amount | $ 2,718,000 | ||
Airbus A320 Aircraft Series | |||
Derivative [Line Items] | |||
Assets | $ 12 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Repurchased During Period, Shares | 178,327 | 0 | 469,461 | 730,162 | |
Treasury Stock Acquired, Average Cost Per Share | $ 160.38 | $ 0 | $ 173.03 | $ 98.82 | |
Stock Repurchased During Period, Value | $ 28,600 | $ 0 | $ 81,232 | $ 72,157 | |
Dividends | $ 4,243 | $ 8,577 | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.25 | $ 0.50 | |||
Subsequent Event | |||||
Common Stock, Dividends, Per Share, Approved | $ 0.30 |
Earnings per Share (Detail) - E
Earnings per Share (Detail) - Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 54,339 | $ 33,367 | $ 119,161 | $ 67,442 |
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | 54,339 | 33,499 | 119,205 | 67,720 |
Less: Net income allocated to participating securities (in Dollars) | (265) | (239) | (609) | (492) |
Net income attributable to common stock (in Dollars) | $ 54,074 | $ 33,260 | $ 118,596 | $ 67,228 |
Net income per share, basic (in Dollars per share) | $ 3.19 | $ 1.87 | $ 6.95 | $ 3.74 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ (265) | $ (238) | $ (607) | $ (490) |
Net income attributable to common stock (in Dollars) | $ 54,074 | $ 33,261 | $ 118,598 | $ 67,230 |
Net income per share, diluted (in Dollars per share) | $ 3.18 | $ 1.86 | $ 6.93 | $ 3.72 |
Weighted-average shares outstanding | 16,954 | 17,777 | 17,073 | 17,971 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 59 | 128 | 71 | 120 |
Adjusted weighted-average shares outstanding under treasury stock method | 17,013 | 17,905 | 17,144 | 18,091 |
Participating securities excluded under two-class method | (21) | (40) | (30) | (36) |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 16,992 | 17,865 | 17,114 | 18,055 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | Jun. 30, 2015aircraft |
Airbus A319 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | 11 |
Airbus A320 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | 6 |
Commitments and Contingencies40
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Payments Related to Commitments to Purchase [Abstract] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 113,353 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 118,495 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 73,533 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 2,758 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 5,009 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 2,703 |
Unrecorded Unconditional Purchase Obligation | $ 315,851 |
Related Party (Details)
Related Party (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | |||
Board Approved Spending | $ 2,500 | ||
Office Space | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 991,000 | $ 1,703,000 | |
Game Plane, LLC | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 365,000 | 1,635,000 | |
Adapt Courseware, LLC | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 1,031,000 | $ 0 | |
GMS Racing, LLC | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,500,000 | ||
Building 1 | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Description of Transaction | 70,000 | ||
Building 2 | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Description of Transaction | 10,000 | ||
Chief Executive Officer | GMS Racing, LLC | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | ||
Chief Executive Officer | Beneficial Owner | Stock Ownership | |||
Related Party Transaction [Line Items] | |||
Related Party, Ownership Percentage | 25.00% |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 31, 2015 - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands | Total |
Subsequent Event [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 100,000 |
Common Stock, Dividends, Per Share, Approved | $ 0.30 |