Virgin America (VA) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VIRGIN AMERICA INC.
Entity Central Index Key	1,614,436
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		43,412,080

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets, Current [Abstract]
Cash and cash equivalents	$ 500,457	$ 394,643
Receivables, net	30,191	23,414
Prepaid expenses and other assets	35,404	20,874
Total current assets	566,052	438,931
Property and equipment:
Property and equipment, net	80,998	73,207
Pre-delivery payments for flight equipment	117,501	94,280
Total property and equipment, net	198,499	167,487
Noncurrent Assets
Aircraft maintenance deposits	223,104	211,946
Aircraft lease deposits	49,292	50,758
Restricted cash	19,744	18,775
Other non-current assets	127,032	112,279
Noncurrent assets	419,172	393,758
Total assets	1,183,723	1,000,176
Current liabilities:
Accounts payable	52,725	52,821
Air traffic liability	223,187	150,479
Other current liabilities	92,573	100,723
Long-term debt-current portion	68,656	33,824
Total current liabilities	437,141	337,847
Long-term debt-related parties	40,477	38,848
Long-term debt	40,000	57,416
Other long-term liabilities	102,647	106,812
Total liabilities	$ 620,265	$ 540,923
Contingencies and commitments
Preferred stock	$ 0	$ 0
Common stock	434	431
Additional paid-in capital	1,238,505	1,237,944
Accumulated deficit	(675,241)	(753,016)
Accumulated other comprehensive loss	(240)	(26,106)
Total stockholders’ equity	563,458	459,253
Total liabilities and stockholders’ equity	$ 1,183,723	$ 1,000,176

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating revenues:
Passenger	$ 359,709	$ 358,108	$ 649,073	$ 636,148
Other	41,177	40,737	78,165	76,087
Total operating revenues	400,886	398,845	727,238	712,235
Operating expenses:
Aircraft fuel	93,743	131,664	182,301	247,423
Salaries, wages and benefits	74,758	59,318	139,490	113,143
Aircraft rent	45,708	45,861	90,690	92,357
Landing fees and other rents	34,071	33,286	68,054	65,507
Sales and marketing	30,704	28,615	57,083	53,177
Aircraft maintenance	12,656	16,409	26,489	35,453
Depreciation and amortization	4,225	3,484	8,328	6,753
Other operating expenses	37,363	33,082	71,762	64,427
Total operating expenses	333,228	351,719	644,197	678,240
Operating income:	67,658	47,126	83,041	33,995
Other income (expense):
Interest expense-related-party	(822)	(9,558)	(1,628)	(18,940)
Interest expense	(1,616)	(951)	(2,831)	(1,484)
Capitalized interest	1,242	635	2,309	1,116
Other income (expense), net	(1,109)	(2)	(2,428)	258
Total other expense	(2,305)	(9,876)	(4,578)	(19,050)
Income before income tax	65,353	37,250	78,463	14,945
Income tax expense	364	267	688	316
Net income	$ 64,989	$ 36,983	$ 77,775	$ 14,629
Net income per share:
Basic (in dollars per share)	$ 1.50	$ 20.42	$ 1.80	$ 8.08
Diluted (in dollars per share)	$ 1.47	$ 11.92	$ 1.75	$ 4.72
Shares used for computation:
Basic (in shares)	43,298	702	43,239	702
Diluted (in shares)	44,083	1,992	44,538	1,992

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 64,989	$ 36,983	$ 77,775	$ 14,629
Change in unrealized losses (gains)	4,569	1,518	1,551	(1,227)
Net losses reclassified into earnings	9,080	484	24,315	501
Other comprehensive income (loss)	13,649	2,002	25,866	(726)
Total comprehensive income	$ 78,638	$ 38,985	$ 103,641	$ 13,903

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Cash flows from operating activities:	$ 130,920	$ 25,059
Cash flows from investing activities:
Acquisition of property and equipment and intangible assets	(16,273)	(31,070)
Pre-delivery payments for flight equipment	(5,805)	(9,182)
Net cash used in investing activities	(22,078)	(40,252)
Cash flows from financing activities:
Net proceeds of equity issuance	1,526	8
Proceeds of term loan facility	0	40,000
Debt issuance costs	(818)	(494)
Shares repurchased for tax withholding on vesting of restricted stock units	(3,736)	0
Net cash provided by (used in) financing activities	(3,028)	39,514
Net increase in cash and cash equivalents	105,814	24,321
Cash and cash equivalents, beginning of period	394,643	155,659
Cash and cash equivalents, end of period	500,457	179,980
Non-cash transactions:
Non-cash loan borrowings on pre-delivery payments for flight equipment	$ 17,416	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of Virgin America Inc. (the "Company") for the three and six months ended June 30, 2014 include the accounts of the Company and its variable interest entity, VX Employee Holdings LLC, for which it was the primary beneficiary until all of the shares held by VX Employee Holdings LLC were sold to the public as part of the Company's initial public offering (the "IPO") in November 2014 as discussed below. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company's 2014 audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 ("2014 Form 10-K"). These unaudited condensed consolidated financial statements have been prepared as required by the U.S. Securities Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted as permitted by the SEC. The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. Certain prior year amounts have been reclassified to conform to current year presentation. These amounts were not material to any of the periods presented. In November 2014, concurrent with the pricing of the IPO, the Company entered into a recapitalization agreement (the "2014 Recapitalization") with certain security-holders to exchange or extinguish the majority of its then-outstanding related-party debt and accrued interest (the "Related-Party Notes") with contractual value of $684.8 million at the time and all of its convertible preferred stock and outstanding warrants. The Company repaid $156.5 million of certain Related-Party Notes with $56.5 million from the proceeds of the IPO and $100.0 million from the release of cash collateral to the Company in connection with a $100.0 million letter of credit facility issued on its behalf to certain of its credit card processors by the Virgin Group (the “Letter of Credit Facility”, which has since been terminated). The Company issued a new $50.0 million note to the Virgin Group (the “Post-IPO Note”) in exchange for the cancellation of $50.0 million of certain Related-Party Notes previously outstanding and held by the Virgin Group. The Company recorded the Post-IPO Note at the estimated fair value of $38.5 million . The Company exchanged the remainder of the Related-Party Notes for 22,159,070 shares of common stock based on the IPO offering price and the remaining outstanding contractual value of the debt, except for principal and accrued interest under certain secured notes issued in December 2011 and certain secured notes issued in May 2013 both held by Cyrus Capital, which were converted at a premium of 117% of the outstanding contractual value. The Company also converted each of 1,950,937 shares of convertible preferred stock and Class A, Class A-1, Class B, Class C and Class G common stock into shares of common stock on a one-to-one basis and exchanged related-party warrants to purchase 26,067,475 shares of common stock for 5,742,543 shares of common stock with the remaining related-party warrants to purchase 16,175,126 shares of common stock canceled in their entirety. For additional information, see the consolidated financial statements included in the 2014 Form 10-K. During the three months ended June 30, 2015, the Company recorded an immaterial correction related to prior period Elevate loyalty revenue to increase passenger revenue and decrease deferred revenue by $3.2 million . The Company assessed the materiality of this adjustment for each quarterly and annual period and determined that the adjustment was immaterial to all reported periods. Receivables, net Receivable, net includes credit card holdbacks and other receivables. Credit card holdbacks and related receivables are amounts due from credit card processors associated with sales for future travel and are carried at cost. Under the terms of the Company’s credit card processing agreements, certain proceeds from advance ticket sales are held back to serve as collateral by the credit card processors, due to the Company’s credit and in part to cover any possible refunds or chargebacks that may occur. These holdbacks are short-term, as the travel for which they relate occurs within twelve months. In June 2015, the Company entered into agreements with its credit card processors to reduce the holdback requirements to 0% and, in connection with this the $100.0 million Letter of Credit Facility was terminated. The credit card processors have the right to increase the credit card holdback amount in the future depending on the Company's financial performance. If the Company's credit card processors were to implement a new holdback requirement, it would be funded through withholding proceeds from future ticket sales made through credit card transactions. As of June 30, 2015 , the Company recorded $18.6 million in credit card receivables. As of December 31, 2014, the Company had no net holdbacks outstanding as a result of the Letter of Credit Facility and $ 9.6 million of credit card receivables. New Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") and International Accounting Standards Board ("IASB") jointly issued a comprehensive new revenue recognition standard that will replace most existing revenue recognition standards under U.S. GAAP and International Financial Reporting Standards ("IFRS"). The new standard will require the Company to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. As a result, the Company will need to use more judgments and estimates to determine when and how revenue is recognized than U.S. GAAP currently requires. The new standard will become effective for the Company on January 1, 2018. The Company believes the most significant effect of this accounting standards update will be the elimination of the incremental cost method for frequent flyer accounting, which would require the Company to re-value its liability earned by customers associated with flights points with a relative fair value approach. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial effect at a future date. In February 2015, the FASB issued an accounting standards update that eliminates the deferral of FAS 167, which has allowed entities with interests in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. In some cases, consolidation conclusions will change. In other cases, reporting entities will need to provide additional disclosures about entities that currently aren’t considered variable interest entities (VIEs) but will be considered VIEs under the new guidance provided they have a variable interest in those VIEs. The guidance will be effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company does not expect this accounting standards update to have a material impact on the consolidated financial statements. In April 2015, the FASB issued an accounting standards update that simplifies the guidance related to presentation of debt issuance costs. The guidance requires presentation of debt issuance costs on the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts. The guidance is to be applied retrospectively to the financial periods presented as a change in accounting principle. The guidance will be effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company does not expect this accounting standards update to have a material impact on the consolidated financial statements. In June 2015, the FASB issued an accounting standards update that corrects differences between original accounting guidance and the accounting guidance codification, clarifies the accounting guidance, corrects references and makes minor improvements affecting a variety of accounting topics. Transition guidance varies based on the amendments in the update. The amendments in the update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect this accounting standards update to have a material impact on the consolidated financial statements.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The accounting guidance establishes a fair value hierarchy as follows: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices in active markets for similar assets and 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 for the assets or liabilities. Level 3 Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. The following is a listing of the Company’s assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of June 30, 2015 and December 31, 2014 respectively (in thousands): June 30, 2015 (unaudited) Level 1 Level 2 Level 3 Total Assets (Liability) Cash equivalents $ 444,803 $ — $ — $ 444,803 Restricted cash 19,744 — — 19,744 Heating oil collars - fuel derivative instruments — — — — Brent calls - fuel derivative instruments — 1 — 1 Heating oil swaps - fuel derivative instruments — 201 — 201 Jet fuel swaps - fuel derivative instruments — (259 ) — (259 ) Interest rate swaps — 42 — 42 $ 464,547 $ (15 ) $ — $ 464,532 December 31, 2014 Level 1 Level 2 Level 3 Total Assets (Liability) Cash equivalents $ 339,211 $ — $ — $ 339,211 Restricted cash 18,775 — — 18,775 Heating oil collars - fuel derivative instruments — (27,170 ) — (27,170 ) Brent calls - fuel derivative instruments — 50 — 50 $ 357,986 $ (27,120 ) $ — $ 330,866 A portion of the Company’s debt is privately negotiated with related parties. The estimated fair value of related-party debt was $45.9 million and $38.8 million at June 30, 2015 and December 31, 2014 , respectively. The estimated fair value of the non-related party debt includes financing associated with aircraft pre-delivery payments of $68.7 million and $51.2 million at June 30, 2015 and December 31, 2014 and a $40.0 million financing of airport slots. The Company uses significant unobservable inputs in determining discounted cash flows to estimate the fair value, and therefore, such amounts are categorized as Level 3 in the fair value hierarchy.

Financial Derivative Instrument

Financial Derivative Instruments and Risk Management	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Derivative Instruments and Risk Management	Financial Derivative Instruments and Risk Management Fuel Hedges To manage economic risks associated with the fluctuations of aircraft fuel prices, since 2012, the Company has hedged a targeted percentage of its forecasted fuel requirements over the following 12 months with a rolling strategy of entering into call options for crude oil and collar contracts for heating oil in the longer term, three to 12 months before the expected fuel purchase date; then prior to maturity of these contracts, within three months of the fuel purchase, the Company exited these contracts by entering into offsetting trades and locking in the price of a percentage of its fuel requirements through the purchase of fixed forward pricing ("FFP") contracts in jet fuel. In 2015, the Company eliminated the use of call options and collars from its fuel hedging program and began utilizing forward swaps on jet fuel, heating oil and crude oil to lock in future fuel purchase prices. The Company utilizes FFP contracts with its fuel service provider as part of its risk management strategy, wherein fixed prices are negotiated for set volumes of future purchases of fuel. The Company takes physical delivery of the future purchases. The Company has applied the normal purchase and normal sales exception for these commitments. As of June 30, 2015 , the total commitment related to FFP contracts was $38.6 million , for which the related fuel will be purchased during 2015. The Company designates the majority of its fuel hedge derivatives contracts as cash flow hedges under the applicable accounting standard, if they qualify for hedge accounting. Under hedge accounting, all periodic changes in the fair value of the derivatives designated as effective hedges are recorded in accumulated other comprehensive income (loss) ("AOCI") until the underlying fuel is purchased, at which point the deferred gain or loss will be recorded as fuel expense. In the event that the Company’s fuel hedge derivatives do not qualify as effective hedges, the periodic changes in fair value of the derivatives are included in fuel expense in the period they occur. If the Company terminates a fuel hedge derivative contract prior to its settlement date, the cumulative gain or loss recognized in AOCI at the termination date will remain in AOCI until the terminated intended transaction occurs. In the event it becomes improbable that such event will occur, the cumulative gain or loss is immediately reclassified into earnings. All cash flows associated with purchasing and settling of fuel hedge derivatives are classified as operating cash flows in the accompanying condensed consolidated statements of cash flows. Interest Rate Swaps In April 2015, the Company executed debt facility agreements to finance the Company’s 2015 aircraft deliveries. Refer to Note 4 - Contingencies and Commitments for additional information. The Company entered into interest rate swaps in May 2015 to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to future interest payments on the committed financing for an aircraft to be delivered in November 2015. The interest rate swaps hedge the risk of changes in the Company's cash flows (i.e., interest payments attributable to changes in the three-month USD-LIBOR-BBA swap rate, the designated benchmark interest rate being hedged) on an amount of the debt principal equal to the committed financing amount. As such, the swap terms match the payment terms on the debt. The interest rate swaps are designated cash flow hedges. The gains and losses related to the changes in fair value of the swaps are included in AOCI in the accompanying condensed consolidated balance sheet. The effect of such swaps is to convert the floating interest rate to a fixed rate until the aircraft is delivered in November 2015, when the debt funding occurs. Hedge accounting will cease once the interest rate has been contractually fixed upon aircraft delivery, and the outstanding AOCI balance associated with the interest rate swap will be amortized using the interest method over the term of the debt. The fair value of the interest rate swaps is reflected in other current assets in the accompanying condensed consolidated balance sheet. The measurement of hedge effectiveness is based on the hypothetical-derivative method in which the cumulative change in the fair value of the hedging instrument will be compared to the cumulative change in fair value of the hypothetical derivative. The following tables present the fair value of derivative assets and liabilities that are designated and not designated as hedging instruments, as well as the location of the asset and liability balances within the condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Derivatives designated as cash flow hedges Consolidated Fair value of derivatives as of June 30, 2015 December 31, 2014 (unaudited) Fuel derivative instruments—Heating oil collars Current liabilities — (24,762 ) Fuel derivative instruments—Brent calls Current liabilities — (84 ) Fuel derivative instruments—Heating oil swaps Current liabilities 317 — Fuel derivative instruments—Jet fuel swaps Current liabilities (259 ) — Interest rate swaps Current assets 42 — Total current assets (liabilities) $ 100 $ (24,846 ) Derivatives not designated as cash flow hedges Consolidated Fair value of derivatives as of June 30, 2015 December 31, 2014 (unaudited) Fuel derivative instruments—Heating oil collars Current liabilities — (2,408 ) Fuel derivative instruments—Brent calls Current liabilities 1 134 Fuel derivative instruments—Heating oil swaps Current liabilities (116 ) — Total current assets (liabilities) $ (115 ) $ (2,274 ) As of June 30, 2015 , the Company had no margin call balances with its counterparties. At December 31, 2014, the Company had deposited $14.4 million as collateral with one of its counterparties to comply with margin call requirements related to fuel derivative losses that exceed the portfolio’s credit limit. The Company had recorded the margin call deposits in other current liabilities in the accompanying condensed consolidated balance sheet as of December 31, 2014, offsetting the net hedge liability of $27.1 million . Thus the total net current hedge liability was $12.7 million at December 31, 2014. The following table summarizes the effect of fuel derivative instruments in the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 (in thousands): Derivatives accounted for as hedging Consolidated financial Gains (losses) on derivative Gains (losses) on derivative June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments Aircraft fuel expense $ (9,219 ) $ (549 ) $ (24,434 ) $ (677 ) Total impact to the consolidated statements of operations $ (9,219 ) $ (549 ) $ (24,434 ) $ (677 ) Derivatives not accounted for as hedging Consolidated financial Gains (losses) on derivative Gains (losses) on derivative June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments Aircraft fuel expense $ 800 $ (476 ) $ 353 $ (928 ) Total impact to the consolidated statements of operations $ 800 $ (476 ) $ 353 $ (928 ) At June 30, 2015 , the Company estimated that approximately $0.3 million of net derivative losses related to its cash flow fuel hedges included in AOCI will be reclassified into earnings within the next nine months. Interest rate swaps did not affect the condensed consolidated statement of operations as of June 30, 2015. At June 30, 2015 , the Company estimates that an immaterial amount of net derivative gains related to its interest rate swaps included in AOCI will be reclassified into earnings within the next twelve months. The effect of fuel derivative instruments designated as cash flow hedges and the underlying hedged items on the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 , respectively, is summarized as follows (in thousands): Derivatives designated as cash flow hedges Amount of gain (loss) Gain (loss) reclassified Amount of gain (loss) Three Months Ended, Three Months Ended, Three Months Ended, June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments $ 4,527 $ 1,518 $ (9,080 ) $ (484 ) $ (139 ) $ (65 ) Interest rate swaps 42 — — — — — Derivatives designated as cash flow hedges Amount of gain (loss) Gain (loss) reclassified Amount of gain (loss) Six Months Ended, Six Months Ended, Six Months Ended, June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments $ 1,509 $ (1,227 ) $ (24,315 ) $ (501 ) $ (119 ) $ (176 ) Interest rate swaps 42 — — — — — The notional amounts of the Company’s outstanding fuel and debt payment related derivatives are summarized as follows (in millions): June 30, 2015 December 31, 2014 (unaudited) Derivatives designated as hedging instruments: Fuel derivative instruments—Heating oil collars (gallons) 0 36 Fuel derivative instruments—Brent calls (gallons) 0 16 Fuel derivative instruments—Heating oil swaps (gallons) 9 0 Fuel derivative instruments—Jet fuel swaps (gallons) 28 0 Interest rate swaps (dollars) $ 39 $ 0 Derivatives not designated as hedging instruments: Fuel derivative instruments—Heating oil collars (gallons) 0 3 Fuel derivative instruments—Brent calls (gallons) 11 13 Fuel derivative instruments—Heating oil swaps (gallons) 2 0 Fuel derivative instruments—Jet fuel swaps (gallons) 0 0 Interest rate swaps (dollars) $ 0 $ 0 As of June 30, 2015 , the Company had entered into fuel derivative contracts for approximately 30% of its forecasted aircraft fuel requirements for the next nine months at a weighted-average cost per gallon of $1.86 (excluding related fuel taxes). The Company presents its fuel derivative instruments at net fair value in the accompanying condensed consolidated balance sheets. The Company’s master netting arrangements with counterparties allow for net settlement under certain conditions. As of June 30, 2015 and December 31, 2014 , information related to these offsetting arrangements was as follows (in thousands): June 30, 2015 (unaudited) Derivatives offset in consolidated balance sheet Derivatives eligible for offsetting Gross derivative Gross derivative Net amount Gross derivative Gross derivative Net amount Fair value of assets $ 2,176 $ (2,176 ) $ — $ 2,176 $ (2,176 ) $ — Fair value of liabilities (2,233 ) 2,176 (57 ) (2,233 ) 2,176 (57 ) Margin call deposits — — Total $ (57 ) $ (57 ) December 31, 2014 Derivatives offset in consolidated balance sheet Derivatives eligible for offsetting Gross derivative Gross derivative Net amount Gross derivative Gross derivative Net amount Fair value of assets $ 256 $ (256 ) $ 0 $ 256 $ (256 ) $ 0 Fair value of liabilities (27,376 ) 256 (27,120 ) (27,376 ) 256 (27,120 ) Margin call deposits 14,390 14,390 Total (12,730 ) (12,730 ) The fuel derivative agreements the Company has with its counterparties may require the Company to pay all, or a portion of, the outstanding loss positions related to these contracts in the form of a margin call prior to their scheduled maturities. The amount of collateral posted, if any, is adjusted based on the fair value of the fuel hedge derivatives. The Company did not have any collateral posted related to outstanding fuel hedge contracts at June 30, 2015 and had $14.4 million of collateral posted related to outstanding fuel hedge contracts at December 31, 2014 , which is reflected in the table above.

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments (a) Contingencies The Company is subject to legal proceedings, claims and investigations arising in the ordinary course of business. While the outcome of these matters is currently not determinable, the Company does not expect that the ultimate costs to resolve these matters will have a material adverse effect on its condensed consolidated financial position, results of operations or cash flows. The Company is party to routine contracts under which it indemnifies third parties for various risks. The Company has not accrued any liability for these indemnities, as the amounts are neither determinable nor estimable. In its aircraft related agreements, as is typical of commercial arrangements made in order to purchase, finance and operate commercial aircraft, the Company indemnifies the manufacturer, the financing parties and other related parties against liabilities that arise from the manufacture, design, ownership, financing, use, operation and maintenance of the aircraft for tort liability, whether or not these liabilities arise out of or relate to the negligence of these indemnified parties, except for their gross negligence or willful misconduct. The Company believes that it will be covered by insurance subject to deductibles for most tort liabilities and related indemnities as described above with respect to the aircraft the Company will operate. Additionally, if there is a change in the law that results in the imposition of any reserve, capital adequacy, special deposit or similar requirement the result of which is to increase the cost to the lender, the Company will pay the lender the additional amount necessary to compensate the lender for the actual cost increase. The Company cannot estimate the potential amount of future payments under the foregoing indemnities. (b) Commitments Pre-Delivery Payments and Financing for Flight Equipment In December 2010, the Company entered into a purchase agreement with Airbus for 60 A320 aircraft, including 30 A320neo aircraft, the first commercial order for the new eco-efficient engine option. Under the terms of the Company’s aircraft purchase agreement, the Company is committed to making pre-delivery payments at varying dates prior to delivery. In December 2012, the Company amended its 2010 aircraft purchase agreement with Airbus reducing its order of 60 A320 aircraft to 40 aircraft and deferring delivery dates to begin in 2015. Under the amended agreement, the Company also obtained cancellation rights for the last 30 of the 40 aircraft, which cancellation rights are exercisable in groups of five aircraft two years prior to the stated delivery periods in 2020 to 2022, subject to loss of deposits and credits as a cancellation fee. All of the deposits have been reapplied according to the new delivery schedule except for $11.0 million which was converted into a credit earned upon delivery of the last 10 of the 40 aircraft. The Company has evaluated the recoverability of the deposits, credits and related capitalized interest in connection with the anticipated purchase of aircraft in future periods and determined them to be recoverable. If the Company ultimately exercises its cancellation rights for up to 30 aircraft, it would incur a loss of deposits and credits of up to $26.0 million held by Airbus as a cancellation fee, but would not be required to pay any additional funds. Because the Company concluded that the deposits and credits are recoverable and that it is not likely to incur cancellation fees, the Company did not record such fees. The Company maintains $117.5 million of pre-delivery payments, of which $91.5 million relates to the first 10 and $26.0 million to the last 30 aircraft, in its accompanying condensed consolidated balance sheets as of June 30, 2015 , $68.7 million of which was financed by a third party and all of which is payable in 2015 and 2016. Committed expenditures not subject to cancellation rights for these aircraft and separately sourced spare engines, including estimated amounts for contractual price escalations and pre-delivery payment deposits, will total approximately $213.9 million in the remainder of 2015 and $209.6 million in 2016. The Company believes that its cash resources and commercially available aircraft financing will be sufficient to satisfy these purchase commitments. In April 2015, the Company executed debt facility agreements to finance the Company’s 2015 aircraft deliveries for $195.0 million with three financing parties. These financings will represent approximately 80% of the net purchase price of the five A320 CEO aircraft. Each of the loans will be closed and funded on the date of each aircraft delivery from July through December 2015. The Company will finance an aggregate of $168.6 million through the senior debt facilities, subject to 12 -year repayment terms, and $26.4 million through the subordinated debt facility, subject to six -year repayment terms. All of the debt will accrue interest which, if fixed at the applicable LIBOR swap rate for the weighted average life of the loan, would average approximately 5.0% . As of June 30, 2015, senior debt in the amount of $102.6 million has been fixed under these agreements at an aggregate interest rate of 4.77% and is not subject to further changes in interest rates. Principal and interest will be payable quarterly in arrears. Loans related to two of the aircraft are pre-payable with a premium prior to the third anniversary of such advance date and at par thereafter, subject to payment of early termination charges, if applicable. Loans related to three of the aircraft are not pre-payable prior to the third anniversary of the issuance date and are pre-payable at par thereafter, subject to payment of early termination charges, if applicable. The debt facility agreements have no financial covenants. The Company entered into interest rate swaps on the underlying base indexed interest rates for $33 million notional of aircraft financing with a 12 -year term at 2.36% and for $6 million of the subordinated aircraft financing at 1.70% with a six -year term. See Note 3, Financial Derivative Instruments and Risk Management for more information. In July 2015, the Company took delivery of the first of five aircraft scheduled to be delivered in 2015. Letter of Credit Facility In connection with the 2014 Recapitalization, the Virgin Group arranged for a $100.0 million Letter of Credit Facility issued on behalf of the Company to certain companies that process substantially all of the Company’s credit card transactions. The Letter of Credit Facility would have only become an obligation of the Company if one or both of its credit card processors had drawn on the Letter of Credit Facility. The Letter of Credit Facility was canceled in June 2015 upon the elimination of the credit card holdback requirement by the Company's primary credit card processors. The note purchase agreement for the Post-IPO Note provides that the term of the Post-IPO Note will reduce from eight to six years in the event that the Letter of Credit Facility is terminated within the first six years of issuance. As a result of the cancellation of the Letter of Credit Facility, the Post-IPO Note and the related accrued interest will become payable in November 2020. Summary of Future Payment Obligations As of June 30, 2015 , the Company has the following contractual payment commitments (in thousands): Year Long-term debt Aircraft and Aircraft and Maintenance deposits (4) Other leases (5) Total 2015 $ 33,824 $ 213,918 $ 112,277 $ 5,645 $ 13,373 $ 379,037 2016 34,832 209,583 217,457 8,968 26,547 497,387 2017 — — 204,303 9,367 26,712 240,382 2018 40,000 — 188,903 10,186 23,541 262,630 2019 51,534 — 172,562 10,814 16,888 251,798 Thereafter — — 487,888 36,900 34,265 559,053 $ 160,190 $ 423,501 $ 1,383,390 $ 81,880 $ 141,326 $ 2,190,287 (1) Includes accrued interest; excludes future interest of $15.5 million to be accrued through and payable in November 2020 on the Post-IPO Note. (2) Represents non-cancelable contractual payment commitments for aircraft and engines; includes $195.0 million of aircraft financing obtained for 2015 deliveries. (3) Represents future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year, including renewal payments for signed lease extensions and excluding lease rebates. (4) Represents the fixed portion of supplemental rent under lessor contracts for maintenance reserve payment commitments; excludes variable future amounts that will be based on actual flight hours. (5) Represents future minimum lease payments under non-cancelable building, airport station and equipment leases. The table above excludes the Company’s commitment to pay royalties in 2015 of 0.5% of the Company’s operating revenue for the use of the Company’s brand name to a related party. This license fee will increase to 0.7% starting in the first quarter of 2016 until the Company’s total annual revenue exceeds $4.5 billion , at which time the annual license fee would resume to 0.5% . For additional information, see the consolidated financial statements included in the 2014 Form 10-K.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rates are lower than the federal statutory rate of 35% primarily because of the impact of changes to existing valuation allowances. The Company continues to provide a valuation allowance for its deferred tax assets in excess of deferred tax liabilities because the Company concluded that it is more likely than not that such deferred tax assets will ultimately not be realized.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company licenses the use of its brand name from certain entities affiliated with Virgin Enterprises Limited, a company incorporated in England and Wales (“VEL”). VEL is an affiliate of one of the Company’s largest stockholders, the Virgin Group, which has one designee on the Company's board of directors. The Company paid license fees of $2.0 million during each of the three months ended June 30, 2015 and 2014 and $3.7 million and $3.6 million for the six months ended June 30, 2015 and 2014 . The Company had accrued unpaid royalty fees of $2.0 million and $1.8 million at June 30, 2015 and December 31, 2014 . As of June 30, 2015 the Virgin Group, through its affiliates including VX Holdings L.P., owned approximately 18.9% of the Company’s issued and outstanding voting stock and all of the outstanding related-party debt. In order to comply with requirements under U.S. law governing the ownership and control of U.S. airlines, at least 75% of the voting stock of the Company must be held by U.S. citizens and at least two-thirds of the Company's board of directors must be U.S. citizens. U.S. citizen investors owned over 75% of the voting stock of the Company, of which Cyrus Aviation Holdings, LLC, the largest single U.S. investor, owned approximately 28.8% as of June 30, 2015 . As of June 30, 2015 , 27.1% of the Company’s $149.1 million debt was held by related-party investors. In connection with the 2014 Recapitalization, the Company reduced related-party debt with a carrying value of $728.3 million to $38.5 million . The Company incurred $0.8 million and $9.6 million of related-party interest expense for the three months ended June 30, 2015 and 2014 and $1.6 million and $18.9 million for the six months ended June 30, 2015 and 2014 . Commencing in November 2014, the Company began to incur an annual commitment fee on the $100.0 million Letter of Credit Facility issued by the Virgin Group. The fee was equal to 5.0% per annum of the daily maximum amount available to be drawn, accruing on a daily basis from the date of issuance and was payable quarterly. For the three and six months ended June 30, 2015, the Company recorded $1.1 million and $2.5 million in commitment fees in the accompanying condensed consolidated statements of operations. In June 2015, the Company canceled the Letter of Credit Facility in conjunction with the elimination of the credit card holdback requirement and is no longer incurring related commitment fees. The Post-IPO Note provided for a reduction of the term of the Note from eight to six years in the event of early termination of the Letter of Credit Facility. In connection with the cancellation of the Letter of Credit Facility in June 2015, and as required by the related note purchase agreement, the term of the Post-IPO Note issued to Virgin Group was reduced from eight to six years.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Employee equity share options and unvested shares granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share. Diluted shares outstanding include the dilutive effect of of in-the-money options, unvested restricted stock units, and shares to be issued under the Company's ESPP. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized and the amount of tax benefits that would be recorded in additional paid-in capital when the award becomes deductible are collectively assumed to be used to repurchase shares. Basic and diluted net income per share were computed using the two-class method for periods prior to the completion of the IPO, which is an allocation method that determines net income per share for common stock and participating securities. The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to common stock for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) BASIC: Net income $ 64,989 $ 36,983 77,775 $ 14,629 Less: net income allocated to participating securities — (22,658 ) — (8,962 ) Net income attributable to common shareholders $ 64,989 $ 14,325 $ 77,775 $ 5,667 Weighted-average common shares outstanding 43,298 702 43,239 702 Basic net income per share $ 1.50 $ 20.42 $ 1.80 $ 8.08 DILUTED: Net income $ 64,989 $ 36,983 $ 77,775 $ 14,629 Less: net income allocated to participating securities — (13,230 ) — (5,233 ) Net income attributable to common shareholders $ 64,989 $ 23,753 $ 77,775 $ 9,396 Weighted-average common shares outstanding-basic 43,298 702 43,239 702 Effect of dilutive potential common shares 785 1,290 1,299 1,290 Weighted-average common shares outstanding-diluted 44,083 1,992 44,538 1,992 Diluted net income per share $ 1.47 $ 11.92 $ 1.75 $ 4.72 The following warrants and director and employee stock awards were excluded from the calculation of diluted net earnings per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (share data, in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) Warrants to purchase common stock — 42,243 — 42,243 Stock option awards 22 — 18 —

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The condensed consolidated financial statements of Virgin America Inc. (the "Company") for the three and six months ended June 30, 2014 include the accounts of the Company and its variable interest entity, VX Employee Holdings LLC, for which it was the primary beneficiary until all of the shares held by VX Employee Holdings LLC were sold to the public as part of the Company's initial public offering (the "IPO") in November 2014 as discussed below.
Basis of accounting	These unaudited condensed consolidated financial statements have been prepared as required by the U.S. Securities Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted as permitted by the SEC.
Use of estimates	The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year.
Prior period reclassifications	Certain prior year amounts have been reclassified to conform to current year presentation. These amounts were not material to any of the periods presented.
Receivables	Receivables, net Receivable, net includes credit card holdbacks and other receivables. Credit card holdbacks and related receivables are amounts due from credit card processors associated with sales for future travel and are carried at cost. Under the terms of the Company’s credit card processing agreements, certain proceeds from advance ticket sales are held back to serve as collateral by the credit card processors, due to the Company’s credit and in part to cover any possible refunds or chargebacks that may occur. These holdbacks are short-term, as the travel for which they relate occurs within twelve months. In June 2015, the Company entered into agreements with its credit card processors to reduce the holdback requirements to 0% and, in connection with this the $100.0 million Letter of Credit Facility was terminated. The credit card processors have the right to increase the credit card holdback amount in the future depending on the Company's financial performance. If the Company's credit card processors were to implement a new holdback requirement, it would be funded through withholding proceeds from future ticket sales made through credit card transactions. As of June 30, 2015 , the Company recorded $18.6 million in credit card receivables. As of December 31, 2014, the Company had no net holdbacks outstanding as a result of the Letter of Credit Facility and $ 9.6 million of credit card receivables
New accounting standards	New Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") and International Accounting Standards Board ("IASB") jointly issued a comprehensive new revenue recognition standard that will replace most existing revenue recognition standards under U.S. GAAP and International Financial Reporting Standards ("IFRS"). The new standard will require the Company to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. As a result, the Company will need to use more judgments and estimates to determine when and how revenue is recognized than U.S. GAAP currently requires. The new standard will become effective for the Company on January 1, 2018. The Company believes the most significant effect of this accounting standards update will be the elimination of the incremental cost method for frequent flyer accounting, which would require the Company to re-value its liability earned by customers associated with flights points with a relative fair value approach. The Company is continuing to evaluate the new guidance and plans to provide additional information about its expected financial effect at a future date. In February 2015, the FASB issued an accounting standards update that eliminates the deferral of FAS 167, which has allowed entities with interests in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. In some cases, consolidation conclusions will change. In other cases, reporting entities will need to provide additional disclosures about entities that currently aren’t considered variable interest entities (VIEs) but will be considered VIEs under the new guidance provided they have a variable interest in those VIEs. The guidance will be effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company does not expect this accounting standards update to have a material impact on the consolidated financial statements. In April 2015, the FASB issued an accounting standards update that simplifies the guidance related to presentation of debt issuance costs. The guidance requires presentation of debt issuance costs on the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts. The guidance is to be applied retrospectively to the financial periods presented as a change in accounting principle. The guidance will be effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Company does not expect this accounting standards update to have a material impact on the consolidated financial statements. In June 2015, the FASB issued an accounting standards update that corrects differences between original accounting guidance and the accounting guidance codification, clarifies the accounting guidance, corrects references and makes minor improvements affecting a variety of accounting topics. Transition guidance varies based on the amendments in the update. The amendments in the update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect this accounting standards update to have a material impact on the consolidated financial statements.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following is a listing of the Company’s assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of June 30, 2015 and December 31, 2014 respectively (in thousands): June 30, 2015 (unaudited) Level 1 Level 2 Level 3 Total Assets (Liability) Cash equivalents $ 444,803 $ — $ — $ 444,803 Restricted cash 19,744 — — 19,744 Heating oil collars - fuel derivative instruments — — — — Brent calls - fuel derivative instruments — 1 — 1 Heating oil swaps - fuel derivative instruments — 201 — 201 Jet fuel swaps - fuel derivative instruments — (259 ) — (259 ) Interest rate swaps — 42 — 42 $ 464,547 $ (15 ) $ — $ 464,532 December 31, 2014 Level 1 Level 2 Level 3 Total Assets (Liability) Cash equivalents $ 339,211 $ — $ — $ 339,211 Restricted cash 18,775 — — 18,775 Heating oil collars - fuel derivative instruments — (27,170 ) — (27,170 ) Brent calls - fuel derivative instruments — 50 — 50 $ 357,986 $ (27,120 ) $ — $ 330,866

Financial Derivative Instrume15

Financial Derivative Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Assets and Liabilities	The following tables present the fair value of derivative assets and liabilities that are designated and not designated as hedging instruments, as well as the location of the asset and liability balances within the condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 (in thousands): Derivatives designated as cash flow hedges Consolidated Fair value of derivatives as of June 30, 2015 December 31, 2014 (unaudited) Fuel derivative instruments—Heating oil collars Current liabilities — (24,762 ) Fuel derivative instruments—Brent calls Current liabilities — (84 ) Fuel derivative instruments—Heating oil swaps Current liabilities 317 — Fuel derivative instruments—Jet fuel swaps Current liabilities (259 ) — Interest rate swaps Current assets 42 — Total current assets (liabilities) $ 100 $ (24,846 ) Derivatives not designated as cash flow hedges Consolidated Fair value of derivatives as of June 30, 2015 December 31, 2014 (unaudited) Fuel derivative instruments—Heating oil collars Current liabilities — (2,408 ) Fuel derivative instruments—Brent calls Current liabilities 1 134 Fuel derivative instruments—Heating oil swaps Current liabilities (116 ) — Total current assets (liabilities) $ (115 ) $ (2,274 )
Effects of Fuel Derivative Instruments in Condensed Consolidated Statements of Operations	The following table summarizes the effect of fuel derivative instruments in the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 (in thousands): Derivatives accounted for as hedging Consolidated financial Gains (losses) on derivative Gains (losses) on derivative June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments Aircraft fuel expense $ (9,219 ) $ (549 ) $ (24,434 ) $ (677 ) Total impact to the consolidated statements of operations $ (9,219 ) $ (549 ) $ (24,434 ) $ (677 ) Derivatives not accounted for as hedging Consolidated financial Gains (losses) on derivative Gains (losses) on derivative June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments Aircraft fuel expense $ 800 $ (476 ) $ 353 $ (928 ) Total impact to the consolidated statements of operations $ 800 $ (476 ) $ 353 $ (928 )
Effect of Fuel Derivative Instrument Designated as Cash Flow Hedges on Condensed Consolidated Statements of Operations	The effect of fuel derivative instruments designated as cash flow hedges and the underlying hedged items on the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 , respectively, is summarized as follows (in thousands): Derivatives designated as cash flow hedges Amount of gain (loss) Gain (loss) reclassified Amount of gain (loss) Three Months Ended, Three Months Ended, Three Months Ended, June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments $ 4,527 $ 1,518 $ (9,080 ) $ (484 ) $ (139 ) $ (65 ) Interest rate swaps 42 — — — — — Derivatives designated as cash flow hedges Amount of gain (loss) Gain (loss) reclassified Amount of gain (loss) Six Months Ended, Six Months Ended, Six Months Ended, June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Fuel derivative instruments $ 1,509 $ (1,227 ) $ (24,315 ) $ (501 ) $ (119 ) $ (176 ) Interest rate swaps 42 — — — — —
Notional Amounts of Outstanding Derivative Positions	The notional amounts of the Company’s outstanding fuel and debt payment related derivatives are summarized as follows (in millions): June 30, 2015 December 31, 2014 (unaudited) Derivatives designated as hedging instruments: Fuel derivative instruments—Heating oil collars (gallons) 0 36 Fuel derivative instruments—Brent calls (gallons) 0 16 Fuel derivative instruments—Heating oil swaps (gallons) 9 0 Fuel derivative instruments—Jet fuel swaps (gallons) 28 0 Interest rate swaps (dollars) $ 39 $ 0 Derivatives not designated as hedging instruments: Fuel derivative instruments—Heating oil collars (gallons) 0 3 Fuel derivative instruments—Brent calls (gallons) 11 13 Fuel derivative instruments—Heating oil swaps (gallons) 2 0 Fuel derivative instruments—Jet fuel swaps (gallons) 0 0 Interest rate swaps (dollars) $ 0 $ 0
Offsetting Assets	As of June 30, 2015 and December 31, 2014 , information related to these offsetting arrangements was as follows (in thousands): June 30, 2015 (unaudited) Derivatives offset in consolidated balance sheet Derivatives eligible for offsetting Gross derivative Gross derivative Net amount Gross derivative Gross derivative Net amount Fair value of assets $ 2,176 $ (2,176 ) $ — $ 2,176 $ (2,176 ) $ — Fair value of liabilities (2,233 ) 2,176 (57 ) (2,233 ) 2,176 (57 ) Margin call deposits — — Total $ (57 ) $ (57 ) December 31, 2014 Derivatives offset in consolidated balance sheet Derivatives eligible for offsetting Gross derivative Gross derivative Net amount Gross derivative Gross derivative Net amount Fair value of assets $ 256 $ (256 ) $ 0 $ 256 $ (256 ) $ 0 Fair value of liabilities (27,376 ) 256 (27,120 ) (27,376 ) 256 (27,120 ) Margin call deposits 14,390 14,390 Total (12,730 ) (12,730 )
Offsetting Liabilities	As of June 30, 2015 and December 31, 2014 , information related to these offsetting arrangements was as follows (in thousands): June 30, 2015 (unaudited) Derivatives offset in consolidated balance sheet Derivatives eligible for offsetting Gross derivative Gross derivative Net amount Gross derivative Gross derivative Net amount Fair value of assets $ 2,176 $ (2,176 ) $ — $ 2,176 $ (2,176 ) $ — Fair value of liabilities (2,233 ) 2,176 (57 ) (2,233 ) 2,176 (57 ) Margin call deposits — — Total $ (57 ) $ (57 ) December 31, 2014 Derivatives offset in consolidated balance sheet Derivatives eligible for offsetting Gross derivative Gross derivative Net amount Gross derivative Gross derivative Net amount Fair value of assets $ 256 $ (256 ) $ 0 $ 256 $ (256 ) $ 0 Fair value of liabilities (27,376 ) 256 (27,120 ) (27,376 ) 256 (27,120 ) Margin call deposits 14,390 14,390 Total (12,730 ) (12,730 )

Contingencies and Commitments (

Contingencies and Commitments (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Payment Commitments	As of June 30, 2015 , the Company has the following contractual payment commitments (in thousands): Year Long-term debt Aircraft and Aircraft and Maintenance deposits (4) Other leases (5) Total 2015 $ 33,824 $ 213,918 $ 112,277 $ 5,645 $ 13,373 $ 379,037 2016 34,832 209,583 217,457 8,968 26,547 497,387 2017 — — 204,303 9,367 26,712 240,382 2018 40,000 — 188,903 10,186 23,541 262,630 2019 51,534 — 172,562 10,814 16,888 251,798 Thereafter — — 487,888 36,900 34,265 559,053 $ 160,190 $ 423,501 $ 1,383,390 $ 81,880 $ 141,326 $ 2,190,287 (1) Includes accrued interest; excludes future interest of $15.5 million to be accrued through and payable in November 2020 on the Post-IPO Note. (2) Represents non-cancelable contractual payment commitments for aircraft and engines; includes $195.0 million of aircraft financing obtained for 2015 deliveries. (3) Represents future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year, including renewal payments for signed lease extensions and excluding lease rebates. (4) Represents the fixed portion of supplemental rent under lessor contracts for maintenance reserve payment commitments; excludes variable future amounts that will be based on actual flight hours. (5) Represents future minimum lease payments under non-cancelable building, airport station and equipment leases.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to common stock for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) BASIC: Net income $ 64,989 $ 36,983 77,775 $ 14,629 Less: net income allocated to participating securities — (22,658 ) — (8,962 ) Net income attributable to common shareholders $ 64,989 $ 14,325 $ 77,775 $ 5,667 Weighted-average common shares outstanding 43,298 702 43,239 702 Basic net income per share $ 1.50 $ 20.42 $ 1.80 $ 8.08 DILUTED: Net income $ 64,989 $ 36,983 $ 77,775 $ 14,629 Less: net income allocated to participating securities — (13,230 ) — (5,233 ) Net income attributable to common shareholders $ 64,989 $ 23,753 $ 77,775 $ 9,396 Weighted-average common shares outstanding-basic 43,298 702 43,239 702 Effect of dilutive potential common shares 785 1,290 1,299 1,290 Weighted-average common shares outstanding-diluted 44,083 1,992 44,538 1,992 Diluted net income per share $ 1.47 $ 11.92 $ 1.75 $ 4.72
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following warrants and director and employee stock awards were excluded from the calculation of diluted net earnings per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (share data, in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) Warrants to purchase common stock — 42,243 — 42,243 Stock option awards 22 — 18 —

Basis of Presentation (Details)

Basis of Presentation (Details)	1 Months Ended		3 Months Ended
	Jun. 30, 2015USD ($)	Nov. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 31, 2014USD ($)
Related Party Transaction [Line Items]
Due to related-party		$ 684,800,000
Repayments of related-party debt		156,500,000
Related-party debt, proceeds from IPO		56,500,000
Repayments of related-party debt, release of collateral		$ 100,000,000
Decrease in deferred revenue			$ 3,200,000
Credit card holdbacks(percent)	0.00%
Credit card holdbacks				$ 0
Credit card receivables	$ 18,600,000		18,600,000	$ 9,600,000
Convertible Preferred Stock Converted to Common Stock
Related Party Transaction [Line Items]
Conversion of stock number of shares converted | shares		1,950,937
Conversion ratio		1
Common Class A Stock Converted to Common Stock
Related Party Transaction [Line Items]
Conversion of stock number of shares converted | shares		1,950,937
Conversion ratio		1
Common Class A-1 Stock Converted to Common Stock
Related Party Transaction [Line Items]
Conversion of stock number of shares converted | shares		1,950,937
Conversion ratio		1
Common Class B Stock Converted to Common Stock
Related Party Transaction [Line Items]
Conversion of stock number of shares converted | shares		1,950,937
Conversion ratio		1
Common Class C Stock Converted to Common Stock
Related Party Transaction [Line Items]
Conversion of stock number of shares converted | shares		1,950,937
Conversion ratio		1
Common Class G Stock Converted to Common Stock
Related Party Transaction [Line Items]
Conversion of stock number of shares converted | shares		1,950,937
Conversion ratio		1
Related-Party Warrants Converted to Common Stock | Related-Party Warrant
Related Party Transaction [Line Items]
Number of related-party warrants exchanged for common stock | shares		26,067,475
Conversion of stock number of shares issued | shares		5,742,543
Number of canceled shares of common stock | shares		16,175,126
Virgin Group | Principal Owner
Related Party Transaction [Line Items]
Fair value of related party debt		$ 38,500,000			$ 728,300,000
Virgin Group | Principal Owner | Post-IPO Note Issued for Extinguishment of Previous Debt
Related Party Transaction [Line Items]
Fair value of related party debt		50,000,000
Extinguishment of debt		50,000,000
Fair value of related party debt		$ 38,500,000
Cyrus Capital | Principal Owner | Exchange of certain Related-Party Notes for common stock
Related Party Transaction [Line Items]
Converted instrument premium (percent)		117.00%
Virgin Group | Line of Credit | Letter of Credit
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 100,000,000		$ 100,000,000
Common Stock [Member] | Principal Owner | Exchange of certain Related-Party Notes for common stock
Related Party Transaction [Line Items]
Debt conversion number of shares issued | shares		22,159,070

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 444,803	$ 339,211
Restricted cash	19,744	18,775
Assets fair value disclosure	464,532	330,866
Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	42
Heating Oil | Collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0	(27,170)
Heating Oil | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	201
Brent Calls | Calls
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	1	50
Jet Fuel | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	(259)
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	444,803	339,211
Restricted cash	19,744	18,775
Assets fair value disclosure	464,547	357,986
Fair Value, Inputs, Level 1 | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0
Fair Value, Inputs, Level 1 | Heating Oil | Collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0	0
Fair Value, Inputs, Level 1 | Heating Oil | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0
Fair Value, Inputs, Level 1 | Brent Calls | Calls
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0	0
Fair Value, Inputs, Level 1 | Jet Fuel | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted cash	0	0
Assets fair value disclosure	(15)	(27,120)
Fair Value, Inputs, Level 2 | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	42
Fair Value, Inputs, Level 2 | Heating Oil | Collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0	(27,170)
Fair Value, Inputs, Level 2 | Heating Oil | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	201
Fair Value, Inputs, Level 2 | Brent Calls | Calls
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	1	50
Fair Value, Inputs, Level 2 | Jet Fuel | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	(259)
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted cash	0	0
Assets fair value disclosure	0	0
Fair Value, Inputs, Level 3 | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0
Fair Value, Inputs, Level 3 | Heating Oil | Collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0	0
Fair Value, Inputs, Level 3 | Heating Oil | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0
Fair Value, Inputs, Level 3 | Brent Calls | Calls
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	0	$ 0
Fair Value, Inputs, Level 3 | Jet Fuel | Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total current assets (liabilities)	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Pre-Delivery Payments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of non-related party debt	$ 68.7	$ 51.2
Airport Slots
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of non-related party debt	40
Principal Owner
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of related party debt	$ 45.9	$ 38.8

Financial Derivative Instrume21

Financial Derivative Instruments and Risk Management - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)$ / gal	Dec. 31, 2014USD ($)
Derivative [Line Items]
Margin call deposits	$ 0	$ 14,390
Net hedge liability	57	27,120
Net current liability	57	$ 12,730
Estimate of net derivative losses to be reclassified in future	(300)
Forward Contracts
Derivative [Line Items]
Committed purchase contracts	$ 38,600
Forward Contracts | Jet Fuel
Derivative [Line Items]
Percent of fuel derivative contracts based on forecasted fuel requirements	30.00%
Weighted-average cost per gallon | $ / gal	1.86
Energy Related Derivative | Crude Oil and Heating Oil
Derivative [Line Items]
Exit date prior to need	3 months
Energy Related Derivative | Crude Oil and Heating Oil | Minimum
Derivative [Line Items]
Purchase period prior to expected need	3 months
Energy Related Derivative | Crude Oil and Heating Oil | Maximum
Derivative [Line Items]
Purchase period prior to expected need	12 months

Financial Derivative Instrume22

Financial Derivative Instruments and Risk Management - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Designated as Hedging Instrument | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	$ 100	$ (24,846)
Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Heating Oil | Collars
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	0	(24,762)
Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Heating Oil | Swaps
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	317	0
Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Brent Calls | Calls
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	0	(84)
Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Jet Fuel | Swaps
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	(259)	0
Designated as Hedging Instrument | Current Assets | Interest Rate Swaps | Swaps
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)		0
Not Designated as Hedging Instrument | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	(115)	(2,274)
Not Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Heating Oil | Collars
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	0	(2,408)
Not Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Heating Oil | Swaps
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	(116)	0
Not Designated as Hedging Instrument | Current Liabilities | Energy Related Derivative | Brent Calls | Calls
Derivatives, Fair Value [Line Items]
Total current assets (liabilities)	$ 1	$ 134

Financial Derivative Instrume23

Financial Derivative Instruments and Risk Management - Effect of Fuel Derivative Instruments in the Condensed Consolidated Statements of Operations (Details) - Energy Related Derivative - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total impact to the consolidated statements of operations	$ (9,219)	$ (549)	$ (24,434)	$ (677)
Designated as Hedging Instrument | Jet Fuel | Aircraft Fuel Expense
Derivative Instruments, Gain (Loss) [Line Items]
Total impact to the consolidated statements of operations	(9,219)	(549)	(24,434)	(677)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total impact to the consolidated statements of operations	800	(476)	353	(928)
Not Designated as Hedging Instrument | Jet Fuel | Aircraft Fuel Expense
Derivative Instruments, Gain (Loss) [Line Items]
Total impact to the consolidated statements of operations	$ 800	$ (476)	$ 353	$ (928)

Financial Derivative Instrume24

Financial Derivative Instruments and Risk Management - Effect of Fuel Derivative Instruments Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives (Effective portion)	$ 42			$ 0
Gain (loss) reclassified from AOCI into income (Fuel expense) (Effective portion)			$ 0	0
Amount of gain (loss) recognized into income (Ineffective portion)			0	0
Energy Related Derivative | Jet Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives (Effective portion)	4,527	$ 1,518	1,509	(1,227)
Gain (loss) reclassified from AOCI into income (Fuel expense) (Effective portion)	(9,080)	(484)	(24,315)	(501)
Amount of gain (loss) recognized into income (Ineffective portion)	(139)	(65)	$ (119)	$ (176)
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives (Effective portion)		0
Gain (loss) reclassified from AOCI into income (Fuel expense) (Effective portion)	0	0
Amount of gain (loss) recognized into income (Ineffective portion)	$ 0	$ 0

Financial Derivative Instrume25

Financial Derivative Instruments and Risk Management - Notional Amounts of the Outstanding Fuel Derivatives (Details) gal in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)gal	Dec. 31, 2014USD ($)gal
Designated as Hedging Instrument | Energy Related Derivative | Heating Oil | Collars
Derivatives, Fair Value [Line Items]
Notional amounts	0	36
Designated as Hedging Instrument | Energy Related Derivative | Heating Oil | Swaps
Derivatives, Fair Value [Line Items]
Notional amounts	9	0
Designated as Hedging Instrument | Energy Related Derivative | Brent Calls | Calls
Derivatives, Fair Value [Line Items]
Notional amounts	0	16
Designated as Hedging Instrument | Energy Related Derivative | Jet Fuel | Swaps
Derivatives, Fair Value [Line Items]
Notional amounts	28	0
Designated as Hedging Instrument | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount | $	$ 39	$ 0
Not Designated as Hedging Instrument | Energy Related Derivative | Heating Oil | Collars
Derivatives, Fair Value [Line Items]
Notional amounts	0	3
Not Designated as Hedging Instrument | Energy Related Derivative | Heating Oil | Swaps
Derivatives, Fair Value [Line Items]
Notional amounts	2	0
Not Designated as Hedging Instrument | Energy Related Derivative | Brent Calls | Calls
Derivatives, Fair Value [Line Items]
Notional amounts	11	13
Not Designated as Hedging Instrument | Energy Related Derivative | Jet Fuel | Swaps
Derivatives, Fair Value [Line Items]
Notional amounts	0	0
Not Designated as Hedging Instrument | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount | $	$ 0	$ 0

Financial Derivative Instrume26

Financial Derivative Instruments and Risk Management - Offsetting Arrangements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative offset in consolidated balance sheet [Abstract]
Gross derivative amounts - fair value of assets	$ 2,176	$ 256
Gross derivative amounts offset in consolidated balance sheet - fair value of assets	2,176	256
Net amount - fair value of assets	0	0
Gross derivative amounts - fair value of liabilities	(2,233)	(27,376)
Gross derivative amounts offset in consolidated balance sheet - fair value of liabilities	2,176	256
Net amount - fair value of liabilities	(57)	(27,120)
Net amount - margin call deposits	0	14,390
Net amount - Total	(57)	(12,730)
Derivative eligible for offsetting [Abstract]
Gross derivative amount - fair value of assets	2,176	256
Gross derivative amounts offset in consolidated balance sheet - fair value of assets	(2,176)	(256)
Gross derivative amounts - fair value of liabilities	(2,233)	(27,376)
Gross derivative amounts offset in consolidated balance sheet - fair value of liabilities	2,176	256
Net amount - Total	57	$ 12,730
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	57
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 0

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details)	1 Months Ended						6 Months Ended
	Jul. 31, 2015aircraft	Jun. 30, 2015USD ($)aircraft	May. 31, 2015	Apr. 30, 2015USD ($)aircraftlender	Dec. 31, 2012USD ($)aircraft	Dec. 31, 2010aircraft	Jun. 30, 2015USD ($)aircraft	Apr. 29, 2015	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Pre-delivery payments for flight equipment		$ 117,501,000					$ 117,501,000		$ 94,280,000
Committed expenditures in 2015		213,918,000					213,918,000
Committed expenditures in 2016		209,583,000					$ 209,583,000
Royalty fee (percent)							0.50%
Royalty fee starting in the first quarter of 2016 (percent)							0.70%
Revenue target amount to reach the ultimate royalty fee rate							$ 4,500,000,000
Ultimate royalty fee (percent)							0.50%
Notes Payable, Other Payables
Loss Contingencies [Line Items]
Notes payable		68,700,000					$ 68,700,000
Debt financing facility
Loss Contingencies [Line Items]
Maximum borrowing capacity				$ 195,000,000
Number of lenders | lender				3
Percentage of purchase price financed through the debt facility				80.00%
Average interest rate - less than (percent)								5.00%
Senior debt facility
Loss Contingencies [Line Items]
Maximum borrowing capacity				$ 168,600,000
Term of debt instrument				12 years
Subordinate debt facility
Loss Contingencies [Line Items]
Maximum borrowing capacity				$ 26,400,000
Term of debt instrument				6 years
Virgin Group | Line of Credit | Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity		100,000,000					$ 100,000,000
Termination period							6 years
A-320 | Debt financing facility
Loss Contingencies [Line Items]
Number of aircraft | aircraft				5
Capital Addition Purchase Commitments | A-320
Loss Contingencies [Line Items]
Number of aircraft | aircraft					40	60
Cancellation rights (number of aircraft) | aircraft					30
Number of aircraft in group | aircraft					5
Cancellation rights period prior to delivery (period)					2 years
Deposits on flight equipment converted to credits					$ 11,000,000
Last tranche of aircraft | aircraft					10
Cancellation fee					$ 26,000,000
Capital Addition Purchase Commitments | A-320 Neo
Loss Contingencies [Line Items]
Number of aircraft | aircraft						30
Capital Addition Purchase Commitments, First Ten Aircraft | A-320
Loss Contingencies [Line Items]
Pre-delivery payments for flight equipment		$ 91,500,000					$ 91,500,000
Long-term purchase commitment, tranche one | aircraft		10					10
Capital Addition Purchase Commitments, Last Thirty Aircraft | A-320
Loss Contingencies [Line Items]
Pre-delivery payments for flight equipment		$ 26,000,000					$ 26,000,000
Long-term purchase commitment, tranche two | aircraft		30					30
Swaps | May 2015 12 Year Interest Rate Swaps
Loss Contingencies [Line Items]
Notional amount of derivatives		$ 33,000,000					$ 33,000,000
Term of contract							12 years
Variable interest rate (percent)		2.36%					2.36%
Swaps | May 2015 6 Year Interest Rate Swaps
Loss Contingencies [Line Items]
Notional amount of derivatives		$ 6,000,000					$ 6,000,000
Term of contract							6 years
Variable interest rate (percent)		1.70%					1.70%
4.77% Senior Notes | Senior debt facility
Loss Contingencies [Line Items]
Maximum borrowing capacity		$ 102,600,000					$ 102,600,000
Interest rate (percent)		4.77%					4.77%
Subsequent Event | Debt financing facility
Loss Contingencies [Line Items]
Number of aircraft | aircraft	5
Post-IPO Note Issued for Extinguishment of Previous Debt | Principal Owner | Virgin Group
Loss Contingencies [Line Items]
Term of debt instrument		6 years	8 years				8 years
Reduction in debt term							6 years
Interest payable		$ 15,500,000					$ 15,500,000

Contingencies and Commitments28

Contingencies and Commitments - Contractual Minimum Payments (Details) $ in Thousands	Jun. 30, 2015USD ($)
Long-term Purchase Commitment [Line Items]
2,015	$ 33,824
2,016	34,832
2,017	0
2,018	40,000
2,019	51,534
Thereafter	0
Total	160,190
2,015	213,918
2,016	209,583
2,017	0
2,018	0
2,019	0
Thereafter	0
Total	423,501
2,015	379,037
2,016	497,387
2,017	240,382
2,018	262,630
2,019	251,798
Thereafter	559,053
Total	2,190,287
Maintenance Deposits
Long-term Purchase Commitment [Line Items]
2,015	5,645
2,016	8,968
2,017	9,367
2,018	10,186
2,019	10,814
Thereafter	36,900
Total	81,880
Other Leases
Long-term Purchase Commitment [Line Items]
2,015	13,373
2,016	26,547
2,017	26,712
2,018	23,541
2,019	16,888
Thereafter	34,265
Total	141,326
Aircraft and Engine Leases
Long-term Purchase Commitment [Line Items]
2,015	112,277
2,016	217,457
2,017	204,303
2,018	188,903
2,019	172,562
Thereafter	487,888
Total	$ 1,383,390

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Federal statutory income tax rate (percent)	35.00%

Related-Party Transactions (Det

Related-Party Transactions (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	May. 31, 2015	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)designee	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2014USD ($)	Oct. 31, 2014USD ($)
Related Party Transaction [Line Items]
Percentage owned by related parties	27.10%		27.10%		27.10%
Long-term debt	$ 149,100,000		$ 149,100,000		$ 149,100,000
Related-party interest expense			822,000	$ 9,558,000	1,628,000	$ 18,940,000
Virgin Group | Line of Credit | Letter of Credit
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 100,000,000		100,000,000		$ 100,000,000
Line of credit commitment fee percentage					5.00%
Commitment fee			$ 1,100,000		$ 2,500,000
VX Holdings L.P.
Related Party Transaction [Line Items]
Ownership percentage	18.90%		18.90%		18.90%
Cyrus Aviation Holdings, LLC
Related Party Transaction [Line Items]
Ownership percentage	28.80%		28.80%		28.80%
Principal Owner | Virgin Group
Related Party Transaction [Line Items]
Carrying value of related party debt								$ 38,500,000	$ 728,300,000
Affiliated Entity | Virgin Enterprises Limited
Related Party Transaction [Line Items]
Number of Board of Director designees | designee					1
License Fees | Affiliated Entity
Related Party Transaction [Line Items]
License fees			$ 2,000,000	$ 2,000,000	$ 3,700,000	$ 3,600,000
Accrued Unpaid Royalty Fees | Affiliated Entity
Related Party Transaction [Line Items]
Accrued unpaid royalty fees	$ 2,000,000		$ 2,000,000		$ 2,000,000		$ 1,800,000
Post-IPO Note Issued for Extinguishment of Previous Debt | Principal Owner | Virgin Group
Related Party Transaction [Line Items]
Carrying value of related party debt								$ 50,000,000
Term of debt instrument	6 years	8 years			8 years
Reduction in debt term					6 years

Net Income Per Share - Earnings

Net Income Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic:
Net (loss) income	$ 64,989	$ 36,983	$ 77,775	$ 14,629
Less: net income allocated to participating securities	0	(22,658)	0	(8,962)
Net income attributable to common shareholders	$ 64,989	$ 14,325	$ 77,775	$ 5,667
Weighted-average common shares outstanding	43,298	702	43,239	702
Basic net (loss) income per share (in dollars per share)	$ 1.50	$ 20.42	$ 1.80	$ 8.08
Diluted:
Less: net income allocated to participating securities	$ 0	$ (13,230)	$ 0	$ (5,233)
Net income attributable to common shareholders	$ 64,989	$ 23,753	$ 77,775	$ 9,396
Effect of dilutive potential common shares	785	1,290	1,299	1,290
Weighted-average common shares outstanding-diluted	44,083	1,992	44,538	1,992
Diluted net (loss) income per share (in dollars per share)	$ 1.47	$ 11.92	$ 1.75	$ 4.72

Net Income Per Share - Anti-dil

Net Income Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	0	42,243	0	42,243
Stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share	22	0	18	0