SkyWest (SKYW) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	0-14719
Entity Registrant Name	SKYWEST INC
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	87-0292166
Entity Address, Address Line One	444 South River Road
Entity Address, City or Town	St. George
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84790
City Area Code	435
Local Phone Number	634-3000
Title of 12(b) Security	Common Stock, No Par Value
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	SKYW
Entity Common Stock, Shares Outstanding		50,181,350
Entity Central Index Key	0000793733
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 452,247	$ 87,206
Marketable securities	309,823	432,966
Income tax receivable	18,915	11,141
Receivables, net	42,498	82,977
Inventories, net	97,782	110,503
Other current assets	24,584	35,553
Total current assets	945,849	760,346
PROPERTY AND EQUIPMENT:
Aircraft and rotable spares	7,273,577	7,078,801
Deposits on aircraft	40,263	48,858
Buildings and ground equipment	246,131	265,398
Total property and equipment, gross	7,559,971	7,393,057
Less-accumulated depreciation and amortization	(2,233,275)	(1,998,376)
Total property and equipment, net	5,326,696	5,394,681
OTHER ASSETS:
Operating lease right-of-use assets	310,016	336,009
Other assets	190,822	166,093
Total other assets	500,838	502,102
Total assets	6,773,383	6,657,129
CURRENT LIABILITIES:
Current maturities of long-term debt	309,159	364,126
Accounts payable	322,460	284,473
Accrued salaries, wages and benefits	108,929	133,856
Current maturities of operating lease liabilities	87,415	94,806
Taxes other than income taxes	20,221	15,004
Other current liabilities	138,003	32,411
Total current liabilities	986,187	924,676
LONG-TERM DEBT, net of current maturities	2,664,122	2,628,989
DEFERRED INCOME TAXES PAYABLE	625,504	623,580
NONCURRENT OPERATING LEASE LIABILITIES	238,572	259,237
OTHER LONG-TERM LIABILITIES	116,036	45,633
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY:
Preferred stock, 5,000,000 shares authorized; none issued
Common stock, no par value, 120,000,000 shares authorized; 82,053,807 and 81,742,937 shares issued, as of June 30, 2020 and December 31, 2019, respectively	694,997	686,806
Retained earnings	2,064,794	2,079,179
Treasury stock, at cost, 31,913,635 and 31,420,179 shares issued, as of June 30, 2020 and December 31, 2019, respectively	(617,136)	(590,971)
Unrealized appreciation on securities	307
Total stockholders' equity	2,142,962	2,175,014
Total liabilities and stockholders' equity	$ 6,773,383	$ 6,657,129

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	$ 0	$ 0
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	82,053,807	81,742,937
Treasury stock, at cost, shares	31,913,635	31,420,179

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
OPERATING REVENUES:
Total operating revenues	$ 350,039	$ 744,383	$ 1,079,975	$ 1,468,077
OPERATING EXPENSES:
Salaries, wages and benefits	170,218	243,766	419,379	501,354
Depreciation and amortization	131,638	90,148	243,346	180,134
CARES Act payroll support grant	(151,938)		(151,938)
Special items				21,869
Other operating expenses	38,167	61,948	107,589	125,057
Total operating expenses	354,442	600,290	1,018,057	1,227,565
OPERATING INCOME (LOSS)	(4,403)	144,093	61,918	240,512
OTHER INCOME (EXPENSE):
Interest income	1,685	3,731	4,249	7,538
Interest expense	(30,926)	(32,770)	(61,130)	(65,278)
Other income (expense), net	402	281	800	47,006
Total other income (expense), net	(28,839)	(28,758)	(56,081)	(10,734)
INCOME (LOSS) BEFORE INCOME TAXES	(33,242)	115,335	5,837	229,778
PROVISION (BENEFIT) FOR INCOME TAXES	(7,527)	27,283	1,564	53,545
NET INCOME (LOSS)	$ (25,715)	$ 88,052	$ 4,273	$ 176,233
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share)	$ (0.51)	$ 1.72	$ 0.09	$ 3.44
DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share)	$ (0.51)	$ 1.71	$ 0.08	$ 3.40
Weighted average common shares:
Basic (in shares)	50,140	51,145	50,208	51,293
Diluted (in shares)	50,140	51,477	50,357	51,787
COMPREHENSIVE INCOME (LOSS):
Net income (loss)	$ (25,715)	$ 88,052	$ 4,273	$ 176,233
Net unrealized depreciation on debt securities, net of taxes	307		307	32
TOTAL COMPREHENSIVE INCOME (LOSS)	(25,408)	88,052	4,580	176,265
Flying agreements
OPERATING REVENUES:
Total operating revenues	336,370	725,335	1,045,864	1,425,336
Lease, airport services and other
OPERATING REVENUES:
Total operating revenues	13,669	19,048	34,111	42,741
Aircraft maintenance, materials and repairs
OPERATING EXPENSES:
Total operating expenses	121,289	124,789	281,505	243,051
Airport related expenses
OPERATING EXPENSES:
Total operating expenses	21,550	30,782	52,190	61,429
Aircraft fuel
OPERATING EXPENSES:
Total operating expenses	6,821	30,851	32,234	56,507
Aircraft rentals
OPERATING EXPENSES:
Total operating expenses	$ 16,697	$ 18,006	$ 33,752	$ 38,164

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
Increase (Decrease) in Stockholders' Equity
Change in accounting principle and other		$ (13,141)			$ (13,141)
Balance, as adjusted	$ 690,910	1,763,444	$ (503,182)	$ (32)	1,951,140
Balance at Dec. 31, 2018	$ 690,910	1,776,585	$ (503,182)	(32)	1,964,281
Balance (in shares) at Dec. 31, 2018	81,239		(29,851)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		88,181			88,181
Net unrealized appreciation on marketable securities, net of tax				32	32
Exercise of common stock options and stock issued under equity award plan	$ 641				641
Exercise of common stock options and stock issued under equity award plan (in shares)	521
Sale of common stock under employee stock purchase plan	$ 1,620				1,620
Sale of common stock under employee stock purchase plan (in shares)	39
Stock-based compensation expense (forfeiture credit) associated with equity awards, net	$ (578)				(578)
Treasury shares acquired from vested employee stock awards for income tax withholdings			$ (9,311)		(9,311)
Treasury shares acquired from vested employee stock awards for income tax withholdings (in shares)			(173)
Treasury stock purchases			$ (25,000)		(25,000)
Treasury stock purchases (in shares)			(476)
Cash dividends declared		(6,158)			(6,158)
Balance at Mar. 31, 2019	$ 692,593	1,845,467	$ (537,493)		2,000,567
Balance (in shares) at Mar. 31, 2019	81,799		(30,500)
Balance at Dec. 31, 2018	$ 690,910	1,776,585	$ (503,182)	(32)	1,964,281
Balance (in shares) at Dec. 31, 2018	81,239		(29,851)
Increase (Decrease) in Stockholders' Equity
Net income (loss)					176,233
Balance at Jun. 30, 2019	$ 680,802	1,927,412	$ (555,969)		2,052,245
Balance (in shares) at Jun. 30, 2019	81,703		(30,811)
Balance at Dec. 31, 2018	$ 690,910	1,776,585	$ (503,182)	(32)	1,964,281
Balance (in shares) at Dec. 31, 2018	81,239		(29,851)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 81,743
Balance at Dec. 31, 2019	$ 686,806	2,079,179	$ (590,971)		2,175,014
Balance (in shares) at Dec. 31, 2019	81,743		(31,420)
Balance at Mar. 31, 2019	$ 692,593	1,845,467	$ (537,493)		2,000,567
Balance (in shares) at Mar. 31, 2019	81,799		(30,500)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		88,052			88,052
Exercise of common stock options and stock issued under equity award plan	$ 2,279				2,279
Exercise of common stock options and stock issued under equity award plan (in shares)	172
Stock-based compensation expense (forfeiture credit) associated with equity awards, net	$ 2,075				2,075
Treasury stock purchases			$ (18,476)		(18,476)
Treasury stock purchases (in shares)			(311)
Common stock purchased and cancelled	$ (16,145)				(16,145)
Common stock purchased and cancelled (in shares)	(268)
Cash dividends declared		(6,107)			(6,107)
Balance at Jun. 30, 2019	$ 680,802	1,927,412	$ (555,969)		2,052,245
Balance (in shares) at Jun. 30, 2019	81,703		(30,811)
Increase (Decrease) in Stockholders' Equity
Change in accounting principle and other		(11,639)			(11,639)
Balance, as adjusted	$ 686,806	2,067,540	$ (590,971)		2,163,375
Balance at Dec. 31, 2019	$ 686,806	2,079,179	$ (590,971)		2,175,014
Balance (in shares) at Dec. 31, 2019	81,743		(31,420)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		29,988			29,988
Exercise of common stock options and stock issued under equity award plan	$ 38				38
Exercise of common stock options and stock issued under equity award plan (in shares)	287
Sale of common stock under employee stock purchase plan	$ 1,494				1,494
Sale of common stock under employee stock purchase plan (in shares)	24
Stock-based compensation expense (forfeiture credit) associated with equity awards, net	$ 1,727				1,727
Treasury shares acquired from vested employee stock awards for income tax withholdings			$ (6,165)		(6,165)
Treasury shares acquired from vested employee stock awards for income tax withholdings (in shares)			(108)
Treasury stock purchases			$ (20,000)		(20,000)
Treasury stock purchases (in shares)			(386)
Cash dividends declared		(7,019)			(7,019)
Balance at Mar. 31, 2020	$ 690,065	2,090,509	$ (617,136)		2,163,438
Balance (in shares) at Mar. 31, 2020	82,054		(31,914)
Balance at Dec. 31, 2019	$ 686,806	2,079,179	$ (590,971)		2,175,014
Balance (in shares) at Dec. 31, 2019	81,743		(31,420)
Increase (Decrease) in Stockholders' Equity
Net income (loss)					4,273
CARES Act warrant issuance					2,845
Balance at Jun. 30, 2020	$ 694,997	2,064,794	$ (617,136)	307	2,142,962
Balance (in shares) at Jun. 30, 2020	82,054		(31,914)
Balance at Mar. 31, 2020	$ 690,065	2,090,509	$ (617,136)		2,163,438
Balance (in shares) at Mar. 31, 2020	82,054		(31,914)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(25,715)			(25,715)
Net unrealized appreciation on marketable securities, net of tax				307	307
Stock-based compensation expense (forfeiture credit) associated with equity awards, net	$ 2,087				2,087
CARES Act warrant issuance	2,845				2,845
Balance at Jun. 30, 2020	$ 694,997	$ 2,064,794	$ (617,136)	$ 307	$ 2,142,962
Balance (in shares) at Jun. 30, 2020	82,054		(31,914)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Net unrealized appreciation on marketable securities, tax	$ 99			$ 10
Cash dividends declared (in dollars per share)		$ 0.14	$ 0.12	$ 0.12

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 492,283	$ 362,123
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(475,156)	(896,326)
Sales of marketable securities	598,606	961,403
Proceeds from the sale of aircraft, property and equipment	1,366	21,065
Acquisition of property and equipment:
Aircraft and rotable spare parts	(161,167)	(325,969)
Buildings and ground equipment	(8,695)	(55,865)
Deposits on aircraft	(625)	(31,817)
Aircraft deposits applied towards acquired aircraft	9,220	23,298
Net cash received from sale of ExpressJet subsidiary		53,200
Decrease (increase) in other assets	(34,172)	1,962
NET CASH USED IN INVESTING ACTIVITIES	(70,623)	(249,049)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	98,059	99,914
Principal payments on long-term debt	(115,189)	(211,200)
Net proceeds from issuance of common stock	1,532	4,540
Purchase of treasury and common stock and employee income tax paid on equity awards	(26,165)	(68,932)
Increase in debt issuance and lessor initial direct costs	(1,797)	(820)
Payment of cash dividends	(13,059)	(11,299)
NET CASH PROVIDED USED IN FINANCING ACTIVITIES	(56,619)	(187,797)
Increase (decrease) in cash and cash equivalents	365,041	(74,723)
Cash and cash equivalents at beginning of period	87,206	328,384
CASH AND CASH EQUIVALENTS AT END OF PERIOD	452,247	253,661
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Acquisition of rotable spare parts	13,522	3,244
Debt assumed on aircraft acquired under operating leases		14,475
Engines contributed to joint venture		22,313
Non-cash assets used to acquire aircraft under operating leases		150,688
Lease liability arising from the recognition of right-of-use asset		456,472
CARES Act warrant issuance	2,845
Cash paid during the period for:
Interest, net of capitalized amounts	41,881	67,778
Income taxes	$ 303	1,713
SUPPLEMENTAL DISCLOSURE OF SALE OF SUBSIDIARY:
Decrease in carrying amount of assets		(101,448)
Decrease in carrying amount of liabilities		68,341
Cash received from buyers		79,632
Gain on sale of subsidiary		$ 46,525

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2020
Condensed Consolidated Financial Statements
Condensed Consolidated Financial Statements	Note 1 — Condensed Consolidated Financial Statements ​ Basis of Presentation ​ The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”) and its operating subsidiary SkyWest Airlines, Inc. (“SkyWest Airlines”) and its leasing subsidiary SkyWest Leasing, Inc. (“SkyWest Leasing”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). On January 22, 2019, the Company completed the sale of its former wholly owned subsidiary, ExpressJet Airlines, Inc. (“ExpressJet”). The Company’s financial and operating results presented in this Report include the financial results of ExpressJet for the period of time ExpressJet was operating as a subsidiary of the Company. 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. These condensed consolidated financial statements should 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, 2019. Due in part to the severe affects from the global COVID-19 (coronavirus) pandemic, in addition to other factors, the results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. ​ 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 likely differ, and may differ materially, from those estimates and assumptions. ​ Recent Accounting Pronouncements ​ Recently Adopted Standards In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“Topic 326”), which requires measurement and recognition of expected credit losses for financial assets held and requires enhanced disclosure regarding significant estimates and judgments used in estimating credit losses. Topic 326 is effective for the Company beginning January 1, 2020. The Company adopted Topic 326 on January 1, 2020. The Company’s primary financial assets as of December 31, 2019 included trade receivables from its flying agreements, a note receivable from the sale of ExpressJet, and receivables from aircraft manufacturers and other third parties in the airline industry. The Company recorded a credit loss of ​

Impact of the COVID-19 Pandemic

Impact of the COVID-19 Pandemic	6 Months Ended
	Jun. 30, 2020
Impact of the COVID-19 Pandemic
Impact of the COVID-19 Pandemic	Note 2 — Impact of the COVID-19 Pandemic ​ COVID-19, which was declared a global health pandemic by the World Health Organization in March 2020, has surfaced in nearly all regions of the world and driven the implementation of significant, government-imposed measures to prevent or reduce its spread, including travel restrictions, closing of borders, “shelter in place” orders and business closures. Consequently, the Company and its major airline partners (as defined in Note 3 below), have experienced an unprecedented decline in the demand for air travel, which has materially and adversely affected the Company’s revenues, particularly under its prorate agreements (as defined in Note 3 below). The spread of the virus and the resulting global pandemic has affected the majority of the domestic and international networks of the Company’s major airline partners for whom it conducts flight operations and relies on to set its flight schedules. While the length and severity of the reduction in demand due to COVID-19 are uncertain, the Company presently expects a continued significant negative impact on its results of operations for the remainder of 2020 and into 2021. ​ In response to these developments, the Company has implemented measures to focus on the personal safety of its passengers and employees, while at the same time seeking to mitigate the impact on the Company’s financial position and operations. These measures include, but are not limited to, the following: ​ Focus on the Personal Safety of Passengers and Employees. ● Working with the Company’s major airline partners to enhance its aircraft cleaning procedures. ● Working with the Company’s major airline partners to provide masks for crewmembers and ensuring that all fleet service personnel have the necessary personal protective equipment for disinfecting the aircraft. ● Providing a number of options to employees who are diagnosed with COVID-19, including pay protection and extended leave options. ● Implementing workforce social distancing and protection measures, enhanced cleaning of the Company’s facilities, including training facilities, using methods and products similar to what the Company is using on its aircraft. ​ Capacity Reductions. . ​ Cost Reductions. ● Reducing employee-related costs including by: o Offering voluntary unpaid leave to employees. o Suspending all non-scale pay increases. o Instituting a company-wide hiring freeze. ● Delaying non-essential maintenance projects and reducing or suspending other discretionary spending. ​ Liquidity. ​ CARES Act. ​ In April 2020, SkyWest Airlines entered into an agreement with the U.S. Department of the Treasury (“Treasury”) to receive $438.0 million in emergency relief through the CARES Act payroll support program to be paid in installments from April to July 2020. The relief payments are conditioned on the Company’s agreement to, among other things, refrain from conducting involuntary employee layoffs or furloughs through September 30, 2020. Other conditions include bans on share repurchases and dividends through September 30, 2021, continuing essential air service as directed by the U.S. Department of Transportation and certain limitations on executive compensation. The relief payments include $336.6 million in a grant and $101.4 million in an unsecured 10-year ​ The relative fair value of the warrants is recorded within stockholder's equity and as a discount reducing the carrying value of the loan, which will be amortized as interest expense in the Company’s income statement over the term of the loan. The proceeds of the grant are recorded in cash and cash equivalents when received and will be recognized as a reduction in expense in CARES Act payroll support grant in our income statement over the periods that the funds are intended to compensate. ​ In the three months ended June 30, 2020, the Company received $306.6 million under the CARES Act payroll support program, which consisted of $244.6 million in a grant and $62.0 million in an unsecured loan. The remaining amount was received in July 2020. As of June 30, 2020, the Company recognized $151.9 million of the grant as a reduction in expense with the remaining $92.7 million recorded as a deferred reduction in expense in other current liabilities on our balance sheet. We expect to recognize the remainder of the grant proceeds from the CARES Act payroll support program as a reduction in expense by the end of 2020. See Note 9, "Long-Term Debt," for further discussion of the unsecured loans and warrants to acquire the Company’s shares issued under the CARES Act payroll support program. ​ The CARES Act also provides for up to $25 billion in secured loans to the airline industry. The Company has entered into a non-binding letter of intent with Treasury for approximately $497.0 million under the secured loan program. The Company is evaluating the timing and level of its of participation, and the Company has until September 30, 2020 to decide whether to participate in this program. ​

Flying Agreements Revenue and L

Flying Agreements Revenue and Lease, Airport Services and Other Revenues	6 Months Ended
	Jun. 30, 2020
Flying Agreements Revenue and Lease, Airport Services and Other Revenues
Flying Agreements Revenue and Lease, Airport Services and Other Revenues	Note 3 — Flying Agreements Revenue and Lease, Airport Services and Other Revenues ​ The Company recognizes flying agreements revenue and lease, airport services and other revenues when the service is provided under its code-share agreements. Under the Company’s fixed-fee arrangements (referred to as “capacity purchase agreements”) with Delta Air Lines, Inc. (“Delta”), United Airlines, Inc. (“United”), American Airlines, Inc. (“American”) and Alaska Airlines, Inc. (“Alaska”) (each, a “major airline partner”), the major airline partner generally pays the Company a fixed-fee for each departure, flight hour (measured from takeoff to landing, excluding taxi time) or block hour (measured from takeoff to landing, including taxi time) incurred, and an amount per aircraft in service each month with additional incentives based on flight completion and on-time performance. The major airline partner also directly pays for or reimburses the Company for certain direct expenses incurred under the capacity purchase agreement, such as fuel, airport landing fees and airport rents. Under the capacity purchase agreements, the Company’s performance obligation is met when each flight is completed and is reflected in flying agreements revenue. The transaction price for the capacity purchase agreements is determined from the fixed-fee consideration, incentive consideration and directly reimbursed expenses earned as flights are completed over the agreement term. For the six months ended June 30, 2020, capacity purchase agreements represented approximately Under the Company’s revenue-sharing arrangements (referred to as a “revenue-sharing” or “prorate” arrangement), the major airline partner and the Company negotiate a passenger fare proration formula, pursuant to which the Company receives a percentage of the ticket revenues for those passengers traveling for one portion of their trip on a Company airline and the other portion of their trip on the major airline partner. Under the Company’s prorate flying agreements, the performance obligation is met and revenue is recognized when each flight is completed based upon the portion of the prorate passenger fare the Company anticipates that it will receive for each completed flight. The transaction price for the prorate agreements is determined from the proration formula derived from each passenger ticket amount on each completed flight over the agreement term. For the six months ended June 30, 2020, prorate flying arrangements represented approximately Lease, airport services and other revenues primarily consist of revenue generated from aircraft and spare engines leased to third parties. Of the Company’s $5.3 billion of property and equipment, net as of June 30, 2020, $132.5 million of regional jet aircraft and spare engines was leased to third parties under operating leases as of June 30, 2020. The Company mitigates the residual asset risks of these assets by leasing aircraft and engine types that can be operated by the Company in the event of a default. Additionally, the operating leases typically have specified lease return condition requirements paid by the lessee to the Company and the Company typically maintains inspection rights under the leases. The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft that had remaining non-cancelable lease terms as of June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2020 through December 2020 $ 11,974 2021 ​ 22,508 ​ 2022 ​ 22,196 ​ 2023 ​ 21,643 ​ 2024 ​ 21,336 ​ Thereafter ​ 70,938 ​ ​ ​ $ 170,595 ​ ​ Additionally, lease, airport services and other revenues includes airport agent services, such as gate and ramp agent services at applicable airports where the Company provides such services. The transaction price for airport customer service agreements is determined from an agreed-upon rate by location applied to the applicable number of flights handled by the Company over the agreement term. The following represents the Company’s lease, airport services and other revenue for the three and six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease revenue $ 9,485 $ 9,016 $ 20,026 $ 18,038 Airport customer service and other revenue ​ 4,184 ​ 10,032 ​ 14,086 ​ 24,703 Lease, airport services and other ​ $ 13,669 ​ $ 19,048 ​ $ 34,112 ​ $ 42,741 ​ 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 agreements. ​ The following table represents the Company’s flying agreements revenue by type for the three and six month periods ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ ​ 2020 2019 2020 2019 ​ Capacity purchase agreements revenue: flight operations $ 132,061 $ 383,732 $ 498,469 $ 770,278 ​ Capacity purchase agreements revenue: aircraft lease and fixed revenue ​ ​ 168,103 ​ ​ 206,678 ​ ​ 410,838 ​ ​ 414,059 ​ Prorate agreements revenue ​ 36,206 ​ 134,925 ​ 136,557 ​ 240,999 ​ Flying agreements revenue $ 336,370 $ 725,335 $ 1,045,864 $ 1,425,336 ​ A portion of the Company’s compensation under its capacity purchase agreements is designed to reimburse the Company for certain aircraft ownership costs. The consideration for aircraft ownership costs varies by agreement but is intended to cover either the Company’s aircraft principal and interest debt service costs, its aircraft depreciation and interest expense or its aircraft lease expense costs while the aircraft is under contract. The consideration received for the use of the aircraft under the Company’s capacity purchase agreements is reflected as lease revenue, inasmuch as the agreements identify the “right of use” of a specific type and number of aircraft over a stated period of time. The lease revenue associated with the Company’s capacity purchase agreements is accounted for as an operating lease and is reflected as flying agreements revenue on the Company’s consolidated statements of comprehensive income. The Company has not separately stated aircraft rental income and aircraft rental expense in the consolidated statement of comprehensive income since the use of the aircraft is not a separate activity of the total service provided. Under the Company’s capacity purchase agreements, the Company is paid a fixed amount per aircraft each month over the contract term. The Company recognizes revenue related to the fixed amount per aircraft per month proportionately to completed flights, which is the Company’s performance obligation. The Company operated a materially lower number of flights during the three months ended June 30, 2020 from previous levels due to a reduction in flight schedules resulting from the COVID-19 pandemic. The Company’s completed departures decreased 62% and completed block hours decreased 66% during the three months ended June 30, 2020 compared to the three months ended June 30, 2019. Due to the lower number of flights operated during the three months ended June 30, 2020, the amount of cash collected for the fixed amount per aircraft exceeded the revenue recognized based on flights completed. The Company anticipates the future monthly flight levels will increase over the remaining applicable contract terms compared to the three months ended June 30, 2020. The Company’s deferred revenue balance will be recognized based on the Company’s completed flight levels each period relative to the anticipated flight levels over the remaining contract term. ​ The Company’s capacity purchase and prorate agreements include weekly provisional cash payments from the respective major airline partner based on a projected level of flying each month. The Company and each major airline partner subsequently reconcile these payments to the actual completed flight activity on a monthly or quarterly basis. In the event a flying agreement includes a mid-term rate reset to adjust rates prospectively and the contractual rates under the Company’s flying agreements have not been finalized at quarterly or annual financial statement dates, the Company applies the variable constraint guidance under ASU No. 2014-09, “Revenue from Contracts with Customers, (Topic 606)” (“Topic 606”), where the Company records revenue to the extent it believes that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. ​ In several of the Company’s agreements, the Company is eligible to receive incentive compensation upon the achievement of certain performance criteria. The incentives are defined in the agreements and are measured and determined on a monthly or quarterly basis. At the end of each period during the term of an agreement, the Company calculates the incentives achieved during that period and recognizes revenue attributable to that agreement accordingly, subject to the variable constraint guidance under Topic 606. ​ The following table summarizes the significant provisions of each code-share agreement SkyWest Airlines has with each major airline partner: ​ Delta Connection Agreements Agreement Aircraft type Number of Term / Termination Delta Connection Agreement (capacity purchase agreement) ​ • CRJ 200 • CRJ 700 • CRJ 900 • E175 ​ 36 6 43 67 ​ • Individual aircraft have scheduled removal dates from 2020 to 2029 Delta Connection Prorate Agreement (prorate arrangement) ​ • CRJ 200 ​ 21 ​ • Terminable with 30-day notice ​ United Express Agreements Agreement Aircraft type Number of Term / Termination United Express Agreements (capacity purchase agreement) ​ • CRJ 200 • CRJ 700 • E175 ​ 70 19 90 ​ • Individual aircraft have scheduled removal dates from 2022 to 2029 United Express Prorate Agreement (prorate arrangement) ​ • CRJ 200 ​ 26 ​ • Terminable with 120-day notice ​ ​ ​ ​ ​ ​ ​ ​ American Agreements Agreement Aircraft type Number of Term / Termination American Agreement (capacity purchase agreement) ​ • CRJ 700 ​ 61 ​ • Individual aircraft have scheduled removal dates from 2022 to 2025 ​ Alaska Capacity Purchase Agreement Agreement Aircraft type Number of Term / Termination Alaska Agreement (capacity purchase agreement) ​ • E175 ​ 32 ​ • Individual aircraft have scheduled removal dates from 2027 to 2030 ​ In addition to the contractual arrangements described above, SkyWest Airlines has entered into capacity purchase agreements with Delta and American to place additional new and used Embraer E175 dual-class regional jet aircraft (“E175”) into service. The Company is coordinating with its major airline partners on the timing of upcoming fleet deliveries under previously announced deals in response to COVID-19 schedule reductions. The anticipated future delivery dates summarized below are subject to change. ​ As of June 30, 2020, the Company was scheduled to acquire and place into service four new E175 aircraft in connection with its agreement with Delta. The delivery dates for these four new E175 aircraft are currently scheduled to be completed during 2020. Additionally, the Company is scheduled to place ​ As of June 30, 2020, the Company was scheduled to acquire and place into service 20 new E175 aircraft in connection with its agreement with American. The delivery dates for the new E175 aircraft are scheduled to occur from the end of 2021 to mid-2022. Additionally, SkyWest Airlines has a flying contract with American to operate a total of ​ As of June 30, 2020, the Company’s capacity purchase agreement with Delta included 36 CRJ200 aircraft that are scheduled to expire in increments during the remainder of 2020 and are not expected to be extended as a result of the decreased demand caused by the COVID-19 pandemic. The Company owns the 36 CRJ200 aircraft and anticipates parking such aircraft following removal from service. The Company has no outstanding financing obligations on the 36 owned CRJ200 aircraft. aircraft previously used for the Company’s capacity purchase agreement with Delta to the lessor, which leases were not extended by the Company as a result of the decreased demand caused by the COVID-19 pandemic. ​ Due to the uncertainty of obtaining future contract extensions from its major airline partners for the Company’s CRJ200 aircraft as a result of the COVID-19 pandemic and considering the average age of the Company’s CRJ200 fleet is 18 years , the Company reduced the estimated useful lives of its CRJ200 aircraft to align with each aircraft’s anticipated contract removal dates, which resulted in approximately $30.8 million of incremental depreciation expense during the three months ended June 30, 2020. The Company anticipates it will incur $22.3 million of additional depreciation expense from July to December 2020 resulting from the shorter estimated useful lives of its owned CRJ200 aircraft. ​ When an aircraft is scheduled to be removed from a capacity purchase agreement, the Company may, as practical under the circumstances, negotiate an extension with the respective major airline partner, negotiate the placement of the aircraft with another major airline partner, return the aircraft to the lessor if the aircraft is leased and the lease is expiring, place owned aircraft for sale, or pursue other uses for the aircraft. Other uses for the aircraft may include placing the aircraft in a prorate arrangement, leasing the aircraft to a third party, using aircraft parts and engines as spare inventory or leasing spare engines to a third party. In the event practical alternative uses for the aircraft removed from service are not available, the Company may park and store the aircraft. ​ The Company’s operating revenues could be impacted by a number of factors, including the impact of the COVID-19 pandemic on the demand for air travel and associated reduction in flight schedules, changes to the Company’s code-share agreements with its major airline partners, contract modifications resulting from contract renegotiations, 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 airline partners. ​ Allowance for credit losses ​ The Company monitors publicly available credit ratings for entities for which the Company has a significant receivable balance. As of June 30, 2020, the Company had gross receivables of $47.6 million in current assets and gross receivables of $73.4 million in other long-term assets. The Company has established credit loss reserves based on publicly available historic default rates issued by a third party for companies with similar credit ratings, factoring in the term of the respective accounts receivable or note receivable. During the six months ended June 30, 2020, the credit ratings were lowered on certain entities for which the Company has outstanding accounts receivable or notes receivable, which was the primary driver for the increase in the Company’s credit loss reserve when benchmarked against historic default rates of similarly rated companies during the six months ended June 30, 2020. ​ The following table summarizes the changes in allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ Allowance for ​ ​ Credit Losses Balance at January 1, 2020 ​ $ 15,388 ​ Additions to credit loss reserve ​ 4,308 ​ Write-offs charged against the allowance ​ — ​ Balance at June 30, 2020 ​ $ 19,696 ​ ​

Share-Based Compensation and St

Share-Based Compensation and Stock Repurchases	6 Months Ended
	Jun. 30, 2020
Share-Based Compensation and Stock Repurchases
Share-Based Compensation and Stock Repurchases	Note 4 — Share-Based Compensation and Stock Repurchases ​ During the six months ended June 30, 2020, the Company granted 82,505 restricted stock units and 69,132 performance shares to certain employees of the Company and its subsidiaries under the SkyWest, Inc. 2019 Long-Term Incentive Plan. Both the restricted stock units and performance shares have a June 30, 2020, the Company did not grant any options to purchase shares of common stock. Additionally, during the six months ended June 30, 2020, the Company granted The Company accounts for forfeitures of restricted stock units and performance share grants when forfeitures occur. The estimated fair value of the restricted stock units and performance shares is amortized over the applicable vesting periods. During the six months ended June 30, 2020 and 2019, the Company recorded pre-tax share-based compensation expense of million, respectively. Additionally, the Company incurred During the six months ended June 30, 2020, the Company repurchased 385,606 shares of its common stock for $20.0 million and paid $6.2 million for the income tax obligation on vested employee equity awards and issued the net, after-tax shares to employees. The Company did not repurchase any shares of its common stock or pay ​ In connection with the Company’s receipt of financial support under the Payroll Support Program in April 2020, the Company agreed not to repurchase shares of or make dividend payments in respect of its common stock through September 30, 2021. ​

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Jun. 30, 2020
Net Income Per Common Share
Net Income Per Common Share	Note 5 — 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 six months ended June 30, 2020, 219,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of June 30, 2020. During the six months ended June 30, 2019, 165,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of June 30, 2019. ​ The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 2019 ​ 2020 2019 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (loss) ​ $ (25,715) ​ $ 88,052 ​ $ 4,273 ​ $ 176,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 50,140 ​ 51,145 ​ 50,208 ​ 51,293 ​ ​ Effect of outstanding share-based awards ​ — ​ 332 ​ 149 ​ 494 ​ ​ Weighted average number of shares for diluted net income per common share ​ 50,140 ​ 51,477 ​ 50,357 ​ 51,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ (0.51) ​ $ 1.72 ​ $ 0.09 ​ $ 3.44 ​ ​ Diluted earnings per share ​ $ (0.51) ​ $ 1.71 ​ $ 0.08 ​ $ 3.40 ​ ​ ​

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting
Segment Reporting	Note 6 — Segment Reporting ​ Prior to the Company’s sale of ExpressJet on January 22, 2019, the Company’s three reporting segments consisted of the operations of SkyWest Airlines, ExpressJet and SkyWest Leasing activities. The segment information presented for ExpressJet reflects the period of time prior to the sale, when ExpressJet was operating as a subsidiary of the Company. ​ The Company’s chief operating decision maker analyzes the profitability of operating new aircraft financed through the issuance of debt, including the Company’s E175 fleet, separately from the profitability of the Company’s capital deployed for ownership and financing of such aircraft. The SkyWest Airlines segment includes revenue earned under the applicable capacity purchase agreements attributed to operating such aircraft and the respective operating costs. The SkyWest Leasing segment includes applicable revenue earned under the applicable capacity purchase agreements attributed to the ownership of new aircraft acquired through the issuance of debt and the respective depreciation and interest expense of such aircraft. The SkyWest Leasing segment also includes the activity of leasing regional jet aircraft and spare engines to third parties. The SkyWest Leasing segment’s total assets and capital expenditures include new aircraft acquired through the issuance of debt and assets leased to third parties. ​ The following represents the Company’s segment data for the three-month periods ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 ​ ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 227,808 ​ $ 122,231 ​ $ 350,039 ​ Operating expense ​ 275,869 ​ 78,573 ​ 354,442 ​ Depreciation and amortization expense ​ 59,421 ​ 72,217 ​ 131,638 ​ Interest expense ​ 3,438 ​ 27,488 ​ 30,926 ​ Segment profit (loss) (2) ​ (51,499) ​ 16,170 ​ (35,329) ​ Total assets (as of June 30, 2020) ​ 2,789,321 ​ ​ 3,984,062 ​ 6,773,383 ​ Capital expenditures (including non-cash) ​ 29,247 ​ ​ 43,013 ​ 72,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2019 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 627,088 ​ $ 117,295 ​ $ 744,383 ​ Operating expense ​ 545,419 ​ 54,871 ​ 600,290 ​ Depreciation and amortization expense ​ 40,641 ​ 49,507 ​ 90,148 ​ Interest expense ​ 3,716 ​ 29,054 ​ 32,770 ​ Segment profit (2) ​ 77,953 ​ 33,370 ​ 111,323 ​ Total assets (as of June 30, 2019) ​ 2,738,868 ​ ​ 3,841,151 ​ 6,580,019 ​ Capital expenditures (including non-cash) ​ 47,975 ​ ​ 87,687 ​ 135,662 ​ ​ (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense. ​ The following represents the Company’s segment data for the six-month periods ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2020 ​ ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 834,650 ​ $ 245,325 ​ $ 1,079,975 ​ Operating expense ​ 870,010 ​ 148,047 ​ 1,018,057 ​ Depreciation and amortization expense ​ 111,197 ​ 132,149 ​ 243,346 ​ Interest expense ​ 5,979 ​ 55,151 ​ 61,130 ​ Segment profit (loss) (2) ​ (41,339) ​ 42,127 ​ 788 ​ Total assets (as of June 30, 2020) ​ 2,789,321 ​ 3,984,062 ​ 6,773,383 ​ Capital expenditures (including non-cash) ​ 68,126 ​ 115,258 ​ 183,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2019 ​ ​ ​ SkyWest ​ ​ ​ SkyWest ​ ​ ​ Airlines ExpressJet Leasing Consolidated Operating revenues (1) ​ $ 1,212,856 ​ $ 24,050 ​ $ 231,171 ​ $ 1,468,077 ​ Operating expense ​ 1,091,320 ​ 28,690 ​ 107,555 ​ 1,227,565 ​ Depreciation and amortization expense ​ 80,694 ​ 971 ​ 98,469 ​ 180,134 ​ Special Items ​ ​ 18,508 ​ ​ 3,361 ​ ​ — ​ ​ 21,869 ​ Interest expense ​ 7,534 ​ — ​ 57,744 ​ 65,278 ​ Segment profit (loss) (2) ​ 114,002 ​ (4,640) ​ 65,872 ​ 175,234 ​ Total assets (as of June 30, 2019) ​ 2,738,868 ​ — ​ 3,841,151 ​ 6,580,019 ​ Capital expenditures (including non-cash) ​ 116,625 ​ — ​ 433,616 ​ 550,241 ​ ​ (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense.

Leases, Commitments and Conting

Leases, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Leases, Commitments and Contingencies
Leases, Commitments and Contingencies	Note 7 — Leases, Commitments and Contingencies ​ Effective January 1, 2019, the Company adopted Topic 842. The Company leases property and equipment under operating leases. For leases with durations longer than 12 months, the Company recorded the related operating lease right-of-use asset and operating lease liability at the present value of lease payments over the term. The Company used its incremental borrowing rate to discount the ​ Aircraft ​ As of June 30, 2020, the Company had 107 aircraft under operating leases with remaining terms ranging from less than one ​ With the adoption of Topic 842 on January 1, 2019, the Company evaluated whether leased aircraft asset groups within the Company’s fleet were impaired. Under the transition guidance for Topic 842, a company is permitted to recognize a previously unrecognized impairment related to a right-of-use asset in the period prior to the adoption date of Topic 842 if the event giving rise to the impairment occurred before the adoption date. In 2016, the Company recorded an impairment on certain of its long-lived assets, which included the Company’s CRJ200 aircraft . In 2016, the market lease rate was less than the contractual lease rate on the Company’s CRJ200 leased aircraft. The Company recorded an impairment of ​ Airport facilities ​ The Company has operating leases for facility space including airport terminals, office space, cargo warehouses and maintenance facilities. The Company generally leases this space from government agencies that control the use of the various airports. The remaining lease terms for facility space vary from one month to 36 years. The Company’s operating leases with lease rates that are variable based on airport operating costs, use of the facilities or other variable factors are excluded from the Company’s right-of-use assets and operating lease liabilities in accordance with accounting guidance. ​ Leases ​ As of June 30, 2020, the Company’s right-of-use assets were $310.0 million, the Company’s current maturities of operating lease liabilities were $87.4 million, and the Company’s noncurrent lease liabilities were $238.6 million. During the six months ended June 30, 2020, the Company paid $41.3 million in operating leases reflected as a reduction from operating cash flows. ​ The table below presents lease related terms and discount rates as of June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 Weighted-average remaining lease term for operating leases 6.7 years Weighted-average discount rate for operating leases ​ ​ 6.1% ​ ​ ​ The Company’s lease costs for the three and six months ended June 30, 2020 and 2019 included the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2020 2019 ​ 2020 2019 Operating lease cost $ 24,140 $ 27,647 ​ $ 49,158 $ 54,868 Variable and short-term lease cost ​ 1,207 ​ 1,346 ​ 2,551 ​ 2,821 Sublease income ​ ​ (1,560) ​ ​ — ​ ​ (3,131) ​ ​ — Total lease cost $ 23,787 $ 28,993 ​ $ 48,578 $ 57,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2020, the Company leased aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases, which are generally on a long-term, triple-net lease basis pursuant to which 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, or the property may be purchased rather than leased. The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ July 2020 through December 2020 $ 49,498 2021 ​ 85,084 ​ 2022 ​ 76,132 ​ 2023 ​ 69,394 ​ 2024 ​ 28,091 ​ Thereafter ​ 98,424 ​ ​ ​ $ 406,623 ​ ​ The Company is coordinating with its major airline partners on the timing of upcoming fleet deliveries under previously announced deals in response to COVID-19-related schedule reductions. The anticipated future delivery dates are subject to change. As of June 30, 2020, the Company had a firm purchase commitment for 24 E175 aircraft from Embraer, S.A. (“Embraer”) with anticipated delivery dates through 2022. ​ The following table summarizes the Company’s commitments and obligations as noted for each of the next five years and thereafter (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Jul - Dec 2020 2021 2022 2023 2024 Thereafter Operating lease payments for aircraft and facility obligations ​ $ 406,623 ​ $ 49,498 ​ $ 85,084 ​ $ 76,132 ​ $ 69,394 ​ $ 28,091 ​ $ 98,424 Firm aircraft and spare engine commitments ​ 661,406 ​ ​ 110,007 ​ ​ 159,719 ​ ​ 391,680 ​ ​ — ​ ​ — ​ ​ — ​ Interest commitments (1) ​ 570,669 ​ ​ 81,103 ​ ​ 111,231 ​ ​ 96,260 ​ ​ 79,076 ​ ​ 63,594 ​ ​ 139,405 ​ Principal maturities on long-term debt ​ 2,996,869 ​ ​ 120,956 ​ ​ 388,638 ​ ​ 389,593 ​ ​ 399,472 ​ ​ 353,106 ​ ​ 1,345,104 ​ Total commitments and obligations ​ $ 4,635,567 ​ $ 361,564 ​ $ 744,672 ​ $ 953,665 ​ $ 547,942 ​ $ 444,791 ​ $ 1,582,933 ​ ​ (1) At June 30, 2020, all of the Company’s total long-term debt had fixed interest rates .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Fair Value Measurements	Note 8 — Fair Value Measurements ​ The Company holds certain assets that are required to be measured at fair value in accordance with GAAP. The Company determined the 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 June 30, 2020, and December 31, 2019, 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 June 30, 2020 ​ Total Level 1 Level 2 Level 3 Cash and cash equivalents ​ $ 452,247 ​ $ 452,247 ​ $ — ​ $ — Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds and bond funds ​ $ 137,183 ​ $ — ​ $ 137,183 ​ $ — Commercial paper ​ 172,640 ​ — ​ 172,640 ​ — ​ ​ ​ 309,823 ​ — ​ 309,823 ​ — Total assets measured at fair value ​ $ 762,070 ​ $ 452,247 ​ $ 309,823 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of December 31, 2019 ​ Total Level 1 Level 2 Level 3 Cash and cash equivalents ​ $ 87,206 ​ $ 87,206 ​ $ — ​ $ — Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds and bond funds ​ $ 267,243 ​ $ — ​ $ 267,243 ​ $ — Commercial paper ​ 165,723 ​ — ​ 165,723 ​ — ​ ​ ​ 432,966 ​ — ​ 432,966 ​ — Total assets measured at fair value ​ $ 520,172 ​ $ 87,206 ​ $ 432,966 ​ $ — ​ The Company’s “marketable securities” classified as Level 2 securities 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 six months ended June 30, 2020. The Company’s policy regarding the recording of transfers between levels is to record any such transfers at the end of the reporting period. ​ As of June 30, 2020, and December 31, 2019, the Company classified $309.8 million and $433.0 million of marketable securities, respectively, as short-term since it had the intent to maintain a liquid portfolio and the ability to redeem the securities within one year. As of June 30, 2020, and December 31, 2019, the cost of the Company’s total cash and cash equivalents and available for sale securities was ​ The fair value of the Company’s long-term debt classified as Level 2 debt 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 $3.1 billion as of June 30, 2020 and $3.0 billion as of December 31, 2019, as compared to the carrying amount of $3.0 billion as of June 30, 2020 and $3.0 billion as of December 31, 2019.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Long-Term Debt
Long-Term Debt	Note 9 — Long-Term Debt ​ Long-term debt consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 Current portion of long-term debt $ 312,538 ​ $ 367,954 Current portion of unamortized debt issue cost, net ​ (3,379) ​ ​ (3,828) Current portion of long-term debt, net of debt issue costs $ 309,159 ​ $ 364,126 ​ ​ ​ ​ ​ ​ Long-term debt, net of current maturities $ 2,684,331 ​ $ 2,649,569 Long-term portion of unamortized debt issue cost, net ​ (20,209) ​ ​ (20,580) Long-term debt, net of current maturities and debt issue costs $ 2,664,122 ​ $ 2,628,989 ​ ​ ​ ​ ​ ​ Total long-term debt (including current portion) $ 2,996,869 ​ $ 3,017,523 Total unamortized debt issue cost, net ​ (23,588) ​ ​ (24,408) Total long-term debt, net of debt issue costs $ 2,973,281 ​ $ 2,993,115 ​ During the six months ended June 30, 2020, the Company took delivery of two new E175 aircraft that the Company financed through $36.1 million of long-term debt. The debt associated with the two E175 aircraft has a 12-year term, is due in quarterly installments with fixed annual interest rates ranging from 2.3% and is secured by the E175 aircraft. ​ During the six months ended June 30, 2020, in connection with the CARES Act payroll support program, the Company issued to Treasury a promissory note for an aggregate principal amount of $62.0 million and issued warrants to purchase 218,409 shares of the Company’s common stock. The Company has recorded the value of the promissory note and warrants on a relative fair value basis as $62.0 million of long-term debt and $2.9 million in common stock, respectively. The Company issued the final $39.4 million installment of the promissory note and issue the remaining 138,908 warrants to purchase shares of the Company’s common stock in July 2020 in connection with receipt of the final payments under the payroll support program. These warrants have an exercise price of $28.38 per share and a five-year term from the date of issuance. See Note 2, “Impact of the COVID-19 Pandemic,” for further discussion of the terms of the payroll support program loan and warrants. ​ As of June 30, 2020, and December 31, 2019, the Company had $61.8 million and $61.7 million, respectively, in letters of credit and surety bonds outstanding with various banks and surety institutions. which reduced the amount available under the facility to $66.2 million. The Company obtained a waiver under the line of credit to allow the Company to receive funding under the CARES Act.

Gain on Sale of ExpressJet

Gain on Sale of ExpressJet	6 Months Ended
	Jun. 30, 2020
Gain on Sale of ExpressJet
Gain on Sale of ExpressJet	Note 10 — Gain on Sale of ExpressJet ​ On January 22, 2019, the Company completed the sale of its former wholly owned subsidiary ExpressJet. The Company recorded a gain of $46.5 million before income tax from the sale of ExpressJet. The closing of the transaction was completed in two parts, through an asset sale and stock sale, as further described below. ​ Asset Sale ​ On January 11, 2019, pursuant to the terms and conditions of the Asset Purchase Agreement, dated as of December 17, 2018, by and among the Company, ExpressJet and United, United acquired certain specified assets and liabilities of ExpressJet, including, among other things, aircraft engines, auxiliary power units, rotable spare parts, ground support equipment and flight training equipment for $60.8 million in cash, subject to certain purchase price adjustments (the “Asset Sale”). Certain assets and liabilities of ExpressJet were expressly excluded from the Asset Sale. ​ Stock Sale ​ Additionally, on January 22, 2019, pursuant to the terms and conditions of the Stock Purchase Agreement, dated as of December 17, 2018, by and among the Company and ManaAir, LLC, a company in which United owns a minority interest (the “Buyer”), the Buyer acquired all of the outstanding shares of capital stock of ExpressJet from the Company for $18.8 million in cash, subject to certain purchase price adjustments (the “Stock Sale,”). To facilitate payment of the purchase price for the Stock Sale, at the closing of the Stock Sale, the Company loaned $26 million to Kair Enterprises, Inc. (the “Borrower”), the majority owner of the Buyer. Such loan accrues interest at the rate of 6.85% per annum, matures on the last business day of the last month immediately preceding the two-year anniversary of the closing of the Stock Sale and is secured by, among other things, the Borrower’s ownership interests in the Buyer. ​

Special Items

Special Items	6 Months Ended
	Jun. 30, 2020
Special Items
Special Items	Note 11 — Special Items ​ During the six months ended June 30, 2019, the Company terminated an agreement with an aircraft manufacturer that obligated the Company to future aircraft lease return conditions on aircraft the Company leased. In conjunction with the terminated agreement, the aircraft manufacturer released the Company from the future aircraft lease return obligations and the Company agreed to terminate aircraft part credits previously issued by the manufacturer to the Company. As a result of the terminated agreement, the Company recorded a non-cash expense of ​ Additionally, during the six months ended June 30, 2019, the Company incurred $3.4 million of employee severance related costs associated with the sale of ExpressJet that are also reflected in special items. The Company had no special expense items for the six months ended June 30, 2020. ​

Investment in Other Companies

Investment in Other Companies	6 Months Ended
	Jun. 30, 2020
Investment in Other Companies
Investment in Other Companies	Note 12 — Investment in Other Companies ​ During 2019, the Company created a joint venture with Regional One, Inc. (“Regional One”) by investing $22.3 million for a 75% ownership interest in Aero Engines, LLC. (“Aero Engines”). The primary purpose of Aero Engines is to lease engines to third parties. Aero Engines requires unanimous approval from the Company and Regional One for its engine purchases, dispositions, lease agreements with third parties and all other material transactions. The Company determined Aero Engines is a variable interest entity as the Company has a 75% ownership interest in Aero Engines and all material decisions require unanimous approval from the Company and Regional One, resulting in disproportionate ownership rights relative to voting rights. As unanimous approval is required for all Aero Engines’ material activities. Aero Engines has no primary beneficiary. The Company accounts for its investment in Aero Engines under the equity method. The Company’s exposure in its investment in Aero Engines primarily consists of the Company’s portion of income or loss from Aero Engines’ engine lease agreements with third parties and the Company’s ownership percentage in Aero Engines’ engines book value. The Company purchased ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes
Income Taxes	Note 13 — Income Taxes ​ The Company’s effective tax rate for the three months ended June 30, 2020 was 22.6% The Company’s effective tax rate for the three months ended June 30, 2020 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses. ​ The Company’s effective tax rate for the six months ended June 30, 2020 was 26.8%. The Company’s effective tax rate for the six months ended June 30, 2020 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses, partially offset by a $1.4 million discrete tax benefit from excess tax deductions generated from employee equity transactions that occurred during the six months ended June 30, 2020. ​ The Company’s effective tax rate for the three months ended June 30, 2019 was 23.7%. The Company’s effective tax rate for the three months ended June 30, 2019 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses, partially offset by a $1.3 million discrete tax benefit from excess tax deductions generated from employee equity transactions that occurred during the three months ended June 30, 2019. ​ The Company’s effective tax rate for the six months ended June 30, 2019 was 23.3%. The Company’s effective tax rate for the six months ended June 30, 2019 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses, partially offset by a $3.5 million discrete tax benefit from excess tax deductions generated from employee equity transactions that occurred during the six months ended June 30, 2019.

Legal Matters

Legal Matters	6 Months Ended
	Jun. 30, 2020
Legal Matters
Legal Matters	Note 14 — Legal Matters ​ The Company is subject to certain legal actions which it considers routine to its business activities. As of June 30, 2020, the Company’s management believed, after consultation with legal counsel, that the ultimate outcome of such legal matters was not likely to have a material adverse effect on the Company’s financial position, liquidity or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	Note 15 — Subsequent Events ​ ​

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2020
Condensed Consolidated Financial Statements
Basis of Presentation	Basis of Presentation ​ The condensed consolidated financial statements of SkyWest, Inc. (“SkyWest” or the “Company”) and its operating subsidiary SkyWest Airlines, Inc. (“SkyWest Airlines”) and its leasing subsidiary SkyWest Leasing, Inc. (“SkyWest Leasing”) included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). On January 22, 2019, the Company completed the sale of its former wholly owned subsidiary, ExpressJet Airlines, Inc. (“ExpressJet”). The Company’s financial and operating results presented in this Report include the financial results of ExpressJet for the period of time ExpressJet was operating as a subsidiary of the Company. 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. These condensed consolidated financial statements should 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, 2019. Due in part to the severe affects from the global COVID-19 (coronavirus) pandemic, in addition to other factors, the results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. ​ 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 likely differ, and may differ materially, from those estimates and assumptions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ Recently Adopted Standards In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” (“Topic 326”), which requires measurement and recognition of expected credit losses for financial assets held and requires enhanced disclosure regarding significant estimates and judgments used in estimating credit losses. Topic 326 is effective for the Company beginning January 1, 2020. The Company adopted Topic 326 on January 1, 2020. The Company’s primary financial assets as of December 31, 2019 included trade receivables from its flying agreements, a note receivable from the sale of ExpressJet, and receivables from aircraft manufacturers and other third parties in the airline industry. The Company recorded a credit loss of

Flying Agreements Revenue and_2

Flying Agreements Revenue and Lease, Airport Services and Other Revenues (Tables)	6 Months Ended
	Jun. 30, 2020
Agreements with other airlines
Schedule of future minimum rental payments for operating leases	​ ​ ​ ​ ​ ​ July 2020 through December 2020 $ 49,498 2021 ​ 85,084 ​ 2022 ​ 76,132 ​ 2023 ​ 69,394 ​ 2024 ​ 28,091 ​ Thereafter ​ 98,424 ​ ​ ​ $ 406,623 ​
Schedule of revenue by type	The following table represents the Company’s flying agreements revenue by type for the three and six month periods ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ ​ 2020 2019 2020 2019 ​ Capacity purchase agreements revenue: flight operations $ 132,061 $ 383,732 $ 498,469 $ 770,278 ​ Capacity purchase agreements revenue: aircraft lease and fixed revenue ​ ​ 168,103 ​ ​ 206,678 ​ ​ 410,838 ​ ​ 414,059 ​ Prorate agreements revenue ​ 36,206 ​ 134,925 ​ 136,557 ​ 240,999 ​ Flying agreements revenue $ 336,370 $ 725,335 $ 1,045,864 $ 1,425,336
Schedule of details of agreements with other airlines	​ The following table summarizes the significant provisions of each code-share agreement SkyWest Airlines has with each major airline partner: ​ Delta Connection Agreements Agreement Aircraft type Number of Term / Termination Delta Connection Agreement (capacity purchase agreement) ​ • CRJ 200 • CRJ 700 • CRJ 900 • E175 ​ 36 6 43 67 ​ • Individual aircraft have scheduled removal dates from 2020 to 2029 Delta Connection Prorate Agreement (prorate arrangement) ​ • CRJ 200 ​ 21 ​ • Terminable with 30-day notice ​ United Express Agreements Agreement Aircraft type Number of Term / Termination United Express Agreements (capacity purchase agreement) ​ • CRJ 200 • CRJ 700 • E175 ​ 70 19 90 ​ • Individual aircraft have scheduled removal dates from 2022 to 2029 United Express Prorate Agreement (prorate arrangement) ​ • CRJ 200 ​ 26 ​ • Terminable with 120-day notice ​ ​ ​ ​ ​ ​ ​ ​ American Agreements Agreement Aircraft type Number of Term / Termination American Agreement (capacity purchase agreement) ​ • CRJ 700 ​ 61 ​ • Individual aircraft have scheduled removal dates from 2022 to 2025 ​ Alaska Capacity Purchase Agreement Agreement Aircraft type Number of Term / Termination Alaska Agreement (capacity purchase agreement) ​ • E175 ​ 32 ​ • Individual aircraft have scheduled removal dates from 2027 to 2030
Schedule of changes in allowance for credit losses	​ ​ ​ ​ ​ ​ ​ Allowance for ​ ​ Credit Losses Balance at January 1, 2020 ​ $ 15,388 ​ Additions to credit loss reserve ​ 4,308 ​ Write-offs charged against the allowance ​ — ​ Balance at June 30, 2020 ​ $ 19,696 ​
Aircraft
Agreements with other airlines
Schedule of future minimum rental payments for operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2020 through December 2020 $ 11,974 2021 ​ 22,508 ​ 2022 ​ 22,196 ​ 2023 ​ 21,643 ​ 2024 ​ 21,336 ​ Thereafter ​ 70,938 ​ ​ ​ $ 170,595 ​
Airport customer service and other
Agreements with other airlines
Schedule of revenue by type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease revenue $ 9,485 $ 9,016 $ 20,026 $ 18,038 Airport customer service and other revenue ​ 4,184 ​ 10,032 ​ 14,086 ​ 24,703 Lease, airport services and other ​ $ 13,669 ​ $ 19,048 ​ $ 34,112 ​ $ 42,741

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Net Income Per Common Share
Schedule of net income per common share	The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 2019 ​ 2020 2019 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (loss) ​ $ (25,715) ​ $ 88,052 ​ $ 4,273 ​ $ 176,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ 50,140 ​ 51,145 ​ 50,208 ​ 51,293 ​ ​ Effect of outstanding share-based awards ​ — ​ 332 ​ 149 ​ 494 ​ ​ Weighted average number of shares for diluted net income per common share ​ 50,140 ​ 51,477 ​ 50,357 ​ 51,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ (0.51) ​ $ 1.72 ​ $ 0.09 ​ $ 3.44 ​ ​ Diluted earnings per share ​ $ (0.51) ​ $ 1.71 ​ $ 0.08 ​ $ 3.40 ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting
Schedule of Company's segment data	The following represents the Company’s segment data for the three-month periods ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 ​ ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 227,808 ​ $ 122,231 ​ $ 350,039 ​ Operating expense ​ 275,869 ​ 78,573 ​ 354,442 ​ Depreciation and amortization expense ​ 59,421 ​ 72,217 ​ 131,638 ​ Interest expense ​ 3,438 ​ 27,488 ​ 30,926 ​ Segment profit (loss) (2) ​ (51,499) ​ 16,170 ​ (35,329) ​ Total assets (as of June 30, 2020) ​ 2,789,321 ​ ​ 3,984,062 ​ 6,773,383 ​ Capital expenditures (including non-cash) ​ 29,247 ​ ​ 43,013 ​ 72,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2019 ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 627,088 ​ $ 117,295 ​ $ 744,383 ​ Operating expense ​ 545,419 ​ 54,871 ​ 600,290 ​ Depreciation and amortization expense ​ 40,641 ​ 49,507 ​ 90,148 ​ Interest expense ​ 3,716 ​ 29,054 ​ 32,770 ​ Segment profit (2) ​ 77,953 ​ 33,370 ​ 111,323 ​ Total assets (as of June 30, 2019) ​ 2,738,868 ​ ​ 3,841,151 ​ 6,580,019 ​ Capital expenditures (including non-cash) ​ 47,975 ​ ​ 87,687 ​ 135,662 ​ ​ (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense. ​ The following represents the Company’s segment data for the six-month periods ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2020 ​ ​ ​ SkyWest ​ SkyWest ​ ​ ​ Airlines Leasing Consolidated Operating revenues (1) ​ $ 834,650 ​ $ 245,325 ​ $ 1,079,975 ​ Operating expense ​ 870,010 ​ 148,047 ​ 1,018,057 ​ Depreciation and amortization expense ​ 111,197 ​ 132,149 ​ 243,346 ​ Interest expense ​ 5,979 ​ 55,151 ​ 61,130 ​ Segment profit (loss) (2) ​ (41,339) ​ 42,127 ​ 788 ​ Total assets (as of June 30, 2020) ​ 2,789,321 ​ 3,984,062 ​ 6,773,383 ​ Capital expenditures (including non-cash) ​ 68,126 ​ 115,258 ​ 183,384 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, 2019 ​ ​ ​ SkyWest ​ ​ ​ SkyWest ​ ​ ​ Airlines ExpressJet Leasing Consolidated Operating revenues (1) ​ $ 1,212,856 ​ $ 24,050 ​ $ 231,171 ​ $ 1,468,077 ​ Operating expense ​ 1,091,320 ​ 28,690 ​ 107,555 ​ 1,227,565 ​ Depreciation and amortization expense ​ 80,694 ​ 971 ​ 98,469 ​ 180,134 ​ Special Items ​ ​ 18,508 ​ ​ 3,361 ​ ​ — ​ ​ 21,869 ​ Interest expense ​ 7,534 ​ — ​ 57,744 ​ 65,278 ​ Segment profit (loss) (2) ​ 114,002 ​ (4,640) ​ 65,872 ​ 175,234 ​ Total assets (as of June 30, 2019) ​ 2,738,868 ​ — ​ 3,841,151 ​ 6,580,019 ​ Capital expenditures (including non-cash) ​ 116,625 ​ — ​ 433,616 ​ 550,241 ​ ​ (1) Prorate revenue and airport customer service revenue are primarily reflected in the SkyWest Airlines segment. (2) Segment profit (loss) is equal to operating income less interest expense.

Leases, Commitments and Conti_2

Leases, Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Leases, Commitments and Contingencies
Summary of related terms and discount rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 Weighted-average remaining lease term for operating leases 6.7 years Weighted-average discount rate for operating leases ​ ​ 6.1% ​
Summary of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, ​ For the six months ended June 30, ​ 2020 2019 ​ 2020 2019 Operating lease cost $ 24,140 $ 27,647 ​ $ 49,158 $ 54,868 Variable and short-term lease cost ​ 1,207 ​ 1,346 ​ 2,551 ​ 2,821 Sublease income ​ ​ (1,560) ​ ​ — ​ ​ (3,131) ​ ​ — Total lease cost $ 23,787 $ 28,993 ​ $ 48,578 $ 57,689 ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future minimum rental payments for operating leases	​ ​ ​ ​ ​ ​ July 2020 through December 2020 $ 49,498 2021 ​ 85,084 ​ 2022 ​ 76,132 ​ 2023 ​ 69,394 ​ 2024 ​ 28,091 ​ Thereafter ​ 98,424 ​ ​ ​ $ 406,623 ​
Summary of commitments and obligations	The following table summarizes the Company’s commitments and obligations as noted for each of the next five years and thereafter (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Jul - Dec 2020 2021 2022 2023 2024 Thereafter Operating lease payments for aircraft and facility obligations ​ $ 406,623 ​ $ 49,498 ​ $ 85,084 ​ $ 76,132 ​ $ 69,394 ​ $ 28,091 ​ $ 98,424 Firm aircraft and spare engine commitments ​ 661,406 ​ ​ 110,007 ​ ​ 159,719 ​ ​ 391,680 ​ ​ — ​ ​ — ​ ​ — ​ Interest commitments (1) ​ 570,669 ​ ​ 81,103 ​ ​ 111,231 ​ ​ 96,260 ​ ​ 79,076 ​ ​ 63,594 ​ ​ 139,405 ​ Principal maturities on long-term debt ​ 2,996,869 ​ ​ 120,956 ​ ​ 388,638 ​ ​ 389,593 ​ ​ 399,472 ​ ​ 353,106 ​ ​ 1,345,104 ​ Total commitments and obligations ​ $ 4,635,567 ​ $ 361,564 ​ $ 744,672 ​ $ 953,665 ​ $ 547,942 ​ $ 444,791 ​ $ 1,582,933 ​ ​ (1) At June 30, 2020, all of the Company’s total long-term debt had fixed interest rates .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Schedule of assets measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of June 30, 2020 ​ Total Level 1 Level 2 Level 3 Cash and cash equivalents ​ $ 452,247 ​ $ 452,247 ​ $ — ​ $ — Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds and bond funds ​ $ 137,183 ​ $ — ​ $ 137,183 ​ $ — Commercial paper ​ 172,640 ​ — ​ 172,640 ​ — ​ ​ ​ 309,823 ​ — ​ 309,823 ​ — Total assets measured at fair value ​ $ 762,070 ​ $ 452,247 ​ $ 309,823 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of December 31, 2019 ​ Total Level 1 Level 2 Level 3 Cash and cash equivalents ​ $ 87,206 ​ $ 87,206 ​ $ — ​ $ — Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds and bond funds ​ $ 267,243 ​ $ — ​ $ 267,243 ​ $ — Commercial paper ​ 165,723 ​ — ​ 165,723 ​ — ​ ​ ​ 432,966 ​ — ​ 432,966 ​ — Total assets measured at fair value ​ $ 520,172 ​ $ 87,206 ​ $ 432,966 ​ $ — ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Long-Term Debt
Schedule of long-term debt	Long-term debt consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 Current portion of long-term debt $ 312,538 ​ $ 367,954 Current portion of unamortized debt issue cost, net ​ (3,379) ​ ​ (3,828) Current portion of long-term debt, net of debt issue costs $ 309,159 ​ $ 364,126 ​ ​ ​ ​ ​ ​ Long-term debt, net of current maturities $ 2,684,331 ​ $ 2,649,569 Long-term portion of unamortized debt issue cost, net ​ (20,209) ​ ​ (20,580) Long-term debt, net of current maturities and debt issue costs $ 2,664,122 ​ $ 2,628,989 ​ ​ ​ ​ ​ ​ Total long-term debt (including current portion) $ 2,996,869 ​ $ 3,017,523 Total unamortized debt issue cost, net ​ (23,588) ​ ​ (24,408) Total long-term debt, net of debt issue costs $ 2,973,281 ​ $ 2,993,115

Condensed Consolidated Financ_3

Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020
Recent Accounting Pronouncements
Credit loss		$ 4,308
Topic 326
Recent Accounting Pronouncements
Credit loss	$ 11,600

Impact of the COVID-19 Pandem_2

Impact of the COVID-19 Pandemic (Details) $ / shares in Units, $ in Thousands	Mar. 27, 2020USD ($)	Jul. 31, 2020item	Apr. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Jul. 31, 2020item	Dec. 31, 2020aircraft	Jun. 30, 2020USD ($)aircraft	Dec. 31, 2020aircraft
Unusual Risk or Uncertainty [Line Items]
Liquid Assets				$ 828,300			$ 828,300
Cash and Marketable Securities				762,100			762,100
Line of credit facility, reduction of amount available				66,200			66,200
Grant contra expenses				(151,938)			(151,938)
Maximum borrowing capacity				75,000			75,000
Minimum | COVID-19
Unusual Risk or Uncertainty [Line Items]
Number of daily departures | item		1,200
Maximum
Unusual Risk or Uncertainty [Line Items]
CARES Act, secured loans to airline industry	$ 25,000,000						25,000,000
Maximum | COVID-19
Unusual Risk or Uncertainty [Line Items]
Number of daily departures | item					1,400
PSP agreement
Unusual Risk or Uncertainty [Line Items]
Grants receivable			$ 438,000
Proceeds				306,600
Grant contra expenses				151,900
Deferred grant contra expenses				92,700			92,700
Loan Program
Unusual Risk or Uncertainty [Line Items]
Maximum borrowing capacity				497,000			$ 497,000
CRJ 200 | Sky West Airlines Inc | Delta Connection Agreement
Unusual Risk or Uncertainty [Line Items]
Number of aircraft | aircraft							36
Grant | PSP agreement
Unusual Risk or Uncertainty [Line Items]
Principal amount			336,600
Proceeds				244,600
Forecast | Minimum
Unusual Risk or Uncertainty [Line Items]
Number of daily departures | item		2,500
Forecast | Maximum
Unusual Risk or Uncertainty [Line Items]
Number of daily departures | item		2,600
Forecast | CRJ 200 | Sky West Airlines Inc | Delta Connection Agreement
Unusual Risk or Uncertainty [Line Items]
Number of aircraft removed from service | aircraft						36
Forecast | CRJ 200 | Sky West Airlines Inc | American Prorate Agreement
Unusual Risk or Uncertainty [Line Items]
Number of aircraft removed from service | aircraft								7
Unsecured term loan | PSP agreement
Unusual Risk or Uncertainty [Line Items]
Principal amount			$ 101,400
Debt term			10 years
Proceeds				$ 62,000
Unsecured term loan | First five years | PSP agreement
Unusual Risk or Uncertainty [Line Items]
Interest rate (as a percent)			1.00%
Unsecured term loan | Final five years | PSP agreement
Unusual Risk or Uncertainty [Line Items]
Interest rate (as a percent)			2.00%
Warrant Shares | PSP agreement
Unusual Risk or Uncertainty [Line Items]
Warrants to purchase shares | shares			357,317
Warrants exercise price | $ / shares			$ 28.38
Warrant term			5 years

Flying Agreements Revenue and_3

Flying Agreements Revenue and Lease, Airport Services and Other Revenues - Flying Agreements (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)aircraft	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)aircraft	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Agreements with other airlines
Percentage of ASMs flown under fixed-fee arrangements			86.90%
Percentage of ASMs flown under pro-rate arrangements			13.10%
Revenues [Abstract]
Operating revenues	$ 350,039	$ 744,383	$ 1,079,975	$ 1,468,077
Rental income under operating leases
Operating lease revenue	9,485	9,016	20,026	18,038
Future minimum rental income
July 2020 through December 2020	11,974		11,974
2021	22,508		22,508
2022	22,196		22,196
2023	21,643		21,643
2024	21,336		21,336
Thereafter	70,938		70,938
Total	$ 170,595		170,595
Percentage of reduction in completed departures of flights	62.00%
Percentage of reduction in completed block hours of flights	66.00%
Deferred revenue	$ 69,100		69,100
Property and equipment and related assets	5,326,696		5,326,696			$ 5,394,681
Balance			15,388		$ 15,388
Additions to credit loss reserve			4,308
Balance	19,696		$ 19,696
Sky West Airlines Inc | Delta Connection Prorate Agreement
Future minimum rental income
Number of aircraft | aircraft			21
Sky West Airlines Inc | United Express Prorate Agreement
Future minimum rental income
Number of aircraft | aircraft			26
Agreement term			120 days
Third Party Lease
Future minimum rental income
Property and equipment and related assets	$ 132,500		$ 132,500
CRJ 200 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft			36
Number of aircraft parked and stored | aircraft			36
Average age of aircraft			18 years
Additional depreciation			$ 30,800
CRJ 200 | Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft			70
CRJ 200 | Sky West Airlines Inc | American Prorate Agreement
Future minimum rental income
Number of aircrafts terminated | aircraft	7
CRJ 200 | Sky West Airlines Inc | Forecast | Delta Connection Agreement
Future minimum rental income
Additional depreciation					$ 22,300
CRJ 700 | American Capacity Purchase Agreement
Future minimum rental income
Number of aircraft | aircraft			61
Number of aircraft to be placed in service | aircraft			9
Total number of aircraft operated | aircraft			70
CRJ 700 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft			6
CRJ 700 | Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft			19
CRJ 900 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft			43
CRJ 900 | Sky West Airlines Inc | Delta Connection Prorate Agreement
Future minimum rental income
Number of aircraft to be placed in service | aircraft			1
Agreement term			9 years
E175 | Sky West Airlines Inc | Delta Connection Agreement
Future minimum rental income
Number of aircraft | aircraft			67
E175 | Sky West Airlines Inc | Delta Connection Prorate Agreement
Future minimum rental income
Number of aircraft to be placed in service | aircraft			4
E175 | Sky West Airlines Inc | United Express Agreements
Future minimum rental income
Number of aircraft | aircraft			90
E175 | Sky West Airlines Inc | American Prorate Agreement
Future minimum rental income
Number of aircraft to be placed in service | aircraft			20
Current assets
Future minimum rental income
Gross receivables current	$ 47,600		$ 47,600
Other noncurrent assets
Future minimum rental income
Gross receivables Non-current	73,400		73,400
Flying agreements
Revenues [Abstract]
Operating revenues	336,370	725,335	1,045,864	1,425,336
Rental income under operating leases
Total operating revenues	336,370	725,335	1,045,864	1,425,336
Flight operations
Rental income under operating leases
Total operating revenues	132,061	383,732	498,469	770,278
Aircraft lease and fixed revenue
Rental income under operating leases
Total operating revenues	168,103	206,678	410,838	414,059
Prorate agreements
Rental income under operating leases
Total operating revenues	36,206	134,925	136,557	240,999
Lease, airport services and other
Rental income under operating leases
Total operating revenues	13,669	19,048	34,112	42,741
Airport customer service and other
Rental income under operating leases
Total operating revenues	$ 4,184	$ 10,032	$ 14,086	$ 24,703

Share-Based Compensation and _2

Share-Based Compensation and Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Share-Based Compensation
Upon vesting, each restricted stock unit and performance share replaced with common stock		1.00%
Stock based compensation expense		$ 3.8	$ 7.6
Employee severance related costs		7.9
Forfeiture credit		$ 4.5
Common stock repurchased (in shares)	0	385,606	1,055,355
Common stock repurchased, value		$ 20	$ 59.6
Payment of income tax obligation on employee equity awards	$ 0	$ 6.2	$ 9.3
Restricted stock units
Share-Based Compensation
Granted (in dollars per share)		$ 61.45
Restricted stock units | Long Term Incentive Plan 2010
Share-Based Compensation
Granted (in shares)		82,505
Vesting period		3 years
Performance stock units | Long Term Incentive Plan 2010
Share-Based Compensation
Granted (in shares)		69,132
Vesting period		3 years
Performance stock units | Minimum | Long Term Incentive Plan 2010
Share-Based Compensation
Percentage number of performance shares awarded		0.00%
Performance stock units | Maximum | Long Term Incentive Plan 2010
Share-Based Compensation
Percentage number of performance shares awarded		200.00%
Director
Share-Based Compensation
Granted (in shares)		14,643
Granted (in dollars per share)		$ 61.45

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Income Per Common Share
Number of outstanding units not included in computation of Diluted EPS (in shares)					219,000	165,000
Numerator:
Net income (loss)	$ (25,715)	$ 29,988	$ 88,052	$ 88,181	$ 4,273	$ 176,233
Denominator:
Weighted average number of common shares outstanding	50,140,000		51,145,000		50,208,000	51,293,000
Effect of outstanding share-based awards			332,000		149,000	494,000
Diluted earnings per share weighted average shares	50,140,000		51,477,000		50,357,000	51,787,000
Basic earnings per share (in dollars per share)	$ (0.51)		$ 1.72		$ 0.09	$ 3.44
Diluted earnings per share (in dollars per share)	$ (0.51)		$ 1.71		$ 0.08	$ 3.40

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting
Number of operating segments | segment			3
Operating revenues	$ 350,039	$ 744,383	$ 1,079,975	$ 1,468,077
Operating expense	354,442	600,290	1,018,057	1,227,565
Depreciation and amortization expense	131,638	90,148	243,346	180,134
Special items				21,869
Interest expense	30,926	32,770	61,130	65,278
Segment profit (loss)	(33,242)	115,335	5,837	229,778
Total assets	6,773,383	6,580,019	6,773,383	6,580,019	$ 6,657,129
Capital expenditures (including non-cash)	72,260	135,662	183,384	550,241
Segments
Segment Reporting
Segment profit (loss)	(35,329)	111,323	788	175,234
SkyWest Airlines
Segment Reporting
Operating revenues	227,808	627,088	834,650	1,212,856
Operating expense	275,869	545,419	870,010	1,091,320
Depreciation and amortization expense	59,421	40,641	111,197	80,694
Special items				18,508
Interest expense	3,438	3,716	5,979	7,534
Total assets	2,789,321	2,738,868	2,789,321	2,738,868
Capital expenditures (including non-cash)	29,247	47,975	68,126	116,625
SkyWest Airlines | Segments
Segment Reporting
Segment profit (loss)	(51,499)	77,953	(41,339)	114,002
ExpressJet Airlines Inc
Segment Reporting
Operating revenues				24,050
Operating expense				28,690
Depreciation and amortization expense				971
Special items				3,361
ExpressJet Airlines Inc | Segments
Segment Reporting
Segment profit (loss)				(4,640)
SkyWest Leasing
Segment Reporting
Operating revenues	122,231	117,295	245,325	231,171
Operating expense	78,573	54,871	148,047	107,555
Depreciation and amortization expense	72,217	49,507	132,149	98,469
Interest expense	27,488	29,054	55,151	57,744
Total assets	3,984,062	3,841,151	3,984,062	3,841,151
Capital expenditures (including non-cash)	43,013	87,687	115,258	433,616
SkyWest Leasing | Segments
Segment Reporting
Segment profit (loss)	$ 16,170	$ 33,370	$ 42,127	$ 65,872

Leases, Commitments and Conti_3

Leases, Commitments and Contingencies - Leases (Details) $ in Thousands	Jan. 01, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)aircraft	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of aircraft leased | aircraft				107
Operating lease right-of-use assets		$ 310,016		$ 310,016		$ 336,009
Current maturities of lease liabilities		87,415		87,415		94,806
Noncurrent operating leases		$ 238,572		238,572		$ 259,237
Operating leases				$ 41,300
Weighted-average remaining lease term for operating leases		6 years 8 months 12 days		6 years 8 months 12 days
Weighted-average discount rate for operating leases		6.10%		6.10%
Lease costs
Operating lease cost		$ 24,140	$ 27,647	$ 49,158	$ 54,868
Variable and short-term lease cost		1,207	1,346	2,551	2,821
Sublease income		(1,560)		(3,131)
Total lease cost		$ 23,787	$ 28,993	$ 48,578	$ 57,689
Aircraft
Lessee, Lease, Description [Line Items]
Impairment adjustment on retained earnings	$ 13,100
Aircraft | Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term				1 year
Aircraft | Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term				10 years
Airport Facilities | Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term				1 month
Airport Facilities | Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term				36 years

Leases, Commitments and Conti_4

Leases, Commitments and Contingencies - Future Minimum Rental Payment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)aircraft
Future minimum rental payments required under operating leases
July 2020 through December 2020	$ 49,498
2021	85,084
2022	76,132
2023	69,394
2024	28,091
Thereafter	98,424
Total	$ 406,623
E175
Future minimum rental payments required under operating leases
Number of aircraft under firm purchase commitment | aircraft	24

Leases, Commitments and Conti_5

Leases, Commitments and Contingencies - Commitments and Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating lease payments for aircraft and facility obligations
Jul - Dec 2020	$ 49,498
2021	85,084
2022	76,132
2023	69,394
2024	28,091
Thereafter	98,424
Total	406,623
Firm aircraft and spare engine commitments
Jul - Dec 2020	110,007
2021	159,719
2022	391,680
Total	661,406
Interest commitments
Jul - Dec 2020	81,103
2021	111,231
2022	96,260
2023	79,076
2024	63,594
Thereafter	139,405
Total	570,669
Principal maturities on long-term debt
Jul - Dec 2020	120,956
2021	388,638
2022	389,593
2023	399,472
2024	353,106
Thereafter	1,345,104
Total long-term debt	2,996,869	$ 3,017,523
Total commitments and obligations
Jul - Dec 2020	361,564
2021	744,672
2022	953,665
2023	547,942
2024	444,791
Thereafter	1,582,933
Total	$ 4,635,567

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Measurements
Marketable securities	$ 309,823	$ 432,966
Fair Value of Financial Instruments
Carrying amount of long-term debt	2,973,281	2,993,115
Recurring
Fair Value Measurements
Cost of cash and cash equivalents and available for sale securities	761,700	520,200
Recurring | Fair value
Fair Value Measurements
Cash and cash equivalents	452,247	87,206
Marketable securities	309,823	432,966
Total assets measured at fair value	762,070	520,172
Recurring | Fair value | Bonds and bond funds
Fair Value Measurements
Marketable securities	137,183	267,243
Recurring | Fair value | Commercial paper
Fair Value Measurements
Marketable securities	172,640	165,723
Recurring | Level 1
Fair Value Measurements
Cash and cash equivalents	452,247	87,206
Total assets measured at fair value	452,247	87,206
Recurring | Level 2
Fair Value Measurements
Marketable securities	309,823	432,966
Total assets measured at fair value	309,823	432,966
Fair Value of Financial Instruments
Fair value of long-term debt	3,100,000	3,000,000
Carrying amount of long-term debt	3,000,000	3,000,000
Recurring | Level 2 | Bonds and bond funds
Fair Value Measurements
Marketable securities	137,183	267,243
Recurring | Level 2 | Commercial paper
Fair Value Measurements
Marketable securities	$ 172,640	$ 165,723

Long-term Debt (Details)

Long-term Debt (Details) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)aircraftshares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Current portion long-term debt		$ 312,538	$ 367,954
Less current portion of unamortized debt issue cost, net		(3,379)	(3,828)
Current portion of long-term debt, net of debt issue costs		309,159	364,126
Long-term debt, net of current maturities		2,684,331	2,649,569
Less long-term portion of unamortized debt issue cost, net		(20,209)	(20,580)
Long-term debt, net of current maturities and debt issue costs		2,664,122	2,628,989
Total long-term debt (including current portion)		2,996,869	3,017,523
Total unamortized debt issue cost, net		(23,588)	(24,408)
Total		$ 2,973,281	2,993,115
Number of aircraft leased | aircraft		107
Maximum borrowing capacity		$ 75,000
Amount outstanding		0
Current borrowing capacity		66,200
Long-term debt		2,973,281	2,993,115
Letters of credit and surety bonds
Debt Instrument [Line Items]
Amount outstanding		61,800	$ 61,700
Letters of credit
Debt Instrument [Line Items]
Amount outstanding		8,800
Promissory note
Debt Instrument [Line Items]
Total		62,000
Principal amount		$ 62,000
Warrants to purchase shares | shares		218,409
Long-term debt		$ 62,000
Common stock value issued		$ 2,900
Promissory note | Subsequent event
Debt Instrument [Line Items]
Warrants to purchase shares | shares	138,908
Warrants exercise price | $ / shares	$ 28.38
Warrant term	5 years
Expected final installment	$ 39,400
E175
Debt Instrument [Line Items]
Number of aircraft delivered | aircraft		2
Purchase of aircraft financed through long-term debt		$ 36,100
Debt instrument, term		12 years
Minimum | E175
Debt Instrument [Line Items]
Interest rate (as a percent)		2.30%

Gain on Sale of ExpressJet (Det

Gain on Sale of ExpressJet (Details) - USD ($) $ in Thousands	Jan. 22, 2019	Jan. 11, 2019	Jun. 30, 2019
Gain on sale	$ 46,500		$ 46,525
Asset Purchase Agreement | ExpressJet
Proceeds from sale of equipment		$ 60,800
Stock Purchase Agreement | ExpressJet
Cash received from stock sale	18,800
Amount loaned to Kair Enterprises, Inc	$ 26,000
Interest rate (as a percent)	6.85%

Special Items (Details)

Special Items (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Special Items
Agreement termination non cash expense		$ 18.5
Employee severance		$ 3.4
Special expense items	$ 0

Investment in Other Companies (

Investment in Other Companies (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)engine
Number of spare engines purchased | engine		15
Long-term debt	$ 2,973,281	$ 2,993,115
Aero Engines, LLC.
Payments to acquire interest in joint venture		$ 22,300
Investment ownership (as a percent)		75.00%
Number of spare engines sold to Aero Engines | engine		15
Long-term debt	0
Investment balance in Aero Engines	24,700
Company's portion of income generated by Aero Engines	$ 800

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Effective tax rate (as a percent)	22.60%	23.70%	26.80%	23.30%
Statutory Federal income tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Discrete tax benefit		$ 1.3	$ 1.4	$ 3.5

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event - Payroll Support Program $ in Millions	1 Months Ended
	Jul. 31, 2020USD ($)shares
Subsequent Event [Line Items]
Proceeds from payroll grants	$ 92
Amount borrowed	$ 39.4
Warrants to purchase shares | shares	138,908