Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 14, 2016 | |
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 | 16,546,142 | |
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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 48,718 | $ 87,112 |
Restricted cash | 13,787 | 10,358 |
Short-term investments | 269,341 | 245,583 |
Accounts receivable | 28,173 | 15,146 |
Expendable parts, supplies and fuel, net | 16,627 | 15,583 |
Prepaid expenses | 15,129 | 18,276 |
Other current assets | 1,654 | 3,185 |
TOTAL CURRENT ASSETS | 393,429 | 395,243 |
Property and equipment, net | 1,066,108 | 885,942 |
Long-term investments | 65,247 | 64,752 |
Other assets | 10,030 | 5,725 |
TOTAL ASSETS | 1,534,814 | 1,351,662 |
CURRENT LIABILITIES: | ||
Accounts payable | 11,021 | 6,801 |
Accrued liabilities | 106,876 | 109,462 |
Air traffic liability | 220,527 | 198,136 |
Current maturities of long-term debt, net of related costs | 137,452 | 74,069 |
TOTAL CURRENT LIABILITIES | 475,876 | 388,468 |
Long-term debt, net of current maturities and related costs | 561,493 | 567,609 |
Deferred income taxes | 47,740 | 45,580 |
Other noncurrent liabilities | 7,417 | 0 |
TOTAL LIABILITIES: | 1,092,526 | 1,001,657 |
SHAREHOLDERS' EQUITY: | ||
Common stock, par value $.001 | 22 | 22 |
Treasury stock | (515,821) | (453,415) |
Additional paid in capital | 234,298 | 228,945 |
Accumulated other comprehensive income, net | 57 | 834 |
Retained earnings | 723,732 | 573,619 |
TOTAL EQUITY | 442,288 | 350,005 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,534,814 | $ 1,351,662 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash dividend declared per share: | $ 0.70 | $ 0.30 | $ 1.70 | $ 0.80 |
OPERATING REVENUE: | ||||
Scheduled service revenue | $ 177,361 | $ 170,002 | $ 568,089 | $ 556,842 |
Ancillary revenue: | ||||
Air-related charges | 127,301 | 107,554 | 376,944 | 326,055 |
Third party products | 11,259 | 9,890 | 34,482 | 31,663 |
Total ancillary revenue | 138,560 | 117,444 | 411,426 | 357,718 |
Fixed fee contract revenue | 9,183 | 4,640 | 22,690 | 11,993 |
Other revenue | 8,377 | 7,870 | 24,743 | 24,745 |
Total operating revenue | 333,481 | 299,956 | 1,026,948 | 951,298 |
OPERATING EXPENSES: | ||||
Aircraft fuel | 69,305 | 68,272 | 182,969 | 216,985 |
Salary and benefits | 73,424 | 58,968 | 211,185 | 171,119 |
Station operations | 32,252 | 26,454 | 96,313 | 74,768 |
Maintenance and repairs | 26,263 | 25,369 | 82,016 | 70,488 |
Depreciation and amortization | 25,881 | 24,346 | 75,962 | 73,597 |
Sales and marketing | 5,650 | 4,053 | 16,774 | 16,907 |
Aircraft lease rentals | 472 | 695 | 924 | 2,092 |
Other | 23,394 | 14,717 | 58,363 | 47,402 |
Total operating expenses | 256,641 | 222,874 | 724,506 | 673,358 |
OPERATING INCOME | 76,840 | 77,082 | 302,442 | 277,940 |
OTHER (INCOME) EXPENSE: | ||||
Interest income | (1,028) | (301) | (2,932) | (948) |
Interest expense | 6,938 | 6,687 | 21,567 | 20,531 |
Other, net | (61) | (67) | (142) | (117) |
Total other expense | 5,849 | 6,319 | 18,493 | 19,466 |
INCOME BEFORE INCOME TAXES | 70,991 | 70,763 | 283,949 | 258,474 |
PROVISION FOR INCOME TAXES | 25,538 | 26,305 | 105,669 | 94,853 |
NET INCOME | 45,453 | 44,458 | 178,280 | 163,621 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | (44) |
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 45,453 | $ 44,458 | $ 178,280 | $ 163,665 |
Earnings per share to common stockholders: | ||||
Basic | $ 2.76 | $ 2.63 | $ 10.74 | $ 9.57 |
Diluted | $ 2.75 | $ 2.62 | $ 10.73 | $ 9.55 |
Shares used for computation: | ||||
Basic | 16,389 | 16,831 | 16,493 | 17,010 |
Diluted | 16,406 | 16,869 | 16,514 | 17,050 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 45,453 | $ 44,458 | $ 178,280 | $ 163,621 |
Other comprehensive (loss) income: | ||||
Change in available for sale securities, net of tax | (101) | (21) | 336 | 377 |
Foreign currency translation adjustment | 238 | (32) | 176 | 230 |
Change in derivatives, net of tax | (208) | 171 | (533) | 712 |
Reclassification of derivative gains into Other revenue | (247) | (260) | (756) | (1,003) |
Total other comprehensive (loss) income | (318) | (142) | (777) | 316 |
TOTAL COMPREHENSIVE INCOME | 45,135 | 44,316 | 177,503 | 163,937 |
Net loss attributable to noncontrolling interest | 0 | 0 | 0 | (44) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 45,135 | $ 44,316 | $ 177,503 | $ 163,981 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 178,280 | $ 163,621 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 75,962 | 73,597 |
Loss on aircraft and other equipment disposals | 3,510 | 3,043 |
Provision for obsolescence of expendable parts, supplies and fuel | 1,803 | 1,183 |
Amortization of deferred financing costs | 1,154 | 945 |
Share-based compensation expense | 4,342 | 10,736 |
Deferred income taxes | 2,336 | 2,659 |
Excess tax benefits from share-based compensation | 0 | (3,869) |
Changes in certain assets and liabilities: | ||
Accounts receivable | (13,027) | (1,495) |
Prepaid expenses | 3,147 | 1,489 |
Accounts payable | 4,220 | (1,775) |
Accrued liabilities | 26,153 | (2,228) |
Air traffic liability | 22,391 | 24,410 |
Other, net | (2,178) | (4,706) |
Net cash provided by operating activities | 308,093 | 267,610 |
INVESTING ACTIVITIES: | ||
Purchase of investment securities | (291,954) | (272,970) |
Proceeds from maturities of investment securities | 268,037 | 293,181 |
Aircraft pre-delivery deposits | (113,771) | 0 |
Purchase of property and equipment, including capitalized interest | (150,314) | (173,926) |
Other investing activities | 3,999 | 687 |
Net cash used by investing activities | (284,003) | (153,028) |
FINANCING ACTIVITIES: | ||
Cash dividends paid to shareholders | (55,895) | (57,410) |
Excess tax benefits from share-based compensation | 0 | 3,869 |
Proceeds from the issuance of long-term debt | 120,410 | 93,000 |
Repurchase of common stock | (63,363) | (121,119) |
Principal payments on long-term debt | (63,478) | (46,447) |
Other financing activities | (158) | 2,460 |
Net cash used by financing activities | (62,484) | (125,647) |
Net change in cash and cash equivalents | (38,394) | (11,065) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 87,112 | 89,610 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 48,718 | 78,545 |
Non- cash transactions: | ||
Interest paid, net of amount capitalized | 17,070 | 18,568 |
Income taxes paid, net of refunds | $ 79,818 | $ 85,996 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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. The Company has no independent assets or operations, and all guarantees of the Company's publicly held debt are full and unconditional and joint and several. 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 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, 2015, 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 may differ from these estimates. 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. Under this ASU and subsequently issued amendments, 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. Under the new standard, revenue related to certain air-related ancillary fees directly related to ticket revenue, such as seat fees and baggage fees, will likely no longer be considered distinct performance obligations separate from passenger travel. In addition, change fees previously recognized when received, will likely be recognized when air travel is provided. The standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted, but not before December 15, 2016. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. In August 2016, the FASB issued ASU 2016-15, which amends the guidance in Accounting Standards Codification ("ASC") 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistency on this topic. The standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect significant classification modifications as a result of this ASU. In March 2016, the FASB issued ASU 2016-09 which is intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016 and early adoption is permitted. The Company has adopted the changes related to income taxes and cash flow presentation for excess tax benefits as of March 31, 2016 on a prospective basis, and prior periods have not been retrospectively adjusted. The remaining provisions of this ASU do not have an impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 related to leases. This standard will require leases with durations greater than twelve months to be recognized on the balance sheet, and is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is assessing the impact of this new standard, specifically on its consolidated balance sheets, and does not expect adoption to significantly change the recognition, measurement or presentation of lease expense within the consolidated statements of income or cash flows. |
Update to Accounting Policies (
Update to Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Update to Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Update to Accounting Policies Prior to the quarter ended June 30, 2016, the Company's Airbus A320 series aircraft (and Boeing 757-200) had not experienced any major maintenance events, so a method to account for major maintenance events had not yet been applied. The first major maintenance events for the Airbus A320 series aircraft occurred during the second quarter 2016. The Company accounts for major maintenance costs for its MD-80 airframes and the related JT8D-219 engines using the direct expense method. Under this method, major maintenance costs are charged to expense as incurred. The Company accounts for major maintenance costs for its Airbus airframes and the related CFM engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized, as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event. The Company has not experienced any major maintenance events for the Boeing 757-200 fleet. On September 1, 2016, the Company launched the Allegiant World MasterCard issued by Bank of America. This is a co-branded credit card program providing cardholder benefits, which generates points based on dollar spend to be converted into dollars for items sold on the website such as flights, hotel rooms, car rentals and show tickets. The Company accounts for this new program using the relative selling price approach in accordance with ASU 2009-13 "Revenue Recognition (Topic 605) Multiple-Deliverable Arrangements." A portion of the revenue under the program is recognized monthly over the term of the arrangement as various marketing related services are performed by the Company. The remainder is deferred and recognized as points are redeemed for travel or other program benefits. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
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 unrealized gain or loss reported as a component of accumulated other comprehensive income ("AOCI") in shareholders’ equity. Excluded from the following table is the change in fair value attributable to the foreign currency risk being hedged. Refer to Note 7 - 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 (in thousands): As of September 30, 2016 As of December 31, 2015 Unrealized Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Commercial paper $ 128,714 $ 8 $ (136 ) $ 128,586 $ 83,155 $ — $ (1 ) $ 83,154 Corporate debt securities 107,649 10 (92 ) 107,567 108,485 50 (154 ) 108,381 Federal agency debt securities 58,460 $ 9 $ (38 ) $ 58,431 73,783 — (80 ) 73,703 Municipal debt securities 35,678 1 (29 ) 35,650 52,669 2 (1 ) 52,670 US Treasury Bonds 4,607 3 — 4,610 1,607 — (1 ) 1,606 Money market funds 36 — — 36 781 — — 781 Total $ 335,144 $ 31 $ (295 ) $ 334,880 $ 320,480 $ 52 $ (237 ) $ 320,295 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment Property and equipment (in thousands): As of September 30, 2016 As of December 31, 2015 Flight equipment, including pre-delivery deposits $ 1,335,364 $ 1,123,115 Computer hardware and software 96,027 78,200 Ground property and equipment 78,203 72,078 Total property and equipment 1,509,594 1,273,393 Less accumulated depreciation and amortization (443,486 ) (387,451 ) Property and equipment, net $ 1,066,108 $ 885,942 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt (in thousands): As of September 30, 2016 As of December 31, 2015 Fixed-rate notes payable due through 2020 $ 334,951 $ 341,738 Variable-rate notes payable due through 2021 363,994 299,940 Total long-term debt, net of related costs 698,945 641,678 Less current maturities 137,452 74,069 Long-term debt, net of current maturities and related costs $ 561,493 $ 567,609 Maturities of long-term debt for the remainder of 2016 and for the next four years and thereafter, in the aggregate (in thousands): As of September 30, 2016 Remaining in 2016 $ 59,723 2017 99,952 2018 145,152 2019 350,973 2020 35,374 Thereafter 7,771 Total $ 698,945 Secured Debt - 2016 Transactions In July 2016, the Company drew down $50.4 million under a senior secured revolving credit facility entered into during the second quarter 2016. The notes for the amounts borrowed under the facility bear interest at a floating rate based on LIBOR plus 1.85 percent and are due on December 31, 2017. Also in July 2016, the Company borrowed $42.0 million under a loan agreement secured by three Airbus A319 aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.70 percent and are payable in quarterly installments through July 2021. In January 2016, the Company received $28.0 million of proceeds from notes executed in December 2015. The notes bear interest at a floating rate based on LIBOR plus 1.75 percent , are payable in quarterly installments through January 2021, and are secured by two Airbus A319 aircraft. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
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 by selling 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. These tiers include: 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; and 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 commercial paper, municipal debt securities, federal agency debt securities, US Treasury Bonds, 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. The Company has no investment securities classified as Level 3. For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: 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 (in thousands): As of September 30, 2016 As of December 31, 2015 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Municipal debt securities $ 256 $ — $ 256 $ 754 $ — $ 754 Money market funds 36 36 — 781 781 — Commercial paper — — — 8,426 — 8,426 Total cash equivalents 292 36 256 9,961 781 9,180 Short-term Commercial paper 128,586 — 128,586 74,728 — 74,728 Corporate debt securities 95,479 — 95,479 80,957 — 80,957 Federal agency debt securities 21,914 — 21,914 42,825 — 42,825 Municipal debt securities 21,757 — 21,757 47,073 — 47,073 US Treasury Bonds 1,605 — 1,605 — — — Total short-term 269,341 — 269,341 245,583 — 245,583 Long-term Federal agency debt securities 36,517 — 36,517 30,878 — 30,878 Municipal debt securities 13,637 — 13,637 4,843 — 4,843 Corporate debt securities 12,088 — 12,088 27,425 — 27,425 US Treasury Bonds 3,005 — 3,005 1,606 — 1,606 Derivative instruments 1,487 — 1,487 2,480 — 2,480 Total long-term 66,734 — 66,734 67,232 — 67,232 Total financial instruments $ 336,367 $ 36 $ 336,331 $ 322,776 $ 781 $ 321,995 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, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, including current maturities and excluding related costs (in thousands): As of September 30, 2016 As of December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 300,000 $ 312,750 $ 300,000 $ 299,250 2 Non-publicly held debt 403,101 378,445 346,179 327,321 3 Total long-term debt $ 703,101 $ 691,195 $ 646,179 $ 626,571 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 | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments 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 and forecasted transactions caused by fluctuations in foreign currency exchange rates. For the nine months ended September 30, 2016 , the net change in fair value recorded in accumulated other comprehensive income related to the unrealized loss on the hedge was $0.5 million compared to an unrealized gain of $0.7 million for the nine months ended September 30, 2015 . 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 would be immediately recognized into earnings. For the nine months ended September 30, 2016 , the Company realized $0.8 million in gains from its cash flow hedge into Other revenue, compared to $1.0 million for the nine months ended September 30, 2015 . As of September 30, 2016 , the Company expects $0.6 million to be reclassified from Other comprehensive income into Other revenue within the next 12 months. At September 30, 2016 , the fair value of the Company's derivative instrument was $1.5 million compared to $2.5 million at December 31, 2015, and is reported in the Company's consolidated balance sheet within other assets. Refer to Note 6 - Fair Value Measurements for additional information related to the estimated fair value. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders’ Equity The Company is authorized by the Board of Directors to acquire its stock through open market purchases under its share repurchase program. As repurchase authority is used, the Board of Directors has, to date, authorized additional expenditures for share repurchases. Share repurchases consisted of the following during the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Shares repurchased (not in thousands) — 175,142 369,997 644,603 Average price per share — $218.67 $166.70 $185.43 Total (in thousands) — $38,298 $61,679 $119,530 During the three months ended September 30, 2016 , the Company declared and paid recurring cash dividends of $0.70 per share, or $11.5 million . During the nine months ended September 30, 2016 , the Company declared and paid recurring cash dividends of $1.70 per share, or $28.2 million . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2016 | |
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. 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 nine months ended September 30, 2016 , 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 (share count and dollar amounts in table are in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic: Net income attributable to Allegiant Travel Company $ 45,453 $ 44,458 $ 178,280 $ 163,665 Less net income allocated to participating securities (298 ) (199 ) (1,074 ) (802 ) Net income attributable to common stock $ 45,155 $ 44,259 $ 177,206 $ 162,863 Net income per share, basic $ 2.76 $ 2.63 $ 10.74 $ 9.57 Weighted-average shares outstanding 16,389 16,831 16,493 17,010 Diluted: Net income attributable to Allegiant Travel Company $ 45,453 $ 44,458 $ 178,280 $ 163,665 Less net income allocated to participating securities (297 ) (198 ) (1,073 ) (800 ) Net income attributable to common stock $ 45,156 $ 44,260 $ 177,207 $ 162,865 Net income per share, diluted $ 2.75 $ 2.62 $ 10.73 $ 9.55 Weighted-average shares outstanding 16,389 16,831 16,493 17,010 Dilutive effect of stock options and restricted stock 26 68 34 68 Adjusted weighted-average shares outstanding under treasury stock method 16,415 16,899 16,527 17,078 Participating securities excluded under two-class method (9 ) (30 ) (13 ) (28 ) Adjusted weighted-average shares outstanding under two-class method 16,406 16,869 16,514 17,050 For the three and nine months ended September 30, 2016 , anti-dilutive shares excluded from the calculation of earnings per share were 24,986 and 69,377 , respectively (shares not in thousands). |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
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 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 September 30, 2016 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Aircraft Under Contract Airbus A319 6 Airbus A320 27 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 are as follows (in thousands): As of September 30, 2016 Remaining in 2016 $ 34,860 2017 397,691 2018 116,962 2019 78,932 2020 41,473 Thereafter 3,613 Total commitments $ 673,531 |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions The Company previously entered into lease agreements for approximately 70,000 and 10,000 square feet of office space in buildings for which the Company’s Chairman and Chief Executive Officer ("CEO") and the Company's President owned minority interests as limited partners. For the nine months ended September 30, 2015 , the Company made rent payments of $1.1 million under the terms of these agreements. Beginning in 2016, payments for the 10,000 square feet of office space are no longer being made to a related party entity as the lender has taken ownership of the property. Additionally, the Company exercised its option to terminate the lease for 70,000 square feet of space effective in May 2015. The Company paid $1.3 million in January 2016 in settlement of litigation in connection with the termination of this lease. Game Plane, LLC, a wholly owned subsidiary of the Company, partnered with Alpine Labs, LLC to produce and distribute game shows filmed on Company flights. The Company’s Chairman and CEO owns a 25 percent interest in, and is on the managing board of, Alpine Labs, LLC. For the nine months ended September 30, 2015 , the Company made payments of $0.4 million to Alpine Labs, LLC. No payments were made for the nine months ended September 30, 2016 , as no additional shows are being filmed. The Company does not expect any further expenses related to this project. GMS Racing, LLC competes in the NASCAR Camping World Truck Series and ARCA Racing Series. The Company's Chairman and CEO owns a controlling interest in GMS Racing, LLC. During the nine months ended September 30, 2015 , the Company made sponsorship payments totaling $2.3 million to GMS Racing, LLC. No payments were made for the nine months ended September 30, 2016 and no future payments are anticipated. Entities owned or controlled by the Company's Chairman and CEO have been paid for the building of corporate training content, with a current focus on the Company's operating groups. This approach to training focuses on concept mastery, recognizing that individuals learn at varying paces, through different styles, and is designed to ensure the trainee fully understands each module before moving on to more advanced training. The Company also expects program development to facilitate recurrent training and to contribute to cost savings in the future, and is in the process of seeking approval from the Federal Aviation Administration ("FAA") on various aspects of this training program. During the nine months ended September 30, 2015 and 2016 , the Company made payments to these entities of $2.1 million and $1.4 million , respectively. The project is expected to conclude in 2017. |
Fuel Tax Refunds (Notes)
Fuel Tax Refunds (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Fuel Tax Refunds [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Fuel Tax Refunds During the second quarter 2016, the Company recorded $8.3 million in fuel tax refunds which have been received as of October 2016. These refunds were reflected as a decrease to Aircraft fuel expense on the Company's consolidated statements of income for the second quarter 2016. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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. The Company has no independent assets or operations, and all guarantees of the Company's publicly held debt are full and unconditional and joint and several. 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 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, 2015, 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 may differ from these estimates. |
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. Under this ASU and subsequently issued amendments, 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. Under the new standard, revenue related to certain air-related ancillary fees directly related to ticket revenue, such as seat fees and baggage fees, will likely no longer be considered distinct performance obligations separate from passenger travel. In addition, change fees previously recognized when received, will likely be recognized when air travel is provided. The standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted, but not before December 15, 2016. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. In August 2016, the FASB issued ASU 2016-15, which amends the guidance in Accounting Standards Codification ("ASC") 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistency on this topic. The standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect significant classification modifications as a result of this ASU. In March 2016, the FASB issued ASU 2016-09 which is intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016 and early adoption is permitted. The Company has adopted the changes related to income taxes and cash flow presentation for excess tax benefits as of March 31, 2016 on a prospective basis, and prior periods have not been retrospectively adjusted. The remaining provisions of this ASU do not have an impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 related to leases. This standard will require leases with durations greater than twelve months to be recognized on the balance sheet, and is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is assessing the impact of this new standard, specifically on its consolidated balance sheets, and does not expect adoption to significantly change the recognition, measurement or presentation of lease expense within the consolidated statements of income or cash flows. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | Investment securities (in thousands): As of September 30, 2016 As of December 31, 2015 Unrealized Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Commercial paper $ 128,714 $ 8 $ (136 ) $ 128,586 $ 83,155 $ — $ (1 ) $ 83,154 Corporate debt securities 107,649 10 (92 ) 107,567 108,485 50 (154 ) 108,381 Federal agency debt securities 58,460 $ 9 $ (38 ) $ 58,431 73,783 — (80 ) 73,703 Municipal debt securities 35,678 1 (29 ) 35,650 52,669 2 (1 ) 52,670 US Treasury Bonds 4,607 3 — 4,610 1,607 — (1 ) 1,606 Money market funds 36 — — 36 781 — — 781 Total $ 335,144 $ 31 $ (295 ) $ 334,880 $ 320,480 $ 52 $ (237 ) $ 320,295 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property and equipment (in thousands): As of September 30, 2016 As of December 31, 2015 Flight equipment, including pre-delivery deposits $ 1,335,364 $ 1,123,115 Computer hardware and software 96,027 78,200 Ground property and equipment 78,203 72,078 Total property and equipment 1,509,594 1,273,393 Less accumulated depreciation and amortization (443,486 ) (387,451 ) Property and equipment, net $ 1,066,108 $ 885,942 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt (in thousands): As of September 30, 2016 As of December 31, 2015 Fixed-rate notes payable due through 2020 $ 334,951 $ 341,738 Variable-rate notes payable due through 2021 363,994 299,940 Total long-term debt, net of related costs 698,945 641,678 Less current maturities 137,452 74,069 Long-term debt, net of current maturities and related costs $ 561,493 $ 567,609 |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt for the remainder of 2016 and for the next four years and thereafter, in the aggregate (in thousands): As of September 30, 2016 Remaining in 2016 $ 59,723 2017 99,952 2018 145,152 2019 350,973 2020 35,374 Thereafter 7,771 Total $ 698,945 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis (in thousands): As of September 30, 2016 As of December 31, 2015 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Municipal debt securities $ 256 $ — $ 256 $ 754 $ — $ 754 Money market funds 36 36 — 781 781 — Commercial paper — — — 8,426 — 8,426 Total cash equivalents 292 36 256 9,961 781 9,180 Short-term Commercial paper 128,586 — 128,586 74,728 — 74,728 Corporate debt securities 95,479 — 95,479 80,957 — 80,957 Federal agency debt securities 21,914 — 21,914 42,825 — 42,825 Municipal debt securities 21,757 — 21,757 47,073 — 47,073 US Treasury Bonds 1,605 — 1,605 — — — Total short-term 269,341 — 269,341 245,583 — 245,583 Long-term Federal agency debt securities 36,517 — 36,517 30,878 — 30,878 Municipal debt securities 13,637 — 13,637 4,843 — 4,843 Corporate debt securities 12,088 — 12,088 27,425 — 27,425 US Treasury Bonds 3,005 — 3,005 1,606 — 1,606 Derivative instruments 1,487 — 1,487 2,480 — 2,480 Total long-term 66,734 — 66,734 67,232 — 67,232 Total financial instruments $ 336,367 $ 36 $ 336,331 $ 322,776 $ 781 $ 321,995 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, including current maturities and excluding related costs (in thousands): As of September 30, 2016 As of December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 300,000 $ 312,750 $ 300,000 $ 299,250 2 Non-publicly held debt 403,101 378,445 346,179 327,321 3 Total long-term debt $ 703,101 $ 691,195 $ 646,179 $ 626,571 |
Stockholders' Equity Repurchase
Stockholders' Equity Repurchases (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | Share repurchases consisted of the following during the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Shares repurchased (not in thousands) — 175,142 369,997 644,603 Average price per share — $218.67 $166.70 $185.43 Total (in thousands) — $38,298 $61,679 $119,530 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 (share count and dollar amounts in table are in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic: Net income attributable to Allegiant Travel Company $ 45,453 $ 44,458 $ 178,280 $ 163,665 Less net income allocated to participating securities (298 ) (199 ) (1,074 ) (802 ) Net income attributable to common stock $ 45,155 $ 44,259 $ 177,206 $ 162,863 Net income per share, basic $ 2.76 $ 2.63 $ 10.74 $ 9.57 Weighted-average shares outstanding 16,389 16,831 16,493 17,010 Diluted: Net income attributable to Allegiant Travel Company $ 45,453 $ 44,458 $ 178,280 $ 163,665 Less net income allocated to participating securities (297 ) (198 ) (1,073 ) (800 ) Net income attributable to common stock $ 45,156 $ 44,260 $ 177,207 $ 162,865 Net income per share, diluted $ 2.75 $ 2.62 $ 10.73 $ 9.55 Weighted-average shares outstanding 16,389 16,831 16,493 17,010 Dilutive effect of stock options and restricted stock 26 68 34 68 Adjusted weighted-average shares outstanding under treasury stock method 16,415 16,899 16,527 17,078 Participating securities excluded under two-class method (9 ) (30 ) (13 ) (28 ) Adjusted weighted-average shares outstanding under two-class method 16,406 16,869 16,514 17,050 |
Commitments and Contingencies C
Commitments and Contingencies Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments to Purchase Aircraft [Abstract] | |
Long-term Purchase Commitment | As of September 30, 2016 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Aircraft Under Contract Airbus A319 6 Airbus A320 27 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Payments Related to Commitments to Purchase [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | 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 are as follows (in thousands): As of September 30, 2016 Remaining in 2016 $ 34,860 2017 397,691 2018 116,962 2019 78,932 2020 41,473 Thereafter 3,613 Total commitments $ 673,531 |
Investment Securities (Detail)
Investment Securities (Detail) - Investment Securities - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Cost | $ 335,144 | $ 320,480 |
Gross Unrealized Gains | 31 | 52 |
Gross Unrealized Losses | (295) | (237) |
Market Value | 334,880 | 320,295 |
Commercial paper | ||
Cost | 128,714 | 83,155 |
Gross Unrealized Gains | 8 | 0 |
Gross Unrealized Losses | (136) | (1) |
Market Value | 128,586 | 83,154 |
Corporate debt securities | ||
Cost | 107,649 | 108,485 |
Gross Unrealized Gains | 10 | 50 |
Gross Unrealized Losses | (92) | (154) |
Market Value | 107,567 | 108,381 |
Federal agency debt securities | ||
Cost | 58,460 | 73,783 |
Gross Unrealized Gains | 9 | 0 |
Gross Unrealized Losses | (38) | (80) |
Market Value | 58,431 | 73,703 |
Municipal debt securities | ||
Cost | 35,678 | 52,669 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (29) | (1) |
Market Value | 35,650 | 52,670 |
US Treasury Bonds | ||
Cost | 4,607 | 1,607 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | (1) |
Market Value | 4,610 | 1,606 |
US Treasury Bonds | ||
Cost | 36 | 781 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Market Value | $ 36 | $ 781 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Flight equipment, including pre-delivery deposits | $ 1,335,364 | $ 1,123,115 |
Computer Hardware and Software | 96,027 | 78,200 |
Ground property and equipment | 78,203 | 72,078 |
Total property and equipment | 1,509,594 | 1,273,393 |
Less accumulated depreciation and amortization | 443,486 | 387,451 |
Property and equipment, net | $ 1,066,108 | $ 885,942 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 703,101 | $ 646,179 |
Secured Long-term Debt, Noncurrent | 698,945 | 641,678 |
Less current maturities | 137,452 | 74,069 |
Long-term debt, net of current maturities and related costs | 561,493 | 567,609 |
Fixed Rate Notes Payable Through 2020 | ||
Debt Instrument [Line Items] | ||
Notes Payable | 334,951 | 341,738 |
Variable Rate Notes Payable Through 2021 [Domain] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 363,994 | $ 299,940 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Secured Long-term Debt, Noncurrent | $ 698,945 | $ 641,678 | |
Due July 2021 | |||
Secured Long-term Debt, Noncurrent | 42,000 | ||
Due December 2017 | |||
Secured Long-term Debt, Noncurrent | $ 50,400 | ||
Due January 2021 | |||
Secured Long-term Debt, Noncurrent | $ 28,000 | ||
Airbus A319 | Due July 2021 | |||
Debt Instrument, Collateral | 3 | ||
Airbus A319 | Due January 2021 | |||
Debt Instrument, Collateral | 2 | ||
Due January 2021 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||
Due July 2021 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.70% | ||
Due December 2017 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% |
Long-Term Debt Schedule of Ma32
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 59,723 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 99,952 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 145,152 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 350,973 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 35,374 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 7,771 | |
Long-term Debt, Fair Value | $ 698,945 | $ 641,678 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities | $ 334,880 | $ 320,295 |
Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 336,367 | 322,776 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 36 | 781 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 336,331 | 321,995 |
Short-term Investments | Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 269,341 | 245,583 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 269,341 | 245,583 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale Securities | 128,586 | 74,728 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 128,586 | 74,728 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Available-for-sale Securities | 21,914 | 42,825 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 21,914 | 42,825 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Available-for-sale Securities | 21,757 | 47,073 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 21,757 | 47,073 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale Securities | 95,479 | 80,957 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 95,479 | 80,957 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Available-for-sale Securities | 1,605 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 1,605 | 0 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 13,637 | 4,843 |
Long Term Investments | Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 66,734 | 67,232 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 66,734 | 67,232 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Available-for-sale Securities | 36,517 | 30,878 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 36,517 | 30,878 |
Long Term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Available-for-sale Securities | 13,637 | 4,843 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale Securities | 12,088 | 27,425 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 12,088 | 27,425 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Available-for-sale Securities | 3,005 | 1,606 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 3,005 | 1,606 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | ||
Available-for-sale Securities | 1,487 | 2,480 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 1,487 | 2,480 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | ||
Cash Equivalents | 292 | 9,961 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 36 | 781 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 256 | 9,180 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | US Treasury Bonds | ||
Cash Equivalents | 36 | 781 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | US Treasury Bonds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 36 | 781 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | US Treasury Bonds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Commercial paper | ||
Cash Equivalents | 0 | 8,426 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 8,426 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Cash Equivalents | 256 | 754 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | $ 256 | $ 754 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 698,945 | $ 641,678 |
Notes Payable | 703,101 | 646,179 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 691,195 | 626,571 |
Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 300,000 | 300,000 |
Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 312,750 | 299,250 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 403,101 | 346,179 |
Non-Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 378,445 | $ 327,321 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Textuals (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2014Aircraft | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (208) | $ 171 | $ (533) | $ 712 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 247 | $ 260 | 756 | $ 1,003 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 575 | |||||
Available-for-sale Securities | $ 334,880 | $ 334,880 | $ 320,295 | |||
Airbus A320 Aircraft Series | ||||||
Derivative [Line Items] | ||||||
Assets | Aircraft | 12 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Repurchased During Period, Shares | 0 | 175,142 | 369,997 | 644,603 |
Treasury Stock Acquired, Average Cost Per Share | $ 0 | $ 218.67 | $ 166.70 | $ 185.43 |
Stock Repurchased During Period, Value | $ 0 | $ 38,298 | $ 61,679 | $ 119,530 |
Dividends | $ 11,540 | $ 28,168 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.70 | $ 1.70 |
Earnings per Share (Detail) - E
Earnings per Share (Detail) - Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25 | 69 | ||
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | $ 45,453 | $ 44,458 | $ 178,280 | $ 163,665 |
Less: Net income allocated to participating securities (in Dollars) | (298) | (199) | (1,074) | (802) |
Net income attributable to common stock (in Dollars) | $ 45,155 | $ 44,259 | $ 177,206 | $ 162,863 |
Net income per share, basic (in Dollars per share) | $ 2.76 | $ 2.63 | $ 10.74 | $ 9.57 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ (297) | $ (198) | $ (1,073) | $ (800) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 45,156 | $ 44,260 | $ 177,207 | $ 162,865 |
Net income per share, diluted (in Dollars per share) | $ 2.75 | $ 2.62 | $ 10.73 | $ 9.55 |
Weighted-average shares outstanding | 16,389 | 16,831 | 16,493 | 17,010 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 26 | 68 | 34 | 68 |
Adjusted weighted-average shares outstanding under treasury stock method | 16,415 | 16,899 | 16,527 | 17,078 |
Participating securities excluded under two-class method | (9) | (30) | (13) | (28) |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 16,406 | 16,869 | 16,514 | 17,050 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | Sep. 30, 2016aircraft |
Airbus A319 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | 6 |
Airbus A320 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | 27 |
Commitments and Contingencies39
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Payments Related to Commitments to Purchase [Abstract] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 34,860 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 397,691 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 116,962 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 78,932 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 41,473 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 3,613 |
Unrecorded Unconditional Purchase Obligation | $ 673,531 |
Related Party (Details)
Related Party (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Office Space | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,087 | ||
Lease Termination | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,300 | ||
Game Plane, LLC | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | 365 | |
Corporate Training | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 2,100 | 1,400 | |
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 | $ 2,300 | |
Chief Executive Officer | Beneficial Owner | Stock Ownership | |||
Related Party Transaction [Line Items] | |||
Related Party, Ownership Percentage | 25.00% |
Fuel Tax Refunds (Details)
Fuel Tax Refunds (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Fuel Tax Refunds | $ 8.3 |