Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 21, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'SPIRIT AIRLINES, INC. | ' |
Entity Central Index Key | '0001498710 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 72,742,717 |
Condensed_Statements_Of_Operat
Condensed Statements Of Operations (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenues: | ' | ' |
Passenger | $253,878 | $218,897 |
Non-ticket | 184,109 | 151,540 |
Total operating revenues | 437,987 | 370,437 |
Operating expenses: | ' | ' |
Aircraft fuel | 148,471 | 131,666 |
Salaries, wages and benefits | 76,249 | 61,497 |
Aircraft rent | 46,387 | 41,072 |
Landing fees and other rents | 24,016 | 18,056 |
Distribution | 18,569 | 15,681 |
Maintenance, materials and repairs | 17,614 | 11,780 |
Depreciation and amortization | 11,121 | 6,324 |
Other operating | 35,448 | 34,499 |
Loss on disposal of assets | 150 | 170 |
Special charges (credits) | 9 | 23 |
Total operating expenses | 378,034 | 320,768 |
Operating income | 59,953 | 49,669 |
Other (income) expense: | ' | ' |
Interest expense | 107 | 9 |
Capitalized interest | -107 | -9 |
Interest income | -68 | -116 |
Other expense | 37 | 101 |
Total other (income) expense | -31 | -15 |
Income before income taxes | 59,984 | 49,684 |
Provision for income taxes | 22,278 | 19,130 |
Net income | $37,706 | $30,554 |
Basic earnings per share | $0.52 | $0.42 |
Diluted earnings per share | $0.51 | $0.42 |
Condensed_Balance_Sheets_unaud
Condensed Balance Sheets (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $543,989 | $530,631 |
Accounts receivable, net | 33,915 | 23,246 |
Deferred income taxes | 14,387 | 16,243 |
Prepaid expenses and other current assets | 83,086 | 78,955 |
Total current assets | 675,377 | 649,075 |
Property and equipment: | ' | ' |
Flight equipment | 10,657 | 9,847 |
Ground and other equipment | 54,176 | 50,987 |
Less accumulated depreciation | -27,306 | -25,221 |
Total property and equipment | 37,527 | 35,613 |
Deposits on flight equipment purchase contracts | 229,537 | 157,669 |
Aircraft maintenance deposits | 171,862 | 161,484 |
Deferred heavy maintenance, net | 127,774 | 125,288 |
Other long-term assets | 57,178 | 51,636 |
Total assets | 1,299,255 | 1,180,765 |
Current liabilities: | ' | ' |
Accounts payable | 24,741 | 23,104 |
Air traffic liability | 230,068 | 167,627 |
Other current liabilities | 161,172 | 145,262 |
Total current liabilities | 415,981 | 335,993 |
Long-term deferred income taxes | 47,469 | 48,916 |
Deferred credits and other long-term liabilities | 26,428 | 26,739 |
Shareholders’ equity: | ' | ' |
Common stock | 7 | 7 |
Additional paid-in-capital | 518,506 | 515,331 |
Treasury stock | -2,912 | -2,291 |
Retained earnings | 293,776 | 256,070 |
Total shareholders’ equity | 809,377 | 769,117 |
Total liabilities and shareholders’ equity | $1,299,255 | $1,180,765 |
Condensed_Statements_Of_Cash_F
Condensed Statements Of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net Income | $37,706 | $30,554 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Unrealized mark-to-market losses (gains) | 0 | 3,381 |
Equity-based compensation, net | 2,547 | 1,420 |
Allowance for Doubtful Accounts | -13 | 26 |
Amortization of deferred gains and losses | -89 | -195 |
Depreciation and amortization | 11,121 | 6,324 |
Deferred income tax benefit | 410 | 2,532 |
Loss on disposal of assets | 150 | 170 |
Capitalized interest | -107 | -9 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -10,656 | -1,902 |
Prepaid maintenance reserves | -14,661 | -6,803 |
Long-term deposits and other assets | -15,691 | -11,741 |
Accounts payable | 1,457 | -7,335 |
Air traffic liability | 62,328 | 44,390 |
Other liabilities | 16,137 | 24,381 |
Net cash provided by operating activities | 90,639 | 85,193 |
Investing activities: | ' | ' |
Pre-delivery deposits for flight equipment, net of refunds | -73,201 | -15,127 |
Purchase of property and equipment | -4,086 | -10,588 |
Net cash used in investing activities | -77,287 | -25,715 |
Financing activities: | ' | ' |
Proceeds from options exercised | 39 | 449 |
Proceeds from sale and leaseback transactions | 0 | 6,900 |
Excess tax benefits from equity-based compensation | 588 | 162 |
Repurchase of common stock | -621 | -321 |
Net cash provided by financing activities | 6 | 7,190 |
Net increase in cash and cash equivalents | 13,358 | 66,668 |
Cash and cash equivalents at beginning of period | 530,631 | 416,816 |
Cash and cash equivalents at end of period | 543,989 | 483,484 |
Cash payments for: | ' | ' |
Interest | 0 | 9 |
Taxes | $3,218 | $932 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed financial statements include the accounts of Spirit Airlines, Inc. (the Company). These unaudited condensed financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements of the Company and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
The interim results reflected in the unaudited condensed financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Share | ' | |||||||
Earnings per Share | ||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share amounts) | ||||||||
Numerator | ||||||||
Net income | $ | 37,706 | $ | 30,554 | ||||
Denominator | ||||||||
Weighted-average shares outstanding, basic | 72,684 | 72,486 | ||||||
Effect of dilutive stock awards | 570 | 318 | ||||||
Adjusted weighted-average shares outstanding, diluted | 73,254 | 72,804 | ||||||
Net Income per Share | ||||||||
Basic earnings per common share | $ | 0.52 | $ | 0.42 | ||||
Diluted earnings per common share | $ | 0.51 | $ | 0.42 | ||||
Anti-dilutive weighted-average shares | 56 | — | ||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
Other current liabilities as of March 31, 2014 and December 31, 2013 consist of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Federal excise and other passenger taxes and fees payable | $ | 37,101 | $ | 26,979 | ||||
Aircraft maintenance | 27,324 | 36,165 | ||||||
Salaries and wages | 24,962 | 26,174 | ||||||
Federal and state income tax payable | 18,859 | 794 | ||||||
Airport expenses | 16,515 | 17,109 | ||||||
Fuel | 10,887 | 13,819 | ||||||
Aircraft and facility rent | 8,449 | 7,993 | ||||||
Other | 17,075 | 16,229 | ||||||
Other current liabilities | $ | 161,172 | $ | 145,262 | ||||
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Financial Instruments and Risk Management | ' | |||||||
Financial Instruments and Risk Management | ||||||||
As part of the Company’s risk management program, the Company from time to time uses a variety of financial instruments to reduce its exposure to fluctuations in the price of jet fuel. The Company does not hold or issue derivative financial instruments for trading purposes. | ||||||||
The Company is exposed to credit losses in the event of nonperformance by counterparties to these financial instruments. The Company periodically reviews and seeks to mitigate exposure to the financial deterioration and nonperformance of any counterparty by monitoring the absolute exposure levels, each counterparty's credit ratings, and the historical performance of the counterparties relating to hedge transactions. The credit exposure related to these financial instruments is limited to the fair value of contracts in a net receivable position at the reporting date. The Company also maintains security agreements that require the Company to post collateral if the value of selected instruments falls below specified mark-to-market thresholds. As of March 31, 2014, the Company held none of these instruments and, therefore, was not required to post collateral. | ||||||||
The Company records financial derivative instruments at fair value, which includes an evaluation of each counterparty's credit risk. The Company's derivative contracts generally consist of United States Gulf Coast jet fuel swaps (jet fuel swaps) and United States Gulf Coast jet fuel options (jet fuel options). Both jet fuel swaps and jet fuel options are used at times to protect the refining price risk between the price of crude oil and the price of refined jet fuel, and to manage the risk of increasing fuel prices. Fair value of the instruments is determined using standard option valuation models. | ||||||||
For the three months ended March 31, 2014, the Company did not enter into any fuel derivative contracts. The Company did not elect hedge accounting on any derivative instruments entered into during the three months ended March 31, 2013 and, as a result, changes in the fair value of these fuel hedge contracts are recorded in aircraft fuel expense. | ||||||||
The following table summarizes the components of aircraft fuel expense for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Into-plane fuel cost | $ | 148,471 | $ | 128,713 | ||||
Settlement losses (gains) | — | (428 | ) | |||||
Unrealized mark-to-market losses (gains) | — | 3,381 | ||||||
Aircraft fuel | $ | 148,471 | $ | 131,666 | ||||
All realized gains and losses are reflected in the accompanying statements of cash flows in cash flow from operating activities. | ||||||||
Historically, during peak hurricane season (August through October), the Company has entered into jet fuel swap agreements to protect the refining price risk between the price of crude oil and the price of refined jet fuel. As of March 31, 2014 and December 31, 2013, the Company had no outstanding fuel derivative contracts. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Aircraft-Related Commitments and Financing Arrangements | |||||||||||||||||
The Company’s contractual purchase commitments consist primarily of aircraft and engine acquisitions through manufacturers and aircraft leasing companies. As of March 31, 2014, the Company's aircraft orders consisted of the following: | |||||||||||||||||
Airbus | Third-Party Lessor | ||||||||||||||||
A320 | A320NEO | A321 | A321NEO | A320NEO | Total | ||||||||||||
remainder of 2014 | 9 | 9 | |||||||||||||||
2015 | 8 | 6 | 1 | 15 | |||||||||||||
2016 | 3 | 9 | 4 | 16 | |||||||||||||
2017 | 8 | 10 | 18 | ||||||||||||||
2018 | 2 | 6 | 5 | 13 | |||||||||||||
2019 | 3 | 10 | 13 | ||||||||||||||
2020 | 13 | 13 | |||||||||||||||
2021 | 18 | 18 | |||||||||||||||
30 | 40 | 30 | 10 | 5 | 115 | ||||||||||||
The Company also has six spare engine orders for V2500 SelectOne engines with IAE and nine spare engine orders for PurePower PW1100G-JM engines with Pratt & Whitney. Spare engines are scheduled for delivery from 2014 through 2024. Purchase commitments for these aircraft and related flight equipment, including estimated amounts for contractual price escalations and pre-delivery payments, will be approximately $412 million for the remainder of 2014, $662 million in 2015, $601 million in 2016, $757 million in 2017, $616 million in 2018, and $2,211 million in 2019 and beyond. The Company has secured financing commitments with third parties for five aircraft deliveries from Airbus, scheduled for delivery in 2014. The Company does not have financing commitments in place for the remaining 105 Airbus aircraft currently on firm order scheduled for delivery between the fourth quarter of 2014 through 2021. However, the Company is in discussions to finance the remaining 4 aircraft delivering in 2014 and 11 aircraft delivering in 2015 under secured debt arrangements. | |||||||||||||||||
During the first quarter of 2014, the Company took delivery of two aircraft which were financed via sale and leaseback transactions with third-party aircraft lessors. The two sale and leaseback transactions resulted in net deferred losses of $0.2 million. Deferred losses are included in other long-term assets on the accompanying balance sheet. Deferred losses are recognized as an increase to rent expense on a straight-line basis over the term of the respective operating leases. Deferred gains are included in deferred credits and other long-term liabilities on the accompanying balance sheet. Deferred gains are recognized as a decrease to rent expense on a straight-line basis over the term of the respective operating leases. The Company had agreements in place prior to the delivery of these aircraft which resulted in the settlement of the purchase obligation by the lessor and the refund of $11.3 million in pre-delivery deposits from Airbus during the three months ended March 31, 2014. The refunded pre-delivery deposits have been disclosed in the accompanying statements of cash flows as pre-delivery deposits for flight equipment, net of refunds, within investing activities. All leases from these sale and leaseback transactions were accounted for as operating leases. Under the terms of the lease agreements, the Company will continue to operate and maintain the aircraft. Payments under the lease agreements are fixed for the term of the lease. The lease agreements contain standard termination events, including termination upon a breach of the Company's obligations to make rental payments and upon any other material breach of the Company's obligations under the leases, and standard maintenance and return condition provisions. These return provisions are evaluated at inception of the lease and throughout the lease terms and are accounted for as additional rent expense when it is probable that such amounts will be incurred. Upon a termination of the lease due to a breach by the Company, the Company would be liable for standard contractual damages, possibly including damages suffered by the lessor in connection with remarketing the aircraft or while the aircraft is not leased to another party. During the fourth quarter of 2013, the Company entered into an agreement for the lease of two quick engine change kits, classified as capital leases. Payments under the lease agreement are fixed for the three year term of the lease. | |||||||||||||||||
Future minimum lease payments under capital leases and noncancellable operating leases with initial or remaining terms in excess of one year at March 31, 2014 were as follows: | |||||||||||||||||
Operating Leases | |||||||||||||||||
Capital Leases | Aircraft and Spare Engine Leases | Property Facility Leases | Operating Lease Obligations | ||||||||||||||
(in thousands) | |||||||||||||||||
remainder of 2014 | $ | 1,400 | $ | 144,327 | $ | 15,345 | $ | 159,672 | |||||||||
2015 | 1,200 | 192,998 | 17,547 | 210,545 | |||||||||||||
2016 | 1,000 | 191,173 | 11,608 | 202,781 | |||||||||||||
2017 | — | 171,977 | 8,840 | 180,817 | |||||||||||||
2018 | — | 148,044 | 6,489 | 154,533 | |||||||||||||
2019 and thereafter | — | 560,931 | 24,410 | 585,341 | |||||||||||||
Total minimum lease payments | $ | 3,600 | $ | 1,409,450 | $ | 84,239 | $ | 1,493,689 | |||||||||
Less amount representing interest | $ | 366 | |||||||||||||||
Present value of minimum lease payments | $ | 3,234 | |||||||||||||||
Less current portion | $ | 1,448 | |||||||||||||||
Long term portion | $ | 1,786 | |||||||||||||||
Aircraft rent expense consists of monthly lease rents for aircraft and spare engines under the terms of the related operating leases and is recognized on a straight-line basis. Aircraft rent expense also includes supplemental rent. Supplemental rent is made up of maintenance reserves paid or to be paid to aircraft lessors in advance of the performance of major maintenance activities that are not probable of being reimbursed and lease return condition obligations which the Company begins to accrue when they are probable and can be estimated. The Company expects supplemental rent to increase as individual aircraft lease agreements approach their respective termination dates, and the Company begins to accrue for the estimated cost of return conditions for the corresponding aircraft. | |||||||||||||||||
Some of the Company’s master lease agreements provide that the Company pays maintenance reserves to aircraft lessors to be held as collateral in advance of the Company’s required performance of major maintenance activities. Maintenance reserve payments are either fixed contractual amounts or utilization based. Fixed maintenance reserve payments for these aircraft and related flight equipment, including estimated amounts for contractual price escalations, will be approximately $5.5 million for the remainder of 2014, $7.6 million in 2015, $8.0 million in 2016, $7.4 million in 2017, $5.8 million in 2018, and $18.4 million in 2019 and beyond. These lease agreements provide that maintenance reserves are reimbursable to the Company upon completion of the maintenance event in an amount equal to the lesser of (1) the amount of the maintenance reserve held by the lessor associated with the specific maintenance event or (2) the qualifying costs related to the specific maintenance event. | |||||||||||||||||
On October 15, 2013, the Company had an aircraft experience an engine failure shortly after takeoff. The aircraft immediately returned to the airport, and the passengers and crew safely disembarked from the aircraft. The airframe and engine incurred damage as a result of the failure. In 2013, the Company expensed the insurance deductible related to this incident of approximately $0.8 million. The Company anticipates it will recover insurance proceeds to cover the expenses related to this incident. | |||||||||||||||||
Other | |||||||||||||||||
The Company is contractually obligated to pay the following minimum guaranteed payments for its reservation system and advertising media as of March 31, 2014: $3.2 million for the remainder of 2014, $3.9 million in 2015, $3.9 million in 2016, $3.9 million in 2017, $2.6 million in 2018, and none in 2019 and thereafter. | |||||||||||||||||
Litigation | |||||||||||||||||
The Company is subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained from time to time. The Company believes the ultimate outcome of such lawsuits, proceedings and reviews will not, individually or in the aggregate, have a material adverse effect on its financial position, liquidity or results of operations. | |||||||||||||||||
Credit Card Processing Arrangements | |||||||||||||||||
The Company has agreements with organizations that process credit card transactions arising from the purchase of air travel, baggage charges, and other ancillary services by customers. As it is standard in the airline industry, the Company's contractual arrangements with credit card processors permit them, under certain circumstances, to retain a holdback or other collateral, which the Company records as restricted cash, when future air travel and other future services are purchased via credit card transactions. The required holdback is the percentage of the Company's overall credit card sales its credit card processors hold to cover refunds to customers if the Company fails to fulfill its flight obligations. If the Company fails to satisfy certain liquidity and other financial covenants, the processing agreements provide the processors the right to require the Company to maintain cash collateral up to approximately 100% of the Company's air traffic liability, which would result in a commensurate reduction of unrestricted cash. As of March 31, 2014 and December 31, 2013, the Company continued to be in compliance with its credit card processing agreements, and the processors were holding back no remittances. | |||||||||||||||||
The maximum potential exposure to cash holdbacks by the Company's credit card processors, based upon advance ticket sales and $9 Fare Club memberships as of March 31, 2014 and December 31, 2013, was $265.6 million and $188.6 million, respectively. | |||||||||||||||||
Employees | |||||||||||||||||
Approximately 60% of the Company’s employees are covered under collective bargaining agreements. The table below sets forth our employee groups and status of the collective bargaining agreements as of March 31, 2014. | |||||||||||||||||
Employee Groups | Representative | Amendable Date | Percentage of Workforce | ||||||||||||||
Pilots | Air Line Pilots Association, International (ALPA) | August 2015 | 24% | ||||||||||||||
Flight Attendants | Association of Flight Attendants (AFA-CWA) | Aug-07 | 35% | ||||||||||||||
Dispatchers | Transport Workers Union (TWU) | Aug-18 | 1% | ||||||||||||||
In December 2013, with the help of the National Mediation Board (NMB), the Company reached a tentative agreement for a five-year contract with the Company's flight attendants. The tentative agreement was subject to ratification by the flight attendant membership. On February 7, 2014, the Company was notified that the flight attendants voted to not ratify the tentative agreement. The Company will continue to work together with the AFA and the NMB with a goal of reaching a mutually beneficial agreement. | |||||||||||||||||
The Company is self-insured for health care claims, up to a stop loss amount, for eligible participating employees and qualified dependent medical claims, subject to deductibles and limitations. The Company’s liabilities for claims incurred but not reported are determined based on an estimate of the ultimate aggregate liability for claims incurred. The estimate is calculated from actual claim rates and adjusted periodically as necessary. The Company has accrued $2.1 million and $2.1 million for health care claims as of March 31, 2014 and December 31, 2013, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |
Mar. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Measurements | ' | |
Fair Value Measurements | ||
Under ASC 820, Fair Value Measurements and Disclosures, disclosures are required about how fair value is determined for assets and liabilities, and a hierarchy for which these assets and liabilities must be grouped is established, based on significant levels of inputs, as follows: | ||
Level 1—Quoted prices in active markets for identical assets or liabilities. | ||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes several valuation techniques in order to assess the fair value of the Company’s financial assets and liabilities. The Company's derivative contracts generally consist of jet fuel swaps and jet fuel options. These instruments are valued using energy and commodity market data, which is derived by combining raw inputs with quantitative models and processes to generate forward curves and volatilities. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||
Cash and cash equivalents at March 31, 2014 and December 31, 2013 are comprised of liquid money market funds and cash and are categorized as Level 1 instruments. The Company maintains cash with various high-quality financial institutions. The Company had no transfers of assets or liabilities between any of the above levels during the three months ended March 31, 2014 and the year ended December 31, 2013. | ||
For the three months ended March 31, 2014, the Company did not enter into any fuel derivative contracts. The Company did not elect hedge accounting on any of the derivative instruments entered into during the three months ended March 31, 2013 and, as a result, changes in the fair values of these fuel hedge contracts are recorded in aircraft fuel expense. Fair value of the instruments are determined using standard option valuation models. The Company also considers counterparty risk and its own credit risk in its determination of all estimated fair values. Within the Condensed Balance Sheets, the Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement. | ||
The Company determines the fair value of jet fuel options utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds. | ||
The fair value of the Company's jet fuel swaps are 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 these instruments as Level 2. Due to the fact that certain inputs utilized to determine the fair value of the Company's jet fuel options are unobservable (principally implied volatility), the Company has categorized these instruments as Level 3. As of March 31, 2014 and December 31, 2013, the Company had no outstanding Level 2 or Level 3 instruments. | ||
The Company records the fair value adjustment of its aircraft fuel derivatives in the accompanying statement of operations within aircraft fuel and on the balance sheet within other current assets or other current liabilities, depending on whether the net fair value of the derivatives is in an asset or liability position as of the respective date. | ||
The Company's Valuation Group is made up of individuals from the Company's Risk Management, Treasury and Corporate Accounting departments. The Valuation Group is responsible for the Company's valuation policies, procedures and execution thereof. The Company's Valuation Group reports to the Company's Chief Financial Officer and Finance Committee, who approve all derivative transactions. The Valuation Group compares the results of the Company's internally developed valuation methods with counterparty reports at each balance sheet date and assesses the Company's valuation methods for accurateness and identifies any needs for modification. | ||
There was no activity for assets and liabilities measured at gross fair value on a recurring basis using significant unobservable inputs (Level 3). |
Tax_Receivable_Agreement
Tax Receivable Agreement | 3 Months Ended |
Mar. 31, 2014 | |
Tax Receivable Agreement [Abstract] | ' |
Tax Receivable Agreement | ' |
Tax Receivable Agreement | |
On June 1, 2011, the Company completed its initial public offering of common stock, or IPO. In connection with the IPO, the Company entered into a Tax Receivable Agreement (TRA) and thereby distributed immediately prior to the completion of the IPO to the holders of common stock as of such time, or the Pre-IPO Stockholders, the right to receive an amount equal to 90% of the cash savings in federal income tax realized by the Company by virtue of the use of the federal net operating loss, deferred interest deductions, and alternative minimum tax credits held by the Company as of March 31, 2011, which is defined as the Pre-IPO NOL. Cash tax savings generally will be computed by comparing the actual federal income tax liability to the amount of such taxes that the Company would have been required to pay had such Pre-IPO NOLs not been available. Upon consummation of the IPO and execution of the TRA, the Company recorded a liability with an offsetting reduction to additional paid-in-capital. The amount and timing of payments under the TRA will depend upon a number of factors, including, but not limited to, the amount and timing of taxable income generated in the future and any future limitations that may be imposed on the Company's ability to use the Pre-IPO NOLs. The term of the TRA will continue until the first to occur of (a) the full payment of all amounts required under the agreement with respect to utilization or expiration of all of the Pre-IPO NOLs, (b) the end of the taxable year including the tenth anniversary of the IPO or (c) a change in control of the Company. | |
In accordance with the TRA, the Company is required to submit a Tax Benefit Schedule showing the proposed TRA payout amount to the Stockholder Representatives within 45 calendar days after the Company files its tax return. Stockholder Representatives are defined as Indigo Pacific Partners, LLC and OCM FIE, LLC, representing the two largest ownership interests of pre-IPO shares. The Tax Benefit Schedule shall become final and binding on all parties unless a Stockholder Representative, within 45 calendar days after receiving such schedule, provides the Company with notice of a material objection to such schedule. If the parties, for any reason, are unable to successfully resolve the issues raised in any notice within 30 calendar days of receipt of such notice, the Company and the Stockholder Representatives shall employ the Reconciliation procedures. If the Tax Benefit Schedule is accepted, the Company has five days after the acceptance to make payments to the pre-IPO shareholders. Pursuant to the TRA's Reconciliation procedures, any disputes that cannot be settled amicably, are settled by arbitration conducted by a single arbitrator jointly selected by both parties. | |
During 2013, the Company filed an amended 2009 income tax return which resulted in a reduction to the estimated TRA liability. On September 13, 2013, the Company filed its 2012 federal income tax return, and on October 14, 2013 the Company submitted Tax Benefit Schedule to the Stockholder Representatives. On November 27, 2013, pursuant to the TRA, the Company received an objection notice to the Tax Benefit Schedule from the Stockholder Representatives. On April 7, 2014, the Company received a demand for arbitration. On April 28, 2014, the Company filed a motion to have the demand for arbitration dismissed. As of March 31, 2014, the Company estimated the TRA liability to be $5.6 million. The Company and the Stockholder Representatives are in discussions attempting to resolve the objection related to the Tax Benefit Schedule as well as any issues associated with their subsequent demand. |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of basic and diluted earnings per common share | ' | |||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands, except per share amounts) | ||||||||
Numerator | ||||||||
Net income | $ | 37,706 | $ | 30,554 | ||||
Denominator | ||||||||
Weighted-average shares outstanding, basic | 72,684 | 72,486 | ||||||
Effect of dilutive stock awards | 570 | 318 | ||||||
Adjusted weighted-average shares outstanding, diluted | 73,254 | 72,804 | ||||||
Net Income per Share | ||||||||
Basic earnings per common share | $ | 0.52 | $ | 0.42 | ||||
Diluted earnings per common share | $ | 0.51 | $ | 0.42 | ||||
Anti-dilutive weighted-average shares | 56 | — | ||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued liabilities included in other current liabilities | ' | |||||||
Other current liabilities as of March 31, 2014 and December 31, 2013 consist of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
(in thousands) | ||||||||
Federal excise and other passenger taxes and fees payable | $ | 37,101 | $ | 26,979 | ||||
Aircraft maintenance | 27,324 | 36,165 | ||||||
Salaries and wages | 24,962 | 26,174 | ||||||
Federal and state income tax payable | 18,859 | 794 | ||||||
Airport expenses | 16,515 | 17,109 | ||||||
Fuel | 10,887 | 13,819 | ||||||
Aircraft and facility rent | 8,449 | 7,993 | ||||||
Other | 17,075 | 16,229 | ||||||
Other current liabilities | $ | 161,172 | $ | 145,262 | ||||
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Components of aircraft fuel expense | ' | |||||||
The following table summarizes the components of aircraft fuel expense for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Into-plane fuel cost | $ | 148,471 | $ | 128,713 | ||||
Settlement losses (gains) | — | (428 | ) | |||||
Unrealized mark-to-market losses (gains) | — | 3,381 | ||||||
Aircraft fuel | $ | 148,471 | $ | 131,666 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Future Operating Aircraft Leases [Table Text Block] | ' | ||||||||||||||||
As of March 31, 2014, the Company's aircraft orders consisted of the following: | |||||||||||||||||
Airbus | Third-Party Lessor | ||||||||||||||||
A320 | A320NEO | A321 | A321NEO | A320NEO | Total | ||||||||||||
remainder of 2014 | 9 | 9 | |||||||||||||||
2015 | 8 | 6 | 1 | 15 | |||||||||||||
2016 | 3 | 9 | 4 | 16 | |||||||||||||
2017 | 8 | 10 | 18 | ||||||||||||||
2018 | 2 | 6 | 5 | 13 | |||||||||||||
2019 | 3 | 10 | 13 | ||||||||||||||
2020 | 13 | 13 | |||||||||||||||
2021 | 18 | 18 | |||||||||||||||
30 | 40 | 30 | 10 | 5 | 115 | ||||||||||||
Future minimum lease payments under noncancelable capital and operating leases | ' | ||||||||||||||||
Future minimum lease payments under capital leases and noncancellable operating leases with initial or remaining terms in excess of one year at March 31, 2014 were as follows: | |||||||||||||||||
Operating Leases | |||||||||||||||||
Capital Leases | Aircraft and Spare Engine Leases | Property Facility Leases | Operating Lease Obligations | ||||||||||||||
(in thousands) | |||||||||||||||||
remainder of 2014 | $ | 1,400 | $ | 144,327 | $ | 15,345 | $ | 159,672 | |||||||||
2015 | 1,200 | 192,998 | 17,547 | 210,545 | |||||||||||||
2016 | 1,000 | 191,173 | 11,608 | 202,781 | |||||||||||||
2017 | — | 171,977 | 8,840 | 180,817 | |||||||||||||
2018 | — | 148,044 | 6,489 | 154,533 | |||||||||||||
2019 and thereafter | — | 560,931 | 24,410 | 585,341 | |||||||||||||
Total minimum lease payments | $ | 3,600 | $ | 1,409,450 | $ | 84,239 | $ | 1,493,689 | |||||||||
Less amount representing interest | $ | 366 | |||||||||||||||
Present value of minimum lease payments | $ | 3,234 | |||||||||||||||
Less current portion | $ | 1,448 | |||||||||||||||
Long term portion | $ | 1,786 | |||||||||||||||
Employee groups and status of the collective bargaining agreements | ' | ||||||||||||||||
The table below sets forth our employee groups and status of the collective bargaining agreements as of March 31, 2014. | |||||||||||||||||
Employee Groups | Representative | Amendable Date | Percentage of Workforce | ||||||||||||||
Pilots | Air Line Pilots Association, International (ALPA) | August 2015 | 24% | ||||||||||||||
Flight Attendants | Association of Flight Attendants (AFA-CWA) | Aug-07 | 35% | ||||||||||||||
Dispatchers | Transport Workers Union (TWU) | Aug-18 | 1% |
Net_Income_per_Share_Details
Net Income per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator | ' | ' |
Net income | $37,706 | $30,554 |
Denominator | ' | ' |
Weighted-average shares outstanding, basic (in shares) | 72,684 | 72,486 |
Effect of dilutive stock awards (in shares) | 570 | 318 |
Adjusted weighted-average shares outstanding, diluted (in shares) | 73,254 | 72,804 |
Net Income per Share | ' | ' |
Basic earnings per common share (in dollars per share) | $0.52 | $0.42 |
Diluted earnings per common share (in dollars per share) | $0.51 | $0.42 |
Antidilutive awards excluded from computation of earnings per common share (in shares) | 56 | 0 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Federal excise and other passenger taxes and fees payable | $37,101 | $26,979 |
Aircraft maintenance | 27,324 | 36,165 |
Salaries and wages | 24,962 | 26,174 |
Federal and state income tax payable | 18,859 | 794 |
Airport expenses | 16,515 | 17,109 |
Fuel | 10,887 | 13,819 |
Aircraft and facility rent | 8,449 | 7,993 |
Other | 17,075 | 16,229 |
Other current liabilities | $161,172 | $145,262 |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments, All Other Investments [Abstract] | ' | ' |
Into-plane fuel cost | $148,471 | $128,713 |
Settlement losses (gains) | 0 | -428 |
Unrealized mark-to-market losses (gains) | 0 | 3,381 |
Aircraft fuel | $148,471 | $131,666 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Commitments (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Aircraft and Related Flight Equipment [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $412 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 662 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 601 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 757 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 616 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 2,211 |
Reservation System Provider and Advertising Media [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 3.2 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 3.9 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 3.9 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 3.9 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 2.6 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | $0 |
V2500 SelectOne Engine [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Number of spare aircraft engines ordered (in aircraft engine) | 6 |
PurePower PW1100G-JM Engine [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Number of spare aircraft engines ordered (in aircraft engine) | 9 |
Airbus [Member] | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Number of Aircraft with Secured Financing Commitments Scheduled for Delivery (in aircraft) | 5 |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 105 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Sale Leaseback Transactions Aircraft (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
aircraft | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Number of aircrafts delivered | 2 |
Aircraft [Member] | ' |
Sale Leaseback Transaction [Line Items] | ' |
Number of aircraft entered into sale and leaseback agreement | 2 |
Sale leaseback transaction on aircraft, net deferred gain (loss) | -0.2 |
Sale leaseback transaction on aircraft, refund in pre-delivery deposits | 11.3 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
leases | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' |
Future Minimum Payments Due, Remainder of Fiscal Year | 159,672 | ' |
Future Minimum Payments Due, 2015 | 210,545 | ' |
Future Minimum Payments Due, 2016 | 202,781 | ' |
Future Minimum Payments Due, 2017 | 180,817 | ' |
Future Minimum Payments Due, 2018 | 154,533 | ' |
Future Minimum Payments Due, 2019 and thereafter | 585,341 | ' |
Total minimum lease payments | 1,493,689 | ' |
Leases, Capital [Abstract] | ' | ' |
Capital Leases, Future Minimum Payments Due, Remainder of Fiscal Year | 1,400 | ' |
Capital Leases, Future Minimum Payments Due in Two Years | 1,200 | ' |
Capital Leases, Future Minimum Payments Due in Three Years | 1,000 | ' |
Capital Leases, Future Minimum Payments Due in Four Years | 0 | ' |
Capital Leases, Future Minimum Payments Due in Five Years | 0 | ' |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ' |
Capital Leases, Future Minimum Payments Due | 3,600 | ' |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 366 | ' |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 3,234 | ' |
Capital Lease Obligations, Current | 1,448 | ' |
Capital Lease Obligations, Long Term | 1,786 | ' |
Aircraft and Spare Engine Leases [Member] | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' |
Future Minimum Payments Due, Remainder of Fiscal Year | 144,327 | ' |
Future Minimum Payments Due, 2015 | 192,998 | ' |
Future Minimum Payments Due, 2016 | 191,173 | ' |
Future Minimum Payments Due, 2017 | 171,977 | ' |
Future Minimum Payments Due, 2018 | 148,044 | ' |
Future Minimum Payments Due, 2019 and thereafter | 560,931 | ' |
Total minimum lease payments | 1,409,450 | ' |
Property Facility Leases [Member] | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' |
Future Minimum Payments Due, Remainder of Fiscal Year | 15,345 | ' |
Future Minimum Payments Due, 2015 | 17,547 | ' |
Future Minimum Payments Due, 2016 | 11,608 | ' |
Future Minimum Payments Due, 2017 | 8,840 | ' |
Future Minimum Payments Due, 2018 | 6,489 | ' |
Future Minimum Payments Due, 2019 and thereafter | 24,410 | ' |
Total minimum lease payments | 84,239 | ' |
Quick Engine Change Kit [Member] | ' | ' |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] [Line Items] | ' | ' |
Number of Capital Leases | ' | 2 |
Capital Leases of Lessee, Lease Term | '3 years | ' |
Airbus [Member] | ' | ' |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] [Line Items] | ' | ' |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 105 | ' |
Airbus [Member] | Fourth Quarter of 2014 [Member] | ' | ' |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] [Line Items] | ' | ' |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 4 | ' |
Airbus [Member] | 2015 [Member] | ' | ' |
Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] [Line Items] | ' | ' |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 11 | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies - Fixed Maintenance Reserve Payments (Details) (Aircraft and Related Flight Equipment [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Aircraft and Related Flight Equipment [Member] | ' |
Fixed Maintenance Reserve Payments [Line Items] | ' |
Fixed maintenance reserve payments, future estimated payments due, the remainder of 2014 | $5.50 |
Fixed maintenance reserve payments, future estimated payments due, 2015 | 7.6 |
Fixed maintenance reserve payments, future estimated payments due, 2016 | 8 |
Fixed maintenance reserve payments, future estimated payments due, 2017 | 7.4 |
Fixed maintenance reserve payments, future estimated payments due, 2018 | 5.8 |
Fixed maintenance reserve payments, future estimated payments due, 2019 and beyond | $18.40 |
Commitments_and_Contingencies_5
Commitments and Contingencies Commitments and Contingencies - Insurance Deductible (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Insurance Deductible | $0.80 |
Commitments_and_Contingencies_6
Commitments and Contingencies - Credit Card Processing Arrangements (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Cash collateral required for credit card transactions as a percentage of air traffic liability, prior to amendment | 100.00% | ' |
Cash holdback for credit card transactions | $0 | $0 |
Maximum potential exposure to cash holdbacks from credit card processors | $265,600,000 | $188,600,000 |
Commitments_and_Contingencies_7
Commitments and Contingencies - Employees (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Unionized Employees Concentration Risk [Member] | Unionized Employees Concentration Risk [Member] | Unionized Employees Concentration Risk [Member] | Unionized Employees Concentration Risk [Member] | ||
Number of Employees, Total [Member] | Number of Employees, Total [Member] | Number of Employees, Total [Member] | Number of Employees, Total [Member] | |||
Association of Flight Attendants [Member] | Air Line Pilots Association, International [Member] | Transport Workers Union [Member] | ||||
Multiemployer Plans [Line Items] | ' | ' | ' | ' | ' | ' |
Company's employees covered under collective bargaining agreements (as a percent) | ' | ' | 60.00% | 35.00% | 24.00% | 1.00% |
Accrued health care claims | $2.10 | $2.10 | ' | ' | ' | ' |
Commitments_and_Contingencies_8
Commitments and Contingencies Commitments and Contingencies (Tables) (Details) | Mar. 31, 2014 |
aircraft | |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Future Aircraft To Be Received, Remainder of FIscal Year | 9 |
Future Aircraft To Be Received, in Two Years | 15 |
Future Aircraft To Be Received, in Three Years | 16 |
Future Aircraft To Be Received, in Four Years | 18 |
Future Aircraft To Be Received, in Five Years | 13 |
Future Aircraft To Be Received, in Six Years | 13 |
Future Aircraft To Be Received, in Seven Years | 13 |
Future Aircraft To Be Received, in Eight Years | 18 |
Future Aircraft To Be Received | 115 |
Airbus [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 105 |
Airbus [Member] | Airbus A320 NEO [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Future Aircraft To Be Received, in Five Years | 6 |
Future Aircraft To Be Received, in Six Years | 3 |
Future Aircraft To Be Received, in Seven Years | 13 |
Future Aircraft To Be Received, in Eight Years | 18 |
Future Aircraft To Be Received | 40 |
Airbus [Member] | Airbus 320 [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Future Aircraft To Be Received, Remainder of FIscal Year | 9 |
Future Aircraft To Be Received, in Two Years | 8 |
Future Aircraft To Be Received, in Three Years | 3 |
Future Aircraft To Be Received, in Four Years | 8 |
Future Aircraft To Be Received, in Five Years | 2 |
Future Aircraft To Be Received | 30 |
Airbus [Member] | Airbus A321 [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Future Aircraft To Be Received, in Two Years | 6 |
Future Aircraft To Be Received, in Three Years | 9 |
Future Aircraft To Be Received, in Four Years | 10 |
Future Aircraft To Be Received, in Five Years | 5 |
Future Aircraft To Be Received | 30 |
Airbus [Member] | Airbus A321 NEO [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Future Aircraft To Be Received, in Six Years | 10 |
Future Aircraft To Be Received | 10 |
Third Party Lessor [Member] | Airbus A320 NEO [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Future Aircraft To Be Received, in Two Years | 1 |
Future Aircraft To Be Received, in Three Years | 4 |
Future Aircraft To Be Received | 5 |
Fourth Quarter of 2014 [Member] | Airbus [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 4 |
2015 [Member] | Airbus [Member] | ' |
Schedule of Future Operating Aircraft Leases [Line Items] | ' |
Number of Aircraft without Secured Financing Commitments Scheduled for Delivery (in aircraft) | 11 |
Tax_Receivable_Agreement_Detai
Tax Receivable Agreement (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2012 | Mar. 31, 2012 |
In Millions, unless otherwise specified | owner | ||
Tax Receivable Agreement [Abstract] | ' | ' | ' |
Percentage of cash savings from pre-initial public offering net operating loss due to pre-initial public offering stockholders | ' | 90.00% | ' |
Tax receivable agreement, tax benefit schedule days to submission | ' | ' | '45 days |
Tax receivable agreement, number of largest owners pre initial public offering | ' | ' | 2 |
Tax receivable agreement, tax benefit schedule days to response | ' | ' | '45 days |
Tax receivable agreement, tax benefit schedule days to resolve notice | ' | ' | '30 days |
Tax receivable agreement, tax benefit schedule days to payment after acceptance | ' | ' | '5 days |
Tax receivable agreement | $5.60 | ' | ' |