Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'SKYWEST INC | ' |
Entity Central Index Key | '0000793733 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 51,226,668 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $267,746 | $133,772 |
Marketable securities | 440,468 | 556,117 |
Restricted cash | 19,559 | 19,553 |
Receivables, net | 94,806 | 130,102 |
Inventories, net | 132,871 | 113,581 |
Prepaid aircraft rents | 335,379 | 325,999 |
Deferred tax assets | 160,974 | 124,320 |
Other current assets | 27,799 | 30,596 |
Total current assets | 1,479,602 | 1,434,040 |
PROPERTY AND EQUIPMENT: | ' | ' |
Aircraft and rotable spares | 4,049,227 | 3,997,926 |
Deposits on aircraft | 35,629 | ' |
Buildings and ground equipment | 279,164 | 274,085 |
Total property and equipment, gross | 4,364,020 | 4,272,011 |
Less accumulated depreciation and amortization | -1,699,768 | -1,561,015 |
Total property and equipment, net | 2,664,252 | 2,710,996 |
OTHER ASSETS | ' | ' |
Intangible assets, net | 15,560 | 17,248 |
Other assets | 105,980 | 92,353 |
Total other assets | 121,540 | 109,601 |
Total assets | 4,265,394 | 4,254,637 |
CURRENT LIABILITIES: | ' | ' |
Current maturities of long-term debt | 174,962 | 171,454 |
Accounts payable | 231,380 | 222,671 |
Accrued salaries, wages and benefits | 126,677 | 121,352 |
Accrued aircraft rents | 8,725 | 12,745 |
Taxes other than income taxes | 20,761 | 22,353 |
Income tax payable | 405 | 1,255 |
Other current liabilities | 41,247 | 39,595 |
Total current liabilities | 604,157 | 591,425 |
OTHER LONG-TERM LIABILITIES | 75,544 | 57,422 |
LONG-TERM DEBT, net of current maturities | 1,349,209 | 1,470,568 |
DEFERRED INCOME TAXES PAYABLE | 725,613 | 657,620 |
DEFERRED AIRCRAFT CREDITS | 83,419 | 90,427 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, 5,000,000 shares authorized; none issued | ' | ' |
Common stock, no par value, 120,000,000 shares authorized; 77,322,304 and 76,713,154 shares issued, respectively | 617,701 | 609,763 |
Retained earnings | 1,191,265 | 1,147,117 |
Treasury stock, at cost, 26,095,636 and 25,280,364 shares, respectively | -382,950 | -371,211 |
Accumulated other comprehensive income | 1,436 | 1,506 |
Total stockholders' equity | 1,427,452 | 1,387,175 |
Total liabilities and stockholders' equity | $4,265,394 | $4,254,637 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | ' | ' |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 77,322,304 | 76,713,154 |
Treasury stock, at cost, shares | 26,095,636 | 25,280,364 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING REVENUES: | ' | ' | ' | ' |
Passenger | $836,890 | $848,578 | $2,448,883 | $2,671,568 |
Ground handling and other | 13,850 | 16,681 | 44,474 | 52,079 |
Total operating revenues | 850,740 | 865,259 | 2,493,357 | 2,723,647 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries, wages and benefits | 306,887 | 297,106 | 904,625 | 878,596 |
Aircraft maintenance, materials and repairs | 176,822 | 163,825 | 515,506 | 510,610 |
Aircraft rentals | 80,928 | 82,592 | 245,330 | 251,438 |
Depreciation and amortization | 61,135 | 62,703 | 183,309 | 191,200 |
Aircraft fuel | 49,656 | 71,477 | 146,139 | 372,471 |
Station rentals and landing fees | 29,473 | 45,336 | 100,559 | 133,523 |
Ground handling services | 30,541 | 28,414 | 98,235 | 93,344 |
Other | 59,124 | 58,832 | 177,363 | 170,228 |
Total operating expenses | 794,566 | 810,285 | 2,371,066 | 2,601,410 |
OPERATING INCOME | 56,174 | 54,974 | 122,291 | 122,237 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest income | 567 | 2,053 | 3,164 | 6,049 |
Interest expense | -16,999 | -19,474 | -52,490 | -58,641 |
Other, net | 4,625 | -4,638 | 10,477 | -9,305 |
Total other expense, net | -11,807 | -22,059 | -38,849 | -61,897 |
INCOME BEFORE INCOME TAXES | 44,367 | 32,915 | 83,442 | 60,340 |
PROVISION FOR INCOME TAXES | 17,973 | 11,982 | 33,094 | 23,129 |
NET INCOME | 26,394 | 20,933 | 50,348 | 37,211 |
BASIC EARNINGS PER SHARE (in dollars per share) | $0.51 | $0.41 | $0.97 | $0.73 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $0.50 | $0.40 | $0.96 | $0.72 |
Weighted average common shares: | ' | ' | ' | ' |
Basic (in shares) | 51,881 | 51,241 | 51,841 | 51,022 |
Diluted (in shares) | 52,610 | 52,153 | 52,551 | 51,608 |
Dividends declared per share (in dollars per share) | $0.04 | $0.04 | $0.12 | $0.12 |
COMPREHENSIVE INCOME: | ' | ' | ' | ' |
Net income | 26,394 | 20,933 | 50,348 | 37,211 |
Proportionate share of other companies foreign currency translation adjustment, net of taxes | 67 | -375 | 67 | -264 |
Net unrealized appreciation (depreciation) on marketable securities, net of taxes | 363 | 88 | -137 | 536 |
TOTAL COMPREHENSIVE INCOME | $26,824 | $20,646 | $50,278 | $37,483 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $251,406 | $244,167 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of marketable securities | -328,442 | -513,574 |
Sales of marketable securities | 443,950 | 428,195 |
Proceeds from the sale of equipment | 270 | 3,630 |
Acquisition of property and equipment: | ' | ' |
Aircraft and rotable spare parts | -70,246 | -35,164 |
Deposits on aircraft | -35,629 | ' |
Buildings and ground equipment | -8,847 | -3,341 |
Decrease (Increase) in other assets | 12,948 | -739 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 14,004 | -120,993 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Principal payments on long-term debt | -117,850 | -113,502 |
Tax benefit (deficiency) from exercise of common stock options | -150 | 206 |
Net proceeds from issuance of common stock | 4,510 | 4,076 |
Purchase of treasury stock | -11,739 | -902 |
Payment of cash dividends | -6,207 | -6,120 |
NET CASH USED IN FINANCING ACTIVITIES | -131,436 | -116,242 |
Increase in cash and cash equivalents | 133,974 | 6,932 |
Cash and cash equivalents at beginning of period | 133,772 | 129,526 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 267,746 | 136,458 |
Cash paid (received) during the year for: | ' | ' |
Interest, net of capitalized amounts | 50,479 | 54,858 |
Income taxes | $2,509 | ($1,440) |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Condensed Consolidated Financial Statements | ' |
Condensed Consolidated Financial Statements | ' |
Note A — Condensed Consolidated Financial Statements | |
Basis of Presentation | |
The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”) and its operating subsidiaries, SkyWest Airlines, Inc. (“SkyWest Airlines”) and ExpressJet Airlines Inc. (“ExpressJet”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal recurring nature, unless otherwise disclosed. The Company suggests that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The results of operations for the three and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
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 will differ and may differ materially from those estimates and assumptions. | |
Effective December 31, 2011, the Company’s subsidiary, ExpressJet Airlines, Inc., a Delaware corporation, was merged into the Company’s subsidiary, Atlantic Southeast Airlines, Inc., a Utah corporation, with the surviving corporation named ExpressJet Airlines, Inc. (the “ExpressJet Combination”). In these notes to condensed consolidated financial statements, “Atlantic Southeast” refers to Atlantic Southeast Airlines, Inc. for periods prior to the ExpressJet Combination, “ExpressJet Delaware” refers to ExpressJet Airlines, Inc., a Delaware corporation, for periods prior to the ExpressJet Combination, and “ExpressJet” refers to ExpressJet Airlines, Inc., the Utah corporation resulting from the combination of Atlantic Southeast and ExpressJet Delaware, for periods subsequent to the consummation of the ExpressJet Combination. | |
Recent Accounting Standards | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
Recently issued accounting guidance revises the reporting of items reclassified out of accumulated other comprehensive income and is effective for fiscal years beginning after December 15, 2012. We adopted this guidance during the quarter ended March 31, 2013, and have determined that the balance and the activity during the three and nine- month periods ended September 30, 2013 in accumulated other comprehensive income was not material. |
Passenger_and_Ground_Handling_
Passenger and Ground Handling Revenues | 9 Months Ended |
Sep. 30, 2013 | |
Passenger and Ground Handling Revenues | ' |
Passenger and Ground Handling Revenues | ' |
Note B — Passenger and Ground Handling Revenues | |
Passenger and Ground Handling Revenues | |
The Company recognizes passenger and ground handling revenues when the service is provided. Under the Company’s contract and pro-rate flying agreements with Delta Airlines, Inc. (“Delta”), United Air Lines, Inc. (“United”), US Airways Group, Inc. (“US Airways”), American Airlines, Inc. (“American”) and Alaska Airlines (“Alaska”), revenue is considered earned when the flight is completed. Revenue is recognized under the Company’s pro-rate flying agreements based upon the portion of the pro-rate passenger fare the Company anticipates that it will receive. Other ancillary revenues commonly associated with airlines such as baggage fee revenue, ticket change fee revenue and the marketing component of the sale of mileage credits are retained by the Company’s major airline partners on flights that the Company operates under its code-share and pro-rate agreements. | |
Delta Connection Agreements | |
SkyWest Airlines and ExpressJet are each parties to a Delta Connection Agreement with Delta, pursuant to which SkyWest Airlines and ExpressJet provide contract flight services for Delta. The Delta Connection Agreements provide for fifteen-year terms, subject to early termination by Delta, SkyWest Airlines or ExpressJet, as applicable, upon the occurrence of certain events. Delta’s termination rights include (i) cross- termination rights between the two Delta Connection Agreements, (ii) the right to terminate each of the Delta Connection Agreements upon the occurrence of certain force majeure events, including certain labor-related events, that prevent SkyWest Airlines or ExpressJet from performance for certain periods, and (iii) the right to terminate each of the Delta Connection Agreements if SkyWest Airlines or ExpressJet fails to maintain competitive base rate costs, subject to certain adjustment rights. The SkyWest Airlines and ExpressJet Delta Connection Agreements contain multi-year rate reset provisions that were activated during 2010 and are scheduled to continue each fifth year thereafter. In addition to its termination rights, Delta has the right to extend the term of the Delta Connection Agreements upon the occurrence of certain events or at the expiration of the initial term. SkyWest Airlines and ExpressJet have the right to terminate their respective Delta Connection Agreement upon the occurrence of certain breaches by Delta, including the failure to cure payment defaults. SkyWest Airlines and ExpressJet also have cross-termination rights between the two Delta Connection Agreements. | |
Under the terms of the SkyWest Airlines Delta Connection Agreement, Delta has agreed to compensate SkyWest Airlines for the direct costs associated with operating the Delta Connection flights, plus a payment based on block hours flown. Under the terms of the ExpressJet Delta Connection Agreement, Delta has agreed to compensate ExpressJet for its direct costs associated with operating the Delta Connection flights, plus, if ExpressJet completes a certain minimum percentage of its Delta Connection flights, an additional percentage of such costs. Additionally, ExpressJet’s Delta Connection Agreement provides for the payment of incentive compensation upon satisfaction of certain performance goals. The incentives are defined in the ExpressJet Delta Connection Agreement as being measured and determined on a monthly and quarterly basis. At the end of each quarter, the Company calculates the incentives achieved during the quarter and recognizes revenue accordingly. The parties to the Delta Connection Agreements made customary representations, warranties and covenants, including with respect to various operational, marketing and administrative matters. | |
In the event that the contractual rates under the Delta Connection Agreements have not been finalized at quarterly or annual financial statement dates, the Company records revenues based on the lower of the prior period’s approved rates, as adjusted to reflect any contract negotiations, and the Company’s estimate of rates that will be implemented in accordance with revenue recognition guidelines. | |
The Delta Connection Agreements also provide that, beginning with the fifth anniversary of the execution of the agreements (September 8, 2010), Delta has the right to require that certain contractual rates under those agreements shall not exceed the second lowest rates of all carriers within the Delta Connection program. During the fourth quarter of 2010, SkyWest Airlines and Atlantic Southeast reached an agreement with Delta on contractual rates satisfying the 2010 rate reset provision and the second-lowest rate provision and agreed to rates through December 31, 2015. Delta additionally waived its right to require that the contractual rates payable under the Delta Connection Agreements shall not exceed the second-lowest rates of all carriers within the Delta Connection program through December 31, 2015. | |
During 2012, the Company reached an agreement with Delta to add 34 additional used dual-class Bombardier regional jet aircraft that were previously operated for Delta by other regional carriers in exchange for the early termination of 66 Bombardier CRJ200 regional jet aircraft (“CRJ200s”) under the SkyWest Airlines and ExpressJet Delta Connection Agreements. The 34 additional dual-class aircraft are subleased from Delta for a nominal amount. The 34 additional dual-class aircraft consist of 29 Bombardier CRJ900 regional jet aircraft (“CRJ900s”) and five Bombardier CRJ700 regional jet aircraft (“CRJ700s”). As of September 30, 2013, the Company had taken delivery of 29 CRJ900s and five CRJ700s. The Company anticipates that all 66 CRJ200 aircraft will be removed from service under the Delta Connection Agreements by December 31, 2015. Of the 66 CRJ200s to be removed from service, 41 CRJ200s are subleased from Delta for a nominal amount, and are scheduled to be returned to Delta without obligation to the Company. | |
In the event the Company has a reimbursement dispute with a major partner, the Company evaluates the dispute under its established revenue recognition criteria and, provided the revenue recognition criteria have been met, the Company recognizes revenue based on management’s estimate of the resolution of the dispute. During the quarter ended December 31, 2007, Delta notified the Company, SkyWest Airlines and Atlantic Southeast of a dispute under the Delta Connection Agreements executed by Delta with SkyWest Airlines and Atlantic Southeast. The dispute relates to allocation of liability for certain irregular operations (“IROP”) expenses that are paid by SkyWest Airlines and ExpressJet to their passengers under certain situations. As a result, Delta withheld a combined total of approximately $25 million (pre-tax) from one of the weekly scheduled wire payments to SkyWest Airlines and Atlantic Southeast during December 2007. Delta continues to withhold a portion of the funds the Company believes are payable as weekly scheduled wire payments to SkyWest Airlines and ExpressJet (See Note I for additional details). | |
United Express Agreements | |
SkyWest Airlines and United have entered into a United Express Agreement, which sets forth the principal terms and conditions governing SkyWest Airlines’ United Express operations. Under the terms of the United Express Agreement, SkyWest Airlines is compensated primarily on a fee-per-completed-block hour and departure basis and is reimbursed for fuel and other costs. Additionally, SkyWest Airlines is eligible for incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the United Express Agreement as being measured and determined on a monthly basis. At the end of each month, the Company calculates the incentives achieved during the month and recognizes revenue accordingly. | |
On May 16, 2013, SkyWest Airlines and United entered into a United Express Agreement to operate 40 new Embraer E175 dual-class regional jet aircraft. Under the agreement, it is anticipated that the 40 aircraft will be introduced into service in the second quarter of 2014, with deliveries continuing to mid-2015. The United Express Agreement has a 12-year term for each of the aircraft subject to the agreement, and other terms which are generally consistent with the SkyWest Airlines United Express Agreement. | |
On February 1, 2010, Atlantic Southeast and United entered into a United Express Agreement, pursuant to which ExpressJet, as successor to Atlantic Southeast, operates 14 Bombardier CRJ200s as a United Express carrier. The ExpressJet United Express Agreement is a capacity purchase agreement with a five-year term for each of the aircraft subject to the agreement, and other terms which are generally consistent with the SkyWest Airlines United Express Agreement. | |
On December 1, 2009, ExpressJet Delaware and United entered into a United Express Agreement, which sets forth the principal terms and conditions governing the United Express operations presently conducted by ExpressJet. Under the terms of that United Express Agreement, to which ExpressJet became a party through the ExpressJet Combination, ExpressJet is compensated primarily on a fee-per-completed-block hour and departure basis and is reimbursed for fuel and other costs. Additionally, ExpressJet is eligible for incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the ExpressJet United Express Agreement as being measured and determined on a monthly basis. At the end of each month during the term of the agreement, the Company calculates the incentives achieved during the month and recognizes revenue accordingly. As of September 30, 2013, ExpressJet operated 22 Embraer 145 ERJs under the United Express Agreement, which is scheduled to expire in April 2015. | |
United Capacity Purchase Agreement | |
Effective November 12, 2010, ExpressJet Delaware entered into a Capacity Purchase Agreement with Continental Airlines, Inc. (“Continental”), to which United became a party pursuant to its merger with Continental in 2010 (the “United CPA”). Pursuant to the United CPA, ExpressJet Delaware agreed to provide regional airline service in the Continental (now United) flight system. Under the terms of the United CPA, to which ExpressJet succeeded as a party through the ExpressJet Combination, ExpressJet operates 229 aircraft in the United flight system and United has agreed to compensate ExpressJet on a monthly basis based on the block hours flown by ExpressJet and the weighted average number of aircraft operated by ExpressJet under the United CPA. Additionally, ExpressJet may earn incentive compensation upon achievement of certain operating performance criteria, but is subject to financial penalties if it fails to achieve minimum operating performance criteria. At the end of each month during the term of the agreement, the Company calculates the incentives achieved during the month under the United CPA and recognizes revenue accordingly. | |
Alaska Capacity Purchase Agreement | |
SkyWest Airlines and Alaska have entered into a Capacity Purchase Agreement, which sets forth the principal terms and conditions governing SkyWest Airlines’ operations for Alaska. Under the terms of the Alaska Capacity Purchase Agreement, SkyWest Airlines is compensated primarily on a fee-per-completed-block hour and departure basis and is reimbursed for fuel and other costs. Additionally, SkyWest Airlines is eligible for incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the Alaska Capacity Purchase Agreement as being measured and determined on a monthly basis. At the end of each month during the term of the agreement, the Company calculates the incentives achieved during the month and recognizes revenue accordingly. | |
US Airways Express Agreement | |
SkyWest Airlines and US Airways have entered into a US Airways Express Agreement, which sets forth the principal terms and conditions governing SkyWest Airlines’ US Airways Express operations. Under the terms of the US Airways Express Agreement, SkyWest Airlines is compensated primarily on a fee-per-completed-block hour and departure basis and is reimbursed for fuel and other costs. Additionally, SkyWest Airlines is eligible to receive incentive compensation upon the achievement of certain performance criteria, but is subject to financial penalties if it fails to achieve minimum performance criteria. The incentives are defined in the US Airways Express Agreement as being measured and determined on a quarterly basis. At the end of each quarter during the term of the agreement, the Company calculates the incentives achieved during the quarter from the US Airways Express Agreement and recognizes revenue accordingly. | |
American Agreement | |
In September 2012, SkyWest Airlines and ExpressJet each entered into a Capacity Purchase Agreement with American (collectively, the “American Agreements”), which sets forth the terms and conditions governing the American Eagle operations conducted by SkyWest Airlines and ExpressJet, respectively. SkyWest Airlines placed 12 CRJ200s into service for American on November 14, 2012, and ExpressJet placed 11 CRJ200s into service for American on February 14, 2013. The aircraft flown under the American Agreements have been removed from flying contracts SkyWest Airlines and ExpressJet had with another major partner. The term of each American Agreement is four years. The American Agreements provide for SkyWest Airlines and ExpressJet to be compensated primarily on a fee-per-completed-block hour and departure basis and to be reimbursed for fuel and other costs. The American Agreements also provide for SkyWest Airlines and ExpressJet to receive incentive compensation upon each airline’s achievement of certain performance criteria, but also impose financial penalties if the airline fails to achieve minimum performance criteria. The incentives are defined in the American Agreements as being measured and determined on a quarterly basis. At the end of each quarter during the term of the agreement, the Company calculates the incentives achieved during the quarter from the American Agreements and recognizes revenue accordingly. | |
Other Revenue Items | |
The Company’s passenger and ground handling revenues could be impacted by a number of factors, including changes to the Company’s code-share agreements with its major partners, contract modifications resulting from contract re-negotiations, the Company’s ability to earn incentive payments contemplated under the Company’s code-share agreements and settlement of reimbursement disputes with the Company’s major partners. Other revenue primarily consists of revenue attributed to ground handling services the Company provides for other airlines. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Share-Based Compensation | ' | ||||
Share-Based Compensation | ' | ||||
Note C — Share-Based Compensation | |||||
The fair value of stock options granted by the Company has been estimated as of the grant date using the Black-Scholes option pricing model. During the nine months ended September 30, 2013, the Company granted options to purchase 173,558 shares of common stock under the SkyWest, Inc. 2010 Long-Term Incentive Plan (the “2010 Incentive Plan”). The following table shows the assumptions used and weighted average fair value for stock option grants during the nine months ended September 30, 2013. | |||||
Expected annual dividend rate | 1.21 | % | |||
Risk-free interest rate | 0.92 | % | |||
Average expected life (years) | 6 | ||||
Expected volatility of common stock | 0.446 | ||||
Forfeiture rate | 0 | % | |||
Weighted average fair value of option grants | $ | 5.04 | |||
During the nine months ended September 30, 2013, the Company granted 284,026 restricted stock units to the Company’s employees under the 2010 Incentive Plan. The restricted stock units have a three-year vesting period, during which the recipient must remain employed with the Company or one of the Company’s subsidiaries. Upon vesting, a restricted stock unit will be replaced with a common share of stock. Additionally, during the nine months ended September 30, 2013, the Company granted 27,492 fully-vested shares of common stock to the Company’s directors. The weighted average fair value of the shares of restricted stock on the date of grant was $13.24 per share. | |||||
The Company records share-based compensation expense only for those options and restricted stock units that are expected to vest. The estimated fair value of the stock options and restricted stock units is amortized over the applicable vesting periods. For each of the three-month periods ended September 30, 2013 and 2012, respectively, the Company recorded pre-tax share-based compensation expense of $1.1 million. For each of the nine month periods ended September 30, 2013 and 2012, respectively, the Company recorded pre-tax share-based compensation expense of $3.6 million. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Income Per Common Share | ' | |||||||||||||
Net Income Per Common Share | ' | |||||||||||||
Note D — Net Income Per Common Share | ||||||||||||||
Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the three months ended September 30, 2013 and 2012, options to acquire 3,164,000 and 3,945,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. During the nine months ended September 30, 2013 and 2012, options to acquire 3,300,000 and 3,963,000 shares, respectively, were excluded from the computation of Diluted EPS as their impact was anti-dilutive. | ||||||||||||||
The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Numerator | ||||||||||||||
Net Income | $ | 26,394 | $ | 20,933 | $ | 50,348 | $ | 37,211 | ||||||
Denominator | ||||||||||||||
Weighted average number of common shares outstanding | 51,881 | 51,241 | 51,841 | 51,022 | ||||||||||
Effect of outstanding share-based awards | 729 | 912 | 710 | 586 | ||||||||||
Weighted average number of shares for diluted net income per common share | 52,610 | 52,153 | 52,551 | 51,608 | ||||||||||
Basic earnings per share | $ | 0.51 | $ | 0.41 | $ | 0.97 | $ | 0.73 | ||||||
Diluted earnings per share | $ | 0.5 | $ | 0.4 | $ | 0.96 | $ | 0.72 |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Segment Reporting | ' | |||||||||
Segment Reporting | ' | |||||||||
Note E — Segment Reporting | ||||||||||
Generally accepted accounting principles require disclosures related to components of a company for which separate financial information is available to and regularly evaluated by the company’s chief operating decision maker when deciding how to allocate resources and in assessing performance. | ||||||||||
The Company’s two operating segments consist of the operations of its two operating subsidiaries, SkyWest Airlines and ExpressJet. The following table sets forth the Company’s segment data for the three-month periods ended September 30, 2013 and 2012 (in thousands). | ||||||||||
Three months ended September 30, 2013 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 468,517 | 381,749 | 474 | 850,740 | ||||||
Operating expense | 409,320 | 382,583 | 2,663 | 794,566 | ||||||
Depreciation and amortization expense | 38,845 | 22,290 | — | 61,135 | ||||||
Interest expense | 10,812 | 5,274 | 913 | 16,999 | ||||||
Segment profit (loss)(1) | 48,385 | (6,108 | ) | (3,102 | ) | 39,175 | ||||
Identifiable intangible assets, other than goodwill | — | 15,560 | — | 15,560 | ||||||
Total assets | 2,711,009 | 1,554,385 | — | 4,265,394 | ||||||
Capital expenditures (including non-cash) | 21,977 | 8,891 | — | 30,868 | ||||||
Three months ended September 30, 2012 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 475,662 | 386,803 | 2,794 | 865,259 | ||||||
Operating expense | 426,511 | 382,511 | 1,263 | 810,285 | ||||||
Depreciation and amortization expense | 38,179 | 24,524 | — | 62,703 | ||||||
Interest expense | 12,292 | 5,953 | 1,229 | 19,474 | ||||||
Segment profit (loss) (1) | 36,859 | (1,661 | ) | 302 | 35,500 | |||||
Identifiable intangible assets, other than goodwill | — | 17,810 | — | 17,810 | ||||||
Total assets | 2,639,895 | 1,608,956 | — | 4,248,851 | ||||||
Capital expenditures (including non-cash) | 11,579 | 4,601 | — | 16,180 | ||||||
(1) Segment profit (loss) is operating income (loss) less interest expense | ||||||||||
The following table sets forth the Company’s segment data for the nine-month periods ended September 30, 2013 and 2012 (in thousands). | ||||||||||
Nine months ended September 30, 2013 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 1,380,930 | 1,109,085 | 3,342 | 2,493,357 | ||||||
Operating expense | 1,236,003 | 1,128,757 | 6,306 | 2,371,066 | ||||||
Depreciation and amortization expense | 116,309 | 67,000 | — | 183,309 | ||||||
Interest expense | 33,535 | 16,099 | 2,856 | 52,490 | ||||||
Segment profit (loss)(1) | 111,392 | (35,771 | ) | (5,820 | ) | 69,801 | ||||
Identifiable intangible assets, other than goodwill | — | 15,560 | — | 15,560 | ||||||
Total assets | 2,711,009 | 1,554,385 | — | 4,265,394 | ||||||
Capital expenditures (including non-cash) | 66,339 | 28,242 | — | 94,581 | ||||||
Nine months ended September 30, 2012 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 1,479,708 | 1,235,877 | 8,062 | 2,723,647 | ||||||
Operating expense | 1,366,914 | 1,230,703 | 3,793 | 2,601,410 | ||||||
Depreciation and amortization expense | 115,609 | 75,591 | — | 191,200 | ||||||
Interest expense | 37,207 | 17,958 | 3,476 | 58,641 | ||||||
Segment profit (loss) (1) | 75,587 | (12,784 | ) | 793 | 63,596 | |||||
Identifiable intangible assets, other than goodwill | — | 17,810 | — | 17,810 | ||||||
Total assets | 2,639,895 | 1,608,956 | — | 4,248,851 | ||||||
Capital expenditures (including non-cash) | 47,933 | 13,141 | — | 61,074 | ||||||
(1) Segment profit (loss) is operating income (loss) less interest expense |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
Note F — Commitments and Contingencies | |||||
As of September 30, 2013, the Company leased 571 aircraft, as well as airport facilities, office space, and various other property and equipment under non-cancelable operating leases which are generally on a long-term net rent basis where the Company pays taxes, maintenance, insurance and certain other operating expenses applicable to the leased property. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases. The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2013 (in thousands): | |||||
October through December 2013 | $ | 113,776 | |||
2014 | 381,088 | ||||
2015 | 326,777 | ||||
2016 | 255,287 | ||||
2017 | 192,853 | ||||
Thereafter | 722,172 | ||||
$ | 1,991,953 | ||||
Commitments. On May 21, 2013, the Company announced that it entered into an agreement with Embraer for the purchase of 100 new E175 dual-class regional jet aircraft. Of the 100 aircraft, 40 are considered firm deliveries and the remaining 60 aircraft are considered conditional until the Company enters into capacity purchase agreements with other major airlines to operate the aircraft. The Company anticipates taking delivery of the 40 firm aircraft in March 2014 and has scheduled delivery of the remaining aircraft covered by the order through August 2015. The table below summarizes the Company’s firm commitments as of September 30, 2013, which primarily relate to the acquisition of aircraft and related spare engines that are considered firm deliveries (in thousands): | |||||
2014 | $ | 569,640 | |||
2015 | 591,368 | ||||
2016 | 9,972 | ||||
$ | 1,170,980 |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note G — Fair Value Measurements | ||||||||||||||
The Company holds certain assets that are required to be measured at fair value in accordance with United States GAAP. The Company determined fair value of these assets based on the following three levels of inputs: | ||||||||||||||
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. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities. | ||||||||||||||
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, therefore requiring an entity to develop its own assumptions. | ||||||||||||
As of September 30, 2013 and December 31, 2012, the Company held certain assets that are required to be measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Marketable Securities | ||||||||||||||
Bond and bond fund | $ | 440,270 | $ | — | $ | 440,270 | $ | — | ||||||
Asset backed securities | 198 | — | 198 | — | ||||||||||
440,468 | — | 440,468 | — | |||||||||||
Cash, Cash Equivalents and Restricted Cash | 287,305 | 287,305 | — | — | ||||||||||
Other Assets (a) | 2,245 | — | — | 2,245 | ||||||||||
Total Assets Measured at Fair Value | $ | 730,018 | $ | 287,305 | $ | 440,468 | $ | 2,245 | ||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Marketable Securities | ||||||||||||||
Bonds and bond funds | $ | 552,289 | $ | — | $ | 552,289 | $ | — | ||||||
Commercial paper | 3,514 | — | 3,514 | — | ||||||||||
Asset backed securities | 314 | — | 314 | — | ||||||||||
556,117 | — | 556,117 | — | |||||||||||
Cash, Cash Equivalents and Restricted Cash | 153,325 | 153,325 | — | — | ||||||||||
Other Assets (a) | 3,844 | — | — | 3,844 | ||||||||||
Total Assets Measured at Fair Value | $ | 713,286 | $ | 153,325 | $ | 556,117 | $ | 3,844 | ||||||
(a) Auction rate securities included in “Other assets” in the unaudited Consolidated Balance Sheet | ||||||||||||||
Based on market conditions, the Company uses a discounted cash flow valuation methodology for auction rate securities. Accordingly, for purposes of the foregoing condensed consolidated financial statements, these securities were categorized as Level 3 securities. The Company’s “Marketable Securities” classified as Level 2 primarily utilize broker quotes in a non-active market for valuation of these securities. | ||||||||||||||
The Company did not make any significant transfers of securities between Level 1, Level 2 and Level 3 during the nine months ended September 30, 2013. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. | ||||||||||||||
The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2013 (in thousands): | ||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||
(Level 3) | ||||||||||||||
Auction Rate | ||||||||||||||
Securities | ||||||||||||||
Balance at January 1, 2013 | $ | 3,844 | ||||||||||||
Total realized and unrealized gains or (losses) | ||||||||||||||
Included in earnings | — | |||||||||||||
Included in other comprehensive income | (71 | ) | ||||||||||||
Transferred out | — | |||||||||||||
Settlements | (1,528 | ) | ||||||||||||
Balance at September 30, 2013 | $ | 2,245 | ||||||||||||
The fair value of the Company’s long-term debt classified as Level 2 was estimated using discounted cash flow analyses, based on the Company’s current estimated incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company’s long-term debt is estimated based on current rates offered to the Company for similar debt and was estimated to be $1,574.6 million and $1,744.2 million as of September 30, 2013 and December 31, 2012, respectively, as compared to the carrying amounts of $1,524.2 million and $1,642.0 million as of September 30, 2013 and December 31, 2012, respectively. . |
Investments_in_Other_Companies
Investments in Other Companies | 9 Months Ended |
Sep. 30, 2013 | |
Investments in Other Companies | ' |
Investment in Other Companies | ' |
Note H — Investments in Other Companies | |
In September 2008, the Company entered into an agreement to acquire a 20% interest in Trip Linhas Aereas, a regional airline operating in Brazil (“TRIP”). As of September 30, 2013, the Company’s investment balance in TRIP was $19.1 million. In connection with the investment in TRIP, the Company entered into a put option agreement with the majority shareholder of TRIP that allowed the Company to put its investment to TRIP’s majority shareholder at an established price based on a 5% annual rate of return over the investment period. | |
On July 12, 2012, the Company sold its interest in TRIP for a price of $42 million. The purchase price is scheduled to be paid in three installments over a two-year period and may be accelerated upon the occurrence of certain conditions identified in the purchase agreement. As part of the sale transaction, the Company also received an option to acquire 15.38% of the ownership in Trip Investimentos Ltda., the purchaser of the Company’s TRIP shares (“Trip Investimentos”). The option has an initial exercise price per share equal to the price paid by Trip Investimentos to acquire the TRIP shares from the Company. The exercise price escalates annually at a specified rate and the Company can exercise the option, at its discretion, between the second and fourth anniversaries of the Company’s receipt of the final required installment payments from Trip Investimentos. Under the terms of the agreement, Trip Investmentos is prohibited from transferring the TRIP shares until all three installment payments have been made. The restriction on Trip Investimentos’ ability to transfer the TRIP shares prevents the transaction from being recognized as a sale for financial reporting purposes. As a result, the Company intends to account for the transaction as a sale once all three installment payments have been made. The Company has no continuing involvement with the TRIP shares. As of September 30, 2013, the Company had received the first two installment payments totaling $26.2 million. These payments were recorded as an “Other Long-Term Liability” on the Company’s consolidated balance sheet. The third installment payment is due July 12, 2014 for an amount of $16.8 million. The last installment payment and the option to purchase 15.38% of Trip Investimentos represent variable interests in TRIP Investimentos, which is a variable interest entity. The Company has no equity interest and no control over Trip Investimentos, and therefore the Company does not consolidate the financial performance of Trip Investimentos in its financial statements. | |
On September 29, 2010, the Company invested $7 million for a 30% ownership interest in Mekong Aviation Joint Stock Company, an airline operating in Vietnam (“Air Mekong”). During 2011, the Company invested an additional $3 million in Air Mekong. During the three months ended September 30, 2013, the Company sold its shares of Air Mekong. In conjunction with the sale of its shares, the Company recognized a gain of $5.0 million, which is reflected in other income in the Consolidated Statements of Comprehensive Income. |
Legal_Matters
Legal Matters | 9 Months Ended |
Sep. 30, 2013 | |
Legal Matters | ' |
Legal Matters | ' |
Note I — Legal Matters | |
The Company is subject to certain legal actions which it considers routine to its business activities. As of September 30, 2013, management believed, after consultation with legal counsel, that the ultimate outcome of such legal matters is not likely to have a material adverse effect on the Company’s financial position, liquidity or results of operations. However, the following is a significant outstanding legal matter. | |
SkyWest Airlines and ExpressJet v. Delta | |
During the quarter ended December 31, 2007, Delta notified the Company, SkyWest Airlines and Atlantic Southeast, of a dispute under the Delta Connection Agreements executed by Delta with SkyWest Airlines and Atlantic Southeast. The dispute relates to the allocation of liability for certain irregular operation (“IROP”) expenses paid by SkyWest Airlines and Atlantic Southeast to their passengers and vendors under certain situations. During the period between the execution of the Delta Connection Agreements in September 2005 and December 2007, SkyWest Airlines and Atlantic Southeast passed through to Delta IROP expenses that were paid pursuant to Delta’s policies, and Delta accepted and reimbursed those expenses. Delta now claims it is obligated to reimburse only a fraction of those IROP expenses. As a result, Delta withheld a combined total of approximately $25 million (pre-tax) from one of the weekly scheduled wire payments to SkyWest Airlines and Atlantic Southeast during December 2007. Since December 2007, Delta has continued to withhold payments from the weekly scheduled wire payments to SkyWest Airlines and Atlantic Southeast (now ExpressJet), and has disputed subsequent billings for IROP expenses. On February 1, 2008, SkyWest Airlines and Atlantic Southeast filed a Complaint in the Superior Court for Fulton County, Georgia (“Superior Court”) challenging Delta’s treatment of the matter and seeking recovery of the payments withheld by Delta and any future withholdings related to this issue. Delta filed an Answer to the SkyWest Airlines and Atlantic Southeast Complaint and a Counterclaim against SkyWest Airlines and Atlantic Southeast on March 24, 2008. Delta’s Counterclaim alleged that SkyWest Airlines and Atlantic Southeast breached the Delta Connection Agreements by invoicing Delta for IROP expenses that were paid pursuant to Delta’s policies, and claims only a portion of those expenses may be invoiced to Delta. Since July 1, 2008, the Company has not recognized revenue related to IROP expense reimbursements withheld by Delta because collection of those reimbursements is the subject of litigation and is not reasonably assured. As of September 30, 2013, the Company had recognized a cumulative total of $31.7 million of revenue associated with the funds withheld by Delta prior to July 1, 2008. | |
After proceedings that included contested motions, document discovery, and depositions, Delta voluntarily dismissed its Counterclaim. Discovery in that action was not complete at the time of dismissal. On February 14, 2011, SkyWest Airlines and Atlantic Southeast voluntarily dismissed their claims in the Superior Court, and filed a new complaint (the “State Court Complaint”) in the Georgia State Court of Fulton County (the “State Court”). The claims continue to include breach of contract, breach of contract based on mutual departure, breach of contract based on voluntary payment, and breach of the duty of good faith and fair dealing. Delta moved for partial dismissal of the State Court Complaint, which motion was denied in its entirety. | |
Discovery in the State Court lawsuit has concluded. On July 19, 2013, the parties filed cross motions for partial summary judgment. SkyWest Airlines and ExpressJet filed a motion for partial summary judgment on their claim for voluntary payment. Delta filed a motion for partial summary judgment on all of SkyWest’s and ExpressJet’s claims, for partial summary judgment on the issue of damages, and for spoliation sanctions. Briefing of the cross motions is complete, but the State Court has not yet set a hearing date for the motions. SkyWest and ExpressJet intend to oppose Delta’s motions and continue to vigorously pursue their claims set forth in the State Court Complaint. | |
As of September 30, 2013, the Company’s estimated range of reasonably possible loss related to the dispute was $0 to $25.8 million. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Share-Based Compensation | ' | ||||
Schedule of assumptions used and weighted average fair value for stock option grants | ' | ||||
Expected annual dividend rate | 1.21 | % | |||
Risk-free interest rate | 0.92 | % | |||
Average expected life (years) | 6 | ||||
Expected volatility of common stock | 0.446 | ||||
Forfeiture rate | 0 | % | |||
Weighted average fair value of option grants | $ | 5.04 | |||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Income Per Common Share | ' | |||||||||||||
Schedule of net income (loss) per common share | ' | |||||||||||||
The calculation of the weighted average number of common shares outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Numerator | ||||||||||||||
Net Income | $ | 26,394 | $ | 20,933 | $ | 50,348 | $ | 37,211 | ||||||
Denominator | ||||||||||||||
Weighted average number of common shares outstanding | 51,881 | 51,241 | 51,841 | 51,022 | ||||||||||
Effect of outstanding share-based awards | 729 | 912 | 710 | 586 | ||||||||||
Weighted average number of shares for diluted net income per common share | 52,610 | 52,153 | 52,551 | 51,608 | ||||||||||
Basic earnings per share | $ | 0.51 | $ | 0.41 | $ | 0.97 | $ | 0.73 | ||||||
Diluted earnings per share | $ | 0.5 | $ | 0.4 | $ | 0.96 | $ | 0.72 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Segment Reporting | ' | |||||||||
Schedule of Company's segment data | ' | |||||||||
The following table sets forth the Company’s segment data for the three-month periods ended September 30, 2013 and 2012 (in thousands). | ||||||||||
Three months ended September 30, 2013 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 468,517 | 381,749 | 474 | 850,740 | ||||||
Operating expense | 409,320 | 382,583 | 2,663 | 794,566 | ||||||
Depreciation and amortization expense | 38,845 | 22,290 | — | 61,135 | ||||||
Interest expense | 10,812 | 5,274 | 913 | 16,999 | ||||||
Segment profit (loss)(1) | 48,385 | (6,108 | ) | (3,102 | ) | 39,175 | ||||
Identifiable intangible assets, other than goodwill | — | 15,560 | — | 15,560 | ||||||
Total assets | 2,711,009 | 1,554,385 | — | 4,265,394 | ||||||
Capital expenditures (including non-cash) | 21,977 | 8,891 | — | 30,868 | ||||||
Three months ended September 30, 2012 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 475,662 | 386,803 | 2,794 | 865,259 | ||||||
Operating expense | 426,511 | 382,511 | 1,263 | 810,285 | ||||||
Depreciation and amortization expense | 38,179 | 24,524 | — | 62,703 | ||||||
Interest expense | 12,292 | 5,953 | 1,229 | 19,474 | ||||||
Segment profit (loss) (1) | 36,859 | (1,661 | ) | 302 | 35,500 | |||||
Identifiable intangible assets, other than goodwill | — | 17,810 | — | 17,810 | ||||||
Total assets | 2,639,895 | 1,608,956 | — | 4,248,851 | ||||||
Capital expenditures (including non-cash) | 11,579 | 4,601 | — | 16,180 | ||||||
(1) Segment profit (loss) is operating income (loss) less interest expense | ||||||||||
The following table sets forth the Company’s segment data for the nine-month periods ended September 30, 2013 and 2012 (in thousands). | ||||||||||
Nine months ended September 30, 2013 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 1,380,930 | 1,109,085 | 3,342 | 2,493,357 | ||||||
Operating expense | 1,236,003 | 1,128,757 | 6,306 | 2,371,066 | ||||||
Depreciation and amortization expense | 116,309 | 67,000 | — | 183,309 | ||||||
Interest expense | 33,535 | 16,099 | 2,856 | 52,490 | ||||||
Segment profit (loss)(1) | 111,392 | (35,771 | ) | (5,820 | ) | 69,801 | ||||
Identifiable intangible assets, other than goodwill | — | 15,560 | — | 15,560 | ||||||
Total assets | 2,711,009 | 1,554,385 | — | 4,265,394 | ||||||
Capital expenditures (including non-cash) | 66,339 | 28,242 | — | 94,581 | ||||||
Nine months ended September 30, 2012 | ||||||||||
SkyWest | ExpressJet | Other | Consolidated | |||||||
Airlines | ||||||||||
Operating revenues | 1,479,708 | 1,235,877 | 8,062 | 2,723,647 | ||||||
Operating expense | 1,366,914 | 1,230,703 | 3,793 | 2,601,410 | ||||||
Depreciation and amortization expense | 115,609 | 75,591 | — | 191,200 | ||||||
Interest expense | 37,207 | 17,958 | 3,476 | 58,641 | ||||||
Segment profit (loss) (1) | 75,587 | (12,784 | ) | 793 | 63,596 | |||||
Identifiable intangible assets, other than goodwill | — | 17,810 | — | 17,810 | ||||||
Total assets | 2,639,895 | 1,608,956 | — | 4,248,851 | ||||||
Capital expenditures (including non-cash) | 47,933 | 13,141 | — | 61,074 | ||||||
(1) Segment profit (loss) is operating income (loss) less interest expense |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2013 (in thousands): | |||||
October through December 2013 | $ | 113,776 | |||
2014 | 381,088 | ||||
2015 | 326,777 | ||||
2016 | 255,287 | ||||
2017 | 192,853 | ||||
Thereafter | 722,172 | ||||
$ | 1,991,953 | ||||
Summary of the Company's firm commitments related to the acquisition of aircraft and related spare engines that are considered firm deliveries | ' | ||||
The table below summarizes the Company’s firm commitments as of September 30, 2013, which primarily relate to the acquisition of aircraft and related spare engines that are considered firm deliveries (in thousands): | |||||
2014 | $ | 569,640 | |||
2015 | 591,368 | ||||
2016 | 9,972 | ||||
$ | 1,170,980 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of assets measured at fair value on a recurring basis | ' | |||||||||||||
Assets measured at fair value on a recurring basis are summarized below (in thousands): | ||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Marketable Securities | ||||||||||||||
Bond and bond fund | $ | 440,270 | $ | — | $ | 440,270 | $ | — | ||||||
Asset backed securities | 198 | — | 198 | — | ||||||||||
440,468 | — | 440,468 | — | |||||||||||
Cash, Cash Equivalents and Restricted Cash | 287,305 | 287,305 | — | — | ||||||||||
Other Assets (a) | 2,245 | — | — | 2,245 | ||||||||||
Total Assets Measured at Fair Value | $ | 730,018 | $ | 287,305 | $ | 440,468 | $ | 2,245 | ||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Marketable Securities | ||||||||||||||
Bonds and bond funds | $ | 552,289 | $ | — | $ | 552,289 | $ | — | ||||||
Commercial paper | 3,514 | — | 3,514 | — | ||||||||||
Asset backed securities | 314 | — | 314 | — | ||||||||||
556,117 | — | 556,117 | — | |||||||||||
Cash, Cash Equivalents and Restricted Cash | 153,325 | 153,325 | — | — | ||||||||||
Other Assets (a) | 3,844 | — | — | 3,844 | ||||||||||
Total Assets Measured at Fair Value | $ | 713,286 | $ | 153,325 | $ | 556,117 | $ | 3,844 | ||||||
(a) Auction rate securities included in “Other assets” in the unaudited Consolidated Balance Sheet | ||||||||||||||
Schedule of fair value measurements using significant unobservable inputs | ' | |||||||||||||
The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2013 (in thousands): | ||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||
(Level 3) | ||||||||||||||
Auction Rate | ||||||||||||||
Securities | ||||||||||||||
Balance at January 1, 2013 | $ | 3,844 | ||||||||||||
Total realized and unrealized gains or (losses) | ||||||||||||||
Included in earnings | — | |||||||||||||
Included in other comprehensive income | (71 | ) | ||||||||||||
Transferred out | — | |||||||||||||
Settlements | (1,528 | ) | ||||||||||||
Balance at September 30, 2013 | $ | 2,245 |
Passenger_and_Ground_Handling_1
Passenger and Ground Handling Revenues (Details) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2007 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 01, 2010 | Feb. 01, 2010 | 16-May-13 | Sep. 30, 2013 | Nov. 12, 2010 | Sep. 30, 2012 | Feb. 14, 2013 | Nov. 14, 2012 |
Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | Delta Connection Agreements | United Express Agreements | United Express Agreements | United Express Agreements | United Express Agreements | ExpressJet CPA | American Agreement | American Agreement | American Agreement | |
item | aircraft | CRJ 200 | CRJ 200 | CRJ 700s | CRJ 700s | CRJ 900 | CRJ 900 | CRJ 200 | E175 | Embraer 145 ERJ | aircraft | CRJ 200 | CRJ 200 | ||||
agreement | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | aircraft | ExpressJet | ExpressJet | SkyWest Airlines, Inc. | ||||||
aircraft | aircraft | aircraft | aircraft | ||||||||||||||
Agreements with other airlines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of agreement | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '12 years | ' | ' | '4 years | ' | ' |
Number of agreements for cross-termination rights | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years after which the rate resets | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anniversary of agreements which contractual rates shall not exceed the second lowest rate for all carriers | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual rate shall not exceed this number of rates from other carriers | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft operated | ' | ' | 34 | ' | ' | ' | 5 | ' | 29 | ' | 14 | 40 | 22 | 229 | ' | ' | 12 |
Number of aircraft terminated | ' | ' | ' | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft delivered | ' | ' | ' | ' | ' | 5 | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft subleased | ' | ' | ' | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft anticipate to operate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | 11 | ' |
Amount of receivables withheld from weekly scheduled wire payments to SkyWest Airlines and Atlantic Southeast | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-Based Compensation | ' | ' | ' | ' |
Stock based compensation expense | $1.10 | $1.10 | $3.60 | $3.60 |
Stock options | ' | ' | ' | ' |
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model | ' | ' | ' | ' |
Expected annual dividend rate (as a percent) | ' | ' | 1.21% | ' |
Risk-free interest rate (as a percent) | ' | ' | 0.92% | ' |
Average expected life | ' | ' | '6 years | ' |
Expected volatility of common stock (as a percent) | ' | ' | 44.60% | ' |
Forfeiture rate (as a percent) | ' | ' | 0.00% | ' |
Weighted average fair value of option grants (in dollars per share) | ' | ' | $5.04 | ' |
Restricted stock units | Directors | ' | ' | ' | ' |
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 27,492 | ' |
2010 Incentive Plan | Stock options | ' | ' | ' | ' |
Stock Compensation | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | 173,558 | ' |
2010 Incentive Plan | Restricted stock units | ' | ' | ' | ' |
Assumptions used to determine value of the shares purchased under the stock purchase plan using Black-Scholes option pricing model | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 284,026 | ' |
Vesting period | ' | ' | '3 years | ' |
Granted (in dollars per share) | ' | ' | $13.24 | ' |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income Per Common Share | ' | ' | ' | ' |
Number of outstanding options not included in computation of Diluted EPS (in shares) | 3,164,000 | 3,945,000 | 3,300,000 | 3,963,000 |
Numerator | ' | ' | ' | ' |
Net Income | $26,394 | $20,933 | $50,348 | $37,211 |
Denominator | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 51,881,000 | 51,241,000 | 51,841,000 | 51,022,000 |
Effect of outstanding share-based awards | 729,000 | 912,000 | 710,000 | 586,000 |
Weighted average number of shares for diluted net income per common share | 52,610,000 | 52,153,000 | 52,551,000 | 51,608,000 |
Basic earnings per share (in dollars per share) | $0.51 | $0.41 | $0.97 | $0.73 |
Diluted earnings per share (in dollars per share) | $0.50 | $0.40 | $0.96 | $0.72 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
segment | |||||
Segment Reporting | ' | ' | ' | ' | ' |
Operating segments number | ' | ' | 2 | ' | ' |
Number of operating subsidiaries representing operating segments | ' | ' | 2 | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Operating revenues | $850,740 | $865,259 | $2,493,357 | $2,723,647 | ' |
Operating expense | 794,566 | 810,285 | 2,371,066 | 2,601,410 | ' |
Depreciation and amortization expense | 61,135 | 62,703 | 183,309 | 191,200 | ' |
Interest expense | 16,999 | 19,474 | 52,490 | 58,641 | ' |
Segment profit (loss) | 39,175 | 35,500 | 69,801 | 63,596 | ' |
Identifiable intangible assets, other than goodwill | 15,560 | 17,810 | 15,560 | 17,810 | 17,248 |
Total assets | 4,265,394 | 4,248,851 | 4,265,394 | 4,248,851 | 4,254,637 |
Capital expenditures (including non - cash) | 30,868 | 16,180 | 94,581 | 61,074 | ' |
SkyWest | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Operating revenues | 468,517 | 475,662 | 1,380,930 | 1,479,708 | ' |
Operating expense | 409,320 | 426,511 | 1,236,003 | 1,366,914 | ' |
Depreciation and amortization expense | 38,845 | 38,179 | 116,309 | 115,609 | ' |
Interest expense | 10,812 | 12,292 | 33,535 | 37,207 | ' |
Segment profit (loss) | 48,385 | 36,859 | 111,392 | 75,587 | ' |
Total assets | 2,711,009 | 2,639,895 | 2,711,009 | 2,639,895 | ' |
Capital expenditures (including non - cash) | 21,977 | 11,579 | 66,339 | 47,933 | ' |
ExpressJet | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Operating revenues | 381,749 | 386,803 | 1,109,085 | 1,235,877 | ' |
Operating expense | 382,583 | 382,511 | 1,128,757 | 1,230,703 | ' |
Depreciation and amortization expense | 22,290 | 24,524 | 67,000 | 75,591 | ' |
Interest expense | 5,274 | 5,953 | 16,099 | 17,958 | ' |
Segment profit (loss) | -6,108 | -1,661 | -35,771 | -12,784 | ' |
Identifiable intangible assets, other than goodwill | 15,560 | 17,810 | 15,560 | 17,810 | ' |
Total assets | 1,554,385 | 1,608,956 | 1,554,385 | 1,608,956 | ' |
Capital expenditures (including non - cash) | 8,891 | 4,601 | 28,242 | 13,141 | ' |
Other | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Operating revenues | 474 | 2,794 | 3,342 | 8,062 | ' |
Operating expense | 2,663 | 1,263 | 6,306 | 3,793 | ' |
Interest expense | 913 | 1,229 | 2,856 | 3,476 | ' |
Segment profit (loss) | ($3,102) | $302 | ($5,820) | $793 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | 21-May-13 |
aircraft | E175 | |
Embraer S. A agreement | ||
aircraft | ||
Supply Commitment [Line Items] | ' | ' |
Number of aircraft to be purchased | ' | 100 |
Number of aircraft delivered | ' | 40 |
Number of aircraft to be acquired on condition | ' | 60 |
Number of aircraft leased by the entity | 571 | ' |
Future minimum rental payments required under operating leases | ' | ' |
October through December 2013 | $113,776 | ' |
2014 | 381,088 | ' |
2015 | 326,777 | ' |
2016 | 255,287 | ' |
2017 | 192,853 | ' |
Thereafter | 722,172 | ' |
Total | 1,991,953 | ' |
Commitments for the acquisition of aircraft and related spare engines | ' | ' |
2014 | 569,640 | ' |
2015 | 591,368 | ' |
2016 | 9,972 | ' |
Total | $1,170,980 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Auction rate securities | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | |||
Fair value | Fair value | Fair value | Fair value | Fair value | Fair value | Fair value | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | ||||
Bonds | Bonds | Asset backed securities | Asset backed securities | Commercial paper | Bonds | Bonds | Asset backed securities | Asset backed securities | Commercial paper | ||||||||||||
Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities | $440,468,000 | $556,117,000 | ' | $440,468,000 | $556,117,000 | $440,270,000 | $552,289,000 | $198,000 | $314,000 | $3,514,000 | ' | ' | $440,468,000 | $556,117,000 | $440,270,000 | $552,289,000 | $198,000 | $314,000 | $3,514,000 | ' | ' |
Cash, Cash Equivalents and Restricted Cash | ' | ' | ' | 287,305,000 | 153,325,000 | ' | ' | ' | ' | ' | 287,305,000 | 153,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets | ' | ' | ' | 2,245,000 | 3,844,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,245,000 | 3,844,000 |
Total Assets Measured at Fair Value | ' | ' | ' | 730,018,000 | 713,286,000 | ' | ' | ' | ' | ' | 287,305,000 | 153,325,000 | 440,468,000 | 556,117,000 | ' | ' | ' | ' | ' | 2,245,000 | 3,844,000 |
Changes in assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 3,844,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total realized and unrealized gains or (losses) Included in other comprehensive income | ' | ' | -71,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | ' | -1,528,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | 2,245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,574,600,000 | 1,744,200,000 | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,524,200,000 | $1,642,000,000 | ' | ' | ' | ' | ' | ' | ' |
Investments_in_Other_Companies1
Investments in Other Companies (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 12, 2012 | Sep. 30, 2013 | Jul. 12, 2012 | Sep. 30, 2008 | Sep. 30, 2013 | Jul. 12, 2012 | Jul. 12, 2012 | Sep. 29, 2010 | Sep. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2011 |
TRIP | TRIP | TRIP | TRIP | Trip Investimentos Ltda. | Trip Investimentos Ltda. | Trip Investimentos Ltda. | Air Mekong | Air Mekong | Air Mekong | Air Mekong | |
item | Sale of interest | Common stock | item | Sale of interest | Sale of interest | ||||||
item | Minimum | Maximum | |||||||||
Investments in other companies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership acquired | ' | ' | ' | 20.00% | ' | ' | ' | ' | 30.00% | ' | ' |
Company's investment balance | ' | $19.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rate of return used to calculate the put option price (as a percent) | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of equity method investment | ' | ' | 42 | ' | 26.2 | ' | ' | ' | ' | ' | ' |
Number of installments | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Period of payment under the purchase agreement | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
Option to acquire ownership (as a percent) | ' | ' | 15.38% | ' | 15.38% | ' | ' | ' | ' | ' | ' |
Option exercise period | ' | ' | ' | ' | ' | '2 years | '4 years | ' | ' | ' | ' |
Number of installment payments received | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Third installment of equity interest sold | ' | ' | ' | ' | 16.8 | ' | ' | ' | ' | ' | ' |
Payments to acquire equity method investment | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | 3 |
Gain on sale of cost method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' |
Legal_Matters_Details
Legal Matters (Details) (SkyWest Airlines and ExpressJet v. Delta, USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2007 | Sep. 30, 2013 |
SkyWest Airlines and ExpressJet v. Delta | ' | ' |
Legal Matters | ' | ' |
Amount of receivables withheld from weekly scheduled wire payments to SkyWest Airlines and Atlantic Southeast | $25 | ' |
Withheld receivables recognized as revenue by the entity | ' | 31.7 |
Minimum amount of possible damages | ' | 0 |
Reasonably possible loss related to dispute, maximum | ' | $25.80 |