Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 16, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Allegiant Travel CO | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 16,077,909 | |
Amendment Flag | false | |
Entity Central Index Key | 1,362,468 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well Known Seasoned Issuer | Yes | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 74,023 | $ 64,711 |
Restricted cash | 17,335 | 11,647 |
Short-term investments | 351,519 | 269,269 |
Accounts receivable | 22,780 | 40,667 |
Expendable parts, supplies and fuel, net | 20,444 | 16,797 |
Prepaid expenses | 25,102 | 16,277 |
Other current assets | 6,771 | 2,686 |
TOTAL CURRENT ASSETS | 517,974 | 422,054 |
Property and equipment, net | 1,331,798 | 1,095,314 |
Long-term investments | 76,913 | 124,834 |
Deferred major maintenance, net | 27,551 | 17,347 |
Deposits and other assets | 11,736 | 12,027 |
TOTAL ASSETS | 1,965,972 | 1,671,576 |
CURRENT LIABILITIES: | ||
Accounts payable | 19,247 | 16,010 |
Accrued liabilities | 84,210 | 96,661 |
Air traffic liability | 224,554 | 194,001 |
Current maturities of notes payable, net of related costs | 165,837 | 86,226 |
TOTAL CURRENT LIABILITIES | 493,848 | 392,898 |
Long-term debt, net of current maturities and related costs | 845,727 | 722,048 |
Deferred income taxes | 140,050 | 75,338 |
Other noncurrent liabilities | 12,521 | 7,670 |
TOTAL LIABILITIES: | 1,492,146 | 1,197,954 |
SHAREHOLDERS' EQUITY: | ||
Common stock, par value $.001 | 23 | 22 |
Treasury stock | (606,918) | (517,803) |
Additional paid in capital | 251,032 | 238,236 |
Accumulated other comprehensive loss, net | (1,645) | (230) |
Retained earnings | 831,334 | 753,397 |
TOTAL EQUITY | 473,826 | 473,622 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,965,972 | $ 1,671,576 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash dividends declared per share: | $ 0.70 | $ 0.70 | $ 2.10 | $ 1.70 |
OPERATING REVENUE: | ||||
Scheduled service revenue | $ 183,064 | $ 177,361 | $ 615,777 | $ 568,089 |
Ancillary revenue: | ||||
Air-related charges | 130,818 | 127,301 | 407,789 | 376,944 |
Third party products | 12,348 | 11,259 | 39,394 | 34,482 |
Total ancillary revenue | 143,166 | 138,560 | 447,183 | 411,426 |
Fixed fee contract revenue | 11,831 | 9,183 | 34,120 | 22,690 |
Other revenue | 10,708 | 8,377 | 28,140 | 24,743 |
Total operating revenue | 348,769 | 333,481 | 1,125,220 | 1,026,948 |
OPERATING EXPENSES: | ||||
Aircraft fuel | 80,421 | 69,305 | 250,470 | 182,969 |
Salary and benefits | 88,788 | 73,424 | 277,307 | 211,185 |
Station operations | 37,148 | 32,252 | 107,979 | 96,313 |
Maintenance and repairs | 28,870 | 26,263 | 87,611 | 82,016 |
Depreciation and amortization | 31,894 | 25,881 | 92,571 | 75,962 |
Sales and marketing | 13,884 | 5,650 | 36,744 | 16,774 |
Aircraft lease rentals | 533 | 472 | 3,098 | 924 |
Other | 24,315 | 23,394 | 68,440 | 58,363 |
Total operating expenses | 305,853 | 256,641 | 924,220 | 724,506 |
OPERATING INCOME | 42,916 | 76,840 | 201,000 | 302,442 |
OTHER (INCOME) EXPENSE: | ||||
Interest expense | 10,041 | 6,938 | 27,332 | 21,567 |
Interest income | (1,454) | (781) | (4,193) | (2,102) |
Other, net | 400 | 308 | 1,254 | 972 |
Total other expense | 8,187 | 5,849 | 21,885 | 18,493 |
INCOME BEFORE INCOME TAXES | 34,729 | 70,991 | 179,115 | 283,949 |
PROVISION FOR INCOME TAXES | 12,436 | 25,538 | 66,715 | 105,669 |
NET INCOME | $ 22,293 | $ 45,453 | $ 112,400 | $ 178,280 |
Earnings per share to common stockholders: | ||||
Basic | $ 1.39 | $ 2.76 | $ 6.85 | $ 10.74 |
Diluted | $ 1.39 | $ 2.75 | $ 6.85 | $ 10.73 |
Shares used for computation: | ||||
Basic | 15,852,000 | 16,389,000 | 16,142,000 | 16,493,000 |
Diluted | 15,862,000 | 16,406,000 | 16,160,000 | 16,514,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 22,293 | $ 45,453 | $ 112,400 | $ 178,280 |
Other comprehensive (loss) income: | ||||
Change in available for sale securities, net of tax | 230 | (101) | 453 | 336 |
Foreign currency translation adjustments | (117) | 238 | (416) | 176 |
Change in derivatives, net of tax | (193) | (208) | (749) | (533) |
Reclassification of derivative gains into Other revenue | (175) | (247) | (703) | (756) |
Total other comprehensive loss | (255) | (318) | (1,415) | (777) |
TOTAL COMPREHENSIVE INCOME | $ 22,038 | $ 45,135 | $ 110,985 | $ 177,503 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 112,400 | $ 178,280 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 92,571 | 75,962 |
Loss on aircraft and other equipment disposals | 6,619 | 3,510 |
Provision for obsolescence of expendable parts, supplies and fuel | 2,900 | 1,803 |
Amortization of deferred financing costs | 1,059 | 1,154 |
Share-based compensation expense | 10,847 | 4,342 |
Deferred income taxes | 64,296 | 2,336 |
Changes in certain assets and liabilities: | ||
(Increase) decrease in accounts receivable | 17,709 | (9,957) |
(Increase) decrease in prepaid expenses | (8,825) | 3,147 |
Increase (decrease) in accounts payable | 3,671 | 4,220 |
Increase (decrease) in accrued liabilities | (11,183) | 23,083 |
Increase (decrease) in air traffic liability | 30,553 | 22,391 |
Increase Decrease for Deferred Major Maintenance, Net | (14,779) | (4,365) |
Other, net | (11,444) | 2,187 |
Net cash provided by operating activities | 296,394 | 308,093 |
INVESTING ACTIVITIES: | ||
Purchase of investment securities | (273,796) | (291,954) |
Proceeds from maturities of investment securities | 239,920 | 268,037 |
Purchase of property and equipment, including capitalized interest | (333,746) | (264,085) |
Other investing activities | 1,338 | 3,999 |
Net cash used in investing activities | (366,284) | (284,003) |
FINANCING ACTIVITIES: | ||
Cash dividends paid to shareholders | (34,462) | (55,895) |
Proceeds from the issuance of debt | 292,540 | 120,410 |
Repurchase of common stock | (90,445) | (63,363) |
Principal payments on debt | (88,026) | (63,478) |
Other financing activities | (405) | (158) |
Net cash provided by (used in) financing activities | 79,202 | (62,484) |
Net change in cash and cash equivalents | 9,312 | (38,394) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 64,711 | 87,112 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 74,023 | 48,718 |
CASH PAYMENTS FOR: | ||
Interest paid, net of amount capitalized | 31,733 | 17,070 |
Income taxes paid, net of refunds | $ (18,757) | $ 79,818 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company has no independent assets or operations, and all guarantees of the Company's publicly held debt are full and unconditional and joint and several. Any subsidiaries of the parent company other than the subsidiary guarantors are minor. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued 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 to which the entity expects to be entitled in exchange for those goods or services. The Company will adopt this standard using the full-retrospective approach on January 1, 2018. Under the new standard, revenue for certain air-related ancillary fees that are directly related to ticket revenue, such as seat fees and baggage fees, will no longer be considered distinct performance obligations separate from passenger travel and will be reclassified into scheduled service revenue. Although finalization is in process, for 2016, the amount expected to be reclassified from air-related charges into scheduled service revenue will be approximately $500 million . In addition, certain fees previously recognized when incurred by the customer, will be deferred and recognized as revenue when air travel is provided and reclassified into scheduled service revenue. The Company believes that adoption will not have a material effect on earnings, although the classification of certain operating revenue and operating expense items will change. 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 has not completed the assessment of this new standard. The Company believes adoption will have a significant impact on its consolidated balance sheets but is not expected to significantly change the recognition, measurement or presentation of associated expense within the consolidated statements of income or cash flows. 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, and the Company will adopt it effective January 1, 2018. Significant classification modifications are not expected as a result of adoption. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment Property and equipment (in thousands): As of September 30, 2017 As of December 31, 2016 Flight equipment, including pre-delivery deposits $ 1,634,835 $ 1,377,829 Computer hardware and software 119,658 101,850 Other property and equipment 101,121 81,786 Total property and equipment 1,855,614 1,561,465 Less accumulated depreciation and amortization (523,816 ) (466,151 ) Property and equipment, net $ 1,331,798 $ 1,095,314 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt (in thousands): As of September 30, 2017 As of December 31, 2016 Fixed-rate notes payable due through 2020 $ 465,527 $ 465,748 Variable-rate notes payable due through 2027 546,037 342,526 Total long-term debt, net of related costs 1,011,564 808,274 Less current maturities, net of related costs 165,837 86,226 Long-term debt, net of current maturities and related costs $ 845,727 $ 722,048 Weighted average fixed-interest rate 5.41 % 5.41 % Weighted average variable-interest rate 3.25 % 3.16 % Maturities of long-term debt for the remainder of 2017 and for the next five years and thereafter, in the aggregate, are: remaining in 2017 - $25.0 million ; 2018 - $218.3 million ; 2019 - $540.0 million ; 2020 - $73.4 million ; 2021 - $46.1 million ; and $108.9 million thereafter. Secured Debt In the first nine months of 2017, the Company borrowed $236.5 million under loan agreements secured by 12 Airbus A320 series aircraft. The notes bear interest at a floating rate based on LIBOR plus a weighted average margin of 1.62 percent and are payable in monthly or quarterly installments over five or ten years. Senior Secured Revolving Credit Facility In the third quarter of 2017, the Company drew down $56.0 million under its senior secured revolving credit facility, with six Airbus A320 series aircraft in the collateral pool. In 2015, the Company, through a wholly owned subsidiary, entered into this facility under which it is able to borrow up to $56.0 million. The facility had an original term of 24 months, was extended for an additional one-year term in 2016, and may be extended for an additional one-year period, at the lender’s option. Any notes under the facility 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 two years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received by selling an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, US Treasury Bonds, and corporate debt securities, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3. For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. The fair value of the Company's derivative instrument is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments include the applicable exchange and interest rates. Financial instruments measured at fair value on a recurring basis (in thousands): As of September 30, 2017 As of December 31, 2016 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 21,112 $ 21,112 $ — $ 123 $ 123 $ — US Treasury Bonds 4,550 — 4,550 — — — Commercial paper 3,594 — 3,594 — — — Federal agency debt securities — — — 19,399 — 19,399 Municipal debt securities — — — 1,843 — 1,843 Total cash equivalents 29,256 21,112 8,144 21,365 123 21,242 Short-term Municipal debt securities 152,369 — 152,369 78,826 — 78,826 Corporate debt securities 84,667 — 84,667 76,570 — 76,570 Commercial paper 83,051 — 83,051 108,372 — 108,372 Federal agency debt securities 28,432 — 28,432 3,895 — 3,895 US Treasury Bonds 3,000 — 3,000 1,606 — 1,606 Total short-term 351,519 — 351,519 269,269 — 269,269 Long-term Corporate debt securities 71,142 — 71,142 25,048 — 25,048 Federal agency debt securities 5,771 — 5,771 24,160 — 24,160 Derivative instruments 475 — 475 1,660 — 1,660 Municipal debt securities — — — 72,623 — 72,623 US Treasury Bonds — — — 3,003 — 3,003 Total long-term 77,388 — 77,388 126,494 — 126,494 Total financial instruments $ 458,163 $ 21,112 $ 437,051 $ 417,128 $ 123 $ 417,005 The fair value of the Company’s publicly held long-term debt is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized its publicly held debt as Level 2. The remaining debt agreements are not publicly held. The Company has determined the estimated fair value of these notes to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs. The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt. Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs (in thousands): As of September 30, 2017 As of December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 451,536 $ 467,340 $ 452,179 $ 468,005 2 Non-publicly held debt 565,512 526,955 360,999 340,866 3 Total long-term debt $ 1,017,048 $ 994,295 $ 813,178 $ 808,871 Due to the short-term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments The Company entered into a foreign currency swap (expiring in 2018) in order to mitigate the foreign currency exchange rate risk associated with the forecasted lease revenue from 12 Airbus A320 series aircraft leased to a European carrier until 2018. The Company uses a cash flow hedge to minimize the variability in cash flows of assets, liabilities and forecasted transactions caused by fluctuations in foreign currency exchange rates. For the nine months ended September 30, 2017 , the net change in fair value recorded in accumulated other comprehensive income related to an unrealized loss on the hedge was $0.7 million compared to $0.5 million for the nine months ended September 30, 2016 . At inception, the Company formally designated and documented this financial instrument as a hedge of a specific underlying exposure, the risk management objective, and the strategy for undertaking the hedge transaction. The Company also assessed whether the financial instrument used in the hedging transactions was effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. This assessment is monitored on at least a quarterly basis, and the change in fair market value of any ineffective portion of a financial instrument would be immediately recognized into earnings. For the nine months ended September 30, 2017 , the Company realized $0.7 million in gains from its cash flow hedge into Other revenue, compared to $0.8 million for the nine months ended September 30, 2016 . As of September 30, 2017 , the Company expects $0.3 million to be reclassified from Other comprehensive income into Other revenue within the next 12 months. At September 30, 2017 , the fair value of the Company's derivative instrument was $0.5 million compared to $1.7 million at December 31, 2016, and is reported in the Company's consolidated balance sheet within deposits and other assets. Refer to Note 4 - Fair Value Measurements for additional information related to the estimated fair value. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders’ Equity The Company is authorized by the Board of Directors to acquire its stock through open market purchases under its share repurchase program. As repurchase authority is used, the Board of Directors has, to date, authorized additional expenditures for share repurchases. For the three months ended September 30, 2017 and 2016, the Company had no open market share repurchases. For the nine months ended September 30, 2017 and 2016, share repurchases consisted of the following: Nine Months Ended September 30, 2017 2016 Shares repurchased (not in thousands) 604,497 369,997 Average price per share $ 142.66 $ 166.70 Total (in thousands) $ 86,240 $ 61,679 During the nine months ended September 30, 2017 , the Company declared and paid recurring cash dividends of $2.10 per share, or $34.5 million . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. Diluted net income per share is calculated using the more dilutive of the two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs: 1. Assume vesting of restricted stock using the treasury stock method. 2. Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. For the three and nine months ended September 30, 2017 , the second method, which assumes unvested awards are not vested, was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic: Net income $ 22,293 $ 45,453 $ 112,400 $ 178,280 Less net income allocated to participating securities (315 ) (298 ) (1,747 ) (1,074 ) Net income attributable to common stock $ 21,978 $ 45,155 $ 110,653 $ 177,206 Net income per share, basic $ 1.39 $ 2.76 $ 6.85 $ 10.74 Weighted-average shares outstanding 15,852 16,389 16,142 16,493 Diluted: Net income $ 22,293 $ 45,453 $ 112,400 $ 178,280 Less net income allocated to participating securities (315 ) (297 ) (1,745 ) (1,073 ) Net income attributable to common stock $ 21,978 $ 45,156 $ 110,655 $ 177,207 Net income per share, diluted $ 1.39 $ 2.75 $ 6.85 $ 10.73 Weighted-average shares outstanding 15,852 16,389 16,142 16,493 Dilutive effect of stock options and restricted stock 18 26 60 34 Adjusted weighted-average shares outstanding under treasury stock method 15,870 16,415 16,202 16,527 Participating securities excluded under two-class method (8 ) (9 ) (42 ) (13 ) Adjusted weighted-average shares outstanding under two-class method 15,862 16,406 16,160 16,514 For the three and nine months ended September 30, 2017 , anti-dilutive shares excluded from the calculation of earnings per share were 129,989 and 51,439 (shares not in thousands), respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2017 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Aircraft Under Contract Airbus A319 3 Airbus A320 17 In addition, the Company has entered into lease agreements for an additional 13 Airbus A320 aircraft expected to be delivered between fourth quarter 2017 and the end of 2018. Future minimum fixed payments for the Company's commitments related to the acquisition of aircraft (including aircraft lease obligations), airport fees under use and lease agreements, and other operating lease obligations are as follows as of September 30, 2017 (in thousands): As of September 30, 2017 Remaining in 2017 $ 141,093 2018 140,702 2019 113,873 2020 76,016 2021 34,723 Thereafter 231,358 Total commitments $ 737,765 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. |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions The Company previously entered into a lease agreement for approximately 70,000 square feet of office space in a building in which the Company’s Chairman and Chief Executive Officer ("CEO") and the Company's President owned minority interests as limited partners. The Company exercised its option to terminate the lease effective in May 2015 and paid $1.3 million in January 2016 in settlement of related litigation. Entities owned or controlled by the Company's Chairman and CEO have been paid for the building of corporate training content. This approach to training focuses on concept mastery, recognizing that individuals learn at varying paces, through different styles, and is designed to ensure the trainee fully understands each module before moving on to more advanced training. During the nine months ended September 30, 2017 and 2016, the Company made payments to these entities of $0.2 million and $1.4 million , respectively, and no further payments are expected. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events In October 2017, the Company received funding under loan agreements secured by two Airbus A320 aircraft for $68.0 million , executed in September 2017. The notes bear interest at a floating rate based on LIBOR plus a margin of 1.45 percent and are payable in quarterly installments through 2027. Also in October 2017, the Company executed purchase agreements for four Airbus A320 series aircraft for which delivery is expected in the fourth quarter 2017. The Company's board of directors approved a fleet plan at the October 2017 meeting which further accelerates the retirement of the MD-80 fleet to fourth quarter 2018. As a result of this operational update, the Company is evaluating the MD-80 fleet and its related assets for impairment. The carrying value of these assets was $40.2 million at September 30, 2017. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “Company”) and its majority-owned operating subsidiaries. The Company has no independent assets or operations, and all guarantees of the Company's publicly held debt are full and unconditional and joint and several. Any subsidiaries of the parent company other than the subsidiary guarantors are minor. All intercompany balances and transactions have been eliminated. These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. |
New Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued 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 to which the entity expects to be entitled in exchange for those goods or services. The Company will adopt this standard using the full-retrospective approach on January 1, 2018. Under the new standard, revenue for certain air-related ancillary fees that are directly related to ticket revenue, such as seat fees and baggage fees, will no longer be considered distinct performance obligations separate from passenger travel and will be reclassified into scheduled service revenue. Although finalization is in process, for 2016, the amount expected to be reclassified from air-related charges into scheduled service revenue will be approximately $500 million . In addition, certain fees previously recognized when incurred by the customer, will be deferred and recognized as revenue when air travel is provided and reclassified into scheduled service revenue. The Company believes that adoption will not have a material effect on earnings, although the classification of certain operating revenue and operating expense items will change. 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 has not completed the assessment of this new standard. The Company believes adoption will have a significant impact on its consolidated balance sheets but is not expected to significantly change the recognition, measurement or presentation of associated expense within the consolidated statements of income or cash flows. 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, and the Company will adopt it effective January 1, 2018. Significant classification modifications are not expected as a result of adoption. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property and equipment (in thousands): As of September 30, 2017 As of December 31, 2016 Flight equipment, including pre-delivery deposits $ 1,634,835 $ 1,377,829 Computer hardware and software 119,658 101,850 Other property and equipment 101,121 81,786 Total property and equipment 1,855,614 1,561,465 Less accumulated depreciation and amortization (523,816 ) (466,151 ) Property and equipment, net $ 1,331,798 $ 1,095,314 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt (in thousands): As of September 30, 2017 As of December 31, 2016 Fixed-rate notes payable due through 2020 $ 465,527 $ 465,748 Variable-rate notes payable due through 2027 546,037 342,526 Total long-term debt, net of related costs 1,011,564 808,274 Less current maturities, net of related costs 165,837 86,226 Long-term debt, net of current maturities and related costs $ 845,727 $ 722,048 Weighted average fixed-interest rate 5.41 % 5.41 % Weighted average variable-interest rate 3.25 % 3.16 % |
Long-Term Debt Schedule of Matu
Long-Term Debt Schedule of Maturities of Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Maturities of Long-Term Debt [Abstract] | |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt for the remainder of 2017 and for the next five years and thereafter, in the aggregate, are: remaining in 2017 - $25.0 million ; 2018 - $218.3 million ; 2019 - $540.0 million ; 2020 - $73.4 million ; 2021 - $46.1 million ; and $108.9 million thereafter. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value On a Recurring Basis | Financial instruments measured at fair value on a recurring basis (in thousands): As of September 30, 2017 As of December 31, 2016 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 21,112 $ 21,112 $ — $ 123 $ 123 $ — US Treasury Bonds 4,550 — 4,550 — — — Commercial paper 3,594 — 3,594 — — — Federal agency debt securities — — — 19,399 — 19,399 Municipal debt securities — — — 1,843 — 1,843 Total cash equivalents 29,256 21,112 8,144 21,365 123 21,242 Short-term Municipal debt securities 152,369 — 152,369 78,826 — 78,826 Corporate debt securities 84,667 — 84,667 76,570 — 76,570 Commercial paper 83,051 — 83,051 108,372 — 108,372 Federal agency debt securities 28,432 — 28,432 3,895 — 3,895 US Treasury Bonds 3,000 — 3,000 1,606 — 1,606 Total short-term 351,519 — 351,519 269,269 — 269,269 Long-term Corporate debt securities 71,142 — 71,142 25,048 — 25,048 Federal agency debt securities 5,771 — 5,771 24,160 — 24,160 Derivative instruments 475 — 475 1,660 — 1,660 Municipal debt securities — — — 72,623 — 72,623 US Treasury Bonds — — — 3,003 — 3,003 Total long-term 77,388 — 77,388 126,494 — 126,494 Total financial instruments $ 458,163 $ 21,112 $ 437,051 $ 417,128 $ 123 $ 417,005 |
Fair Value, Liabilities Measured on Recurring Basis | Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs (in thousands): As of September 30, 2017 As of December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Hierarchy Level Publicly held debt $ 451,536 $ 467,340 $ 452,179 $ 468,005 2 Non-publicly held debt 565,512 526,955 360,999 340,866 3 Total long-term debt $ 1,017,048 $ 994,295 $ 813,178 $ 808,871 |
Stockholders' Equity Repurchase
Stockholders' Equity Repurchases (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | For the three months ended September 30, 2017 and 2016, the Company had no open market share repurchases. For the nine months ended September 30, 2017 and 2016, share repurchases consisted of the following: Nine Months Ended September 30, 2017 2016 Shares repurchased (not in thousands) 604,497 369,997 Average price per share $ 142.66 $ 166.70 Total (in thousands) $ 86,240 $ 61,679 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Net Income Per Share, Basic and Diluted | The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Basic: Net income $ 22,293 $ 45,453 $ 112,400 $ 178,280 Less net income allocated to participating securities (315 ) (298 ) (1,747 ) (1,074 ) Net income attributable to common stock $ 21,978 $ 45,155 $ 110,653 $ 177,206 Net income per share, basic $ 1.39 $ 2.76 $ 6.85 $ 10.74 Weighted-average shares outstanding 15,852 16,389 16,142 16,493 Diluted: Net income $ 22,293 $ 45,453 $ 112,400 $ 178,280 Less net income allocated to participating securities (315 ) (297 ) (1,745 ) (1,073 ) Net income attributable to common stock $ 21,978 $ 45,156 $ 110,655 $ 177,207 Net income per share, diluted $ 1.39 $ 2.75 $ 6.85 $ 10.73 Weighted-average shares outstanding 15,852 16,389 16,142 16,493 Dilutive effect of stock options and restricted stock 18 26 60 34 Adjusted weighted-average shares outstanding under treasury stock method 15,870 16,415 16,202 16,527 Participating securities excluded under two-class method (8 ) (9 ) (42 ) (13 ) Adjusted weighted-average shares outstanding under two-class method 15,862 16,406 16,160 16,514 |
Commitments and Contingencies C
Commitments and Contingencies Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments to Purchase Aircraft [Abstract] | |
Long-term Purchase Commitment | As of September 30, 2017 , the Company had firm commitments to purchase the following aircraft: Aircraft Type Number of Aircraft Under Contract Airbus A319 3 Airbus A320 17 |
Commitments and Contingencies P
Commitments and Contingencies Payments Related to Commitments to Purchase (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payments Related to Commitments to Purchase [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | Future minimum fixed payments for the Company's commitments related to the acquisition of aircraft (including aircraft lease obligations), airport fees under use and lease agreements, and other operating lease obligations are as follows as of September 30, 2017 (in thousands): As of September 30, 2017 Remaining in 2017 $ 141,093 2018 140,702 2019 113,873 2020 76,016 2021 34,723 Thereafter 231,358 Total commitments $ 737,765 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. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies Policies (Details) $ in Millions | Sep. 30, 2017USD ($) |
Accounting Standards Update 2014-09 [Member] | |
Adjustments for New Accounting Pronouncements [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Expected Increase (Decrease) in Passenger Revenue | $ 500 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Flight equipment, including pre-delivery deposits | $ 1,634,835 | $ 1,377,829 |
Computer Hardware and Software | 119,658 | 101,850 |
Other Property and Equipment | 101,121 | 81,786 |
Total property and equipment | 1,855,614 | 1,561,465 |
Less accumulated depreciation and amortization | 523,816 | 466,151 |
Property and equipment, net | $ 1,331,798 | $ 1,095,314 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 1,017,048 | $ 813,178 |
Secured Long-term Debt, Noncurrent | 1,011,564 | 808,274 |
Less current maturities | 165,837 | 86,226 |
Long-term debt, net of current maturities and related costs | 845,727 | 722,048 |
Fixed Rate Notes Payable Through 2020 | ||
Debt Instrument [Line Items] | ||
Notes Payable | 465,527 | 465,748 |
Variable Rate Notes Payable Through 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 546,037 | $ 342,526 |
Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.41% | 5.41% |
Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.25% | 3.16% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Oct. 01, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Line of Credit Facility, Borrowing Capacity, Description | 56 | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 25,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 46,100 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 108,900 | ||
Debt Instrument, Face Amount | 236,500 | ||
Secured Long-term Debt, Noncurrent | 1,011,564 | $ 808,274 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 218,300 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 540,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 73,400 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.62% | ||
Airbus A320 Aircraft Series [Member] | |||
Line of Credit Facility, Collateral | six | ||
Debt Instrument, Collateral | 12 | ||
Subsequent Event [Member] | |||
Secured Long-term Debt, Noncurrent | $ 68,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||
Subsequent Event [Member] | Airbus A320 Aircraft Series [Member] | |||
Debt Instrument, Collateral | 2 |
Long-Term Debt Schedule of Ma29
Long-Term Debt Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 1.85% | |
Secured Debt | $ 56,000 | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 25,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 218,300 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 540,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 73,400 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 46,100 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 108,900 | |
Long-term Debt, Fair Value | $ 1,011,564 | $ 808,274 |
Airbus A320 Aircraft Series [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Collateral | six |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | $ 458,163 | $ 417,128 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 21,112 | 123 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 437,051 | 417,005 |
Short-term Investments | Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 351,519 | 269,269 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 351,519 | 269,269 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale Securities | 83,051 | 108,372 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 83,051 | 108,372 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Available-for-sale Securities | 28,432 | 3,895 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 28,432 | 3,895 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Available-for-sale Securities | 152,369 | 78,826 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 152,369 | 78,826 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale Securities | 84,667 | 76,570 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 84,667 | 76,570 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Available-for-sale Securities | 3,000 | 1,606 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Short-term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 3,000 | 1,606 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 0 | 72,623 |
Long Term Investments | Fair Value, Measurements, Recurring | ||
Available-for-sale Securities | 77,388 | 126,494 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 77,388 | 126,494 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Available-for-sale Securities | 5,771 | 24,160 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 5,771 | 24,160 |
Long Term Investments | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Available-for-sale Securities | 0 | 72,623 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale Securities | 71,142 | 25,048 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 71,142 | 25,048 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Available-for-sale Securities | 0 | 3,003 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | US Treasury Securities | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 0 | 3,003 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | ||
Available-for-sale Securities | 0 | 1,660 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | ||
Available-for-sale Securities | 0 | 0 |
Long Term Investments | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | ||
Available-for-sale Securities | 475 | 1,660 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | ||
Cash Equivalents | 29,256 | 21,365 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 21,112 | 123 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 8,144 | 21,242 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | US Treasury Bonds | ||
Cash Equivalents | 21,112 | 123 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | US Treasury Bonds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 21,112 | 123 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | US Treasury Bonds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Commercial paper | ||
Cash Equivalents | 3,594 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Commercial paper | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 3,594 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Federal agency debt securities | ||
Cash Equivalents | 0 | 19,399 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Federal agency debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 19,399 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Municipal debt securities | ||
Cash Equivalents | 0 | 1,843 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | $ 0 | $ 1,843 |
Fair Value Measurements Estimat
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 1,011,564 | $ 808,274 |
Notes Payable | 1,017,048 | 813,178 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 994,295 | 808,871 |
Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 451,536 | 452,179 |
Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 467,340 | 468,005 |
Non-Publicly Held Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | 565,512 | 360,999 |
Non-Publicly Held Debt | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 526,955 | $ 340,866 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (193) | $ (208) | $ (749) | $ (533) | |
Reclassification of derivative gains into Other revenue | 175 | $ 247 | 703 | $ 756 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | ||||
Airbus A320 Aircraft Series | |||||
Derivative [Line Items] | |||||
Debt Instrument, Collateral | 12 | ||||
Fair Value, Measurements, Recurring | |||||
Derivative [Line Items] | |||||
Available-for-sale Securities | 458,163 | $ 458,163 | $ 417,128 | ||
Long Term Investments | Fair Value, Measurements, Recurring | |||||
Derivative [Line Items] | |||||
Available-for-sale Securities | 77,388 | 77,388 | 126,494 | ||
Derivative Financial Instruments, Assets | Long Term Investments | Fair Value, Measurements, Recurring | |||||
Derivative [Line Items] | |||||
Available-for-sale Securities | $ 0 | $ 0 | $ 1,660 | ||
Foreign Debt Collateral [Member] | Airbus A320 Aircraft Series | |||||
Derivative [Line Items] | |||||
Debt Instrument, Collateral | 12 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Dividends Payable, Amount Per Share | $ 2.10 | |
Stock Repurchased During Period, Shares | 604,497 | 369,997 |
Treasury Stock Acquired, Average Cost Per Share | $ 142.66 | $ 166.70 |
Stock Repurchased During Period, Value | $ 86,240 | $ 61,679 |
Dividends | $ 34,500 |
Earnings per Share (Detail) - E
Earnings per Share (Detail) - Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 129,989 | 51,439 | ||
Basic: | ||||
Net income attributable to Allegiant Travel Company (in Dollars) | $ 22,293 | $ 45,453 | $ 112,400 | $ 178,280 |
Less: Net income allocated to participating securities (in Dollars) | (315) | (298) | (1,747) | (1,074) |
Net income attributable to common stock (in Dollars) | $ 21,978 | $ 45,155 | $ 110,653 | $ 177,206 |
Net income per share, basic (in Dollars per share) | $ 1.39 | $ 2.76 | $ 6.85 | $ 10.74 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ (315) | $ (297) | $ (1,745) | $ (1,073) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 21,978 | $ 45,156 | $ 110,655 | $ 177,207 |
Net income per share, diluted (in Dollars per share) | $ 1.39 | $ 2.75 | $ 6.85 | $ 10.73 |
Weighted-average shares outstanding | 15,852,000 | 16,389,000 | 16,142,000 | 16,493,000 |
Dilutive effect of stock options, restricted stock and stock-settled stock appreciation rights | 18,000 | 26,000 | 60,000 | 34,000 |
Adjusted weighted-average shares outstanding under treasury stock method | 15,870,000 | 16,415,000 | 16,202,000 | 16,527,000 |
Participating securities excluded under two-class method | (8,000) | (9,000) | (42,000) | (13,000) |
Two-Class Method, Weighted Average Number of Shares Outstanding, Diluted | 15,862,000 | 16,406,000 | 16,160,000 | 16,514,000 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Thousands | Sep. 30, 2017USD ($)aircraft |
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 141,093 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 140,702 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 113,873 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 76,016 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 34,723 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 231,358 |
Unrecorded Unconditional Purchase Obligation | $ 737,765 |
Airbus A319 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | aircraft | 3 |
Airbus A320 | |
Long-term Purchase Commitment [Line Items] | |
Number Of Aircraft Committed To Purchase | aircraft | 17 |
Commitments and Contingencies36
Commitments and Contingencies Payments Related to Commitments to Purchase (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Payments Related to Commitments to Purchase [Abstract] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 141,093 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 140,702 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 113,873 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 76,016 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 34,723 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 231,358 |
Unrecorded Unconditional Purchase Obligation | $ 737,765 |
Related Party (Details)
Related Party (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 0.2 | $ 1.4 | |
Lease Termination | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1.3 | ||
Building 1 | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Description of Transaction | 70,000 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - USD ($) $ in Thousands | Oct. 01, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 1,011,564 | $ 808,274 | |
Debt Instrument, Basis Spread on Variable Rate | 1.62% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 68,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||
Airbus A320 Aircraft Series [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Collateral | 12 | ||
Airbus A320 Aircraft Series [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Collateral | 2 | ||
Purchase Commitment, Description | 4 | ||
MD-80 Aircraft [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 40,000 |