Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Feb. 15, 2019 | |
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 | $ 1,779,000,000 | |
Entity Common Stock, Shares Outstanding | 16,281,038 | |
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, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 81,520 | $ 59,449 |
Restricted cash | 14,391 | 11,190 |
Short-term investments | 314,464 | 352,681 |
Accounts receivable | 36,014 | 71,057 |
Expendable parts, supplies and fuel, net of reserve of $14,410 and $13,756 | 19,516 | 17,647 |
Prepaid expenses | 29,122 | 23,931 |
Other current assets | 221 | 5,320 |
TOTAL CURRENT ASSETS | 495,248 | 541,275 |
Property and equipment, net of accumulated depreciation of $373,977 and $276,548 (including $145,393 and $112,750 from VIEs, Note 6) | 1,847,268 | 1,512,415 |
Long-term investments | 51,526 | 78,570 |
Deferred major maintenance, net of accumulated amortization of $13,694 and $8,218 | 67,873 | 31,326 |
Deposits and other assets | 36,753 | 16,571 |
TOTAL ASSETS: | 2,498,668 | 2,180,157 |
CURRENT LIABILITIES | ||
Accounts payable | 27,452 | 20,108 |
Accrued liabilities | 122,027 | 105,127 |
Air traffic liability | 212,230 | 204,299 |
Current maturities of long-term debt and capital lease obligations, net of related costs of $1,443 and $2,298 (including $11,538 and $8,935 from VIEs, Note 6) | 152,287 | 214,761 |
TOTAL CURRENT LIABILITIES | 513,996 | 544,295 |
LONG-TERM DEBT AND OTHER NONCURRENT LIABILITIES | ||
Long-term debt and capital lease obligations, net of current maturities and related costs of $3,591 and $3,812 (including $123,696 and $92,424 from VIEs, Note 6) | 1,119,446 | 950,131 |
Deferred income taxes | 164,027 | 119,013 |
Other noncurrent liabilities | 10,878 | 13,407 |
TOTAL LIABILITIES: | 1,808,347 | 1,626,846 |
SHAREHOLDERS' EQUITY | ||
Common stock, par value $.001, 100,000,000 shares authorized; 22,622,548 and 22,515,997 shares issued; 16,183,274 and 16,066,404 shares outstanding in 2018 and 2017, respectively | 23 | 23 |
Treasury stock, at cost, 6,439,274 and 6,449,593 shares in 2018 and 2017, respectively | (605,037) | (605,655) |
Additional paid in capital | 270,935 | 253,840 |
Accumulated other comprehensive loss, net | (661) | (2,840) |
Retained earnings | 1,025,061 | 907,943 |
TOTAL EQUITY: | 690,321 | 553,311 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: | $ 2,498,668 | $ 2,180,157 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Expendable parts, supplies and fuel, reserve | $ 14,410 | $ 13,756 |
Property, Plant, and Equipment, Owned, Accumulated Depreciation | 373,977 | 276,548 |
Inventory Valuation Reserves | 14,400 | 13,800 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 145,393 | 112,750 |
Accumulated Amortization of Other Deferred Costs | 13,694 | 8,218 |
Debt Issuance Costs, Gross, Current | 1,443 | 2,298 |
Variable Interest Entity, Consolidated, Liabilities, Noncurrent | 123,696 | 92,424 |
Variable Interest Entity, Consolidated, Liabilities, Current | 11,538 | 8,935 |
Debt Issuance Cost, Gross, Noncurrent | $ 3,591 | $ 3,812 |
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 | 22,622,548 | 22,515,997 |
Common stock, shares outstanding | 16,183,274 | 16,066,404 |
Treasury stock, shares | 6,439,274 | 6,449,593 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING REVENUES: | |||
Passenger | $ 1,533,701 | $ 1,372,037 | $ 1,269,067 |
Third party products | |||
Third party products | 58,060 | 52,707 | 44,940 |
Fixed fee contract | 50,286 | 48,708 | 31,972 |
Other | 25,400 | 37,751 | 32,963 |
Total operating revenue | 1,667,447 | 1,511,203 | 1,378,942 |
OPERATING EXPENSES: | |||
Aircraft fuel | 445,814 | 343,333 | 257,332 |
Salary and benefits | 413,892 | 371,599 | 291,974 |
Station operations | 161,019 | 142,581 | 124,052 |
Depreciation and amortization | 129,351 | 121,713 | 105,216 |
Maintenance and repairs | 99,015 | 113,481 | 111,070 |
Sales and marketing | 73,514 | 56,675 | 34,629 |
Aircraft lease rentals | 868 | 3,098 | 924 |
Other | 100,515 | 92,840 | 81,178 |
Special charge | 0 | 35,253 | 0 |
Total operating expenses | 1,423,988 | 1,280,573 | 1,006,375 |
OPERATING INCOME | 243,459 | 230,630 | 372,567 |
OTHER (INCOME) EXPENSES: | |||
Interest income | (9,226) | (5,808) | (3,010) |
Interest expense | (53,762) | (38,990) | (28,836) |
Other, net | (395) | (1,559) | (1,226) |
Total other expense | 44,141 | 31,623 | 24,600 |
INCOME BEFORE INCOME TAXES | 199,318 | 199,007 | 347,967 |
PROVISION FOR INCOME TAXES | 37,516 | 859 | 127,101 |
NET INCOME | $ 161,802 | $ 198,148 | $ 220,866 |
Earnings per share to common shareholders: | |||
Basic | $ 10.02 | $ 12.14 | $ 13.31 |
Diluted | $ 10 | $ 12.13 | $ 13.29 |
Shares used for computation: | |||
Basic | 15,941 | 16,073 | 16,465 |
Diluted | 15,967 | 16,095 | 16,489 |
Cash dividend declared per share: | $ 2.80 | $ 2.80 | $ 2.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 161,802 | $ 198,148 | $ 220,866 |
Other comprehensive income (loss): | |||
Change in available for sale securities, net of tax | (1,153) | 49 | 318 |
Foreign currency translation adjustments | 177 | (681) | 88 |
Change in derivatives, net of tax | 3,155 | (1,978) | (1,470) |
Total other comprehensive income (loss) | 2,179 | (2,610) | (1,064) |
TOTAL COMPREHENSIVE INCOME | $ 163,981 | $ 195,538 | $ 219,802 |
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 |
Common stock, shares issued | 16,803,000 | ||||||
Common Stock, Value, Issued | $ 22 | ||||||
Additional paid in capital | $ 228,945 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 834 | ||||||
Retained Earnings (Accumulated Deficit) | $ 573,619 | ||||||
Treasury Stock, Value | $ (453,415) | ||||||
TOTAL EQUITY | $ 350,005 | ||||||
Exercises of stock options and stock-settled SARs (Shares) | 219,000 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 9,291 | 9,291 | |||||
Stock Repurchased During Period, Shares | (402,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (66,371) | (66,371) | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,400 | 13,000 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,983 | 1,983 | |||||
Dividends, Cash | (39,812) | (39,812) | |||||
Unrealized gain on short-term investments, net of tax | (1,064) | (1,064) | |||||
Net Income | $ 220,866 | 220,866 | 220,866 | ||||
Common stock, shares issued | 16,633,000 | ||||||
Common Stock, Value, Issued | $ 22 | ||||||
Additional paid in capital | 238,236 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (230) | ||||||
Retained Earnings (Accumulated Deficit) | 755,515 | ||||||
Treasury Stock, Value | (517,803) | ||||||
TOTAL EQUITY | 475,740 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 842 | 842 | |||||
Stock Issued During Period, Value, Other | $ 1 | ||||||
Exercises of stock options and stock-settled SARs (Shares) | 47,000 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 15,604 | 15,605 | |||||
Stock Repurchased During Period, Shares | (632,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (90,457) | (90,457) | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 18,498 | 18,000 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 2,605 | 2,605 | |||||
Dividends, Cash | (45,720) | (45,720) | |||||
Unrealized gain on short-term investments, net of tax | (2,610) | (2,610) | |||||
Net Income | $ 198,148 | 198,148 | 198,148 | ||||
Common stock, shares issued | 16,066,404 | 16,066,000 | |||||
Common Stock, Value, Issued | $ 23 | $ 23 | |||||
Additional paid in capital | 253,840 | 253,840 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,840) | (2,840) | |||||
Retained Earnings (Accumulated Deficit) | 907,943 | 907,943 | |||||
Treasury Stock, Value | (605,655) | (605,655) | |||||
TOTAL EQUITY | $ 553,311 | 553,311 | |||||
Exercises of stock options and stock-settled SARs (Shares) | 107,000 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 17,095 | 17,095 | |||||
Stock Repurchased During Period, Shares | (23,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (3,650) | (3,650) | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 33,300 | 33,000 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 4,268 | 4,268 | |||||
Dividends, Cash | (45,247) | (45,247) | |||||
Unrealized gain on short-term investments, net of tax | 2,179 | 563 | 2,742 | ||||
Net Income | $ 161,802 | 161,802 | 161,802 | ||||
Common stock, shares issued | 16,183,274 | 16,183,000 | |||||
Common Stock, Value, Issued | $ 23 | $ 23 | |||||
Additional paid in capital | 270,935 | $ 270,935 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (661) | $ (661) | |||||
Retained Earnings (Accumulated Deficit) | 1,025,061 | $ 1,025,061 | |||||
Treasury Stock, Value | (605,037) | $ (605,037) | |||||
TOTAL EQUITY | $ 690,321 | $ 690,321 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (per Share) | $ 2.80 | $ 2.80 | $ 2.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES: | |||
Net Income | $ 161,802 | $ 198,148 | $ 220,866 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 129,351 | 121,713 | 105,216 |
Loss on aircraft and other equipment disposals | 2,360 | 9,334 | 4,981 |
Special charge | 0 | 35,253 | 0 |
Share-based compensation expense | 15,098 | 13,856 | 9,389 |
Deferred income taxes | 38,222 | 42,689 | 30,579 |
Other adjustments | 4,541 | 5,933 | 4,286 |
Changes in certain assets and liabilities: | |||
(Increase) decrease in accounts receivable | 35,624 | (30,568) | (18,201) |
(Increase) decrease in prepaid expenses | (5,191) | (7,654) | 1,999 |
Increase (decrease) in accounts payable | 8,633 | 4,798 | 9,209 |
Increase (decrease) in accrued liabilities | 12,005 | 9,251 | 7,596 |
Increase (decrease) in air traffic liability | 7,931 | 12,721 | (6,144) |
Change in deferred major maintenance | 49,622 | 20,687 | 18,857 |
Other assets/liabilities | (4,142) | (4,113) | (2,769) |
Net cash provided by operating activities | 356,612 | 390,674 | 348,150 |
INVESTING ACTIVITIES: | |||
Purchase of investment securities | (371,461) | (363,300) | (444,532) |
Proceeds from maturities of investment securities | 436,581 | 319,915 | 361,082 |
Aircraft pre-delivery deposits | 0 | (11,810) | (125,434) |
Purchase of property and equipment, including capitalized interest | (334,774) | (568,439) | (199,743) |
Other investing activities | 677 | 5,115 | 6,790 |
Net cash used in investing activities | (268,977) | (618,519) | (401,837) |
FINANCING ACTIVITIES: | |||
Cash dividends paid to shareholders | (45,247) | (45,720) | (67,540) |
Proceeds from the issuance of debt | 211,225 | 497,540 | 321,160 |
Repurchase of common stock | (3,650) | (90,457) | (66,371) |
Principal payments on debt and capital lease obligations | (232,227) | (138,858) | (154,080) |
Other financing activities | 7,536 | (379) | (594) |
Net cash (used in) provided by financing activities | (62,363) | 222,126 | 32,575 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 25,272 | (5,719) | (21,112) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 70,639 | 76,358 | 97,470 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 95,911 | 70,639 | 76,358 |
CASH PAYMENTS/(RECEIPTS) FOR: | |||
Interest paid, net of amount capitalized | 52,323 | 35,998 | 26,454 |
Income tax (refunds)/payments | (41,610) | (17,954) | 110,612 |
Flight equipment under capital lease | $ 127,625 | $ 0 | $ 0 |
Organization and Business of Co
Organization and Business of Company (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
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, generates other ancillary revenues, and operates non-airline related entities which include the development of Sunseeker Resort, family entertainment centers, and Teesnap. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics, and 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 currently operates 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, 2018 | |
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 (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. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method. All intercompany balances and transactions have been eliminated. 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 in the financial statements and accompanying notes. Actual results could differ from these estimates. The Company adopted the New Revenue Standard and ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220)" effective January 1, 2018. All amounts and disclosures in this Form 10-K reflect the adoption of these standards. See below for further information. The Company has reclassified certain amounts for the years ended December 31, 2017 and 2016, respectively, to conform with current year presentation. Such reclassifications had no impact on operating income or net income. 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 held against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties. Restricted cash at December 31, 2018 and 2017 was $14.4 million and $11.2 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. These receivables are short-term and generally settle within a few days of sale. There are also receivables related to commission amounts due from Enterprise Holdings Inc. based on terms in the rental car provider agreement, as well as 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, for which the balance was immaterial for all years presented. The Company also had outstanding receivables from a third party as of December 31, 2018 and 2017, for which $12.7 million and $6.3 million , respectively, was 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, 2018 , the Company’s long-term investments consisted of corporate debt securities, federal agency debt securities, US Treasury Bonds, and municipal debt securities with contractual maturities of less than 24 months. 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, 2018 , 2017 , and 2016 . 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 $14.4 million and $13.8 million at December 31, 2018 and 2017 , 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 seven years. The Company had unamortized computer software development costs of $41.3 million and $41.0 million as of December 31, 2018 and 2017 , respectively. Amortization expense related to computer software was $14.1 million , $15.9 million and $13.3 million for the years ended December 31, 2018 , 2017 and 2016 , 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 any estimated salvage value. Property under capital leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed on the basis of the Company’s incremental borrowing rate, and depreciation is recorded on a straight-line basis and is included within depreciation and amortization expense. The estimated useful lives of the principal asset classes are shown below. Aircraft, engines and related rotable parts 10-25 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-7 years In estimating the useful lives and residual values of aircraft, the Company primarily relies 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 changes in depreciation expense. Interest is capitalized using the Company’s weighted average borrowing rate and depreciated over the estimated useful life of the asset(s). Capitalized interest for 2018 and 2017 was $2.4 million and $3.2 million , respectively. Aircraft Maintenance and Repair Costs The Company accounts for MD-80 airframes and JT8D-219 engine major maintenance, as well as all non-major maintenance and repair costs incurred, for both the MD-80 and Airbus fleets, under the direct expense method. Under this method, maintenance and repair costs for aircraft are charged to operating expenses as incurred. Maintenance and repair costs includes all parts, materials, and line maintenance activities required to maintain the Company's fleet types. The Company accounts for major maintenance costs of its Airbus airframes and the related CFM engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event. During 2018 and 2017, the Company capitalized $49.6 million and $20.7 million of costs for major maintenance with associated amortization expense charged to depreciation and amortization of $12.5 million and $6.7 million , respectively. 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, 2017 and 2016 , the Company incurred impairment losses related to various aircraft parts of $1.3 million and $3.0 million , respectively, which are classified within Other operating expense. For the year ended December 31, 2018 , the Company did not incur any related impairment losses. For the year ended December 31, 2017 , the Company recorded a non-cash impairment charge of $35.3 million on its fleet of MD-80 aircraft, engines, and related assets, as a result of its review of fleet value. This represented a full impairment of these assets, and as such, these assets had no remaining book value as of December 31, 2017 . The Company analyzed many factors, including the accelerated retirement dates of the MD-80 fleet, a reduction in aircraft utilization due to the continued induction of Airbus A320 series aircraft, and the significantly decreased level of demand in the secondary market for MD-80 aircraft, spare engines, and parts. Revenue Recognition Passenger revenue Passenger revenue includes scheduled service revenue, ancillary air-related charges, and travel point redemptions from the co-branded Allegiant World Mastercard® credit card. Scheduled service revenue, a component of passenger revenue, consists of ticket revenue generated from nonstop flights in the Company’s route network, recognized either when the 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. Ancillary air-related charges, a component of passenger revenue, include various unbundled services and products related to the flight such as 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 a customer cancels a flight, a voucher may be issued for a future flight, at which time the associated revenue is recognized. Additionally, the Company estimates the value of vouchers that will expire unused and recognizes such revenue at the time of issuance. Third party products revenue Ancillary third party products revenue is generated from the sale of hotel rooms, rental cars and ticket attractions, as well as marketing revenue associated with the co-branded credit card. 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 the amount of revenue to be recognized for each element of a bundled sale involving 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. Pursuant to the co-brand arrangement with Bank of America, the Company has various performance obligations which are collectively referred to as the marketing component. These obligations consist of use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements. The marketing component is recorded as third party products revenue in the period in which points are awarded to the credit card holders. 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 leasing aircraft and engines, and other miscellaneous sources, including revenue from non-airline activities. Lease revenue is recognized ratably over the lease term. Taxes and fees 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. Affinity Credit Card Program The Allegiant World Mastercard® is issued by Bank of America through which arrangement points are sold and consideration is received under an agreement with a seven year scheduled duration expiring in 2023. 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 606): 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. Revenue from the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed by cardholders. Revenue from 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 $28.8 million , $20.9 million and $13.6 million for the years ended December 31, 2018 , 2017 and 2016 , 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 is 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, 2018 , 2017 and 2016 , 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, 2018 2017 2016 As recast As recast Basic: Net income $ 161,802 $ 198,148 $ 220,866 Less net income allocated to participating securities (2,106 ) (2,965 ) (1,758 ) Net income attributable to common stock $ 159,696 $ 195,183 $ 219,108 Earnings per share, basic $ 10.02 $ 12.14 $ 13.31 Weighted-average shares outstanding 15,941 16,073 16,465 Diluted: Net income $ 161,802 $ 198,148 $ 220,866 Less net income allocated to participating securities (2,104 ) (2,962 ) (1,756 ) Net income attributable to common stock $ 159,698 $ 195,186 $ 219,110 Earnings per share, diluted $ 10.00 $ 12.13 $ 13.29 Weighted-average shares outstanding 15,941 16,073 16,465 Dilutive effect of stock options and restricted stock 53 74 42 Adjusted weighted-average shares outstanding under treasury stock method 15,994 16,147 16,507 Participating securities excluded under two-class method (27 ) (52 ) (18 ) Adjusted weighted-average shares outstanding under two-class method 15,967 16,095 16,489 Stock awards outstanding of 77,037 ; 5,752 ; and 51,439 shares (not in thousands) for 2018 , 2017 , and 2016 , 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 share-based cost is measured based on grant date fair value. The Company’s share-based employee compensation plan is more fully discussed in Note 11. 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 Standards Effective in Future Years In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), which is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. This standard will require leases, other than short-term, to be recognized on the balance sheet as a lease liability and a corresponding right-of-use asset. Lease payments will include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the standard. Lease payments will not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements - Leases (Topic 842)." This update provides an optional modified retrospective adoption method. Under this new method, the cumulative effect adjustment to the opening balance of retained earnings is recognized at the adoption date. The Company is in the process of assessing the impact of this standard. Real estate operating leases and various other operating leases are expected to be placed on the balance sheet as a result of this standard but it is not expected that airport terminal leases will have a significant impact, as they mostly include variable lease payments outside of those based on a fixed index and, as a result, are excluded from consideration. The expected impact of applying this standard will be the recognition of between $15 million and $25 million in right-of-use assets and corresponding lease liability. Adoption is not expected to significantly change the recognition, measurement or presentation of associated expenses within the consolidated statements of income or cash flows, or impact existing debt covenants. The Company also plans to elect the package of practical expedients and will adopt this standard under the modified retrospective transition method effective January 1, 2019. Recently Adopted Standards In 2014, the FASB issued the New Revenue Standard. Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company adopted this standard using the full retrospective transition method effective January 1, 2018 and has recast prior year results. See Note 3 for more information on the impact of this adoption. While the adoption of the New Revenue Standard did not have a significant effect on earnings, $621.9 million of ancillary air-related fees for the twelve months ended December 31, 2018 are now classified as passenger revenue. Adoption also resulted in a net reduction to air traffic liability at December 31, 2017 of $5.9 million . This change resulted from the recognition of breakage revenue on issuance of credit vouchers that are expected to expire unused. The Company recognizes revenue from the co-branded credit card program using the deferral method. In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220)." This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted this standard effective January 1, 2018 and a one-time effect of $0.6 million has been reclassified from AOCI to retained earnings. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Certain prior period amounts have been recast to conform to the adoption of the New Revenue Standard as shown in the tables below. See Note 2 for additional information on each revenue component. Year Ended December 31, 2017 Year Ended December 31, 2016 (in thousands, except per share data) As Previously Reported Current Presentation As Previously Reported Current Presentation Adjustments Adjustments Consolidated Statements of Income: Passenger revenue (1) $ 818,136 $ 553,901 $ 1,372,037 $ 753,414 $ 515,653 $ 1,269,067 Air-related charges 546,476 (546,476 ) — 499,542 (499,542 ) — Sales and marketing 52,711 3,964 56,675 20,527 14,102 34,629 Income tax provision 644 215 859 126,368 733 127,101 Net income 194,902 3,246 198,148 219,590 1,276 220,866 Diluted earnings per share $ 11.93 $ 0.20 $ 12.13 $ 13.21 $ 0.08 $ 13.29 (1) Passenger revenue previously reported as Scheduled service revenue. December 31, 2017 As Previously Reported Current Presentation (in thousands) Adjustments Consolidated Balance Sheets: Air traffic liability $ 210,184 $ (5,885 ) $ 204,299 Deferred income taxes 118,492 521 119,013 Retained earnings 902,579 5,364 907,943 Year ended December 31, 2017 Year ended December 31, 2016 As Previously Reported Current Presentation As Previously Reported Current Presentation (in thousands) Adjustments Adjustments Consolidated Statements of Cash Flow: Operating activities: Net income $ 194,902 $ 3,246 $ 198,148 $ 219,590 $ 1,276 $ 220,866 Deferred income taxes 42,473 216 42,689 29,846 733 30,579 Change in air traffic liability 16,183 (3,462 ) 12,721 (4,135 ) (2,009 ) (6,144 ) Net cash provided by operating activities $ 253,558 $ — $ 253,558 $ 245,301 $ — $ 245,301 Passenger revenue allocation Passenger revenue is primarily composed of passenger ticket sales, credit voucher breakage, seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight, as well as co-brand point redemptions as outlined below: Year Ended December 31, (in thousands) 2018 2017 2016 Scheduled service $ 898,653 $ 821,621 $ 768,721 Ancillary air-related charges 621,939 547,860 500,346 Co-brand redemptions 13,109 2,556 — Total passenger revenue $ 1,533,701 $ 1,372,037 $ 1,269,067 The contract term of passenger tickets is 12 months and revenue associated with future travel will principally be recognized within this time frame. Substantially all of the $204.3 million that was recorded in the air traffic liability balance at December 31, 2017 was recognized into passenger revenue during the twelve months ended December 31, 2018. Co-brand redemptions Bank of America has issued The Allegiant World Mastercard® in which points are earned and awarded to cardholders in exchange for consideration received under an agreement with a seven year scheduled duration expiring in 2023. 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). Consideration received from the Company’s co-brand agreement is allocated between the two components based on the relative selling price of each deliverable. The Company applies 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. In relation to the travel component, the Company has a performance obligation to provide cardholders with points to be used for future travel award redemptions. Therefore, consideration received from Bank of America related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed and the transportation is provided. The following table presents the activity of the current and non-current point liabilities (in thousands): 2018 2017 Balance at January 1 $ 8,903 $ 790 Points awarded 14,914 10,669 Points redeemed (13,109 ) (2,556 ) Balance at December 31 $ 10,708 $ 8,903 As of December 31, 2018, $9.6 million of the current points liability is reflected in Accrued liabilities and represents the current estimate of revenue to be recognized in the next twelve months based on historical trends, with the remaining balance reflected in Other noncurrent liabilities expected to be recognized into revenue in periods thereafter. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 As of December 31, 2017 Flight equipment, including pre-delivery deposits $ 1,905,157 $ 1,539,433 Computer hardware and software 140,385 123,675 Land and buildings/leasehold improvements 85,925 77,409 Other property and equipment 89,778 48,446 Total property and equipment 2,221,245 1,788,963 Less accumulated depreciation and amortization (373,977 ) (276,548 ) Property and equipment, net $ 1,847,268 $ 1,512,415 As of December 31, 2018 , the Company had firm commitments to purchase 14 new and used Airbus A320 series aircraft which are expected to be delivered between 2019 and 2022. As of December 31, 2018 , the majority of the year-over-year increase in Other property and equipment noted above is related to the development of Sunseeker Resort as well as the family entertainment center initiatives. |
Accrued Liabilities (Notes)
Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure | Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of December 31, 2018 As of December 31, 2017 Salaries, wages and benefits $ 34,406 $ 35,516 Interest 14,276 13,326 Station expenses 12,918 12,026 Maintenance and repairs 11,016 5,481 Passenger fees 10,465 11,420 Loyalty card program liability 9,625 — Property taxes 8,017 7,851 Advertising accruals 4,337 4,154 Passenger taxes 517 447 Other accruals 16,450 14,906 Total accrued liabilities $ 122,027 $ 105,127 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): As of December 31, 2018 As of December 31, 2017 Fixed-rate debt and capital lease obligations due through 2030 (1) (2) $ 640,806 $ 465,462 Variable-rate debt due through 2028 630,927 699,430 Total long-term debt and capital lease obligations, net of related costs 1,271,733 1,164,892 Less current maturities, net of related costs (1) 152,287 214,761 Long-term debt and capital lease obligations, net of current maturities and related costs $ 1,119,446 $ 950,131 Weighted average fixed-interest rate on debt 5.3 % 5.4 % Weighted average variable-interest rate on debt 4.2 % 3.3 % (1) As of December 31, 2018, $428.0 million of the Company's Unsecured Senior Notes were classified as long-term as management had the intent and ability to refinance the borrowings on a long-term basis. The Notes were refinanced in February 2019, as discussed below. (2) As of December 31, 2018, includes capital lease obligations secured by five A320 series aircraft. Maturities of long-term debt as of December 31, 2018 , for the next five years and thereafter, in the aggregate, are: 2019 - $580.3 million ; 2020 - $168.3 million ; 2021 - $94.6 million ; 2022 - $67.2 million ; 2023 - $54.2 million ; and $307.1 million thereafter. Total long-term debt is presented net of related costs of $5.0 million and $6.1 million at December 31, 2018 and 2017 , respectively. Consolidated Variable Interest Entities The Company evaluates ownership, contractual lease arrangements and other interests in entities to determine if they are variable interest entities ("VIEs") based on the nature and extent of those interests. The Company consolidates a VIE when, among other criteria, it has the power to direct the activities that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or the right to receive benefits of the VIE, thus making the Company the primary beneficiary of the VIE. In September 2018, the Company, through a wholly owned subsidiary, entered into agreements with a trust to borrow $44.0 million secured by one Airbus A320 series aircraft. The trust was funded on inception. These borrowings bear interest at a blended rate of 4.0 percent , payable in quarterly installments through September 2028, at which time the Company will have a purchase option at a fixed amount. As this transaction is a common control transaction, the Company, as the primary beneficiary, has measured and recorded the assets and liabilities at their carrying values, which were $37.8 million and $44.0 million , respectively, at the time of borrowing. In December 2017, the Company entered into an agreement with a trust to finance three Airbus A320 aircraft, under which the aircraft serve as collateral for the financing. The trust was funded on inception by a $102.0 million long-term debt agreement entered into by the trust. These borrowings bear interest at a floating rate based on LIBOR and are payable in quarterly installments through December 2027. As this transaction is a common control transaction, the Company, as the primary beneficiary, has measured and recorded the assets and liabilities at their carrying values, which were $112.8 million and $102.0 million , respectively, at the time of borrowing. Senior Secured Revolving Credit Facility In 2015, the Company, through a wholly owned subsidiary, entered into a senior secured revolving credit facility under which it was entitled to borrow up to $56.0 million . In March 2018, the Company paid off the balance of the facility and amended it to increase the borrowing limit to $81.0 million . The amended facility has a term of 24 months and the borrowing ability is based on the value of the Airbus A320 series aircraft placed in the collateral pool. In July 2018, the Company drew down $46.9 million under this facility, and no principal payments have been made as of December 31, 2018 . Aircraft may remain in the collateral pool for up to two years, and, as of December 31, 2018 , there were nine aircraft in the collateral pool, having been placed into the pool in September and December 2018. The notes for the amounts borrowed under the facility bear interest at a floating rate based on LIBOR and are due in March 2020. Other Secured Debt In September 2018, the Company entered into a senior secured credit facility under which it borrowed $75.0 million in September and October 2018 secured by four Airbus A320 series aircraft. The borrowing bears interest at a floating rate based on LIBOR, and is payable in quarterly installments over seven years. In July 2018, the Company borrowed $34.5 million under a loan agreement secured by one Airbus A320 series aircraft. The note bears interest at a floating rate based on LIBOR, and is payable in quarterly installments over ten years. In June 2018, the Company borrowed $10.8 million under a loan agreement secured by various ground equipment. The note bears interest at a fixed rate of 4.2 percent per year, and is payable in monthly installments over five years. In February 2019, the Company entered into a Credit and Guaranty Agreement (the “Term Loan”) to borrow $450.0 million , guaranteed by all of the Company's subsidiaries excluding Sunseeker Resorts Inc. and its subsidiaries and other insignificant subsidiaries (the "Term Loan Guarantors"). $428.0 million net proceeds from the Term Loan have been, or will be, used to purchase the Company's senior unsecured obligations (the "Notes") as outlined below. See Note 14 for further detail. General Unsecured Senior Notes In June 2014, the Company completed an offering of $300.0 million aggregate principal amount of the Notes which mature in July 2019. In December 2016, the Company completed an offering of an additional $150.0 million principal amount of these notes, which were issued at a price of 101.5 percent of the principal amount, plus accrued interest from July 15, 2016. The Notes bear interest at a rate of 5.5 percent per year, payable in cash semi-annually, on January 15th and July 15th of each year. In February 2019, the Company purchased $347.9 million aggregate principal amount of its outstanding senior unsecured Notes validly tendered pursuant to a tender offer for such Notes, using the net proceeds of the Term Loan. The Company expects to call the remaining balance of the Notes in advance of their maturity in July 2019. As of December 31, 2018, the indenture pursuant to which the Notes were issued included operating and financial restrictions on the Company. These restrictions limited or restricted, 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 were subject to various exceptions and qualifications under the terms of the indenture, and the restrictions were eliminated pursuant to the third supplemental indenture for these notes. For the four quarters ended December 31, 2018, the Company exceeded the consolidated total leverage ratio limit, which had no effect on the ability to make restricted payments during 2018. Capital Leases The Company has capital lease obligations related to aircraft, which significantly impacted the Company's recognized assets and liabilities as of December 31, 2018 , but did not result in any significant cash receipts or cash payments during the year. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Shares repurchased (1) — 604,497 391,972 Average price per share NA $ 142.66 $ 164.99 Total (in thousands) $ — $ 86,240 $ 64,673 (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 22,981 , 27,606 , and 10,103 shares for 2018, 2017 and 2016, respectively. Cash dividends declared by the Board and paid by the Company consisted of the following during the periods indicated: Twelve Months Ended December 31, 2018 2017 2016 Total quarterly cash dividends declared, per share $ 2.80 $ 2.80 $ 2.40 Total cash dividends paid (in thousands) (1) 45,247 45,720 67,540 (1) 2016 includes $27.7 million paid on January 8, 2016, as part of a special cash dividend of $ 1.65 per share declared by the Board prior to year-end 2015, for shareholders of record on December 18, 2015. As of December 31, 2018 , the Company had $100.0 million in unused share repurchase authority remaining under the Board approved program. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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. Financial instruments measured at fair value on a recurring basis (in thousands): As of As of Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 43,281 $ 43,281 $ — $ 1,297 $ 1,297 $ — Commercial paper 29,138 — 29,138 27,910 — 27,910 US Treasury Bonds 1,415 — 1,415 — — — Municipal debt securities — — — 2,782 — 2,782 Total cash equivalents 73,834 43,281 30,553 31,989 1,297 30,692 Short-term Commercial paper 180,846 — 180,846 108,678 — 108,678 Corporate debt securities 101,489 — 101,489 107,878 — 107,878 Municipal debt securities 14,252 — 14,252 101,290 — 101,290 Federal agency debt securities 11,887 — 11,887 31,428 — 31,428 US Treasury Bonds 5,990 — 5,990 3,407 — 3,407 Total short-term 314,464 — 314,464 352,681 — 352,681 Long-term Corporate debt securities 37,334 — 37,334 60,396 — 60,396 Federal agency debt securities 11,291 — 11,291 5,775 — 5,775 US Treasury Bonds 2,901 — 2,901 2,994 — 2,994 Municipal debt securities — — — 9,405 — 9,405 Derivative instruments — — — 282 — 282 Total long-term 51,526 — 51,526 78,852 — 78,852 Total financial instruments $ 439,824 $ 43,281 $ 396,543 $ 463,522 $ 1,297 $ 462,225 There were no significant transfers between Level 1 and Level 2 assets for the years ended December 31, 2018 or 2017 . 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 and without reduction for related costs (in thousands): As of December 31, 2018 As of December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fair Value Level Publicly held debt $ 450,463 $ 451,026 $ 451,321 $ 462,604 2 Non-publicly held debt 703,372 619,379 719,681 660,065 3 Total long-term debt $ 1,153,835 $ 1,070,405 $ 1,171,002 $ 1,122,669 Other In the fourth quarter of 2017, the Company recorded a non-cash impairment charge of $ 35.3 million on its fleet of MD-80 aircraft, engines, and related assets as a result of a review of fleet value. The Company concluded that the carrying value of these aircraft and related assets was no longer fully recoverable when compared to the estimated remaining future undiscounted cash flows from these assets. Therefore, an adjustment to their fair value with inputs classified as Level 3 was recorded. As of December 31, 2018 , the MD-80 aircraft and related engines have been retired and there was zero carrying value remaining. Due to the short term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Impact of U.S. Federal Income Tax Reform 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 expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. The Company has recorded reserves for tax contingencies which relate primarily to an outstanding one-time tax refund claim. The "Tax Cuts and Jobs Act" (the "Tax Act") signed into law in 2017 significantly changed the U.S. corporate income tax rules including, but not limited to, the reduction of U.S. corporate income tax rate from 35.0 percent to 21.0 percent , ability to claim 100 percent bonus depreciation on qualified property placed in service from September 28, 2017 through December 31, 2022, and elimination of certain deductions. ASC 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin 118 which allows companies to record provisional amounts during a one-year measurement period in order to complete the accounting for income tax effects of the Tax Act. The Company recognized a one-time tax benefit of $74.7 million due to the remeasurement of deferred tax assets and deferred tax liabilities to the new statutory rate. The Company recognized provisional estimates which may be impacted by the Company’s understanding and application of the Tax Act related to the deductibility of acquired assets, state conformity and additional guidance from federal and state agencies as well as the FASB and the SEC. In 2018, the Company completed its determination of the accounting implications of the Tax Act, and there were no material changes. 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): Year ended December 31, 2018 2017 2016 As Recast As Recast Domestic $ 195,843 $ 180,314 $ 331,827 Foreign 3,475 18,693 16,140 Total $ 199,318 $ 199,007 $ 347,967 Income Tax Provision/(Benefit) The provision for income taxes is composed of the following (in thousands): Year ended December 31, 2018 2017 2016 As recast As recast Current: Federal $ (3,707 ) $ (44,385 ) $ 89,014 State (650 ) 664 5,204 Foreign 1,086 558 1,262 Total current (3,271 ) (43,163 ) 95,480 Deferred: Federal 41,593 41,015 28,653 State 3,744 1,978 1,703 Foreign (4,550 ) 1,029 1,265 Total deferred 40,787 44,022 31,621 Total income tax provision $ 37,516 $ 859 $ 127,101 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, 2018 2017 2016 As recast As recast Income tax expense at federal statutory rate $ 41,857 $ 68,639 $ 121,789 State income taxes, net of federal income tax benefit 3,560 2,739 5,517 Federal tax reform impact — (74,738 ) — Domestic production activities deduction (3,539 ) — — Other (4,362 ) 4,219 (205 ) Total income tax expense $ 37,516 $ 859 $ 127,101 Deferred Taxes The major components of the Company’s net deferred tax assets and liabilities are as follows (in thousands) As of December 31, 2018 2017 As recast Deferred tax assets: Accrued vacation $ 595 $ 690 Accrued bonus 3,792 628 State taxes 86 318 Accrued property taxes 1,615 1,573 Stock-based compensation expense 1,310 1,983 Net operating loss 38,875 635 Other — 3,160 Less: valuation allowance 1,193 422 Total deferred tax assets 45,080 8,565 Deferred tax liabilities: Prepaid expenses 4,436 4,275 Depreciation 202,595 118,743 Foreign deferred — 4,569 Other 2,103 — Total deferred tax liabilities 209,134 127,587 Net deferred tax liabilities $ 164,054 $ 119,022 Net Operating Loss and Tax Credit Carryforwards At December 31, 2018, the Company recognized federal and state net operating loss carryforwards for income tax purposes in the amount of $37.4 million and $1.5 million , respectively. The federal net operating loss carryforward will not expire per the Tax Act and the state net operating loss carryforwards will expire between 2032 and 2038. The Company previously recognized a federal capital loss carryforward of $0.7 million , as remeasured pursuant to the Tax Act, as of December 31, 2016 which begins to expire in 2021. As of December 31, 2018, the Company also recognized foreign tax credit and R&D tax credit in the amount of $1.8 million and $0.9 million which will expire in 2029 and 2024, respectively. Tax Contingencies The reconciliation of the Company's tax contingencies is as follows (in thousands): As of December 31, 2018 2017 2016 Beginning Balance $ 778 $ 837 $ 512 Increases for tax position of prior years 3,364 251 140 Increases for tax position of current year 293 46 492 Decreases for tax positions of prior years (10 ) — (307 ) Settlements (110 ) (356 ) — Decreases for lapses in statute of limitations (140 ) — — Ending Balance $ 4,175 $ 778 $ 837 The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The timing of the resolution of income tax examinations is uncertain, and the tax liability of the issues raised by taxing authorities may differ from the amounts accrued. Therefore, the Company cannot currently provide an estimate of the range of possible outcomes in the next twelve months. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions During the year ended December 31, 2018 , no related party transactions occurred requiring disclosure. In December 2017, the Company completed a transaction with ISM Connect, LLC ("ISM"), an entity in which the Company's Chairman and Chief Executive Officer ("CEO") owns a majority interest. In exchange for a noncontrolling minority interest in ISM, the Company licensed the right to use certain portions of its internally developed software, but strictly limited to ISM's digital media signage business. The Company retains all rights in the software without restriction. This interest was valued at $2.3 million and no subsequent transactions with ISM are expected. 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 CEO and the Company's 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. Entities owned or controlled by the Company's Chairman and CEO have been paid for the building of corporate training content. The Company made no payments during 2018 and paid $0.2 million and $1.7 million in 2017 and 2016, respectively. No further payments are expected. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
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. In January 2017, the Company increased its matching contributions on pilot deferrals to 10 percent of eligible wages resulting from the pilot collective bargaining agreement. The Company recognized expense under this plan of $19.1 million , $14.2 million and $5.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Share-based employee compensation 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 Long-Term Incentive Plan (the "2016 Plan"). The 2016 Plan is administered by the Company’s compensation committee of the Board of Directors. As of December 31, 2018, 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 The Company reserved 1,000,000 shares of common stock for employee purchases under the 2014 Employee Stock Purchase Plan ("ESPP"). Shares are purchased semi-annually, at a 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. The following table provides information about the Company’s ESPP activity during 2018, 2017, and 2016: Total number of shares purchased Average price paid per share Weighted-average fair value of discount under the ESPP (1) As of December 31, 2016 13,400 $ 120.63 $ 14.80 As of December 31, 2017 18,498 $ 126.81 $ 14.09 As of December 31, 2018 33,300 $ 134.31 $ 16.79 (1) The weighted-average fair value of the discount under the ESPP granted is equal to a percentage discount from the market value of the Common Stock at the end of each semi-annual purchase period. The Company increased the discount from 10 percent to 15 percent for the second offering period of 2018. 15 percent is the maximum allowable discount under the ESPP. Compensation expense For the years ended December 31, 2018 , 2017 and 2016 , the Company recorded compensation expense of $15.6 million , $14.0 million and $9.6 million , respectively, related to stock options, restricted stock, cash-settled SARs and the ESPP. Forfeiture rates are estimated at the time of grant based on historical actuals for similar grants, and are matched to actuals over the vesting period. The unrecognized compensation cost was $17.5 million for unvested restricted stock expected to be recognized over a weighted-average period of 1.49 years. As of December 31, 2018 , there is no unrecognized compensation cost for either cash-settled SARs or stock options. 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, 2018 , 2017 and 2016 , 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, 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 Exercised (16,014 ) 60.20 Outstanding at December 31, 2017 27,575 $ 97.88 0.72 $ 1,568 Exercised (17,838 ) 92.04 Outstanding at December 31, 2018 9,737 $ 108.59 0.18 $ — Fully vested and expected to vest at December 31, 2018 9,737 $ 108.59 0.18 $ — Exercisable at December 31, 2018 9,737 $ 108.59 0.18 $ — During the years ended December 31, 2018 , 2017 and 2016 , the total intrinsic value of options exercised was $1.4 million , $1.3 million and $0.2 million , respectively. Cash received from option exercises for the years ended December 31, 2018 , 2017 and 2016 was $1.6 million , $1.0 million and $0.6 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 non-vested restricted stock grants during the years ended December 31, 2018 , 2017 and 2016 is presented below: Shares Weighted Average Grant Date Fair Value 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 Granted 125,442 165.61 Vested (91,338 ) 145.08 Forfeited (94,872 ) 157.95 Non-vested at December 31, 2017 192,890 $ 153.32 Granted 102,842 155.02 Vested (85,410 ) 153.85 Forfeited (14,128 ) 154.65 Non-vested at December 31, 2018 196,194 $ 153.88 The total fair value of restricted stock that vested during the years ended December 31, 2018 , 2017 and 2016 was $13.4 million , $13.3 million and $5.6 million , respectively. Cash-settled SARs Cash-settled SARs are liability classified awards for which the fair value and compensation expense recognized are updated monthly 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: 2018 2017 2016 Weighted-average volatility 35.0 % 32.8 % 33.2 % Expected term (in years) 0.8 0.2 - 1.9 0.3 - 3.1 Risk-free interest rate 2.6 % 0.6% - 1.9% 0.4% - 1.5% Dividend yield 1.68 % 1.62 % 1.51 % 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 2018 , 2017 and 2016 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 term of the Company’s cash-settled SARs awards granted is five years. A summary of cash-settled SARs awards activity during the years ended December 31, 2018 , 2017 and 2016 is presented below: # of SARs Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) 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 Forfeited (14,682 ) 177.6 Exercised (9,462 ) 106.25 Balance at December 31, 2017 80,464 $ 155.13 Forfeited (12,890 ) 181.47 Exercised (13,642 ) 98.37 Balance at December 31, 2018 53,932 $ 163.19 1.47 $ — Vested or expected to vest at December 31, 2018 53,482 $ 163.34 1.46 $ — Exercisable at December 31, 2018 48,932 $ 164.95 1.34 $ — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company leases assets including office facilities, office equipment, certain airport and terminal facilities, and other space. These commitments have remaining non-cancelable lease terms, which range from 2019 to 2036. Total rental expense for operating leases for the years ended December 31, 2018 , 2017 and 2016 was $12.7 million , $9.0 million and $8.1 million , respectively. Future minimum fixed payments for commitments under aircraft acquisition, certain airport and terminal facilities, and other operating lease obligations as of December 31, 2018 (in thousands) are: 2019 2020 2021 2022 2023 2024 - Thereafter Aircraft and engine purchase obligations $ 259,160 $ 33,800 $ 500 $ 18,000 $ — $ — Airport fees under use and lease agreements 10,480 5,223 63 — — — Operating lease obligations 8,102 6,031 3,643 1,630 1,626 8,297 Total future payments $ 277,742 $ 45,054 $ 4,206 $ 19,630 $ 1,626 $ 8,297 Aircraft sub-service expense was $0.9 million , $3.1 million , and $0.9 million , in 2018, 2017 and 2016, respectively. The Company's Airbus fleet also includes five aircraft currently under capital lease. Aircraft Commitments During 2018, the Company entered into purchase agreements for eight Airbus A320 series aircraft as well as a purchase agreement for seven spare engines. Under these contracts and others previously entered into, we expect 11 aircraft to be acquired in 2019, two in 2020, and one in 2022. The seven spare engines are all expected to be acquired in 2019. Additionally, in February 2019, the Company entered into an agreement for two Airbus A320 series aircraft, for which delivery is expected in the first half of 2019. During 2017, the Company entered into purchase agreements for six Airbus A320 series aircraft. Four of these aircraft were acquired in 2017 and the remaining two were acquired in 2018. During 2017, the Company also entered into 13 capital lease agreements, each for one Airbus A320 series aircraft. Of these agreements, the Company received five aircraft in 2018, and the remaining eight agreements were terminated in the fourth quarter 2018 due to extensive delivery delays. During 2016, the Company entered into purchase agreements for six Airbus A320 series aircraft that have yet to be purchased as of the end of 2018. These aircraft are expected to be acquired in 2019 and 2020. Facility Lease Obligations The Company leases other facilities in Las Vegas, Florida and throughout the network with approximately 650,000 square feet of space used for other corporate purposes. These leases expire between 2019 and 2036. The Company is responsible for its share of common area maintenance charges under each lease. 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, 2018 | |
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 Accounts Write Offs (net of recoveries) Balance at End of Year Allowance for expendable parts and supplies For the Year Ended December 31, 2018 $ 13,756 $ 2,624 $ (1,970 ) $ 14,410 For the Year Ended December 31, 2017 (1) 7,205 6,551 — 13,756 For the Year Ended December 31, 2016 4,607 2,598 — 7,205 (1) Changes during the year and ending balance include additional reserve of $2.0 million related to the MD-80 impairment charge. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In February 2019, the Company entered into the Term Loan to borrow $450.0 million , guaranteed by the Term Loan Guarantors, which is secured by substantially all property and assets of the Company and the Term Loan Guarantors, excluding aircraft and aircraft engines, and excluding certain other assets. The Term Loan has a five -year term and bears interest based on LIBOR plus 4.5 percent or an alternate base rate plus 3.5 percent , respectively, subject to certain adjustments. The Term Loan provides for quarterly interest payments along with quarterly principal payments of $1.1 million through February 2024, at which time the Term Loan is due. The Term Loan may be prepaid at any time without penalty. In connection with the Term Loan, the Company conducted a tender offer for its 5.5 percent Notes due 2019. As a result of the tender offer, the Company purchased $347.9 million of its Notes and the indenture governing the Notes was amended to eliminate most of the restrictive covenants and certain events of default, reduce the minimum notice period required for redemptions of the Notes from 30 days as previously required by the indenture to three business days, and amend certain other provisions applicable to the Notes. The Company expects to call the remaining balance of the Notes in advance of their maturity in July 2019. In February 2019, the Company executed a purchase agreement for two Airbus A320 series aircraft. The Company expects delivery of one of these aircraft in the first quarter 2019 and the other in the second quarter 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation The accompanying 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. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method. All intercompany balances and transactions have been eliminated. 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 in the financial statements and accompanying notes. Actual results could differ from these estimates. The Company adopted the New Revenue Standard and ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220)" effective January 1, 2018. All amounts and disclosures in this Form 10-K reflect the adoption of these standards. See below for further information. The Company has reclassified certain amounts for the years ended December 31, 2017 and 2016, respectively, to conform with current year presentation. Such reclassifications had no impact on operating income or net income. |
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 held against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties. Restricted cash at December 31, 2018 and 2017 was $14.4 million and $11.2 million , respectively. |
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. These receivables are short-term and generally settle within a few days of sale. There are also receivables related to commission amounts due from Enterprise Holdings Inc. based on terms in the rental car provider agreement, as well as 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, for which the balance was immaterial for all years presented. The Company also had outstanding receivables from a third party as of December 31, 2018 and 2017, for which $12.7 million and $6.3 million , respectively, was 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] | 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, 2018 , the Company’s long-term investments consisted of corporate debt securities, federal agency debt securities, US Treasury Bonds, and municipal debt securities with contractual maturities of less than 24 months. 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, 2018 , 2017 , and 2016 . 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 $14.4 million and $13.8 million at December 31, 2018 and 2017 , 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 seven years. The Company had unamortized computer software development costs of $41.3 million and $41.0 million as of December 31, 2018 and 2017 , respectively. Amortization expense related to computer software was $14.1 million , $15.9 million and $13.3 million for the years ended December 31, 2018 , 2017 and 2016 , 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 any estimated salvage value. Property under capital leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed on the basis of the Company’s incremental borrowing rate, and depreciation is recorded on a straight-line basis and is included within depreciation and amortization expense. The estimated useful lives of the principal asset classes are shown below. Aircraft, engines and related rotable parts 10-25 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-7 years In estimating the useful lives and residual values of aircraft, the Company primarily relies 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 changes in depreciation expense. Interest is capitalized using the Company’s weighted average borrowing rate and depreciated over the estimated useful life of the asset(s). Capitalized interest for 2018 and 2017 was $2.4 million and $3.2 million , respectively. |
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, 2017 and 2016 , the Company incurred impairment losses related to various aircraft parts of $1.3 million and $3.0 million , respectively, which are classified within Other operating expense. For the year ended December 31, 2018 , the Company did not incur any related impairment losses. For the year ended December 31, 2017 , the Company recorded a non-cash impairment charge of $35.3 million on its fleet of MD-80 aircraft, engines, and related assets, as a result of its review of fleet value. This represented a full impairment of these assets, and as such, these assets had no remaining book value as of December 31, 2017 . The Company analyzed many factors, including the accelerated retirement dates of the MD-80 fleet, a reduction in aircraft utilization due to the continued induction of Airbus A320 series aircraft, and the significantly decreased level of demand in the secondary market for MD-80 aircraft, spare engines, and parts. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Passenger revenue Passenger revenue includes scheduled service revenue, ancillary air-related charges, and travel point redemptions from the co-branded Allegiant World Mastercard® credit card. Scheduled service revenue, a component of passenger revenue, consists of ticket revenue generated from nonstop flights in the Company’s route network, recognized either when the 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. Ancillary air-related charges, a component of passenger revenue, include various unbundled services and products related to the flight such as 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 a customer cancels a flight, a voucher may be issued for a future flight, at which time the associated revenue is recognized. Additionally, the Company estimates the value of vouchers that will expire unused and recognizes such revenue at the time of issuance. Third party products revenue Ancillary third party products revenue is generated from the sale of hotel rooms, rental cars and ticket attractions, as well as marketing revenue associated with the co-branded credit card. 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 the amount of revenue to be recognized for each element of a bundled sale involving 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. Pursuant to the co-brand arrangement with Bank of America, the Company has various performance obligations which are collectively referred to as the marketing component. These obligations consist of use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements. The marketing component is recorded as third party products revenue in the period in which points are awarded to the credit card holders. 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 leasing aircraft and engines, and other miscellaneous sources, including revenue from non-airline activities. Lease revenue is recognized ratably over the lease term. Taxes and fees 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. Affinity Credit Card Program The Allegiant World Mastercard® is issued by Bank of America through which arrangement points are sold and consideration is received under an agreement with a seven year scheduled duration expiring in 2023. 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 606): 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. Revenue from the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed by cardholders. Revenue from 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 MD-80 airframes and JT8D-219 engine major maintenance, as well as all non-major maintenance and repair costs incurred, for both the MD-80 and Airbus fleets, under the direct expense method. Under this method, maintenance and repair costs for aircraft are charged to operating expenses as incurred. Maintenance and repair costs includes all parts, materials, and line maintenance activities required to maintain the Company's fleet types. The Company accounts for major maintenance costs of its Airbus airframes and the related CFM engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event. During 2018 and 2017, the Company capitalized $49.6 million and $20.7 million of costs for major maintenance with associated amortization expense charged to depreciation and amortization of $12.5 million and $6.7 million , respectively. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are charged to expense in the period incurred. Advertising expense was $28.8 million , $20.9 million and $13.6 million for the years ended December 31, 2018 , 2017 and 2016 , 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 is 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, 2018 , 2017 and 2016 , 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, 2018 2017 2016 As recast As recast Basic: Net income $ 161,802 $ 198,148 $ 220,866 Less net income allocated to participating securities (2,106 ) (2,965 ) (1,758 ) Net income attributable to common stock $ 159,696 $ 195,183 $ 219,108 Earnings per share, basic $ 10.02 $ 12.14 $ 13.31 Weighted-average shares outstanding 15,941 16,073 16,465 Diluted: Net income $ 161,802 $ 198,148 $ 220,866 Less net income allocated to participating securities (2,104 ) (2,962 ) (1,756 ) Net income attributable to common stock $ 159,698 $ 195,186 $ 219,110 Earnings per share, diluted $ 10.00 $ 12.13 $ 13.29 Weighted-average shares outstanding 15,941 16,073 16,465 Dilutive effect of stock options and restricted stock 53 74 42 Adjusted weighted-average shares outstanding under treasury stock method 15,994 16,147 16,507 Participating securities excluded under two-class method (27 ) (52 ) (18 ) Adjusted weighted-average shares outstanding under two-class method 15,967 16,095 16,489 Stock awards outstanding of 77,037 ; 5,752 ; and 51,439 shares (not in thousands) for 2018 , 2017 , and 2016 , 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 share-based cost is measured based on grant date fair value. The Company’s share-based employee compensation plan is more fully discussed in Note 11. |
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 Standards Effective in Future Years In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), which is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. This standard will require leases, other than short-term, to be recognized on the balance sheet as a lease liability and a corresponding right-of-use asset. Lease payments will include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the standard. Lease payments will not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements - Leases (Topic 842)." This update provides an optional modified retrospective adoption method. Under this new method, the cumulative effect adjustment to the opening balance of retained earnings is recognized at the adoption date. The Company is in the process of assessing the impact of this standard. Real estate operating leases and various other operating leases are expected to be placed on the balance sheet as a result of this standard but it is not expected that airport terminal leases will have a significant impact, as they mostly include variable lease payments outside of those based on a fixed index and, as a result, are excluded from consideration. The expected impact of applying this standard will be the recognition of between $15 million and $25 million in right-of-use assets and corresponding lease liability. Adoption is not expected to significantly change the recognition, measurement or presentation of associated expenses within the consolidated statements of income or cash flows, or impact existing debt covenants. The Company also plans to elect the package of practical expedients and will adopt this standard under the modified retrospective transition method effective January 1, 2019. Recently Adopted Standards In 2014, the FASB issued the New Revenue Standard. Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company adopted this standard using the full retrospective transition method effective January 1, 2018 and has recast prior year results. See Note 3 for more information on the impact of this adoption. While the adoption of the New Revenue Standard did not have a significant effect on earnings, $621.9 million of ancillary air-related fees for the twelve months ended December 31, 2018 are now classified as passenger revenue. Adoption also resulted in a net reduction to air traffic liability at December 31, 2017 of $5.9 million . This change resulted from the recognition of breakage revenue on issuance of credit vouchers that are expected to expire unused. The Company recognizes revenue from the co-branded credit card program using the deferral method. In February 2018, the FASB issued ASU 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220)." This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted this standard effective January 1, 2018 and a one-time effect of $0.6 million has been reclassified from AOCI to retained earnings. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives | The estimated useful lives of the principal asset classes are shown below. Aircraft, engines and related rotable parts 10-25 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-7 years Property and equipment consisted of the following (in thousands): As of December 31, 2018 As of December 31, 2017 Flight equipment, including pre-delivery deposits $ 1,905,157 $ 1,539,433 Computer hardware and software 140,385 123,675 Land and buildings/leasehold improvements 85,925 77,409 Other property and equipment 89,778 48,446 Total property and equipment 2,221,245 1,788,963 Less accumulated depreciation and amortization (373,977 ) (276,548 ) Property and equipment, net $ 1,847,268 $ 1,512,415 |
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, 2018 2017 2016 As recast As recast Basic: Net income $ 161,802 $ 198,148 $ 220,866 Less net income allocated to participating securities (2,106 ) (2,965 ) (1,758 ) Net income attributable to common stock $ 159,696 $ 195,183 $ 219,108 Earnings per share, basic $ 10.02 $ 12.14 $ 13.31 Weighted-average shares outstanding 15,941 16,073 16,465 Diluted: Net income $ 161,802 $ 198,148 $ 220,866 Less net income allocated to participating securities (2,104 ) (2,962 ) (1,756 ) Net income attributable to common stock $ 159,698 $ 195,186 $ 219,110 Earnings per share, diluted $ 10.00 $ 12.13 $ 13.29 Weighted-average shares outstanding 15,941 16,073 16,465 Dilutive effect of stock options and restricted stock 53 74 42 Adjusted weighted-average shares outstanding under treasury stock method 15,994 16,147 16,507 Participating securities excluded under two-class method (27 ) (52 ) (18 ) Adjusted weighted-average shares outstanding under two-class method 15,967 16,095 16,489 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Certain prior period amounts have been recast to conform to the adoption of the New Revenue Standard as shown in the tables below. See Note 2 for additional information on each revenue component. Year Ended December 31, 2017 Year Ended December 31, 2016 (in thousands, except per share data) As Previously Reported Current Presentation As Previously Reported Current Presentation Adjustments Adjustments Consolidated Statements of Income: Passenger revenue (1) $ 818,136 $ 553,901 $ 1,372,037 $ 753,414 $ 515,653 $ 1,269,067 Air-related charges 546,476 (546,476 ) — 499,542 (499,542 ) — Sales and marketing 52,711 3,964 56,675 20,527 14,102 34,629 Income tax provision 644 215 859 126,368 733 127,101 Net income 194,902 3,246 198,148 219,590 1,276 220,866 Diluted earnings per share $ 11.93 $ 0.20 $ 12.13 $ 13.21 $ 0.08 $ 13.29 (1) Passenger revenue previously reported as Scheduled service revenue. December 31, 2017 As Previously Reported Current Presentation (in thousands) Adjustments Consolidated Balance Sheets: Air traffic liability $ 210,184 $ (5,885 ) $ 204,299 Deferred income taxes 118,492 521 119,013 Retained earnings 902,579 5,364 907,943 Year ended December 31, 2017 Year ended December 31, 2016 As Previously Reported Current Presentation As Previously Reported Current Presentation (in thousands) Adjustments Adjustments Consolidated Statements of Cash Flow: Operating activities: Net income $ 194,902 $ 3,246 $ 198,148 $ 219,590 $ 1,276 $ 220,866 Deferred income taxes 42,473 216 42,689 29,846 733 30,579 Change in air traffic liability 16,183 (3,462 ) 12,721 (4,135 ) (2,009 ) (6,144 ) Net cash provided by operating activities $ 253,558 $ — $ 253,558 $ 245,301 $ — $ 245,301 |
Disaggregation of Revenue | Passenger revenue is primarily composed of passenger ticket sales, credit voucher breakage, seat fees, baggage fees, and other travel-related services performed in conjunction with a passenger’s flight, as well as co-brand point redemptions as outlined below: Year Ended December 31, (in thousands) 2018 2017 2016 Scheduled service $ 898,653 $ 821,621 $ 768,721 Ancillary air-related charges 621,939 547,860 500,346 Co-brand redemptions 13,109 2,556 — Total passenger revenue $ 1,533,701 $ 1,372,037 $ 1,269,067 |
Contract with Customer, Asset and Liability | The following table presents the activity of the current and non-current point liabilities (in thousands): 2018 2017 Balance at January 1 $ 8,903 $ 790 Points awarded 14,914 10,669 Points redeemed (13,109 ) (2,556 ) Balance at December 31 $ 10,708 $ 8,903 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property Plant And Equipment | The estimated useful lives of the principal asset classes are shown below. Aircraft, engines and related rotable parts 10-25 years Buildings 25 years Equipment and leasehold improvements 3-7 years Computer hardware and software 3-7 years Property and equipment consisted of the following (in thousands): As of December 31, 2018 As of December 31, 2017 Flight equipment, including pre-delivery deposits $ 1,905,157 $ 1,539,433 Computer hardware and software 140,385 123,675 Land and buildings/leasehold improvements 85,925 77,409 Other property and equipment 89,778 48,446 Total property and equipment 2,221,245 1,788,963 Less accumulated depreciation and amortization (373,977 ) (276,548 ) Property and equipment, net $ 1,847,268 $ 1,512,415 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of December 31, 2018 As of December 31, 2017 Salaries, wages and benefits $ 34,406 $ 35,516 Interest 14,276 13,326 Station expenses 12,918 12,026 Maintenance and repairs 11,016 5,481 Passenger fees 10,465 11,420 Loyalty card program liability 9,625 — Property taxes 8,017 7,851 Advertising accruals 4,337 4,154 Passenger taxes 517 447 Other accruals 16,450 14,906 Total accrued liabilities $ 122,027 $ 105,127 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following (in thousands): As of December 31, 2018 As of December 31, 2017 Fixed-rate debt and capital lease obligations due through 2030 (1) (2) $ 640,806 $ 465,462 Variable-rate debt due through 2028 630,927 699,430 Total long-term debt and capital lease obligations, net of related costs 1,271,733 1,164,892 Less current maturities, net of related costs (1) 152,287 214,761 Long-term debt and capital lease obligations, net of current maturities and related costs $ 1,119,446 $ 950,131 Weighted average fixed-interest rate on debt 5.3 % 5.4 % Weighted average variable-interest rate on debt 4.2 % 3.3 % |
Stockholders' Equity Share Repu
Stockholders' Equity Share Repurchases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share Repurchases [Abstract] | |
Dividends Declared | Cash dividends declared by the Board and paid by the Company consisted of the following during the periods indicated: Twelve Months Ended December 31, 2018 2017 2016 Total quarterly cash dividends declared, per share $ 2.80 $ 2.80 $ 2.40 Total cash dividends paid (in thousands) (1) 45,247 45,720 67,540 |
Treasury Stock | Share repurchases consisted of the following during the periods indicated: Twelve Months Ended December 31, 2018 2017 2016 Shares repurchased (1) — 604,497 391,972 Average price per share NA $ 142.66 $ 164.99 Total (in thousands) $ — $ 86,240 $ 64,673 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Total Level 1 Level 2 Total Level 1 Level 2 Cash equivalents Money market funds $ 43,281 $ 43,281 $ — $ 1,297 $ 1,297 $ — Commercial paper 29,138 — 29,138 27,910 — 27,910 US Treasury Bonds 1,415 — 1,415 — — — Municipal debt securities — — — 2,782 — 2,782 Total cash equivalents 73,834 43,281 30,553 31,989 1,297 30,692 Short-term Commercial paper 180,846 — 180,846 108,678 — 108,678 Corporate debt securities 101,489 — 101,489 107,878 — 107,878 Municipal debt securities 14,252 — 14,252 101,290 — 101,290 Federal agency debt securities 11,887 — 11,887 31,428 — 31,428 US Treasury Bonds 5,990 — 5,990 3,407 — 3,407 Total short-term 314,464 — 314,464 352,681 — 352,681 Long-term Corporate debt securities 37,334 — 37,334 60,396 — 60,396 Federal agency debt securities 11,291 — 11,291 5,775 — 5,775 US Treasury Bonds 2,901 — 2,901 2,994 — 2,994 Municipal debt securities — — — 9,405 — 9,405 Derivative instruments — — — 282 — 282 Total long-term 51,526 — 51,526 78,852 — 78,852 Total financial instruments $ 439,824 $ 43,281 $ 396,543 $ 463,522 $ 1,297 $ 462,225 |
Debt Instrument, Fair Value Disclosure | Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs (in thousands): As of December 31, 2018 As of December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fair Value Level Publicly held debt $ 450,463 $ 451,026 $ 451,321 $ 462,604 2 Non-publicly held debt 703,372 619,379 719,681 660,065 3 Total long-term debt $ 1,153,835 $ 1,070,405 $ 1,171,002 $ 1,122,669 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Contingencies | The reconciliation of the Company's tax contingencies is as follows (in thousands): As of December 31, 2018 2017 2016 Beginning Balance $ 778 $ 837 $ 512 Increases for tax position of prior years 3,364 251 140 Increases for tax position of current year 293 46 492 Decreases for tax positions of prior years (10 ) — (307 ) Settlements (110 ) (356 ) — Decreases for lapses in statute of limitations (140 ) — — Ending Balance $ 4,175 $ 778 $ 837 |
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): Year ended December 31, 2018 2017 2016 As Recast As Recast Domestic $ 195,843 $ 180,314 $ 331,827 Foreign 3,475 18,693 16,140 Total $ 199,318 $ 199,007 $ 347,967 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is composed of the following (in thousands): Year ended December 31, 2018 2017 2016 As recast As recast Current: Federal $ (3,707 ) $ (44,385 ) $ 89,014 State (650 ) 664 5,204 Foreign 1,086 558 1,262 Total current (3,271 ) (43,163 ) 95,480 Deferred: Federal 41,593 41,015 28,653 State 3,744 1,978 1,703 Foreign (4,550 ) 1,029 1,265 Total deferred 40,787 44,022 31,621 Total income tax provision $ 37,516 $ 859 $ 127,101 |
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, 2018 2017 2016 As recast As recast Income tax expense at federal statutory rate $ 41,857 $ 68,639 $ 121,789 State income taxes, net of federal income tax benefit 3,560 2,739 5,517 Federal tax reform impact — (74,738 ) — Domestic production activities deduction (3,539 ) — — Other (4,362 ) 4,219 (205 ) Total income tax expense $ 37,516 $ 859 $ 127,101 |
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, 2018 2017 As recast Deferred tax assets: Accrued vacation $ 595 $ 690 Accrued bonus 3,792 628 State taxes 86 318 Accrued property taxes 1,615 1,573 Stock-based compensation expense 1,310 1,983 Net operating loss 38,875 635 Other — 3,160 Less: valuation allowance 1,193 422 Total deferred tax assets 45,080 8,565 Deferred tax liabilities: Prepaid expenses 4,436 4,275 Depreciation 202,595 118,743 Foreign deferred — 4,569 Other 2,103 — Total deferred tax liabilities 209,134 127,587 Net deferred tax liabilities $ 164,054 $ 119,022 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plans [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | 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: 2018 2017 2016 Weighted-average volatility 35.0 % 32.8 % 33.2 % Expected term (in years) 0.8 0.2 - 1.9 0.3 - 3.1 Risk-free interest rate 2.6 % 0.6% - 1.9% 0.4% - 1.5% Dividend yield 1.68 % 1.62 % 1.51 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity as of December 31, 2018 , 2017 and 2016 , 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, 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 Exercised (16,014 ) 60.20 Outstanding at December 31, 2017 27,575 $ 97.88 0.72 $ 1,568 Exercised (17,838 ) 92.04 Outstanding at December 31, 2018 9,737 $ 108.59 0.18 $ — Fully vested and expected to vest at December 31, 2018 9,737 $ 108.59 0.18 $ — Exercisable at December 31, 2018 9,737 $ 108.59 0.18 $ — |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of non-vested restricted stock grants during the years ended December 31, 2018 , 2017 and 2016 is presented below: Shares Weighted Average Grant Date Fair Value 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 Granted 125,442 165.61 Vested (91,338 ) 145.08 Forfeited (94,872 ) 157.95 Non-vested at December 31, 2017 192,890 $ 153.32 Granted 102,842 155.02 Vested (85,410 ) 153.85 Forfeited (14,128 ) 154.65 Non-vested at December 31, 2018 196,194 $ 153.88 |
Schedule Of Cash Settled Stock Appreciation Rights Activity | A summary of cash-settled SARs awards activity during the years ended December 31, 2018 , 2017 and 2016 is presented below: # of SARs Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (thousands) 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 Forfeited (14,682 ) 177.6 Exercised (9,462 ) 106.25 Balance at December 31, 2017 80,464 $ 155.13 Forfeited (12,890 ) 181.47 Exercised (13,642 ) 98.37 Balance at December 31, 2018 53,932 $ 163.19 1.47 $ — Vested or expected to vest at December 31, 2018 53,482 $ 163.34 1.46 $ — Exercisable at December 31, 2018 48,932 $ 164.95 1.34 $ — |
Employee Benefit Plans ESPP (Ta
Employee Benefit Plans ESPP (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | The following table provides information about the Company’s ESPP activity during 2018, 2017, and 2016: Total number of shares purchased Average price paid per share Weighted-average fair value of discount under the ESPP (1) As of December 31, 2016 13,400 $ 120.63 $ 14.80 As of December 31, 2017 18,498 $ 126.81 $ 14.09 As of December 31, 2018 33,300 $ 134.31 $ 16.79 (1) The weighted-average fair value of the discount under the ESPP granted is equal to a percentage discount from the market value of the Common Stock at the end of each semi-annual purchase period. The Company increased the discount from 10 percent to 15 percent for the second offering period of 2018. 15 percent is the maximum allowable discount under the ESPP. |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Future Minimum Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Future Minimum Payments [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Future minimum fixed payments for commitments under aircraft acquisition, certain airport and terminal facilities, and other operating lease obligations as of December 31, 2018 (in thousands) are: 2019 2020 2021 2022 2023 2024 - Thereafter Aircraft and engine purchase obligations $ 259,160 $ 33,800 $ 500 $ 18,000 $ — $ — Airport fees under use and lease agreements 10,480 5,223 63 — — — Operating lease obligations 8,102 6,031 3,643 1,630 1,626 8,297 Total future payments $ 277,742 $ 45,054 $ 4,206 $ 19,630 $ 1,626 $ 8,297 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule Of Valuation And Qualifying Accounts | Balance at Beginning of Year Changes Charged to Statement of Income Accounts Write Offs (net of recoveries) Balance at End of Year Allowance for expendable parts and supplies For the Year Ended December 31, 2018 $ 13,756 $ 2,624 $ (1,970 ) $ 14,410 For the Year Ended December 31, 2017 (1) 7,205 6,551 — 13,756 For the Year Ended December 31, 2016 4,607 2,598 — 7,205 (1) Changes during the year and ending balance include additional reserve of $2.0 million related to the MD-80 impairment charge. |
Organization and Business of _2
Organization and Business of Company - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Advertising Expense | $ 28,800 | $ 20,900 | $ 13,600 |
Asset Impairment Charges | 0 | 35,253 | 0 |
Capitalized Computer Software, Net | 41,300 | 41,000 | |
Capitalized Computer Software, Amortization | $ 14,100 | $ 15,900 | $ 13,300 |
Significant Change in Unrecognized Tax Benefits, Nature of Event | 50.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Investment Securities (Details) | Dec. 31, 2018 |
Schedule of Available-for-sale Securities | |
Equity Method Investment, Ownership Percentage | 50.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Property, Plant and Equipment, Salvage Value, Percentage (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized Computer Software, Net | $ 41.3 | $ 41 |
Interest Costs Capitalized | $ 2.4 | $ 3.2 |
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 | P7Y | |
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 | P25Y |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 77,037 | 5,752 | 51,439 |
Net income | $ 161,802 | $ 198,148 | $ 220,866 |
Less net income allocated to participating securities | (2,106) | (2,965) | (1,758) |
Net income attributable to common stock | $ 159,696 | $ 195,183 | $ 219,108 |
Earnings per share, basic | $ 10.02 | $ 12.14 | $ 13.31 |
Weighted-average shares outstanding | 15,941,000 | 16,073,000 | 16,465,000 |
Net income attributable to common stock | $ 159,698 | $ 195,186 | $ 219,110 |
Less net income allocated to participating securities | $ (2,104) | $ (2,962) | $ (1,756) |
Earnings per share, diluted | $ 10 | $ 12.13 | $ 13.29 |
Dilutive effect of stock options and restricted stock | 53,000 | 74,000 | 42,000 |
Adjusted weighted-average shares outstanding under treasury stock method | 15,994,000 | 16,147,000 | 16,507,000 |
Participating securities excluded under two-class method | (27,000) | (52,000) | (18,000) |
Adjusted weighted-average shares outstanding under two-class method | 15,967,000 | 16,095,000 | 16,489,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Earnings Per Share Textual (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Accounts Receivable, Gross, Noncurrent | $ 12.7 | $ 6.3 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 77,037 | 5,752 | 51,439 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Measurement of Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 35,253 | $ 0 |
Spare engine parts | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset Impairment Charges | $ 1,300 | $ 3,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Maximum | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Expected Increase (Decrease) in Passenger Revenue | $ 25 | |
Maximum | Accounting Standards Update 2016-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Expected Increase (Decrease) in Passenger Revenue | 621.9 | $ 5.9 |
Maximum | Other Comprehensive Income (Loss) | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Expected Increase (Decrease) in Passenger Revenue | 0.6 | |
Minimum | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Expected Increase (Decrease) in Passenger Revenue | $ 15 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies Expendable Parts, Supplies and Fuel (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Expendable Parts, Supplies and Fuel [Abstract] | ||
Inventory Valuation Reserves | $ 14.4 | $ 13.8 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Accounts Receivable, Gross, Noncurrent | $ 12.7 | $ 6.3 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies Aircraft Maintenance and Repair Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Asset at Amortized Cost [Line Items] | ||
Amortization of Other Deferred Charges | $ 12.5 | $ 6.7 |
Deferred Costs for Heavy Maintenance | $ 49.6 | $ 20.7 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Air Traffic Liability, Current | $ 212,230,000 | $ 204,299,000 | |
Passenger Revenue | 1,533,701,000 | 1,372,037,000 | $ 1,269,067,000 |
Contract with Customer, Liability | $ 10,708,000 | $ 8,903,000 | $ 790,000 |
Earnings per share, diluted | $ 10 | $ 12.13 | $ 13.29 |
Retained Earnings (Accumulated Deficit) | $ 1,025,061,000 | $ 907,943,000 | |
Scheduled Service Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Passenger Revenue | 898,653,000 | 821,621,000 | $ 768,721,000 |
Co-brand Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Passenger Revenue | 13,109,000 | 2,556,000 | 0 |
Air-related revenue | |||
Disaggregation of Revenue [Line Items] | |||
Passenger Revenue | $ 621,939,000 | $ 547,860,000 | $ 500,346,000 |
Revenue Recognition Points Liab
Revenue Recognition Points Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer [Abstract] | |||
Points Liability | $ 9,600 | ||
Points awarded | 14,914 | $ 10,669 | |
Points redeemed | (13,109) | (2,556) | |
Contract with Customer, Liability | $ 10,708 | $ 8,903 | $ 790 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Adjustments for New Accounting Pronouncements [Line Items] | |||
Passenger | $ 1,533,701 | $ 1,372,037 | $ 1,269,067 |
Air Traffic Liability, Current | 212,230 | 204,299 | |
Deferred Tax Liabilities, Net, Noncurrent | 164,027 | 119,013 | |
Retained Earnings (Accumulated Deficit) | 1,025,061 | 907,943 | |
Air-related charges | 0 | 0 | |
Selling and Marketing Expense | 73,514 | 56,675 | 34,629 |
Income Tax Expense (Benefit) | 37,516 | 859 | 127,101 |
Net Income | $ 161,802 | $ 198,148 | $ 220,866 |
Earnings per share, diluted | $ 10 | $ 12.13 | $ 13.29 |
Deferred Income Tax Expense (Benefit) | $ 38,222 | $ 42,689 | $ 30,579 |
IncreaseDecreaseForAirTrafficLiability | (7,931) | (12,721) | 6,144 |
Net Cash Provided by (Used in) Operating Activities | $ 356,612 | 390,674 | 348,150 |
Difference between Revenue Guidance in Effect before and after Topic 606 | |||
Adjustments for New Accounting Pronouncements [Line Items] | |||
Passenger | 553,901 | 515,653 | |
Air Traffic Liability, Current | (5,885) | ||
Deferred Tax Liabilities, Net, Noncurrent | 521 | ||
Retained Earnings (Accumulated Deficit) | 5,364 | ||
Air-related charges | (546,476) | (499,542) | |
Selling and Marketing Expense | 3,964 | 14,102 | |
Income Tax Expense (Benefit) | 215 | 733 | |
Net Income | $ 3,246 | $ 1,276 | |
Earnings per share, diluted | $ 0.20 | $ 0.08 | |
Deferred Income Tax Expense (Benefit) | $ 216 | $ 733 | |
IncreaseDecreaseForAirTrafficLiability | (3,462) | (2,009) | |
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Adjustments for New Accounting Pronouncements [Line Items] | |||
Passenger | 818,136 | 753,414 | |
Air Traffic Liability, Current | 210,184 | ||
Deferred Tax Liabilities, Net, Noncurrent | 118,492 | ||
Retained Earnings (Accumulated Deficit) | 902,579 | ||
Air-related charges | 546,476 | 499,542 | |
Selling and Marketing Expense | 52,711 | 20,527 | |
Income Tax Expense (Benefit) | 644 | 126,368 | |
Net Income | $ 194,902 | $ 219,590 | |
Earnings per share, diluted | $ 11.93 | $ 13.21 | |
Deferred Income Tax Expense (Benefit) | $ 42,473 | $ 29,846 | |
IncreaseDecreaseForAirTrafficLiability | 16,183 | (4,135) | |
Net Cash Provided by (Used in) Operating Activities | $ 253,558 | $ 245,301 |
Property and Equipment (Details
Property and Equipment (Details) $ in Thousands | Dec. 31, 2018USD ($)Aircraft | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Line Items] | ||
Number Of Aircraft Committed To Purchase | Aircraft | 14 | |
Flight Equipment, Gross | $ 1,905,157 | $ 1,539,433 |
Computer Hardware and Software | 140,385 | 123,675 |
Land and buildings/leasehold improvements | 85,925 | 77,409 |
Property, Plant and Equipment, Other, Gross | 89,778 | 48,446 |
Property, Plant and Equipment, Gross | 2,221,245 | 1,788,963 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (373,977) | (276,548) |
Property, Plant and Equipment, Net | $ 1,847,268 | $ 1,512,415 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Salaries, wages and benefits | $ 34,406 | $ 35,516 |
Interest | 14,276 | 13,326 |
Station expenses | 12,918 | 12,026 |
Maintenance and repairs | 11,016 | 5,481 |
Passenger fees | 10,465 | 11,420 |
Loyalty card program liability | 9,625 | 0 |
Property taxes | 8,017 | 7,851 |
Advertising accruals | 4,337 | 4,154 |
Passenger taxes | 517 | 447 |
Other accruals | 16,450 | 14,906 |
Total accrued liabilities | $ 122,027 | $ 105,127 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Feb. 15, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 01, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 01, 2016 | Dec. 31, 2015 | Jun. 30, 2014 | Jun. 01, 2014 | |
Debt Instrument, Face Amount | $ 75,000 | |||||||||||
Notes Payable | 1,153,835 | $ 1,171,002 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 580,300 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 168,300 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 94,600 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 67,200 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 54,200 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 307,100 | |||||||||||
Debt Issuance Costs, Gross | 5,000 | 6,100 | ||||||||||
Total long-term debt and capital lease obligations, net of related costs | 1,271,733 | 1,164,892 | ||||||||||
Long-term Debt, Current Maturities | 152,287 | 214,761 | ||||||||||
Long-term Debt, Excluding Current Maturities | 1,119,446 | 950,131 | ||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 102,000 | |||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 145,393 | $ 112,750 | ||||||||||
Airbus A320 Aircraft Series | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Purpose of VIE | 3 | |||||||||||
Debt Instrument, Collateral | 4 | |||||||||||
Variable Rate | ||||||||||||
Notes Payable | $ 630,927 | $ 699,430 | ||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.20% | 3.30% | ||||||||||
Fixed Rate | ||||||||||||
Notes Payable | $ 640,806 | $ 465,462 | ||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.30% | 5.40% | ||||||||||
Consolidated Variable Interest Entity [Domain] | ||||||||||||
Debt, Weighted Average Interest Rate | 4.00% | |||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 44,000 | |||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 37,800 | |||||||||||
Consolidated Variable Interest Entity [Domain] | Airbus A320 Aircraft Series | ||||||||||||
Debt Instrument, Collateral | 1 | |||||||||||
Unsecured Debt | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||
Unsecured Long-term Debt, Noncurrent | $ 150,000 | $ 300,000 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 101.50% | |||||||||||
Unsecured Debt | Fixed Rate | ||||||||||||
Notes Payable | $ 428,000 | |||||||||||
Senior Secured Revolving Credit Facility [Domain] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 81,000 | $ 56,000 | ||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 46,900 | |||||||||||
Secured Debt July 2018 [Domain] | ||||||||||||
Debt Instrument, Face Amount | $ 34,500 | |||||||||||
Secured Debt July 2018 [Domain] | Airbus A320 Aircraft Series | ||||||||||||
Debt Instrument, Collateral | 1 | |||||||||||
Secured Debt June 2018 [Domain] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||||
Debt Instrument, Face Amount | $ 10,800 | |||||||||||
Subsequent Event | ||||||||||||
Debt Instrument, Face Amount | $ 450,000 | |||||||||||
Subsequent Event | Secured Debt February 2019 [Domain] | ||||||||||||
Debt Instrument, Face Amount | 450,000 | |||||||||||
Subsequent Event | Secured Debt February 2019 [Domain] | Net Proceeds | ||||||||||||
Debt Instrument, Face Amount | $ 428,000 | |||||||||||
Subsequent Event | Unsecured Debt | ||||||||||||
Repayments of Unsecured Debt | $ 347,900 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)aircraft | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Debt Issuance Costs, Gross | $ 5,000,000 | $ 6,100,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 580,300,000 | ||||||
Notes Payable | 1,153,835,000 | 1,171,002,000 | |||||
Secured Long-term Debt, Noncurrent | $ 1,271,733,000 | $ 1,164,892,000 | |||||
Number of Terms to be Included in the Collateral Pool | 2 years | ||||||
Senior Secured Revolving Credit Facility [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 46,900,000 | ||||||
Line of Credit Facility, Description | $ 81,000,000 | $ 56,000,000 | |||||
Secured Debt June 2018 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||||
Airbus A320 Aircraft Series | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Collateral | 4 | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Purpose of VIE | 3 | ||||||
Airbus A320 Aircraft Series | Secured Debt July 2018 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Collateral | 1 | ||||||
Secured Debt June 2018 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Term | 5 years | ||||||
Secured Debt July 2018 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Term | 10 years | ||||||
Secured Debt September 2018 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Term | 7 years | ||||||
Senior Secured Revolving Credit Facility [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Annual Principal Payment | $ 0 | ||||||
Number Of Aircrafts Included As Collateral | aircraft | 9 | ||||||
Debt Instrument, Term | 24 months |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 08, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 35.00% | 32.80% | 33.20% | ||
Stock Repurchased During Period, Shares | 0 | 604,497 | 391,972 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 22,981 | 27,606 | 10,103 | ||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $ 142.66 | $ 164.99 | |||
Stock Repurchased During Period, Value | $ 0 | $ 86,240 | $ 64,673 | ||
Stock Repurchase Program, Authorized Amount | 100,000 | ||||
Payments for Repurchase of Common Stock | $ 3,650 | $ 90,457 | $ 66,371 | ||
Dividends Payable, Amount Per Share | $ 2.80 | $ 2.80 | $ 2.40 | ||
Dividends | $ 45,247 | $ 45,720 | $ 67,540 | ||
Fair Value Assumptions, Expected Dividend Rate | 1.68% | 1.62% | 1.51% | ||
Special Dividend | |||||
Dividends Payable, Amount Per Share | $ 1.65 | ||||
Dividends | $ 27,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - Fair Value Measurements at Reporting Date Using - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment Securities | $ 439,824 | $ 463,522 |
Short-term investments | ||
Investment Securities | 314,464 | 352,681 |
Long-term investments | ||
Investment Securities | 51,526 | 78,852 |
Fair Value, Inputs, Level 1 | ||
Investment Securities | 43,281 | 1,297 |
Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Investment Securities | 396,543 | 462,225 |
Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 314,464 | 352,681 |
Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 51,526 | 78,852 |
Commercial paper | Short-term investments | ||
Investment Securities | 180,846 | 108,678 |
Commercial paper | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Commercial paper | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 180,846 | 108,678 |
US Government Corporations and Agencies Securities | Short-term investments | ||
Investment Securities | 11,887 | 31,428 |
US Government Corporations and Agencies Securities | Long-term investments | ||
Investment Securities | 11,291 | 5,775 |
US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 11,887 | 31,428 |
US Government Corporations and Agencies Securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 11,291 | 5,775 |
US Treasury Securities | Short-term investments | ||
Cash Equivalents | 1,415 | |
Investment Securities | 5,990 | 3,407 |
US Treasury Securities | Long-term investments | ||
Investment Securities | 2,901 | 2,994 |
US Treasury Securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
US Treasury Securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
US Treasury Securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 5,990 | 3,407 |
US Treasury Securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 2,901 | 2,994 |
Municipal debt securities | Short-term investments | ||
Investment Securities | 14,252 | 101,290 |
Municipal debt securities | Long-term investments | ||
Investment Securities | 9,405 | |
Municipal debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Municipal debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 14,252 | 101,290 |
Corporate debt securities | Short-term investments | ||
Investment Securities | 101,489 | 107,878 |
Corporate debt securities | Long-term investments | ||
Investment Securities | 37,334 | 60,396 |
Corporate debt securities | Fair Value, Inputs, Level 1 | Short-term investments | ||
Investment Securities | 0 | 0 |
Corporate debt securities | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Corporate debt securities | Fair Value, Inputs, Level 2 | Short-term investments | ||
Investment Securities | 101,489 | 107,878 |
Corporate debt securities | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 37,334 | 60,396 |
Derivative Financial Instruments, Assets | Long-term investments | ||
Investment Securities | 0 | 282 |
Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 1 | Long-term investments | ||
Investment Securities | 0 | 0 |
Derivative Financial Instruments, Assets | Fair Value, Inputs, Level 2 | Long-term investments | ||
Investment Securities | 0 | 282 |
Cash Equivalents | ||
Cash Equivalents | 73,834 | 31,989 |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 43,281 | 1,297 |
Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 30,553 | 30,692 |
Cash Equivalents | Money market funds | ||
Cash Equivalents | 43,281 | 1,297 |
Cash Equivalents | Money market funds | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 43,281 | 1,297 |
Cash Equivalents | Money market funds | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Commercial paper | ||
Cash Equivalents | 29,138 | 27,910 |
Cash Equivalents | Municipal debt securities | ||
Cash Equivalents | 0 | 2,782 |
Cash Equivalents | Municipal debt securities | Fair Value, Inputs, Level 1 | ||
Cash Equivalents | 0 | 0 |
Cash Equivalents | Municipal debt securities | Fair Value, Inputs, Level 2 | ||
Cash Equivalents | $ 0 | $ 2,782 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 1,271,733 | $ 1,164,892 | |
Notes Payable | 1,153,835 | 1,171,002 | |
Special charge | 0 | 35,253 | $ 0 |
Publicly Held Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Secured Long-term Debt, Noncurrent | 450,463 | 451,321 | |
Non-Publicly Held Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Secured Long-term Debt, Noncurrent | 703,372 | 719,681 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | 1,070,405 | 1,122,669 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Publicly Held Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | 451,026 | 462,604 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Non-Publicly Held Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | $ 619,379 | $ 660,065 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 21, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Tax Credit Carryforward [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 41,857 | $ 68,639 | $ 121,789 | ||
Current Federal Tax Expense (Benefit) | (3,707) | (44,385) | 89,014 | ||
Income tax (refunds)/payments | (41,610) | (17,954) | 110,612 | ||
Current State and Local Tax Expense (Benefit) | (650) | 664 | 5,204 | ||
Current Income Tax Expense (Benefit) | (3,271) | (43,163) | 95,480 | ||
Deferred Federal Income Tax Expense (Benefit) | 41,593 | 41,015 | 28,653 | ||
Deferred State and Local Income Tax Expense (Benefit) | 3,744 | 1,978 | 1,703 | ||
DeferredTotalIncomeTaxExpenseBenefit | 40,787 | 44,022 | 31,621 | ||
Income Tax Reconciliation, State and Local Income Taxes | 3,560 | 2,739 | 5,517 | ||
Income Tax Reconciliation, Other Reconciling Items | (4,362) | 4,219 | (205) | ||
Tax Cuts And Jobs Act Of 2017 Income Tax Expense Benefit | $ 0 | $ (74,738) | $ 0 |
Income Taxes The Major Componen
Income Taxes The Major Components of the Company's Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,193 | $ 422 |
Deferred Tax Assets, Net of Valuation Allowance | 45,080 | 8,565 |
Deferred Tax Liabilities, Net, Noncurrent | (164,027) | (119,013) |
Accrued Vacation | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 595 | 690 |
Deferred Tax Assets, Accrued Bonus | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 3,792 | 628 |
State Taxes | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 86 | 318 |
Accrued Property Taxes | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 1,615 | 1,573 |
Other 1 | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 0 | 3,160 |
Deferred Tax Liabilities, Gross, Noncurrent | 2,103 | 0 |
Stock Based Compensation | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 1,310 | 1,983 |
Valuation Allowance, Operating Loss Carryforwards | ||
Valuation Allowance | ||
Deferred Tax Assets, Gross | 38,875 | 635 |
Prepaid Expenses | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Gross, Noncurrent | 4,436 | 4,275 |
Depreciation | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Gross, Noncurrent | 202,595 | 118,743 |
Foreign deferred | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Gross, Noncurrent | 0 | 4,569 |
Total Noncurrent | ||
Valuation Allowance | ||
Deferred Tax Liabilities, Net | 209,134 | 127,587 |
Total | ||
Valuation Allowance | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ (164,054) | $ (119,022) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
The Components of the Provision (Benefit) for Income Taxes [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ (3,707) | $ (44,385) | $ 89,014 |
Current State and Local Tax Expense (Benefit) | (650) | 664 | 5,204 |
Current Foreign Tax Expense (Benefit) | 1,086 | 558 | 1,262 |
Current Income Tax Expense (Benefit) | (3,271) | (43,163) | 95,480 |
Deferred Federal Income Tax Expense (Benefit) | 41,593 | 41,015 | 28,653 |
Deferred State and Local Income Tax Expense (Benefit) | 3,744 | 1,978 | 1,703 |
Deferred Foreign Income Tax Expense (Benefit) | (4,550) | 1,029 | 1,265 |
DeferredTotalIncomeTaxExpenseBenefit | 40,787 | 44,022 | 31,621 |
PROVISION FOR INCOME TAXES | $ 37,516 | $ 859 | $ 127,101 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 41,857 | $ 68,639 | $ 121,789 |
Income Tax Reconciliation, State and Local Income Taxes | 3,560 | 2,739 | 5,517 |
Tax Cuts And Jobs Act Of 2017 Income Tax Expense Benefit | 0 | (74,738) | 0 |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | (3,539) | ||
Income Tax Reconciliation, Other Reconciling Items | (4,362) | 4,219 | (205) |
PROVISION FOR INCOME TAXES | $ 37,516 | $ 859 | $ 127,101 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 195,843 | $ 180,314 | $ 331,827 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 3,475 | 18,693 | 16,140 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 199,318 | $ 199,007 | $ 347,967 |
Income Taxes Tax Credit Carryfo
Income Taxes Tax Credit Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 37,400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,500 | ||
Deferred Tax Assets, Tax Credit Carryforwards | $ 700 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 1,800 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,193 | $ 422 | |
Deferred Tax Assets, Net of Valuation Allowance | 45,080 | 8,565 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 900 | ||
Accrued Vacation | |||
Deferred Tax Assets, Gross | 595 | 690 | |
Deferred Tax Assets, Accrued Bonus | |||
Deferred Tax Assets, Gross | 3,792 | 628 | |
State Taxes | |||
Deferred Tax Assets, Gross | 86 | 318 | |
Accrued Property Taxes | |||
Deferred Tax Assets, Gross | 1,615 | 1,573 | |
Other 1 | |||
Deferred Tax Assets, Gross | 0 | 3,160 | |
Deferred Tax Liabilities, Gross, Noncurrent | 2,103 | 0 | |
Stock Based Compensation | |||
Deferred Tax Assets, Gross | 1,310 | 1,983 | |
Valuation Allowance, Operating Loss Carryforwards | |||
Deferred Tax Assets, Gross | 38,875 | 635 | |
Prepaid Expenses | |||
Deferred Tax Liabilities, Gross, Noncurrent | 4,436 | 4,275 | |
Depreciation | |||
Deferred Tax Liabilities, Gross, Noncurrent | 202,595 | 118,743 | |
Foreign deferred | |||
Deferred Tax Liabilities, Gross, Noncurrent | 0 | 4,569 | |
Total Noncurrent | |||
Deferred Tax Liabilities, Net | 209,134 | 127,587 | |
Total | |||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 164,054 | $ 119,022 |
Income Taxes Impact of U.S. Fed
Income Taxes Impact of U.S. Federal Income Tax Reform (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Cuts And Jobs Act Of 2017 Income Tax Expense Benefit | $ 0 | $ (74,738) | $ 0 |
Income Taxes Tax contingency re
Income Taxes Tax contingency reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 4,175 | $ 778 | $ 837 | $ 512 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 3,364 | 251 | 140 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 293 | 46 | 492 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (10) | 0 | (307) | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (110) | (356) | 0 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ (140) | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² | |
Related Party Transaction [Line Items] | |||
Area of Real Estate Property | ft² | 650,000 | ||
Equity Method Investment, Ownership Percentage | $ | $ 2,300,000 | ||
Lease Termination | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ | $ 1,300,000 | ||
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ | $ 0 | $ 200,000 | $ 1,700,000 |
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) | 12 Months Ended | ||||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 90.00% | 25.00% | |||
Defined Contribution Plan, Cost | $ | $ 19,100,000 | $ 14,200,000 | $ 5,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||||
Share-based compensation expense | $ | 15,098,000 | $ 13,856,000 | $ 9,389,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | 17,500,000 | ||||
Cash-settled SARs | $ | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 35.00% | 32.80% | 33.20% | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsExercisesInPeriodTotalIntrinsicValue | $ | $ 1,400,000 | $ 1,300,000 | $ 200,000 | ||
Proceeds from the exercise of stock options | $ | $ 1,600,000 | $ 1,000,000 | $ 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 196,194 | 192,890 | 253,658 | 82,957 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 153.88 | $ 153.32 | $ 146.01 | $ 155.30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 155.02 | $ 165.61 | $ 144.74 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 102,842 | 125,442 | 224,018 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (85,410) | (91,338) | (43,310) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 153.85 | $ 145.08 | $ 129.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (14,128) | (94,872) | (10,007) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 154.65 | $ 157.95 | $ 158.74 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ | $ 13,400,000 | $ 13,300,000 | $ 5,600,000 | ||
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 | 15.00% | 10.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ | $ 25,000 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 33,300 | 18,498 | 13,400 | ||
Fair Value Assumptions, Risk Free Interest Rate | 2.60% | ||||
Stock Compensation Plan | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Share-based compensation expense | $ | $ 15,600,000 | $ 14,000,000 | $ 9,600,000 | ||
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 | 1 year 5 months 27 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 | 53,932 | 80,464 | 104,608 | 131,741 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 146.03 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (12,890) | (14,682) | (10,083) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | $ 181.47 | $ 177.60 | $ 170.21 | ||
Exercised (in Shares) | (13,642) | (9,462) | (32,050) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 98.37 | $ 106.25 | $ 89.19 | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingIntrinsicValue | $ | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 53,482 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 163.34 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 16 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 48,932 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 164.95 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 163.19 | $ 155.13 | $ 153.86 | $ 136.13 | |
Fair Value Assumptions, Expected Term | 9 months 18 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 19 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 4 months 2 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 0 | ||||
Stock Options | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingNumber | 9,737 | 27,575 | 43,589 | 48,781 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingWeightedAverageExercisePrice | $ / shares | 108.59 | 97.88 | 84.04 | 86.65 | |
Exercised (in Shares) | (17,838) | (16,014) | (5,192) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 92.04 | $ 60.20 | $ 108.59 | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsSARsOutstandingWeightedAverageRemainingContractualTerm2 | 8 months 19 days | 1 year 6 months 18 days | 2 years 7 months 13 days | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSARsOutstandingIntrinsicValue | $ | $ 1,568,000 | $ 3,590,000 | $ 3,960,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 9,737 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 108.59 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 months 5 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 9,737 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ / shares | $ 108.59 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 months 5 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 0 | ||||
Minimum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Risk Free Interest Rate | 0.60% | 0.40% | |||
Minimum | Stock Appreciation Rights (SARs) | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Expected Term | 2 months 12 days | 3 months 18 days | |||
Maximum | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Risk Free Interest Rate | 1.90% | 1.50% | |||
Maximum | Stock Appreciation Rights (SARs) | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Fair Value Assumptions, Expected Term | 1 year 10 months 24 days | 3 years 1 month 6 days | |||
Employee | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||||
Pilot | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Stock Purchase Plan (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | ||||
Cash-settled SARs | $ 0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 17,500,000 | |||
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 | 15.00% | 10.00% | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 90.00% | 25.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 25,000 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 33,300 | 18,498 | 13,400 | |
Weighted Average Fair Value Of Stock Purchase Right Under Employee Stock Purchase Plan | $ 134.31 | $ 126.81 | $ 120.63 | |
Aggregate Cost Of Discount Off Market Value For Shares Available Under Employee Stock Purchase Plan | $ 16.79 | $ 14.09 | $ 14.80 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 02, 2018Aircraft | Feb. 15, 2019Aircraftpurchase_agreement | Mar. 31, 2022Aircraft | Mar. 31, 2020Aircraft | Dec. 31, 2019Aircraft | Dec. 31, 2018USD ($)ft²Aircraft | Dec. 31, 2017USD ($)Aircraft | Dec. 31, 2016USD ($)ft²Aircraft | |
Long-term Purchase Commitment [Line Items] | ||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 8,102 | |||||||
Operating Leases, Rent Expense | 12,700 | $ 9,000 | $ 8,100 | |||||
Aircraft lease rentals | $ 868 | $ 3,098 | 924 | |||||
Sub-Service Expense | $ 900 | |||||||
Number Of Aircraft Committed To Purchase | Aircraft | 14 | |||||||
Commitments to Lease Aircraft | 13 | |||||||
Area of Real Estate Property | ft² | 650,000 | |||||||
Operating Leases, Future Minimum Payments, Due in Two Years | $ 6,031 | |||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 3,643 | |||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,630 | |||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,626 | |||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 8,297 | |||||||
Other Commitment, Due in Next Twelve Months | 10,480 | |||||||
Purchase Obligation, Due in Next Twelve Months | 259,160 | |||||||
Purchase Obligation, Due in Second Year | 33,800 | |||||||
Purchase Obligation, Due in Third Year | 500 | |||||||
Purchase Obligation, Due in Fourth Year | 18,000 | |||||||
Purchase Obligation, Due in Fifth Year | 0 | |||||||
Purchase Obligation, Due after Fifth Year | 0 | |||||||
Contractual Obligation, Due in Second Year | 5,223 | |||||||
Other Commitment, Due in Third Year | 63 | |||||||
Other Commitment, Due in Fourth Year | 0 | |||||||
Other Commitment, Due in Fifth Year | 0 | |||||||
Other Commitment, Due after Fifth Year | 0 | |||||||
Contractual Obligation, Due in Third Year | 4,206 | |||||||
Contractual Obligation, Due in Fourth Year | 19,630 | |||||||
Contractual Obligation, Due in Fifth Year | 1,626 | |||||||
Contractual Obligation, Due after Fifth Year | 8,297 | |||||||
Contractual Obligation, Due in Next Fiscal Year | 277,742 | |||||||
Contractual Obligation, Due in Second Year | $ 45,054 | |||||||
Airbus A320 Aircraft Series | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Number Of Aircraft Committed To Purchase | Aircraft | 8 | 6 | 6 | |||||
Aircraft scheduled to be acquired | Aircraft | 2 | |||||||
Airbus A320 Aircraft Series | 2017 Purchase Agreements | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Aircraft acquired | Aircraft | 4 | |||||||
Airbus A320 Aircraft Series | Capital Addition Purchase Commitments | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Commitments To Purchase Engine | Aircraft | 7 | |||||||
Building 2 | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Area of Real Estate Property | ft² | 10,000 | |||||||
Subsequent Event | Airbus A320 Aircraft Series | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Aircraft scheduled to be acquired | Aircraft | 1 | 1 | 2 | 11 | ||||
Engine scheduled to be acquired | Aircraft | 7 | |||||||
Subsequent Event | Airbus A320 Aircraft Series | Capital Addition Purchase Commitments | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Commitments To Purchase Aircraft Table [Text Block] | purchase_agreement | 2 | |||||||
Airbus A320 | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Commitments to Lease Aircraft | 5 | |||||||
Airbus A320 | ||||||||
Long-term Purchase Commitment [Line Items] | ||||||||
Commitments to Lease Aircraft | 8 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 13,756 | $ 7,205 | $ 4,607 |
Changes Charged to Statement of Income Account | 2,624 | 6,551 | 2,598 |
Balance at End of Year | 14,410 | 13,756 | $ 7,205 |
Inventory Write-down | (1,970) | ||
MD-80 Aircraft | Reserve For Impairment On Equipment | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 2,000 | ||
Balance at End of Year | $ 2,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 19, 2019 | Feb. 02, 2018Aircraft | Feb. 15, 2019USD ($)Aircraftpurchase_agreement | Mar. 31, 2022Aircraft | Mar. 31, 2020Aircraft | Dec. 31, 2019Aircraft | Dec. 31, 2018USD ($)Aircraft$ / shares | Dec. 31, 2017USD ($)Aircraft$ / shares | Dec. 31, 2016USD ($)Aircraft$ / shares | Feb. 01, 2019USD ($) | Jun. 30, 2014 |
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 75,000 | ||||||||||
Number Of Aircraft Committed To Purchase | Aircraft | 14 | ||||||||||
Debt Instrument, Collateral | $ 211,225 | $ 497,540 | $ 321,160 | ||||||||
Cash dividends (per Share) | $ / shares | $ 2.80 | $ 2.80 | $ 2.40 | ||||||||
Secured Long-term Debt, Noncurrent | $ 1,271,733 | $ 1,164,892 | |||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 450,000 | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,100 | ||||||||||
Airbus A320 Aircraft Series | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number Of Aircraft Committed To Purchase | Aircraft | 8 | 6 | 6 | ||||||||
Debt Instrument, Collateral | 4 | ||||||||||
Aircraft scheduled to be acquired | Aircraft | 2 | ||||||||||
Airbus A320 Aircraft Series | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aircraft scheduled to be acquired | Aircraft | 1 | 1 | 2 | 11 | |||||||
Capital Addition Purchase Commitments | Airbus A320 Aircraft Series | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Commitments To Purchase Aircraft | purchase_agreement | 2 | ||||||||||
Unsecured Debt | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||||
Unsecured Debt | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Repayments of Unsecured Debt | $ 347,900 | ||||||||||
Long-term Debt | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | ||||||||||
Term Loan Due February 2024 | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Debt Instrument, Term | 5 years |