Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 01, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Allegiant Travel CO | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 1,975,000,000 | ||
Entity Common Stock, Shares Outstanding | 16,634,773 | ||
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 | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 64,711 | $ 87,112 |
Restricted cash | 11,647 | 10,358 |
Short-term investments | 269,269 | 245,583 |
Accounts receivable | 40,667 | 21,815 |
Expendable parts, supplies and fuel, net | 16,797 | 15,583 |
Prepaid expenses | 16,277 | 18,276 |
Other current assets | 2,686 | 3,185 |
TOTAL CURRENT ASSETS | 422,054 | 401,912 |
Property and equipment, net | 1,095,314 | 885,942 |
Long-term investments | 124,834 | 64,752 |
Deferred major maintenance, net | 17,347 | 0 |
Other Assets, Noncurrent | 12,027 | 5,725 |
TOTAL ASSETS | 1,671,576 | 1,358,331 |
CURRENT LIABILITIES: | ||
Accounts payable | 16,010 | 6,801 |
Accrued liabilities | 96,661 | 116,131 |
Air traffic liability | 194,001 | 198,136 |
Current maturities of notes payable, net of related costs | 86,226 | 74,069 |
TOTAL CURRENT LIABILITIES | 392,898 | 395,137 |
LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES: | ||
Long-term debt, net of current maturities and related costs | 722,048 | 567,609 |
Deferred income taxes | 75,338 | 45,580 |
Other noncurrent liabilities | 7,670 | 0 |
TOTAL LIABILITIES: | 1,197,954 | 1,008,326 |
SHAREHOLDERS' EQUITY: | ||
Common stock, par value $.001, 100,000,000 shares authorized; 22,469,413 and 22,250,210 shares issued; 16,633,425 and 16,802,897 shares outstanding, as of December 31, 2016 and 2015, respectively | 22 | 22 |
Treasury stock, at cost, 5,835,988 and 5,447,313 shares at December 31, 2016 and 2015, respectively | (517,803) | (453,415) |
Additional paid in capital | 238,236 | 228,945 |
Accumulated other comprehensive income, net | (230) | 834 |
Retained earnings | 753,397 | 573,619 |
TOTAL EQUITY | 473,622 | 350,005 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,671,576 | $ 1,358,331 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
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 | 22,469,413 | 22,250,210 |
Common stock, shares outstanding | 16,633,425 | 16,802,897 |
Treasury stock, shares | 5,835,988 | 5,447,313 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING REVENUE: | |||
Scheduled service revenue | $ 753,414 | $ 735,563 | $ 732,020 |
Ancillary revenue: | |||
Air-related charges | 499,542 | 434,317 | 331,689 |
Third party products | 44,940 | 40,177 | 36,587 |
Total ancillary revenue | 544,482 | 474,494 | 368,276 |
Fixed fee contract revenue | 31,972 | 19,747 | 17,403 |
Other revenue | 32,963 | 32,384 | 19,347 |
Total operating revenue | 1,362,831 | 1,262,188 | 1,137,046 |
OPERATING EXPENSES: | |||
Aircraft fuel | 257,332 | 278,394 | 388,216 |
Salary and benefits | 291,974 | 229,802 | 193,345 |
Station operations | 124,052 | 102,294 | 84,667 |
Maintenance and repairs | 111,070 | 92,575 | 86,781 |
Depreciation and amortization | 105,216 | 98,097 | 83,409 |
Sales and marketing | 20,527 | 21,349 | 28,492 |
Aircraft lease rentals | 924 | 2,326 | 15,945 |
Other | 81,178 | 65,649 | 55,566 |
Special charge | 0 | 0 | 43,280 |
Total operating expenses | 992,273 | 890,486 | 979,701 |
OPERATING INCOME | 370,558 | 371,702 | 157,345 |
OTHER (INCOME) EXPENSE: | |||
Interest income | (3,010) | (1,452) | (901) |
Interest expense | (28,836) | (26,510) | (21,205) |
Other, net | (1,226) | (75) | (90) |
Total other expense | 24,600 | 24,983 | 20,214 |
INCOME BEFORE INCOME TAXES | 345,958 | 346,719 | 137,131 |
PROVISION FOR INCOME TAXES | 126,368 | 126,389 | 50,828 |
NET INCOME | 219,590 | 220,330 | 86,303 |
Net loss attributable to noncontrolling interest | 0 | (44) | (386) |
NET INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 219,590 | $ 220,374 | $ 86,689 |
Earnings per share to common stockholders: | |||
Basic (in Dollars per share) | $ 13.23 | $ 12.97 | $ 4.87 |
Diluted (in Dollars per share) | $ 13.21 | $ 12.94 | $ 4.86 |
Shares used for computation: | |||
Basic (in Shares) | 16,465 | 16,923 | 17,729 |
Diluted (in Shares) | 16,489 | 16,962 | 17,782 |
Cash dividends declared per share: | $ 2.40 | $ 2.75 | $ 2.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 219,590 | $ 220,330 | $ 86,303 |
Other comprehensive (loss) income: | |||
Change in available for sale securities, net of tax | 318 | (185) | (124) |
Foreign currency translation adjustments | 88 | 226 | 176 |
Change in derivatives, net of tax | (424) | 874 | 1,171 |
Reclassification of derivative gains into Other revenue | (1,046) | (1,292) | 0 |
Total other comprehensive (loss) income | (1,064) | (377) | 1,223 |
TOTAL COMPREHENSIVE INCOME | 218,526 | 219,953 | 87,526 |
Comprehensive loss attributable to noncontrolling interest | 0 | (44) | (386) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ALLEGIANT TRAVEL COMPANY | $ 218,526 | $ 219,997 | $ 87,912 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Parent | Noncontrolling Interest |
Common stock, shares issued | 18,544,000 | |||||||
Common Stock, Value, Issued | $ 22 | |||||||
Additional paid in capital | $ 209,213 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (12) | |||||||
Retained Earnings (Accumulated Deficit) | $ 352,811 | |||||||
Treasury Stock, Value | $ (186,291) | |||||||
Stockholders' Equity Attributable to Parent | $ 375,743 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 1,574 | |||||||
Balance at at Dec. 31, 2013 | $ 377,317 | |||||||
Balance at at Dec. 31, 2014 | 294,065 | |||||||
Stock-based compensation expense | 8,602 | $ 0 | 8,602 | 0 | 0 | 0 | 8,602 | 0 |
Issuance of restricted stock | 44,000 | |||||||
Exercises of stock options and stock-settled SARs (Shares) | 93,000 | |||||||
Tax benefit from stock based compensation | $ 3,442 | $ 0 | 3,442 | 0 | 0 | 0 | 3,442 | 0 |
Stock Repurchased During Period, Shares | (1,245,447) | 1,268,000 | ||||||
Shares repurchased by the Company and held as treasury shares | $ (139,105) | $ 0 | 0 | 0 | 0 | (139,105) | (139,105) | 0 |
Dividends, Cash | (43,717) | 0 | 0 | 0 | (43,717) | 0 | (43,717) | 0 |
Unrealized gain on short-term investments, net of tax | 1,223 | 0 | 0 | 1,223 | 0 | 0 | 1,223 | 0 |
Net income (loss) | 86,303 | $ 0 | 0 | 0 | 86,689 | 0 | 86,689 | (386) |
Common stock, shares issued | 17,413,000 | |||||||
Common Stock, Value, Issued | $ 22 | |||||||
Additional paid in capital | 221,257 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,211 | |||||||
Retained Earnings (Accumulated Deficit) | 395,783 | |||||||
Treasury Stock, Value | (325,396) | |||||||
Stockholders' Equity Attributable to Parent | 292,877 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,188 | |||||||
Balance at at Dec. 31, 2015 | 350,005 | |||||||
Stock-based compensation expense | 7,307 | 7,307 | 7,307 | |||||
Issuance of restricted stock | 40,000 | |||||||
Exercises of stock options and stock-settled SARs (Shares) | 37,000 | |||||||
Tax benefit from stock based compensation | 3,865 | 3,865 | 3,865 | |||||
Gain (Loss) on Disposition of Stock in Subsidiary | (702) | (3,484) | 3,926 | 442 | (1,144) | |||
Stock Repurchased During Period, Shares | 695,000 | |||||||
Shares repurchased by the Company and held as treasury shares | $ (129,455) | (129,455) | (129,455) | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 8,306 | 8,000 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 1,436 | 1,436 | 1,436 | |||||
Dividends, Cash | (46,464) | (46,464) | (46,464) | |||||
Unrealized gain on short-term investments, net of tax | (377) | (377) | (377) | |||||
Net income (loss) | $ 220,330 | 220,374 | 220,374 | (44) | ||||
Common stock, shares issued | 16,802,897 | 16,803,000 | ||||||
Common Stock, Value, Issued | $ 22 | $ 22 | ||||||
Additional paid in capital | 228,945 | 228,945 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 834 | 834 | ||||||
Retained Earnings (Accumulated Deficit) | 573,619 | 573,619 | ||||||
Treasury Stock, Value | (453,415) | (453,415) | ||||||
Stockholders' Equity Attributable to Parent | 350,005 | 350,005 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||||||
Balance at at Dec. 31, 2016 | 473,622 | |||||||
Stock-based compensation expense | 9,291 | $ 0 | 9,291 | 0 | 0 | 0 | 9,291 | 0 |
Issuance of restricted stock | 214,000 | |||||||
Exercises of stock options and stock-settled SARs (Shares) | 5,000 | |||||||
Exercises of stock options and stock-settled SARs | (66,371) | $ 0 | 0 | 0 | 0 | (66,371) | (66,371) | 0 |
Tax benefit from stock based compensation | 1,983 | $ 0 | 0 | 0 | 0 | 1,983 | 1,983 | 0 |
Stock Repurchased During Period, Shares | 402,000 | |||||||
Shares repurchased by the Company and held as treasury shares | $ (39,812) | $ 0 | 0 | 0 | (39,812) | 0 | (39,812) | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,400 | 13,000 | ||||||
Dividends, Cash | $ (1,064) | $ 0 | 0 | (1,064) | 0 | 0 | (1,064) | 0 |
Unrealized gain on short-term investments, net of tax | 219,590 | $ 0 | 0 | 0 | 219,590 | 0 | 219,590 | 0 |
Net income (loss) | $ 219,590 | |||||||
Common stock, shares issued | 16,633,425 | 16,633,000 | ||||||
Common Stock, Value, Issued | $ 22 | $ 22 | ||||||
Additional paid in capital | 238,236 | $ 238,236 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (230) | $ (230) | ||||||
Retained Earnings (Accumulated Deficit) | 753,397 | $ 753,397 | ||||||
Treasury Stock, Value | (517,803) | $ (517,803) | ||||||
Stockholders' Equity Attributable to Parent | $ 473,622 | $ 473,622 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (per Share) | $ 2.40 | $ 2.75 | $ 2.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends, Cash | $ 1,064 | $ 46,464 | $ 43,717 |
OPERATING ACTIVITIES: | |||
Net income | 219,590 | 220,330 | 86,303 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 105,216 | 98,097 | 83,409 |
Loss on aircraft and other equipment disposals | 4,981 | 4,630 | 7,100 |
Special charge | 0 | 0 | 43,280 |
Provision for obsolescence of expendable parts, supplies and fuel | 2,598 | 1,604 | 1,301 |
Amortization of deferred financing costs | 1,688 | 1,099 | 2,215 |
Share-based compensation expense | 9,389 | 10,474 | 16,723 |
Deferred income taxes | 29,846 | 8,979 | (7,353) |
Excess tax benefits from share-based compensation | 0 | (3,865) | (3,442) |
Changes in certain assets and liabilities: | |||
(Increase) decrease in accounts receivable | (18,201) | (1,693) | 4,707 |
(Increase) decrease in prepaid expenses | 1,999 | 6,030 | 8,591 |
Increase (decrease) in accounts payable | 9,209 | (6,431) | 851 |
Increase (decrease) in accrued liabilities | 7,596 | 14,673 | 9,243 |
Increase (decrease) in air traffic liability | (4,135) | 12,821 | 17,927 |
Deferred major maintenance | (18,857) | 0 | 0 |
Other, net | (4,058) | (1,381) | (1,074) |
Net cash provided by operating activities | 346,861 | 365,367 | 269,781 |
INVESTING ACTIVITIES: | |||
Purchase of investment securities | (444,532) | (357,546) | (334,538) |
Proceeds from maturities of investment securities | 361,082 | 373,816 | 297,968 |
Aircraft pre-delivery deposits | (125,434) | 0 | 0 |
Purchase of property and equipment, including capitalized interest | (199,743) | (252,686) | (279,418) |
Other investing activities | 6,790 | 2,198 | 740 |
Net cash used in investing activities | (401,837) | (234,218) | (315,248) |
FINANCING ACTIVITIES: | |||
Cash dividends paid to shareholders | (67,540) | (62,439) | (41,787) |
Excess tax benefits from share-based compensation | 0 | 3,865 | 3,442 |
Proceeds from the issuance of long-term debt | 321,160 | 121,000 | 385,300 |
Repurchase of common stock | (66,371) | (129,455) | (139,105) |
Principal payments on long-term debt | (154,080) | (67,930) | (168,794) |
Other financing activities | (594) | 1,312 | (1,690) |
Net cash provided by (used in) financing activities | 32,575 | (133,647) | 37,366 |
Net change in cash and cash equivalents | (22,401) | (2,498) | (8,101) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 87,112 | 89,610 | 97,711 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 64,711 | 87,112 | 89,610 |
Cash payments for: | |||
Interest paid, net of amount capitalized | 21,758 | 23,574 | 19,270 |
Income taxes, net of refunds | 110,612 | 111,399 | 55,501 |
Non-cash transactions: | |||
Long-term debt assumed for aircraft | 0 | 0 | 141,960 |
Parent | |||
Dividends, Cash | $ 1,064 | 46,464 | 43,717 |
OPERATING ACTIVITIES: | |||
Net income | $ 220,374 | $ 86,689 |
Organization and Business of Co
Organization and Business of Company (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business of Company | Organization and Business of Company Allegiant Travel Company (the “Company”) is a leisure travel company focused on providing travel services and products to residents of under-served cities in the United States. The Company operates a low-cost passenger airline which sells air transportation both on a stand-alone basis and bundled with the sale of air-related and third party services and products. The Company also provides air transportation under fixed fee flying arrangements, and generates aircraft lease revenue. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics, production processes (check-in, baggage handling and flight services) which target the same class of customers, and are subject to the same regulatory environment. As a result, the Company believes it operates in one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Allegiant Travel Company and its wholly-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. Any subsidiaries of the parent company other the subsidiary guarantors are minor. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity method. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior period amounts to conform to current year presentation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 based on events and transactions occurring during the periods reported, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash and Cash Equivalents Cash and cash equivalents include investments and interest bearing instruments with maturities of three months or less at the balance sheet date. Such investments are carried at cost which approximates fair value. Restricted Cash Restricted cash represents escrowed funds under fixed fee contracts, and cash collateral against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties. Restricted cash at December 31, 2016 and 2015 was $11.6 million and $10.4 million , respectively. Accounts Receivable Accounts receivable are carried at face amount which approximates fair value. They consist primarily of amounts due from credit card companies associated with the sale of tickets for future travel, commission amounts due from Enterprise Holdings Inc., based on terms in the rental car provider agreement, income tax receivables, and amounts due related to fixed fee charter agreements. If deemed necessary, the Company records charges to its allowance for doubtful accounts for amounts not expected to be collected. The allowance for doubtful accounts was zero as of December 31, 2016 and 2015 . The Company also had an outstanding receivable from a third party as of December 31, 2016 , for which $8.3 million is due more than one year after the balance sheet date and is classified with the Company's other assets. Short-term and Long-term Investments The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income in shareholders’ equity. Investment securities are classified as cash equivalents, short-term investments and long-term investments based on maturity date as of the balance sheet 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. As of December 31, 2016 , the Company’s long-term investments consisted of corporate debt securities, government debt securities and municipal debt securities with contractual maturities of less than 24 months. Investment securities consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Unrealized Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Municipal debt securities $ 153,506 $ 2 $ (216 ) $ 153,292 $ 52,669 $ 2 $ (1 ) $ 52,670 Commercial paper 108,421 14 (63 ) 108,372 83,155 — (1 ) 83,154 Corporate debt securities 101,739 3 (124 ) 101,618 108,485 50 (154 ) 108,381 Federal agency debt securities 47,524 1 (71 ) 47,454 73,783 — (80 ) 73,703 US Treasury Bonds 4,615 — (6 ) 4,609 1,607 — (1 ) 1,606 Money market funds 123 — — 123 781 — — 781 Total $ 415,928 $ 20 $ (480 ) $ 415,468 $ 320,480 $ 52 $ (237 ) $ 320,295 The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in other (income) expense. The Company had minimal realized losses during the years ended December 31, 2016 , 2015 , and 2014 . The Company believes unrealized losses related to debt securities are not other-than-temporary and does not intend to sell these securities prior to amortized cost recoverability. The Company attempts to minimize its concentration risk with regard to its cash, cash equivalents, and investment portfolio. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security, commercial paper, or money market fund. Expendable Parts, Supplies and Fuel, Net Expendable parts, supplies and fuel inventories are valued at cost using the first-in, first-out method. Such inventories are charged to expense as they are used in operations. An obsolescence allowance for expendable parts and supplies is based on the remaining useful lives of the corresponding fleet type and salvage values. The allowance for expendable parts and supplies was $7.2 million and $4.6 million at December 31, 2016 and 2015 , respectively. Rotable aircraft parts inventories are included in property and equipment. Software Capitalization The Company capitalizes certain internal and external costs related to the acquisition and development of computer software during the application development stage of projects. The Company amortizes these capitalized costs using the straight-line method over the estimated useful life of the software, which typically ranges from three to five years. The Company had unamortized computer software development costs of $40.4 million and $38.2 million as of December 31, 2016 and 2015 , respectively. Amortization expense related to computer software was $13.3 million , $10.0 million and $6.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Costs incurred during the preliminary and post-implementation stages are expensed as incurred. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less an estimated salvage value. The estimated useful lives are as follows: Aircraft and related flight equipment: MD83/88 (remaining depreciable lives) 3 years Boeing 757-200 (remaining depreciable lives) 1 year Airbus A320 Series 10-15 years Rotable parts 1-7 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-5 years In estimating the useful lives and residual values of aircraft, the Company primarily has relied upon actual experience with the same or similar aircraft types, current and projected future market information, and recommendations from other industry sources. Subsequent revisions to these estimates could be caused by changing market prices of the Company’s aircraft, changes in utilization of the aircraft, and other fleet events. These estimates are evaluated each reporting period and adjusted if necessary. Changes in the estimate for useful lives or residual values of the Company’s property and equipment could result in an acceleration of depreciation expense associated with the change in estimate. Payments required to be made in advance of aircraft delivery are qualifying assets and interest attributable to these payments is capitalized as part of the cost of the related asset until the aircraft has been delivered and is ready to enter revenue service. Interest is capitalized at the Company’s weighted average borrowing rate and depreciated over the estimated useful life of the asset. Capitalized interest for 2016 was $1.8 million and zero in 2015. Aircraft Maintenance and Repair Costs The Company accounts for non-major maintenance and repair costs incurred under the direct expense method. Under this method, maintenance and repair costs for owned and leased aircraft are charged to operating expenses as incurred. Maintenance and repair costs includes all parts, materials, line maintenance, and non-major maintenance activities required to maintain the Company's multiple fleet types. The Company accounts for major maintenance costs of 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 has not experienced any major maintenance events for the Boeing 757-200 fleet. The Company accounts for major maintenance costs of its Airbus airframes and the related CFM engines using the deferral method. The first major maintenance events for these aircraft and engines occurred during 2016. 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. During 2016, the Company capitalized $18.9 million of costs for major maintenance with associated amortization expense and accumulated amortization of $1.5 million . Measurement of Impairment of Long-Lived Assets The Company records impairment losses on long-lived assets used in operations, consisting principally of property and equipment, when events or changes in circumstances indicate, in management’s judgment, that the assets might be impaired, and the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length of service for which the asset will be used in operations, and estimated salvage values. For the years ended December 31, 2016 , 2015 and 2014 , the Company incurred impairment losses related to two Boeing 757-200 airframes and other MD-80 parts, of $3.0 million , $1.1 million and $3.4 million , respectively and classified within Other operating expense. In 2014, the Company recorded a non-cash impairment charge of $43.3 million on its fleet of Boeing 757 aircraft, engines, and related assets as a result of its review of fleet value. The review was based on factors such as the Company's ability or intent to operate fleet types through their estimated useful lives, potential changes to the fleet residual values based on changes in market conditions for used aircraft, spare engines and parts, and potential changes to the scheduled revenue network based on competition trends and operational performance. Revenue Recognition Scheduled service revenue Scheduled service revenue consists of passenger revenue generated from nonstop flights in the Company’s route network, recognized either when the travel-related service or transportation is provided or when the itinerary expires unused. Nonrefundable scheduled itineraries expire on the date of the intended flight, unless the date is extended by notification from the customer in advance. Itineraries sold for transportation not yet used, as well as unexpired credits, are included in air traffic liability. Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded as a liability until remitted to the appropriate taxing authority. Ancillary air-related revenue Ancillary air-related revenue is generated from fees paid by ticketed passengers and consists of baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services. Revenues from air-related charges are recognized when the transportation is provided if the product is not deemed distinct of the original ticket sale. Change and cancellation fees for nonrefundable itineraries are air-related charges deemed distinct of the original ticket sale, and are recognized as revenue when the fee is incurred by the customer. Ancillary third party revenue Ancillary revenue is also generated from the sale of third party products such as hotel rooms, rental cars and ticket attractions. Revenue from the sale of third party products is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. The Company follows accounting standards for determining whether it is a principal or an agent in revenue arrangements to determine the amount of revenue to be recognized for each element of a bundled sale involving air-related charges and third party products in addition to airfare. Revenue from the sale of third party products is recorded net (treatment as an agent) of amounts paid to wholesale providers, travel agent commissions, and transaction costs. Fixed fee contract revenue Fixed fee contract revenue consists of agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when the transportation is provided. Other revenue Other revenue is generated from leased aircraft and flight equipment, and other miscellaneous sources. Lease revenue is recognized ratably over the lease term. Affinity Credit Card Program In 2016, the Company launched the Allegiant World MasterCard® issued by Bank of America through which arrangement points are sold and consideration is received under an agreement with a seven year scheduled duration. Under this arrangement, the Company identified the following deliverables: travel points to be awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Applying guidance under Accounting Standards Update (“ASU”) 2009-13 - Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements, each of these deliverables is accounted for separately and allocation of the consideration from the agreement is determined based on the relative selling price of each deliverable. The Company applied a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points to be redeemed. The travel component is deferred based on its relative selling price and is recognized into scheduled service revenue when the points are redeemed by cardholders. The marketing component is considered earned in the period in which points are sold and is therefore recognized into third party products revenue in the same period. Advertising Costs Advertising costs are charged to expense in the period incurred. Advertising expense was $13.6 million , $12.7 million and $6.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Earnings per Share Basic and diluted earnings per share are computed pursuant to the two-class method as opposed to the treasury 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 because 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 two methods. Under both methods, the exercise of employee stock options are assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs as described below: 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 years ended December 31, 2016 , 2015 and 2014 , the second method above 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 (in thousands, except per share amounts): Year ended December 31, 2016 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 219,590 $ 220,374 $ 86,689 Less net income allocated to participating securities (1,748 ) (961 ) (293 ) Net income attributable to common stock $ 217,842 $ 219,413 $ 86,396 Net income per share, basic $ 13.23 $ 12.97 $ 4.87 Weighted-average shares outstanding 16,465 16,923 17,729 Diluted: Net income attributable to Allegiant Travel Company $ 219,590 $ 220,374 $ 86,689 Less net income allocated to participating securities (1,746 ) (958 ) (292 ) Net income attributable to common stock $ 217,844 $ 219,416 $ 86,397 Net income per share, diluted $ 13.21 $ 12.94 $ 4.86 Weighted-average shares outstanding 16,465 16,923 17,729 Dilutive effect of stock options and restricted stock 42 69 88 Adjusted weighted-average shares outstanding under treasury stock method 16,507 16,992 17,817 Participating securities excluded under two-class method (18 ) (30 ) (35 ) Adjusted weighted-average shares outstanding under two-class method 16,489 16,962 17,782 Stock awards outstanding of 1,918 ; 28,789 ; and 75,233 shares for 2016 , 2015 , and 2014 , respectively, were excluded from the computation of diluted earnings per share as they were antidilutive. Share-Based Compensation The Company accounts for share-based compensation in accordance with accounting standards which require the compensation cost related to share-based payment transactions be recognized in the Company’s consolidated statements of income. The cost is measured at the grant date, based on the calculated fair value of the award using the Black-Scholes option pricing model for stock options and cash-settled SARs, and is remeasured monthly for cash-settled SARs. Fair value is based on the closing price of the Company’s stock on the grant date for restricted stock awards. The cost is recognized as an expense over the requisite service period, the vesting period of the award, which is generally three years. Forfeiture rates for each type of award are estimated at time of grant. The Company’s share-based employee compensation plan is more fully discussed in Note 11—Employee Benefit Plans. Income Taxes The Company recognizes deferred income taxes based on the asset and liability method required by accounting standards. Deferred tax assets and liabilities are determined based on the timing differences between book basis for financial reporting purposes and tax basis of the asset and liability and measured using the enacted tax rates. A valuation allowance for deferred tax assets is provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company determines the net non-current deferred tax assets or liabilities separately for federal, state, foreign and other local jurisdictions. The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the jurisdictions where the Company operates. The Company assesses potentially unfavorable outcomes of such examinations based on the criteria set forth in uncertain tax position accounting standards. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Accounting standards for income taxes utilize a two-step approach for evaluating tax positions. Recognition (Step I) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step II) is only addressed if the position is deemed to be more likely than not to be sustained. Under Step II, the tax benefit is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. The tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" 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 and as a result will be reclassified into scheduled service revenue. In addition, change fees previously recognized when incurred by the customer, will likely be recognized when air travel is provided and reclassified into scheduled service revenue. The standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. 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 as a lease liability and a corresponding right-of-use asset, 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 currently does not expect adoption to significantly change the recognition, measurement or presentation of associated expense within the consolidated statements of income or cash flows. 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 the first quarter 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 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 currently expect significant classification modifications as a result of this ASU. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment Property and equipment consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Flight equipment $ 1,377,829 $ 1,123,115 Computer hardware and software 101,850 78,200 Ground property and equipment 81,786 72,078 Total property and equipment 1,561,465 1,273,393 Less accumulated depreciation and amortization (466,151 ) (387,451 ) Property and equipment, net $ 1,095,314 $ 885,942 As of December 31, 2016 , the Company has firm commitments to purchase 31 new and used Airbus A320 series aircraft which are expected to be delivered between 2017 and 2020. In addition, the Company expects to take delivery, in 2018, of its 12 owned Airbus A320 series aircraft currently on lease to a European carrier. |
Accrued Liabilities (Notes)
Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Salaries, wages and benefits $ 38,860 $ 37,545 Station expenses 14,799 11,668 Interest 11,891 7,900 Passenger fees 11,200 9,007 Maintenance and repairs 4,953 7,287 Passenger taxes 394 1,415 Dividends — 27,728 Other accruals 14,564 13,581 Total accrued liabilities $ 96,661 $ 116,131 As of December 31, 2016 , the increase in interest payable is related to the increase in outstanding debt, including a $150.0 million increase to the 5.5 percent senior notes due 2019. As of December 31, 2016, dividends payable was zero as all quarterly dividends were declared and paid within the year. In 2015 , the Company declared a special dividend in December which was paid in January of 2016. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Fixed-rate notes payable due through 2020 $ 465,748 $ 341,738 Variable-rate notes payable due through 2021 342,526 299,940 Total long-term debt, net of related costs 808,274 641,678 Less current maturities, net of related costs 86,226 74,069 Long-term debt, net of current maturities and related costs $ 722,048 $ 567,609 Weighted average fixed-interest rate 5.41 % 5.25 % Weighted-average variable-interest rate 3.16 % 2.98 % Maturities of long-term debt as of December 31, 2016 , for the next five years and thereafter, in the aggregate, are: 2017 - $87.4 million ; 2018 - $147.1 million ; 2019 - $510.4 million ; 2020 - $45.3 million ; 2021 - $18.1 million ; and none thereafter. Secured Debt As of December 31, 2016 and 2015, the Company had $342.5 million and $299.9 million , respectively, of variable rate debt secured by 34 and 26 Airbus A320 series aircraft. Each note bears interest at a floating rate based on LIBOR and is payable in quarterly installments over five year terms. As of December 31, 2016 and 2015, the Company had $16.2 million and $16.7 million , respectively, of fixed rate debt secured by real estate owned by the Company. Additionally, fixed rate debt with a balance of $27.4 million as of December 31, 2015, was secured by four Airbus A320 series aircraft. These notes were paid off in 2016. The notes secured by real estate bear interest at a fixed rate and are payable in monthly installments over five year terms. Senior Secured Revolving Credit Facility In December 2015, the Company, through a wholly owned subsidiary, entered into a senior secured revolving credit facility under which it is able to borrow up to $56.0 million . The amount that may be drawn under the facility and the outstanding debt balance are based on the value of Airbus A320 series aircraft which the Company may choose to place in the collateral pool. The facility has a term of 24 months and may be extended for two further one-year periods at the lender’s option. Any notes under the facility will bear interest at a floating rate based on LIBOR plus 1.85 percent . An individual aircraft may remain in the collateral pool for up to one year. In the third quarter of 2016, the Company drew down $50.4 million which was subsequently repaid in the fourth quarter 2016. As of December 31, 2016, there was no balance under this facility and six Airbus A320 series aircraft remain in the collateral pool. General Unsecured Senior Notes In June 2014, the Company completed an offering of $300.0 million aggregate principal amount of senior unsecured obligations (the "Notes") which will mature in July 2019. The Notes constitute general unsecured senior obligations of the Company and rank equally in right of payment with all existing and future senior unsecured indebtedness and liabilities (including trade payables) of the Company. The Notes are effectively junior to the Company’s existing and future secured indebtedness. The Notes are guaranteed by all of the Company’s wholly-owned domestic subsidiaries and rank equally in right of payment with all existing and future unsecured indebtedness and liabilities (including trade payables) of the Company’s guarantor subsidiaries, but effectively junior to the guarantors’ existing and future secured indebtedness. 5.5 percent per year, payable in cash semi-annually, on January 15 and July 15 of each year, and will mature on July 15, 2019. The indenture pursuant to which the Notes were issued includes operating and financial restrictions on the Company. These restrictions limit or restrict, among other things, the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness; (ii) incur liens; (iii) make restricted payments (including paying dividends on, redeeming, repurchasing or retiring capital stock); (iv) make investments; and (v) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to various exceptions and qualifications under the terms of the indenture. As of December 31, 2016, management believes the Company is in compliance with all covenants under the indenture. In December 2016, the Company completed an offering of an additional $150.0 million principal amount of its 5.5 percent senior notes due in 2019. The notes were issued at a price of 101.5 percent of the principal amount, plus accrued interest from July 15, 2016. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders’ Equity The Company is authorized by its Board of Directors to acquire the Company’s stock through open market and private 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: Twelve Months Ended December 31, 2016 2015 2014 Shares repurchased (1) 391,972 682,003 1,245,447 Average price per share $ 164.99 $ 186.43 $ 109.64 Total (in thousands) $ 64,673 $ 127,147 $ 136,554 (1) Share amounts shown above include only open market repurchases and do not include shares withheld from employees for tax withholding obligations related to restricted stock vestings, which were 10,103 , 12,682 , and 22,842 shares for 2016, 2015 and 2014, respectively. As of December 31, 2016 , the Company had $89.3 million in unused share repurchase authority remaining under the Board approved program. During 2016, the Board declared, and the Company paid, total quarterly cash dividends of $2.40 per share for a total of $39.8 million . During 2015, the Board declared, and the Company paid, total quarterly cash dividends of $1.10 per share for a total of $18.7 million . Prior to year-end, the Board declared a special cash dividend of $1.65 per share on outstanding common stock payable to shareholders of record on December 18, 2015. On January 8, 2016, the Company paid $27.7 million to these shareholders. On December 3, 2014, the Board declared a special cash dividend of $2.50 per share on its outstanding common stock payable to shareholders of record on December 19, 2014. On January 6, 2015, the Company paid $43.7 million to these shareholders. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Investments 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 commercial paper, municipal debt securities, federal agency debt securities, corporate debt securities, and US treasury bonds, 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 foreign currency 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 As of Description Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Federal agency debt securities $ 19,399 $ — $ 19,399 $ — $ — $ — Municipal debt securities 1,843 — 1,843 754 — 754 Money market funds 123 123 — 781 781 — Commercial paper — — — 8,426 — 8,426 Total cash equivalents 21,365 123 21,242 9,961 781 9,180 Short-term Commercial paper 108,372 — 108,372 74,728 — 74,728 Municipal debt securities 78,826 — 78,826 47,073 — 47,073 Corporate debt securities 76,570 — 76,570 80,957 — 80,957 Federal agency debt securities 3,895 — 3,895 42,825 — 42,825 US Treasury Bonds 1,606 — 1,606 — — — Total short-term 269,269 — 269,269 245,583 — 245,583 Long-term Municipal debt securities 72,623 — 72,623 4,843 — 4,843 Corporate debt securities 25,048 — 25,048 27,425 — 27,425 Federal agency debt securities 24,160 — 24,160 30,878 — 30,878 US Treasury Bonds 3,003 — 3,003 1,606 — 1,606 Derivative instruments 1,660 — 1,660 2,480 — 2,480 Total long-term 126,494 — 126,494 67,232 — 67,232 Total financial instruments $ 417,128 $ 123 $ 417,005 $ 322,776 $ 781 $ 321,995 There were no significant transfers between Level 1 and Level 2 assets for the years ended December 31, 2016 or 2015 . Long-term Debt 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 (in thousands): As of December 31, 2016 As of December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Level Publicly held debt $ 452,179 $ 468,005 $ 300,000 $ 299,250 2 Non-publicly held debt 360,999 340,866 346,179 327,321 3 Total long-term debt $ 813,178 $ 808,871 $ 646,179 $ 626,571 Other Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments Disclosure [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 or liabilities of forecasted transactions caused by fluctuations in foreign currency exchange rates. At December 31, 2016 , 2015 and 2014, respectively, the change in fair value recorded in accumulated other comprehensive income was a decrease of $0.4 million and an increase of $0.9 million and $1.2 million . 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 value of any ineffective portion of a financial instrument would be immediately charged against earnings. The Company realized $1.0 million and $1.3 million in net gains from its cash flow hedge in Other revenue from amounts settled under the forward contract in 2016 and 2015 respectively. As of December 31, 2016 , it is expected that $0.7 million will be reclassified from Other comprehensive income into Other revenue within the next 12 months. At December 31, 2016 and 2015 respectively, the fair value of the Company's derivative instrument was $1.7 million and $2.5 million and is reported in the Company's consolidated balance sheet within Deposits and other assets. Refer to Note 7 - Fair Value Measurements for additional information related to the estimated fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to income taxation in the United States, foreign countries and various state jurisdictions in which it operates. In accordance with income tax reporting accounting standards, the Company recognizes tax benefits or expense on the temporary differences between the financial reporting and tax bases of its assets and liabilities. Components of Income Before Income Taxes from Continuing Operations The components of income before taxes for domestic and foreign operations consisted of the following (in thousands): Twelve Months Ended December 31, 2016 2015 2014 Domestic $ 329,818 $ 331,813 $ 129,553 Foreign 16,140 14,906 7,578 Total $ 345,958 $ 346,719 $ 137,131 Income Tax Provision The provision for income taxes is composed of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 89,014 $ 108,119 $ 53,156 State 5,204 6,501 4,645 Foreign 1,262 996 854 Total current 95,480 115,616 58,655 Deferred: Federal 27,950 9,458 (8,557 ) State 1,673 125 (247 ) Foreign 1,265 1,190 977 Total deferred 30,888 10,773 (7,827 ) Total income tax provision $ 126,368 $ 126,389 $ 50,828 Reconciliation of Effective Tax Rate The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows (in thousands): Year Ended December 31, 2016 2015 2014 Income tax expense at federal statutory rate $ 121,085 $ 121,352 $ 47,996 State income taxes, net of federal income tax benefit 5,487 4,293 2,587 Other (204 ) 744 245 Total income tax expense $ 126,368 $ 126,389 $ 50,828 Deferred Taxes The major components of the Company’s net deferred tax assets and liabilities are as follows (in thousands): As of December 31, 2016 2015 Deferred tax assets: Accrued vacation $ 1,183 $ 1,339 Accrued bonus 9,340 8,189 State taxes 2,187 2,396 Accrued property taxes 2,077 1,149 Other 1,910 6,940 Stock-based compensation expense 3,126 2,923 Total deferred tax assets 19,823 22,936 Deferred tax liabilities: Prepaid expenses 5,049 5,314 Depreciation 86,981 60,979 Foreign deferred 3,131 2,223 Total deferred tax liabilities 95,161 68,516 Net deferred tax liabilities $ 75,338 $ 45,580 Tax Credit Carryforwards The Company did not have any federal net operating loss ("NOL") carryforward for the years ended December 31, 2016 or 2015, but recognized a $3.1 million NOL for the year ended December 31, 2014 related to a less than 80 percent owned subsidiary which was liquidated in 2015. In addition, federal capital loss carryforward of $1.1 million as of December 31, 2016, begins to expire in 2021. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company previously entered into lease agreements for approximately 70,000 and 10,000 square feet of office space in buildings in which the Company’s Chairman and Chief Executive Officer ("CEO"), and President, own minority interests as limited partners. The Company exercised its option to terminate the lease for 70,000 square feet of office space effective in May 2015. In connection with the termination of this lease, the Company paid $1.3 million for unamortized expenses in January 2016. Additionally, as of January 2016, payments for the remaining 10,000 square feet of space are no longer being made to a related party entity as the lender has taken ownership of the property. Under the terms of these agreements, the Company made no rent payments to related parties in 2016 and made payments of $1.2 million in 2015 and $3.1 million in 2014. 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. The Company made no payments to Alpine Labs, LLC in 2016 and paid $0.4 million in 2015 and $2.8 million in 2014. As of December 31, 2016 this entity has been dissolved. During 2016, 2015, and 2014, respectively, the Company made payments totaling $1.7 million , $2.9 million , and $0.8 million to entities owned or controlled by the Company's Chairman and CEO for the building of corporate training content, with a focus on the Company's operating groups. This progressive approach generates personalized learning modules which tailor course content based on each trainee's concept mastery. The Company also expects program development to facilitate recurrent training and to contribute to cost savings in the future. 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. The Company made sponsorship payments to GMS Racing totaling $2.5 million in 2015, and none in either 2016 or 2014. No future payments are anticipated. In September 2014, as part of its stock repurchase plan, the Company repurchased all of its former President and Chief Operating Officer's unvested shares of restricted stock ( 23,623 shares at $124.05 ) and all of his unexercised stock options (options to purchase 127,512 shares at exercise prices between $36.97 per share and $108.59 per share) for a total payment of $8.5 million . Also in September 2014, the Company repurchased 200,000 shares of its common stock from its Chairman and CEO at $126.20 per share, for a total purchase price of $25.2 million . The repurchase prices of the common stock listed above were based on the average closing market price of the Company's stock over the five trading days prior to each sale date. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Company has a defined contribution plan covering all eligible employees. Under the plan, employees may contribute up to 90 percent of their eligible annual compensation with the Company making matching contributions on employee deferrals of up to 5 percent of eligible employee wages. The Company recognized expense under this plan of $5.8 million , $4.2 million and $3.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Share-based employee compensation In 2016, the Board of Directors adopted and the shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Plan"). The Company reserved 2,000,000 shares of common stock for the Company to grant stock options, restricted stock, cash-settled stock appreciation rights ("SARs") and other stock-based awards to certain officers, directors and employees of the Company under the 2016 Plan. The 2016 Plan is administered by the Company’s compensation committee of the Board of Directors. As of December 31, 2016, a portion of unvested restricted stock, and unexercised stock options and cash-settled SARs remain outstanding under the 2006 Long-Term Incentive Plan which has otherwise expired. Employee Stock Purchase Plan In 2014, the Company adopted the 2014 Employee Stock Purchase Plan ("ESPP") and reserved 1,000,000 shares of common stock for employee purchases under the plan. Shares are purchased semi-annually, at a 10 percent discount, based on the market value at period-end. Employees may contribute up to 25 percent of their base pay per offering period, not to exceed $25,000 each calendar year, for the purchase of common stock. The ESPP is a compensatory plan under applicable accounting guidance and results in the recognition of compensation expense. Employees purchased 13,400 shares in 2016 and 8,306 shares in 2015 under the ESPP. Compensation expense For the years ended December 31, 2016 , 2015 and 2014 , the Company recorded compensation expense of $9.6 million , $10.6 million and $16.7 million respectively, related to stock options, restricted stock, cash-settled SARs and the ESPP. The unrecognized compensation cost, and weighted-average period over which the cost is expected to be recognized for non-vested awards as of December 31, 2016 , are presented below: Unrecognized Compensation Cost (thousands) Weighted Average Period (years) Restricted stock $ 27,518 2.48 Cash-settled SARs 897 2.14 Stock options 50 0.18 Total $ 28,465 2.47 Stock options The fair value of stock options granted is estimated as of the grant date using the Black-Scholes option pricing model. The contractual terms of the Company’s stock option awards granted range from five to ten years. A summary of option activity as of December 31, 2016 , 2015 and 2014 , and changes during the years then ended, is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (thousands) Outstanding at December 31, 2013 283,631 $ 49.48 Granted 50,630 108.59 Exercised (1) (237,912 ) 38.39 Forfeited (7,600 ) 20.42 Outstanding at December 31, 2014 88,749 69.43 3.29 $ 7,180 Exercised (36,968 ) 52.06 Forfeited (3,000 ) 3.50 Outstanding at December 31, 2015 48,781 86.65 2.62 $ 3,960 Exercised (5,192 ) 108.59 Outstanding at December 31, 2016 43,589 $ 84.04 1.55 $ 3,590 Fully vested and expected to vest at December 31, 2016 43,256 $ 83.85 1.55 $ 3,571 Exercisable at December 31, 2016 32,552 $ 75.71 1.34 $ 2,952 (1) Includes 127,512 options purchased from the Company's former President and Chief Operating Officer in connection with his separation agreement in 2014. Refer to Note 10 - Related Party Transactions for further discussion. During the years ended December 31, 2016 , 2015 and 2014 , the total intrinsic value of options exercised was $0.2 million , $5.8 million and $9.4 million , respectively. Cash received from option exercises for the years ended December 31, 2016 , 2015 and 2014 was $0.6 million , $1.9 million and $2.2 million , respectively. Restricted stock awards The closing price of the Company's stock on the date of grant is used as the fair value for the issuance of restricted stock. A summary of the status of the Company’s non-vested restricted stock grants during the years ended December 31, 2016 , 2015 and 2014 is presented below: Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2013 145,232 $ 62.61 Granted 54,731 109.66 Vested (1) (90,567 ) 75.31 Forfeited (10,614 ) 79.36 Non-vested at December 31, 2014 98,782 91.15 Granted 47,810 178.68 Vested (54,825 ) 83.35 Forfeited (8,810 ) 130.35 Non-vested at December 31, 2015 82,957 155.30 Granted 224,018 144.74 Vested (43,310 ) 129.96 Forfeited (10,007 ) 158.74 Non-vested at December 31, 2016 253,658 $ 146.01 (1) Includes 23,623 shares of previously unvested restricted stock purchased from the Company's former President and Chief Operating Officer in connection with his separation agreement in 2014. Refer to Note 10 - Related Party Transactions for further discussion. The total fair value of restricted stock that vested during the years ended December 31, 2016 , 2015 and 2014 was $5.6 million , $4.6 million and $6.8 million , respectively. Cash-settled SARs Cash-settled SARs are liability classified awards for which the fair value and compensation expense recognized are updated monthly, also using the Black-Scholes option pricing model. The following range of assumptions in the Black-Scholes pricing model was used to determine fair value as of December 31 of the years indicated below: 2016 2015 2014 Weighted-average volatility 33.2 % 30.2 % 29.3 % Expected term (in years) 0.3 - 3.1 0.3 - 2.5 1.4 - 2.5 Risk-free interest rate 0.4% - 1.5% 0.3% - 1.2% 0.4% - 0.9% Dividend yield 1.51 % 1.47 % 1.80 % Expected volatilities used for award valuation are based on the historical volatility of the Company's common stock price. Expected term represents the weighted average time between the award’s grant date and its expected exercise date. The Company estimated the expected term assumption in 2016 , 2015 and 2014 using historical award exercise activity and employee termination activity. The risk-free interest rate for periods equal to the expected term of an award is based on a blended historical rate using Federal Reserve rates for U.S. Treasury securities. The dividend yield reflects the effect that paying a dividend has on the fair value of the Company's stock. The contractual terms of the Company’s cash-settled SARs awards granted are five years. A summary of cash-settled SARs awards activity during the years ended December 31, 2016 , 2015 and 2014 is presented below: # of SARs Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Balance at December 31, 2013 138,516 $ 64.21 Granted 54,528 108.59 Forfeited (14,220 ) 94.19 Exercised (59,311 ) 53.46 Balance at December 31, 2014 119,513 $ 86.23 Granted 77,396 181.47 Forfeited (21,722 ) 135.16 Exercised (43,446 ) 80.10 Balance at December 31, 2015 131,741 $ 136.13 Granted 15,000 146.03 Forfeited (10,083 ) 170.21 Exercised (32,050 ) 89.19 Balance at December 31, 2016 104,608 $ 153.86 3.03 $ 1,312 Vested or expected at December 31, 2016 96,093 $ 153.79 3.04 $ 1,212 Exercisable at December 31, 2016 39,852 $ 142.29 2.51 $ 961 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Future minimum fixed payments for commitments as of December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 2022 - Thereafter Operating lease obligations $ 5,461 $ 4,849 $ 4,174 $ 2,522 $ 610 $ 2,988 Aircraft purchase obligations 379,152 101,184 64,550 33,800 — — Airport fees under use and lease agreements 11,115 11,115 10,358 5,215 63 — Total future payments $ 395,728 $ 117,148 $ 79,082 $ 41,537 $ 673 $ 2,988 Operating Lease Obligations The Company leases assets including office facilities, office equipment and certain airport and terminal facilities. These commitments have remaining non-cancelable lease terms, for which the majority range from 2017 to 2020. Total rental expense for operating leases for the years ended December 31, 2016 , 2015 and 2014 was $8.1 million , $7.9 million and $8.8 million , respectively. Included in total rental expense in 2014 was $1.0 million of aircraft lease rentals expense for two Airbus A320 series aircraft which were purchased in the same year; no such expense was incurred in 2016 or 2015. Aircraft sub-service expense was $0.9 million , $2.1 million , and $14.8 million in 2016, 2015 and 2014, respectively. Aircraft Commitments During 2016, the Company entered into four different purchase agreements for 27 Airbus A320 series aircraft, including an agreement for 12 newly manufactured Airbus A320 aircraft, all yet to be purchased as of December 31, 2016. During 2015, the Company entered into purchase agreements for eight Airbus A320 series aircraft yet to be purchased as of the end of that year. Four of these aircraft were acquired in 2016 and the remaining four are scheduled to be acquired in 2017. Airport and Other Facility Lease Obligations Office facilities under lease include approximately 10,000 and 87,000 , square feet of space used for corporate and training purposes, with expiration dates ranging between 2018 and 2020. The Company is responsible for its share of common area maintenance charges under both leases. In addition, in the third quarter of 2016, the Company entered into a new lease agreement extending through 2026 for an East coast training facility with approximately 300,000 square feet. Airport and terminal facility leases are entered into with a number of local governments and other third parties. These lease arrangements have a variety of terms and conditions. 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. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts (in thousands) Balance at Beginning of Year Changes Charged to Statement of Income Account Balance at End of Year Allowance for expendable parts and supplies For the Year Ended December 31, 2016 $ 4,607 $ 2,598 $ 7,205 For the Year Ended December 31, 2015 3,003 1,604 4,607 For the Year Ended December 31, 2014 1,702 1,301 3,003 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2017, the Company borrowed $22.0 million secured by two Airbus A320 series aircraft. The notes bear interest at a floating rate based on LIBOR plus 1.70 percent and will be payable in quarterly installments through January 2022. In February 2017, the Company executed a purchase agreement for one Airbus A320 series aircraft for which delivery is expected in second quarter 2017. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements include the accounts of Allegiant Travel Company and its wholly-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. Any subsidiaries of the parent company other the subsidiary guarantors are minor. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity method. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior period amounts to conform to current year presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 based on events and transactions occurring during the periods reported, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include investments and interest bearing instruments with maturities of three months or less at the balance sheet date. Such investments are carried at cost which approximates fair value. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash represents escrowed funds under fixed fee contracts, and cash collateral against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties. |
Receivables, Policy [Policy Text Block] | Accounts Receivable Accounts receivable are carried at face amount which approximates fair value. They consist primarily of amounts due from credit card companies associated with the sale of tickets for future travel, commission amounts due from Enterprise Holdings Inc., based on terms in the rental car provider agreement, income tax receivables, and amounts due related to fixed fee charter agreements. If deemed necessary, the Company records charges to its allowance for doubtful accounts for amounts not expected to be collected. The allowance for doubtful accounts was zero as of December 31, 2016 and 2015 . The Company also had an outstanding receivable from a third party as of December 31, 2016 , for which $8.3 million is due more than one year after the balance sheet date and is classified with the Company's other assets. |
Marketable Securities, Policy [Policy Text Block] | Investments The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income in shareholders’ equity. Investment securities are classified as cash equivalents, short-term investments and long-term investments based on maturity date as of the balance sheet 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. As of December 31, 2016 , the Company’s long-term investments consisted of corporate debt securities, government debt securities and municipal debt securities with contractual maturities of less than 24 months. Investment securities consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Unrealized Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Municipal debt securities $ 153,506 $ 2 $ (216 ) $ 153,292 $ 52,669 $ 2 $ (1 ) $ 52,670 Commercial paper 108,421 14 (63 ) 108,372 83,155 — (1 ) 83,154 Corporate debt securities 101,739 3 (124 ) 101,618 108,485 50 (154 ) 108,381 Federal agency debt securities 47,524 1 (71 ) 47,454 73,783 — (80 ) 73,703 US Treasury Bonds 4,615 — (6 ) 4,609 1,607 — (1 ) 1,606 Money market funds 123 — — 123 781 — — 781 Total $ 415,928 $ 20 $ (480 ) $ 415,468 $ 320,480 $ 52 $ (237 ) $ 320,295 The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in other (income) expense. The Company had minimal realized losses during the years ended December 31, 2016 , 2015 , and 2014 . The Company believes unrealized losses related to debt securities are not other-than-temporary and does not intend to sell these securities prior to amortized cost recoverability. The Company attempts to minimize its concentration risk with regard to its cash, cash equivalents, and investment portfolio. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security, commercial paper, or money market fund. |
Inventory, Policy [Policy Text Block] | Expendable Parts, Supplies and Fuel, Net Expendable parts, supplies and fuel inventories are valued at cost using the first-in, first-out method. Such inventories are charged to expense as they are used in operations. An obsolescence allowance for expendable parts and supplies is based on the remaining useful lives of the corresponding fleet type and salvage values. The allowance for expendable parts and supplies was $7.2 million and $4.6 million at December 31, 2016 and 2015 , respectively. Rotable aircraft parts inventories are included in property and equipment. |
Internal Use Software, Policy [Policy Text Block] | Software Capitalization The Company capitalizes certain internal and external costs related to the acquisition and development of computer software during the application development stage of projects. The Company amortizes these capitalized costs using the straight-line method over the estimated useful life of the software, which typically ranges from three to five years. The Company had unamortized computer software development costs of $40.4 million and $38.2 million as of December 31, 2016 and 2015 , respectively. Amortization expense related to computer software was $13.3 million , $10.0 million and $6.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Costs incurred during the preliminary and post-implementation stages are expensed as incurred. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less an estimated salvage value. The estimated useful lives are as follows: Aircraft and related flight equipment: MD83/88 (remaining depreciable lives) 3 years Boeing 757-200 (remaining depreciable lives) 1 year Airbus A320 Series 10-15 years Rotable parts 1-7 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-5 years In estimating the useful lives and residual values of aircraft, the Company primarily has relied upon actual experience with the same or similar aircraft types, current and projected future market information, and recommendations from other industry sources. Subsequent revisions to these estimates could be caused by changing market prices of the Company’s aircraft, changes in utilization of the aircraft, and other fleet events. These estimates are evaluated each reporting period and adjusted if necessary. Changes in the estimate for useful lives or residual values of the Company’s property and equipment could result in an acceleration of depreciation expense associated with the change in estimate. Payments required to be made in advance of aircraft delivery are qualifying assets and interest attributable to these payments is capitalized as part of the cost of the related asset until the aircraft has been delivered and is ready to enter revenue service. Interest is capitalized at the Company’s weighted average borrowing rate and depreciated over the estimated useful life of the asset. Capitalized interest for 2016 was $1.8 million and zero in 2015. |
Measurement of Impairment of Long-Lived Assets, Policy [Policy Text Block] | Measurement of Impairment of Long-Lived Assets The Company records impairment losses on long-lived assets used in operations, consisting principally of property and equipment, when events or changes in circumstances indicate, in management’s judgment, that the assets might be impaired, and the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length of service for which the asset will be used in operations, and estimated salvage values. For the years ended December 31, 2016 , 2015 and 2014 , the Company incurred impairment losses related to two Boeing 757-200 airframes and other MD-80 parts, of $3.0 million , $1.1 million and $3.4 million , respectively and classified within Other operating expense. In 2014, the Company recorded a non-cash impairment charge of $43.3 million on its fleet of Boeing 757 aircraft, engines, and related assets as a result of its review of fleet value. The review was based on factors such as the Company's ability or intent to operate fleet types through their estimated useful lives, potential changes to the fleet residual values based on changes in market conditions for used aircraft, spare engines and parts, and potential changes to the scheduled revenue network based on competition trends and operational performance. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Scheduled service revenue Scheduled service revenue consists of passenger revenue generated from nonstop flights in the Company’s route network, recognized either when the travel-related service or transportation is provided or when the itinerary expires unused. Nonrefundable scheduled itineraries expire on the date of the intended flight, unless the date is extended by notification from the customer in advance. Itineraries sold for transportation not yet used, as well as unexpired credits, are included in air traffic liability. Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded as a liability until remitted to the appropriate taxing authority. Ancillary air-related revenue Ancillary air-related revenue is generated from fees paid by ticketed passengers and consists of baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services. Revenues from air-related charges are recognized when the transportation is provided if the product is not deemed distinct of the original ticket sale. Change and cancellation fees for nonrefundable itineraries are air-related charges deemed distinct of the original ticket sale, and are recognized as revenue when the fee is incurred by the customer. Ancillary third party revenue Ancillary revenue is also generated from the sale of third party products such as hotel rooms, rental cars and ticket attractions. Revenue from the sale of third party products is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. The Company follows accounting standards for determining whether it is a principal or an agent in revenue arrangements to determine the amount of revenue to be recognized for each element of a bundled sale involving air-related charges and third party products in addition to airfare. Revenue from the sale of third party products is recorded net (treatment as an agent) of amounts paid to wholesale providers, travel agent commissions, and transaction costs. Fixed fee contract revenue Fixed fee contract revenue consists of agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when the transportation is provided. Other revenue Other revenue is generated from leased aircraft and flight equipment, and other miscellaneous sources. Lease revenue is recognized ratably over the lease term. Affinity Credit Card Program In 2016, the Company launched the Allegiant World MasterCard® issued by Bank of America through which arrangement points are sold and consideration is received under an agreement with a seven year scheduled duration. Under this arrangement, the Company identified the following deliverables: travel points to be awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Applying guidance under Accounting Standards Update (“ASU”) 2009-13 - Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements, each of these deliverables is accounted for separately and allocation of the consideration from the agreement is determined based on the relative selling price of each deliverable. The Company applied a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points to be redeemed. The travel component is deferred based on its relative selling price and is recognized into scheduled service revenue when the points are redeemed by cardholders. The marketing component is considered earned in the period in which points are sold and is therefore recognized into third party products revenue in the same period. |
Maintenance and Repair Costs, Policy [Policy Text Block] | Aircraft Maintenance and Repair Costs The Company accounts for non-major maintenance and repair costs incurred under the direct expense method. Under this method, maintenance and repair costs for owned and leased aircraft are charged to operating expenses as incurred. Maintenance and repair costs includes all parts, materials, line maintenance, and non-major maintenance activities required to maintain the Company's multiple fleet types. The Company accounts for major maintenance costs of 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 has not experienced any major maintenance events for the Boeing 757-200 fleet. The Company accounts for major maintenance costs of its Airbus airframes and the related CFM engines using the deferral method. The first major maintenance events for these aircraft and engines occurred during 2016. 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. During 2016, the Company capitalized $18.9 million of costs for major maintenance with associated amortization expense and accumulated amortization of $1.5 million . |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are charged to expense in the period incurred. Advertising expense was $13.6 million , $12.7 million and $6.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic and diluted earnings per share are computed pursuant to the two-class method as opposed to the treasury 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 because 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 two methods. Under both methods, the exercise of employee stock options are assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs as described below: 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 years ended December 31, 2016 , 2015 and 2014 , the second method above 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 (in thousands, except per share amounts): Year ended December 31, 2016 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 219,590 $ 220,374 $ 86,689 Less net income allocated to participating securities (1,748 ) (961 ) (293 ) Net income attributable to common stock $ 217,842 $ 219,413 $ 86,396 Net income per share, basic $ 13.23 $ 12.97 $ 4.87 Weighted-average shares outstanding 16,465 16,923 17,729 Diluted: Net income attributable to Allegiant Travel Company $ 219,590 $ 220,374 $ 86,689 Less net income allocated to participating securities (1,746 ) (958 ) (292 ) Net income attributable to common stock $ 217,844 $ 219,416 $ 86,397 Net income per share, diluted $ 13.21 $ 12.94 $ 4.86 Weighted-average shares outstanding 16,465 16,923 17,729 Dilutive effect of stock options and restricted stock 42 69 88 Adjusted weighted-average shares outstanding under treasury stock method 16,507 16,992 17,817 Participating securities excluded under two-class method (18 ) (30 ) (35 ) Adjusted weighted-average shares outstanding under two-class method 16,489 16,962 17,782 Stock awards outstanding of 1,918 ; 28,789 ; and 75,233 shares for 2016 , 2015 , and 2014 , respectively, were excluded from the computation of diluted earnings per share as they were antidilutive. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation The Company accounts for share-based compensation in accordance with accounting standards which require the compensation cost related to share-based payment transactions be recognized in the Company’s consolidated statements of income. The cost is measured at the grant date, based on the calculated fair value of the award using the Black-Scholes option pricing model for stock options and cash-settled SARs, and is remeasured monthly for cash-settled SARs. Fair value is based on the closing price of the Company’s stock on the grant date for restricted stock awards. The cost is recognized as an expense over the requisite service period, the vesting period of the award, which is generally three years. Forfeiture rates for each type of award are estimated at time of grant. The Company’s share-based employee compensation plan is more fully discussed in Note 11—Employee Benefit Plans. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred income taxes based on the asset and liability method required by accounting standards. Deferred tax assets and liabilities are determined based on the timing differences between book basis for financial reporting purposes and tax basis of the asset and liability and measured using the enacted tax rates. A valuation allowance for deferred tax assets is provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company determines the net non-current deferred tax assets or liabilities separately for federal, state, foreign and other local jurisdictions. The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the jurisdictions where the Company operates. The Company assesses potentially unfavorable outcomes of such examinations based on the criteria set forth in uncertain tax position accounting standards. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Accounting standards for income taxes utilize a two-step approach for evaluating tax positions. Recognition (Step I) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step II) is only addressed if the position is deemed to be more likely than not to be sustained. Under Step II, the tax benefit is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. The tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" 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 and as a result will be reclassified into scheduled service revenue. In addition, change fees previously recognized when incurred by the customer, will likely be recognized when air travel is provided and reclassified into scheduled service revenue. The standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption of the standard is permitted. The Company is evaluating the impact on its financial statements of adopting this new accounting standard. 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 as a lease liability and a corresponding right-of-use asset, 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 currently does not expect adoption to significantly change the recognition, measurement or presentation of associated expense within the consolidated statements of income or cash flows. 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 the first quarter 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 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 currently expect significant classification modifications as a result of this ASU. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Unrealized Gain (Loss) on Investments | Investment securities consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Unrealized Unrealized Cost Gains (Losses) Market Value Cost Gains (Losses) Market Value Municipal debt securities $ 153,506 $ 2 $ (216 ) $ 153,292 $ 52,669 $ 2 $ (1 ) $ 52,670 Commercial paper 108,421 14 (63 ) 108,372 83,155 — (1 ) 83,154 Corporate debt securities 101,739 3 (124 ) 101,618 108,485 50 (154 ) 108,381 Federal agency debt securities 47,524 1 (71 ) 47,454 73,783 — (80 ) 73,703 US Treasury Bonds 4,615 — (6 ) 4,609 1,607 — (1 ) 1,606 Money market funds 123 — — 123 781 — — 781 Total $ 415,928 $ 20 $ (480 ) $ 415,468 $ 320,480 $ 52 $ (237 ) $ 320,295 |
Estimated Useful Lives | Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less an estimated salvage value. The estimated useful lives are as follows: Aircraft and related flight equipment: MD83/88 (remaining depreciable lives) 3 years Boeing 757-200 (remaining depreciable lives) 1 year Airbus A320 Series 10-15 years Rotable parts 1-7 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-5 years Property and equipment consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Flight equipment $ 1,377,829 $ 1,123,115 Computer hardware and software 101,850 78,200 Ground property and equipment 81,786 72,078 Total property and equipment 1,561,465 1,273,393 Less accumulated depreciation and amortization (466,151 ) (387,451 ) Property and equipment, net $ 1,095,314 $ 885,942 |
Schedule of Earnings 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 (in thousands, except per share amounts): Year ended December 31, 2016 2015 2014 Basic: Net income attributable to Allegiant Travel Company $ 219,590 $ 220,374 $ 86,689 Less net income allocated to participating securities (1,748 ) (961 ) (293 ) Net income attributable to common stock $ 217,842 $ 219,413 $ 86,396 Net income per share, basic $ 13.23 $ 12.97 $ 4.87 Weighted-average shares outstanding 16,465 16,923 17,729 Diluted: Net income attributable to Allegiant Travel Company $ 219,590 $ 220,374 $ 86,689 Less net income allocated to participating securities (1,746 ) (958 ) (292 ) Net income attributable to common stock $ 217,844 $ 219,416 $ 86,397 Net income per share, diluted $ 13.21 $ 12.94 $ 4.86 Weighted-average shares outstanding 16,465 16,923 17,729 Dilutive effect of stock options and restricted stock 42 69 88 Adjusted weighted-average shares outstanding under treasury stock method 16,507 16,992 17,817 Participating securities excluded under two-class method (18 ) (30 ) (35 ) Adjusted weighted-average shares outstanding under two-class method 16,489 16,962 17,782 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property Plant And Equipment | Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less an estimated salvage value. The estimated useful lives are as follows: Aircraft and related flight equipment: MD83/88 (remaining depreciable lives) 3 years Boeing 757-200 (remaining depreciable lives) 1 year Airbus A320 Series 10-15 years Rotable parts 1-7 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-5 years Property and equipment consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Flight equipment $ 1,377,829 $ 1,123,115 Computer hardware and software 101,850 78,200 Ground property and equipment 81,786 72,078 Total property and equipment 1,561,465 1,273,393 Less accumulated depreciation and amortization (466,151 ) (387,451 ) Property and equipment, net $ 1,095,314 $ 885,942 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Salaries, wages and benefits $ 38,860 $ 37,545 Station expenses 14,799 11,668 Interest 11,891 7,900 Passenger fees 11,200 9,007 Maintenance and repairs 4,953 7,287 Passenger taxes 394 1,415 Dividends — 27,728 Other accruals 14,564 13,581 Total accrued liabilities $ 96,661 $ 116,131 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Fixed-rate notes payable due through 2020 $ 465,748 $ 341,738 Variable-rate notes payable due through 2021 342,526 299,940 Total long-term debt, net of related costs 808,274 641,678 Less current maturities, net of related costs 86,226 74,069 Long-term debt, net of current maturities and related costs $ 722,048 $ 567,609 Weighted average fixed-interest rate 5.41 % 5.25 % Weighted-average variable-interest rate 3.16 % 2.98 % |
Stockholders' Equity Share Repu
Stockholders' Equity Share Repurchases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share Repurchases [Abstract] | |
Treasury Stock [Text Block] | Share repurchases consisted of the following during the periods indicated: Twelve Months Ended December 31, 2016 2015 2014 Shares repurchased (1) 391,972 682,003 1,245,447 Average price per share $ 164.99 $ 186.43 $ 109.64 Total (in thousands) $ 64,673 $ 127,147 $ 136,554 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 As of Description Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Federal agency debt securities $ 19,399 $ — $ 19,399 $ — $ — $ — Municipal debt securities 1,843 — 1,843 754 — 754 Money market funds 123 123 — 781 781 — Commercial paper — — — 8,426 — 8,426 Total cash equivalents 21,365 123 21,242 9,961 781 9,180 Short-term Commercial paper 108,372 — 108,372 74,728 — 74,728 Municipal debt securities 78,826 — 78,826 47,073 — 47,073 Corporate debt securities 76,570 — 76,570 80,957 — 80,957 Federal agency debt securities 3,895 — 3,895 42,825 — 42,825 US Treasury Bonds 1,606 — 1,606 — — — Total short-term 269,269 — 269,269 245,583 — 245,583 Long-term Municipal debt securities 72,623 — 72,623 4,843 — 4,843 Corporate debt securities 25,048 — 25,048 27,425 — 27,425 Federal agency debt securities 24,160 — 24,160 30,878 — 30,878 US Treasury Bonds 3,003 — 3,003 1,606 — 1,606 Derivative instruments 1,660 — 1,660 2,480 — 2,480 Total long-term 126,494 — 126,494 67,232 — 67,232 Total financial instruments $ 417,128 $ 123 $ 417,005 $ 322,776 $ 781 $ 321,995 |
Debt Instrument, Fair Value Disclosure | Carrying value and estimated fair value of long-term debt, including current maturities (in thousands): As of December 31, 2016 As of December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Level Publicly held debt $ 452,179 $ 468,005 $ 300,000 $ 299,250 2 Non-publicly held debt 360,999 340,866 346,179 327,321 3 Total long-term debt $ 813,178 $ 808,871 $ 646,179 $ 626,571 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before taxes for domestic and foreign operations consisted of the following (in thousands): Twelve Months Ended December 31, 2016 2015 2014 Domestic $ 329,818 $ 331,813 $ 129,553 Foreign 16,140 14,906 7,578 Total $ 345,958 $ 346,719 $ 137,131 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is composed of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 89,014 $ 108,119 $ 53,156 State 5,204 6,501 4,645 Foreign 1,262 996 854 Total current 95,480 115,616 58,655 Deferred: Federal 27,950 9,458 (8,557 ) State 1,673 125 (247 ) Foreign 1,265 1,190 977 Total deferred 30,888 10,773 (7,827 ) Total income tax provision $ 126,368 $ 126,389 $ 50,828 |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows (in thousands): Year Ended December 31, 2016 2015 2014 Income tax expense at federal statutory rate $ 121,085 $ 121,352 $ 47,996 State income taxes, net of federal income tax benefit 5,487 4,293 2,587 Other (204 ) 744 245 Total income tax expense $ 126,368 $ 126,389 $ 50,828 |
Schedule of Deferred Tax Assets and Liabilities | The major components of the Company’s net deferred tax assets and liabilities are as follows (in thousands): As of December 31, 2016 2015 Deferred tax assets: Accrued vacation $ 1,183 $ 1,339 Accrued bonus 9,340 8,189 State taxes 2,187 2,396 Accrued property taxes 2,077 1,149 Other 1,910 6,940 Stock-based compensation expense 3,126 2,923 Total deferred tax assets 19,823 22,936 Deferred tax liabilities: Prepaid expenses 5,049 5,314 Depreciation 86,981 60,979 Foreign deferred 3,131 2,223 Total deferred tax liabilities 95,161 68,516 Net deferred tax liabilities $ 75,338 $ 45,580 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The unrecognized compensation cost, and weighted-average period over which the cost is expected to be recognized for non-vested awards as of December 31, 2016 , are presented below: Unrecognized Compensation Cost (thousands) Weighted Average Period (years) Restricted stock $ 27,518 2.48 Cash-settled SARs 897 2.14 Stock options 50 0.18 Total $ 28,465 2.47 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following range of assumptions in the Black-Scholes pricing model was used to determine fair value as of December 31 of the years indicated below: 2016 2015 2014 Weighted-average volatility 33.2 % 30.2 % 29.3 % Expected term (in years) 0.3 - 3.1 0.3 - 2.5 1.4 - 2.5 Risk-free interest rate 0.4% - 1.5% 0.3% - 1.2% 0.4% - 0.9% Dividend yield 1.51 % 1.47 % 1.80 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity as of December 31, 2016 , 2015 and 2014 , and changes during the years then ended, is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (thousands) Outstanding at December 31, 2013 283,631 $ 49.48 Granted 50,630 108.59 Exercised (1) (237,912 ) 38.39 Forfeited (7,600 ) 20.42 Outstanding at December 31, 2014 88,749 69.43 3.29 $ 7,180 Exercised (36,968 ) 52.06 Forfeited (3,000 ) 3.50 Outstanding at December 31, 2015 48,781 86.65 2.62 $ 3,960 Exercised (5,192 ) 108.59 Outstanding at December 31, 2016 43,589 $ 84.04 1.55 $ 3,590 Fully vested and expected to vest at December 31, 2016 43,256 $ 83.85 1.55 $ 3,571 Exercisable at December 31, 2016 32,552 $ 75.71 1.34 $ 2,952 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of the Company’s non-vested restricted stock grants during the years ended December 31, 2016 , 2015 and 2014 is presented below: Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2013 145,232 $ 62.61 Granted 54,731 109.66 Vested (1) (90,567 ) 75.31 Forfeited (10,614 ) 79.36 Non-vested at December 31, 2014 98,782 91.15 Granted 47,810 178.68 Vested (54,825 ) 83.35 Forfeited (8,810 ) 130.35 Non-vested at December 31, 2015 82,957 155.30 Granted 224,018 144.74 Vested (43,310 ) 129.96 Forfeited (10,007 ) 158.74 Non-vested at December 31, 2016 253,658 $ 146.01 |
Schedule Of Cash Settled Stock Appreciation Rights Activity | A summary of cash-settled SARs awards activity during the years ended December 31, 2016 , 2015 and 2014 is presented below: # of SARs Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) Balance at December 31, 2013 138,516 $ 64.21 Granted 54,528 108.59 Forfeited (14,220 ) 94.19 Exercised (59,311 ) 53.46 Balance at December 31, 2014 119,513 $ 86.23 Granted 77,396 181.47 Forfeited (21,722 ) 135.16 Exercised (43,446 ) 80.10 Balance at December 31, 2015 131,741 $ 136.13 Granted 15,000 146.03 Forfeited (10,083 ) 170.21 Exercised (32,050 ) 89.19 Balance at December 31, 2016 104,608 $ 153.86 3.03 $ 1,312 Vested or expected at December 31, 2016 96,093 $ 153.79 3.04 $ 1,212 Exercisable at December 31, 2016 39,852 $ 142.29 2.51 $ 961 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Future Minimum Payments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Future Minimum Payments [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Future minimum fixed payments for commitments as of December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 2022 - Thereafter Operating lease obligations $ 5,461 $ 4,849 $ 4,174 $ 2,522 $ 610 $ 2,988 Aircraft purchase obligations 379,152 101,184 64,550 33,800 — — Airport fees under use and lease agreements 11,115 11,115 10,358 5,215 63 — Total future payments $ 395,728 $ 117,148 $ 79,082 $ 41,537 $ 673 $ 2,988 |
Valuation and Qualifying Acco33
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule Of Valuation And Qualifying Accounts [Table Text Block] | Balance at Beginning of Year Changes Charged to Statement of Income Account Balance at End of Year Allowance for expendable parts and supplies For the Year Ended December 31, 2016 $ 4,607 $ 2,598 $ 7,205 For the Year Ended December 31, 2015 3,003 1,604 4,607 For the Year Ended December 31, 2014 1,702 1,301 3,003 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Advertising Expense | $ 13,591 | $ 12,665 | $ 6,022 |
Asset Impairment Charges | 0 | 0 | 43,280 |
Capitalized Computer Software, Net | 40,392 | 38,206 | |
Capitalized Computer Software, Amortization | $ 13,281 | $ 10,006 | $ 6,678 |
Significant Change in Unrecognized Tax Benefits, Nature of Event | 50.00% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Cost | $ 415,928 | $ 320,480 |
Gains | 20 | 52 |
Losses | (480) | (237) |
Market Value | 415,468 | 320,295 |
US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities | ||
Cost | 153,506 | 52,669 |
Gains | 2 | 2 |
Losses | (216) | (1) |
Market Value | 153,292 | 52,670 |
Commercial paper | ||
Schedule of Available-for-sale Securities | ||
Cost | 108,421 | 83,155 |
Gains | 14 | 0 |
Losses | (63) | (1) |
Market Value | 108,372 | 83,154 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities | ||
Cost | 101,739 | 108,485 |
Gains | 3 | 50 |
Losses | (124) | (154) |
Market Value | 101,618 | 108,381 |
Government debt securities | ||
Schedule of Available-for-sale Securities | ||
Cost | 47,524 | 73,783 |
Gains | 1 | 0 |
Losses | (71) | (80) |
Market Value | 47,454 | 73,703 |
US Treasury Securities | ||
Schedule of Available-for-sale Securities | ||
Cost | 4,615 | 1,607 |
Gains | 0 | 0 |
Losses | (6) | (1) |
Market Value | 4,609 | 1,606 |
Money market funds | ||
Schedule of Available-for-sale Securities | ||
Cost | 123 | 781 |
Gains | 0 | 0 |
Losses | 0 | 0 |
Market Value | $ 123 | $ 781 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies Property, Plant and Equipment, Salvage Value, Percentage (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Interest Costs Capitalized | $ 1.8 | $ 0 |
Rotable Parts | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 1 | |
Rotable Parts | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P7Y | |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P25Y | |
Equipment And Leasehold Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Equipment And Leasehold Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P7Y | |
Computer Hardware and Software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Computer Hardware and Software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P5Y | |
MD-80 Aircraft | Aircraft And Engines | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 | |
Boeing 757 | Aircraft And Engines | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 1 | |
Airbus A320 Aircraft Series | Aircraft And Engines | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | |
Airbus A320 Aircraft Series | Aircraft And Engines | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P15Y |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Allegiant Travel Company | $ 219,590 | $ 220,374 | $ 86,689 |
Less net income allocated to participating securities | (1,748) | (961) | (293) |
Net income attributable to common stock | $ 217,842 | $ 219,413 | $ 86,396 |
Net income per share, basic | $ 13.23 | $ 12.97 | $ 4.87 |
Weighted-average shares outstanding | 16,465 | 16,923 | 17,729 |
Net income attributable to common stock | $ 217,844 | $ 219,416 | $ 86,397 |
Less net income allocated to participating securities | $ (1,746) | $ (958) | $ (292) |
Net income per share, diluted | $ 13.21 | $ 12.94 | $ 4.86 |
Dilutive effect of stock options and restricted stock | 42 | 69 | 88 |
Adjusted weighted-average shares outstanding under treasury stock method | 16,507 | 16,992 | 17,817 |
Participating securities excluded under two-class method | (18) | (30) | (35) |
Adjusted weighted-average shares outstanding under two-class method | 16,489 | 16,962 | 17,782 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies Earnings Per Share Textual (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,918 | 28,789 | 75,233 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies Measurement of Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Restricted Cash and Cash Equivalents, Current | $ 11,647 | $ 10,358 | |
Asset Impairment Charges | 0 | 0 | $ 43,280 |
Spare engine parts | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | $ 2,975 | $ 1,107 | $ 3,437 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Expendable Parts, Supplies and Fuel (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Expendable Parts, Supplies and Fuel [Abstract] | ||
Inventory Valuation Reserves | $ 7,200 | $ 4,600 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 0 | |
Accounts Receivable, Gross, Noncurrent | $ 8.3 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies Aircraft Maintenance and Repair Costs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Servicing Asset at Amortized Cost [Line Items] | |
Amortization of Other Deferred Charges | $ 1.5 |
Deferred Costs for Heavy Maintenance | $ 18.9 |
Property and Equipment (Details
Property and Equipment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Aircraft | Feb. 01, 2017aircraft | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number Of Aircraft Committed To Purchase | Aircraft | 31 | ||
Flight Equipment, Gross | $ 1,377,829 | $ 1,123,115 | |
Computer Hardware and Software | 101,850 | 78,200 | |
Ground property and equipment | 81,786 | 72,078 | |
Property, Plant and Equipment, Gross | 1,561,465 | 1,273,393 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (466,151) | (387,451) | |
Property, Plant and Equipment, Net | $ 1,095,314 | $ 885,942 | |
Airbus A320 Aircraft Series | Asset not in service | |||
Property, Plant and Equipment [Line Items] | |||
Number of Aircraft Owned | Aircraft | 12 | ||
Subsequent Event | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Aircraft Committed To Purchase | aircraft | 1 |
Property and Equipment Total Ai
Property and Equipment Total Aircraft Fleet (Details) | 12 Months Ended |
Dec. 31, 2016Aircraft | |
Asset not in service | Airbus A320 Aircraft Series | |
Property, Plant and Equipment [Line Items] | |
Number of Aircraft Owned | 12 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Salaries, wages and benefits | $ 38,860 | $ 37,545 |
Maintenance and repairs | 4,953 | 7,287 |
Passenger fees | 11,200 | 9,007 |
Passenger taxes | 394 | 1,415 |
Station expenses | 14,799 | 11,668 |
Interest | 11,891 | 7,900 |
Dividends | 0 | 27,728 |
Other accruals | 14,564 | 13,581 |
Accrued liabilities | $ 96,661 | $ 116,131 |
Accrued Liabilities Textual (De
Accrued Liabilities Textual (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Dividends Payable | $ 0 | $ 27,728 | ||
Dividends Payable, Amount Per Share | $ 2.5 | |||
Due July 2019 | ||||
Unsecured Long-term Debt, Noncurrent | $ 150,000 | $ 300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Notes Payable | $ 813,178 | $ 646,179 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 147,099 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 510,384 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 45,328 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 18,082 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |
Total long-term debt, net of related costs | 808,274 | 641,678 |
Long-term Debt, Current Maturities | 86,226 | 74,069 |
Long-term Debt, Excluding Current Maturities | 722,048 | 567,609 |
Fixed-rate notes payable due through 2020 | ||
Notes Payable | 465,748 | 341,738 |
Variable Rate Notes Payable Through 2021 | ||
Notes Payable | $ 342,526 | $ 299,940 |
Fixed Rate | ||
Debt, Weighted Average Interest Rate | 5.41% | 5.25% |
Variable Rate [Domain] | ||
Debt, Weighted Average Interest Rate | 3.16% | 2.98% |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)Aircraft | Dec. 31, 2015USD ($)Aircraft | Sep. 30, 2016USD ($) | Jun. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Notes Payable | $ 813,178,000 | $ 646,179,000 | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 87,381,000 | |||
Secured Long-term Debt, Noncurrent | $ 808,274,000 | $ 641,678,000 | ||
Number Of Aircraft Used As Collateral | Aircraft | 34 | 26 | ||
Line of Credit Facility, Description | $ 56,000,000 | |||
Line of Credit Facility, Interest Rate Description | 1.85% | |||
Due December 2017 | ||||
Debt Instrument [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 50,400,000 | |||
Due July 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||
Unsecured Long-term Debt, Noncurrent | $ 150,000,000 | $ 300,000,000 | ||
Debt Instrument, Redemption Price, Percentage | 101.50% | |||
Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Number Of Aircraft Used As Collateral | Aircraft | 4 | |||
Airbus A320 Aircraft Series | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 27,400,000 | |||
Real Estate | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 16,200,000 | $ 16,700,000 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 08, 2016 | Jan. 06, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock Repurchased During Period, Shares | 391,972 | 682,003 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 10,103 | 12,682 | 22,842 | ||
Stock Repurchased During Period, Shares (in Shares) | 1,245,447 | ||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $ 164.99 | $ 186.43 | $ 109,640 | ||
Stock Repurchased During Period, Value | $ 64,673 | $ 127,147 | $ 136,554 | ||
Stock Repurchase Program, Authorized Amount | 89,300 | ||||
Payments for Repurchase of Common Stock | 66,371 | 129,455 | $ 139,105 | ||
Dividends Payable, Amount Per Share | $ 2.5 | ||||
Dividends | $ 27,700 | $ 43,703 | $ 39,813 | $ 18,700 | |
Recurring Dividend | |||||
Dividends Payable, Amount Per Share | $ 2.40 | $ 1.10 | |||
Special Dividend | |||||
Dividends Payable, Amount Per Share | $ 1.65 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Securities | $ 415,468 | $ 320,295 |
Municipal debt securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 72,623 | 4,843 |
Fair Value, Measurements, Recurring | ||
Investment Securities | 417,128 | 322,776 |
Fair Value, Measurements, Recurring | Short-term investments | ||
Investment Securities | 269,269 | 245,583 |
Fair Value, Measurements, Recurring | Long-term investments | ||
Investment Securities | 126,494 | 67,232 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Investment Securities | 123 | 781 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Investment Securities | 417,005 | 321,995 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 269,269 | 245,583 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 126,494 | 67,232 |
Fair Value, Measurements, Recurring | Commercial paper | Short-term investments | ||
Investment Securities | 108,372 | 74,728 |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 108,372 | 74,728 |
Fair Value, Measurements, Recurring | US Government Corporations and Agencies Securities | Short-term investments | ||
Investment Securities | 3,895 | 42,825 |
Fair Value, Measurements, Recurring | US Government Corporations and Agencies Securities | Long-term investments | ||
Investment Securities | 24,160 | 30,878 |
Fair Value, Measurements, Recurring | US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 3,895 | 42,825 |
Fair Value, Measurements, Recurring | US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 24,160 | 30,878 |
Fair Value, Measurements, Recurring | US Treasury Securities | Short-term investments | ||
Investment Securities | 1,606 | 0 |
Fair Value, Measurements, Recurring | US Treasury Securities | Long-term investments | ||
Investment Securities | 3,003 | 1,606 |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 1,606 | 0 |
Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 3,003 | 1,606 |
Fair Value, Measurements, Recurring | Municipal debt securities | Short-term investments | ||
Investment Securities | 78,826 | 47,073 |
Fair Value, Measurements, Recurring | Municipal debt securities | Long-term investments | ||
Investment Securities | 72,623 | 4,843 |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 78,826 | 47,073 |
Fair Value, Measurements, Recurring | Corporate debt securities | Short-term investments | ||
Investment Securities | 76,570 | 80,957 |
Fair Value, Measurements, Recurring | Corporate debt securities | Long-term investments | ||
Investment Securities | 25,048 | 27,425 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 76,570 | 80,957 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 25,048 | 27,425 |
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Long-term investments | ||
Investment Securities | 1,660 | 2,480 |
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 1,660 | 2,480 |
Fair Value, Measurements, Recurring | Cash Equivalents | ||
Cash Equivalents | 21,365 | 9,961 |
Fair Value, Measurements, Recurring | Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 123 | 781 |
Fair Value, Measurements, Recurring | Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 21,242 | 9,180 |
Fair Value, Measurements, Recurring | Cash Equivalents | Money market funds | ||
Cash Equivalents | 123 | 781 |
Fair Value, Measurements, Recurring | Cash Equivalents | Money market funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 123 | 781 |
Fair Value, Measurements, Recurring | Cash Equivalents | Money market funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Cash Equivalents | Commercial paper | ||
Cash Equivalents | 0 | 8,426 |
Fair Value, Measurements, Recurring | Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Cash Equivalents | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 8,426 |
Fair Value, Measurements, Recurring | Cash Equivalents | US Government Corporations and Agencies Securities | ||
Cash Equivalents | 19,399 | 0 |
Fair Value, Measurements, Recurring | Cash Equivalents | US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Cash Equivalents | US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 19,399 | 0 |
Fair Value, Measurements, Recurring | Cash Equivalents | Municipal debt securities | ||
Cash Equivalents | 1,843 | 754 |
Fair Value, Measurements, Recurring | Cash Equivalents | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Cash Equivalents | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | $ 1,843 | $ 754 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 808,274 | $ 641,678 |
Notes Payable | 813,178 | 646,179 |
Publicly Held Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Long-term Debt, Noncurrent | 452,179 | 300,000 |
Non-Publicly Held Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Long-term Debt, Noncurrent | 360,999 | 346,179 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 808,871 | 626,571 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Publicly Held Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 468,005 | 299,250 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Non-Publicly Held Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 340,866 | $ 327,321 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments Disclosure [Abstract] | ||||
Debt Instrument, Collateral | 12 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (424) | $ 874 | $ 1,171 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 1,046 | 1,292 | $ 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 738 | |||
Derivative, Notional Amount | $ 0 | $ 2,500 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | |||
Operating Income (Loss) | $ 3,100 | ||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 121,085 | $ 121,352 | 47,996 |
Current Federal Tax Expense (Benefit) | 89,014 | 108,119 | 53,156 |
Income taxes, net of refunds | 110,612 | 111,399 | 55,501 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 1,983 | 3,865 | 3,442 |
Current State and Local Tax Expense (Benefit) | 5,204 | 6,501 | 4,645 |
Current Income Tax Expense (Benefit) | 95,480 | 115,616 | 58,655 |
Deferred Federal Income Tax Expense (Benefit) | 27,950 | 9,458 | (8,557) |
Deferred State and Local Income Tax Expense (Benefit) | 1,673 | 125 | (247) |
DeferredTotalIncomeTaxExpenseBenefit | 30,888 | 10,773 | (7,827) |
Income Tax Reconciliation, State and Local Income Taxes | 5,487 | 4,293 | 2,587 |
Income Tax Reconciliation, Other Reconciling Items | $ (204) | $ 744 | $ 245 |
Income Taxes The Major Componen
Income Taxes The Major Components of the Company's Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Valuation Allowance | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 19,823 | $ 22,936 |
Deferred Tax Liabilities, Net, Noncurrent | (75,338) | (45,580) |
Accrued Vacation | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 1,183 | 1,339 |
Deferred Tax Assets, Accrued Bonus | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 9,340 | 8,189 |
State Taxes | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 2,187 | 2,396 |
Accrued Property Taxes | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 2,077 | 1,149 |
Other 1 | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 1,910 | 6,940 |
Stock Based Compensation | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 3,126 | 2,923 |
Prepaid Expenses | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Gross, Noncurrent | 5,049 | 5,314 |
Depreciation | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Gross, Noncurrent | 86,981 | 60,979 |
Foreign deferred | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Gross, Noncurrent | 3,131 | 2,223 |
Total Noncurrent | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Net | 95,161 | 68,516 |
Total | ||
Valuation Allowance | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ (75,338) | $ (45,580) |
Income Taxes The Components of
Income Taxes The Components of the Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
The Components of the Provision (Benefit) for Income Taxes [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 89,014 | $ 108,119 | $ 53,156 |
Current State and Local Tax Expense (Benefit) | 5,204 | 6,501 | 4,645 |
Current Foreign Tax Expense (Benefit) | 1,262 | 996 | 854 |
Current Income Tax Expense (Benefit) | 95,480 | 115,616 | 58,655 |
Deferred Federal Income Tax Expense (Benefit) | 27,950 | 9,458 | (8,557) |
Deferred State and Local Income Tax Expense (Benefit) | 1,673 | 125 | (247) |
Deferred Foreign Income Tax Expense (Benefit) | 1,265 | 1,190 | 977 |
DeferredTotalIncomeTaxExpenseBenefit | 30,888 | 10,773 | (7,827) |
PROVISION FOR INCOME TAXES | $ 126,368 | $ 126,389 | $ 50,828 |
Income Taxes Reconciliation of
Income Taxes Reconciliation of the Statutory Income Tax Rate and the Company's Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of the Statutory Income Tax Rate and the Company's Effective Tax Rate [Abstract] | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 121,085 | $ 121,352 | $ 47,996 |
Income Tax Reconciliation, State and Local Income Taxes | 5,487 | 4,293 | 2,587 |
Income Tax Reconciliation, Other Reconciling Items | (204) | 744 | 245 |
PROVISION FOR INCOME TAXES | $ 126,368 | $ 126,389 | $ 50,828 |
Income Taxes Components of inco
Income Taxes Components of income/(loss) before income tax expense/(benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 329,818 | $ 331,813 | $ 129,553 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 16,140 | 14,906 | 7,578 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 345,958 | $ 346,719 | $ 137,131 |
Income Taxes Tax Credit Carryfo
Income Taxes Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss Carryforwards | $ 3,100 | ||
Deferred Tax Assets, Capital Loss Carryforwards | $ 1,100 | ||
Deferred Tax Assets, Net of Valuation Allowance | 19,823 | $ 22,936 | |
Accrued Vacation | |||
Deferred Tax Assets, Gross | 1,183 | 1,339 | |
Deferred Tax Assets, Accrued Bonus [Member] | |||
Deferred Tax Assets, Gross | 9,340 | 8,189 | |
State Taxes | |||
Deferred Tax Assets, Gross | 2,187 | 2,396 | |
Accrued Property Taxes | |||
Deferred Tax Assets, Gross | 2,077 | 1,149 | |
Other 1 | |||
Deferred Tax Assets, Gross | 1,910 | 6,940 | |
Stock Based Compensation | |||
Deferred Tax Assets, Gross | 3,126 | 2,923 | |
Prepaid Expenses | |||
Deferred Tax Liabilities, Gross, Noncurrent | 5,049 | 5,314 | |
Depreciation | |||
Deferred Tax Liabilities, Gross, Noncurrent | 86,981 | 60,979 | |
Foreign deferred | |||
Deferred Tax Liabilities, Gross, Noncurrent | 3,131 | 2,223 | |
Total Noncurrent | |||
Deferred Tax Liabilities, Net | 95,161 | 68,516 | |
Total | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 75,338 | $ 45,580 |
Related Party Transactions (Det
Related Party Transactions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)ft²shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares | |
Related Party Transaction [Line Items] | |||||
Related Party, Ownership Percentage | 25.00% | ||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 1,183 | $ 3,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 253,658 | 82,957 | 98,782 | 145,232 | |
Chief Executive Officer | |||||
Related Party Transaction [Line Items] | |||||
Total Stock Repurchased, Shares | shares | 200,000 | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ / shares | $ 126.20 | ||||
Total Stock Repurchased, Value | $ 25,240 | ||||
Chief Operating Officer | |||||
Related Party Transaction [Line Items] | |||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ / shares | $ 124.05 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 23,623 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | shares | 127,512 | ||||
Chief Operating Officer | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ / shares | $ 36.97 | ||||
Chief Operating Officer | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ / shares | $ 108.59 | ||||
Lease Termination | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | $ 1,300 | ||||
Separation payment | Chief Operating Officer | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | $ 8,500 | ||||
Game Plane, LLC | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | 0 | $ 365 | $ 2,800 | ||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | 1,700 | 2,900 | $ 800 | ||
GMS Racing, LLC | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 2,500 | |||
Building 2 | |||||
Related Party Transaction [Line Items] | |||||
Area of Real Estate Property | ft² | 10,000 | ||||
Building 1 | |||||
Related Party Transaction [Line Items] | |||||
Area of Real Estate Property | ft² | 70,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014shares | Dec. 31, 2013$ / sharesshares | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 5.00% | 25.00% | |||
Defined Contribution Plan, Cost Recognized | $ | $ 5,768 | $ 4,218 | $ 3,412 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||||
Share-based compensation expense | $ | $ 9,389 | $ 10,474 | $ 16,723 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | 27,518 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | 50 | ||||
Cash-settled SARs | $ | 897 | ||||
EmployeeServiceShareBasedCompensationNonvestedAwardTotalCompensationCostNotYetRecognized | $ | $ 28,465 | ||||
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostsNotYetRecognizedPeriodForRecognition | 2 years 5 months 19 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 33.20% | 30.20% | 29.30% | ||
Fair Value Assumptions, Expected Dividend Rate | 1.51% | 1.47% | 1.80% | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsExercisesInPeriodTotalIntrinsicValue | $ | $ 237 | $ 5,750 | $ 9,405 | ||
Proceeds from the exercise of stock options | $ | $ 564 | $ 1,924 | $ 2,240 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 253,658 | 82,957 | 98,782 | 145,232 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 146.01 | $ 155.30 | $ 91.15 | $ 62.61 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 144.74 | $ 178.68 | $ 109.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 224,018 | 47,810 | 54,731 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (43,310) | (54,825) | (90,567) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 129.96 | $ 83.35 | $ 75.31 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (10,007) | (8,810) | (10,614) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 158.74 | $ 130.35 | $ 79.36 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ | $ 5,629 | $ 4,570 | $ 6,820 | ||
Equity Component | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Share-based compensation expense | $ | $ 9,600 | $ 10,600 | $ 16,700 | ||
Restricted Stock | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 23 days | ||||
Stock Appreciation Rights (SARs) | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 104,608 | 131,741 | 119,513 | 138,516 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 21 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,000 | 77,396 | 54,528 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 146.03 | $ 181.47 | $ 108.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (10,083) | (21,722) | (14,220) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | $ 170.21 | $ 135.16 | $ 94.19 | ||
Exercised (in Shares) | (32,050) | (43,446) | (59,311) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 89.19 | $ 80.10 | $ 53.46 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 96,093 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 153.79 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 15 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 1,212 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 39,852 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 142.29 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 153.86 | $ 136.13 | $ 86.23 | $ 64.21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 1,312 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 6 months 4 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 961 | ||||
Stock Options | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 months 5 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,630 | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingNumber | 43,589 | 48,781 | 88,749 | 283,631 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingWeightedAverageExercisePrice | $ / shares | 84.04 | 86.65 | 69.43 | 49.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (3,000) | (7,600) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 3.50 | 20.42 | |||
Exercised (in Shares) | (5,192) | (36,968) | (237,912) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 108.59 | $ 52.06 | $ 38.39 | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsSARsOutstandingWeightedAverageRemainingContractualTerm2 | 1 year 6 months 18 days | 2 years 7 months 13 days | 3 years 3 months 15 days | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingIntrinsicValue | $ | $ 3,590 | $ 3,960 | $ 7,180 | ||
Share Based Compensation Arrangement By Share Based Payment Award SARs Grant In Period Wighted Average Exercise Price | $ / shares | $ 108.59 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 43,256 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 83.85 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months 18 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 3,571 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 32,552 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ / shares | $ 75.71 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 1 year 4 months 2 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 2,952 | ||||
Minimum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Risk Free Interest Rate | 0.40% | 0.30% | 0.40% | ||
Minimum | Stock Appreciation Rights (SARs) | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Expected Term | 3 months 18 days | 3 months 18 days | 1 year 4 months 24 days | ||
Maximum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 1.20% | 0.90% | ||
Maximum | Stock Appreciation Rights (SARs) | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Expected Term | 3 years 1 month 6 days | 2 years 6 months | 2 years 6 months | ||
Chief Operating Officer | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 127,512 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 23,623 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Stock Purchase Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |||
Shares Held in Employee Stock Option Plan, Allocated | 1,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 10.00% | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 5.00% | 25.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 25,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,400 | 8,306 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft²Aircraft | Dec. 31, 2015USD ($)aircraft | Dec. 31, 2014USD ($)aircraft | |
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 5,461 | ||
Operating Leases, Rent Expense | 8,080 | $ 7,870 | $ 8,813 |
Aircraft lease rentals | $ 924 | 2,326 | $ 15,945 |
Number Of Aircraft Leased | aircraft | 2 | ||
Sub-Service Expense | 2,100 | $ 14,794 | |
Number Of Aircraft Committed To Purchase | Aircraft | 31 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | $ 4,849 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 4,174 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2,522 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 610 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 2,988 | ||
Other Commitment, Due in Next Twelve Months | 11,115 | ||
Purchase Obligation, Due in Next Twelve Months | 379,152 | ||
Purchase Obligation, Due in Second Year | 101,184 | ||
Purchase Obligation, Due in Third Year | 64,550 | ||
Purchase Obligation, Due in Fourth Year | 33,800 | ||
Purchase Obligation, Due in Fifth Year | 0 | ||
Purchase Obligation, Due after Fifth Year | 0 | ||
Contractual Obligation, Due in Second Year | 11,115 | ||
Other Commitment, Due in Third Year | 10,358 | ||
Other Commitment, Due in Fourth Year | 5,215 | ||
Other Commitment, Due in Fifth Year | 63 | ||
Other Commitment, Due after Fifth Year | 0 | ||
Contractual Obligation, Due in Third Year | 79,082 | ||
Contractual Obligation, Due in Fourth Year | 41,537 | ||
Contractual Obligation, Due in Fifth Year | 673 | ||
Contractual Obligation, Due after Fifth Year | 2,988 | ||
Contractual Obligation, Due in Next Fiscal Year | 395,728 | ||
Contractual Obligation, Due in Second Year | $ 117,148 | ||
Airbus A320 Aircraft Series | |||
Long-term Purchase Commitment [Line Items] | |||
Aircraft lease rentals | $ 0 | $ 1,025 | |
Aircraft scheduled to be acquired | Aircraft | 4 | ||
Aircraft acquired | Aircraft | 4 | ||
Airbus A320 Aircraft Series | Capital Addition Purchase Commitments | |||
Long-term Purchase Commitment [Line Items] | |||
Number Of Aircraft Committed To Purchase | 27 | 8 | |
Airbus A320 Aircraft Series New Manufacture | Capital Addition Purchase Commitments | |||
Long-term Purchase Commitment [Line Items] | |||
Number Of Aircraft Committed To Purchase | Aircraft | 12 | ||
Building 2 | |||
Long-term Purchase Commitment [Line Items] | |||
Area of Real Estate Property | ft² | 10,000 | ||
Building 3 | |||
Long-term Purchase Commitment [Line Items] | |||
Area of Real Estate Property | ft² | 87,000 | ||
Building 4 | |||
Long-term Purchase Commitment [Line Items] | |||
Area of Real Estate Property | ft² | 300,000 |
Valuation and Qualifying Acco63
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts [Abstract] | ||||
Valuation Allowances and Reserves, Balance | $ 7,205 | $ 4,607 | $ 3,003 | $ 1,702 |
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 2,598 | $ 1,604 | $ 1,301 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 31, 2017USD ($) | Jun. 30, 2014 | Dec. 31, 2016USD ($)Aircraft$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Feb. 01, 2017aircraft | |
Subsequent Event [Line Items] | ||||||
Number Of Aircraft Committed To Purchase | Aircraft | 31 | |||||
Debt Instrument, Collateral | $ 321,160,000 | $ 121,000,000 | $ 385,300,000 | |||
Debt Instrument, Collateral | 12 | |||||
Cash dividends (per Share) | $ / shares | $ 2.40 | $ 2.75 | $ 2.50 | |||
Secured Long-term Debt, Noncurrent | $ 808,274,000 | $ 641,678,000 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number Of Aircraft Committed To Purchase | aircraft | 1 | |||||
Due January 2022 | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Collateral | $ 22,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.70% | |||||
Due January 2022 | Airbus A319 | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Collateral | two |