Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-31443 | |
Entity Registrant Name | HAWAIIAN HOLDINGS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 71-0879698 | |
Entity Address, Address Line One | 3375 Koapaka Street, | |
Entity Address, Address Line Two | Suite G-350 | |
Entity Address, City or Town | Honolulu, | |
Entity Address, State or Province | HI | |
Entity Address, Postal Zip Code | 96819 | |
City Area Code | (808) | |
Local Phone Number | 835-3700 | |
Title of 12(b) Security | Common Stock ($0.01 par value) | |
Trading Symbol | HA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,848,906 | |
Entity Central Index Key | 0001172222 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Revenue: | ||
Total | $ 645,567 | $ 612,603 |
Operating Expenses: | ||
Wages and benefits | 261,935 | 241,933 |
Aircraft fuel, including taxes and delivery | 188,778 | 197,625 |
Maintenance, materials and repairs | 70,971 | 50,287 |
Aircraft and passenger servicing | 45,424 | 42,532 |
Depreciation and amortization | 32,967 | 32,667 |
Aircraft rent | 29,706 | 28,171 |
Commissions and other selling | 28,443 | 28,238 |
Other rentals and landing fees | 43,127 | 38,720 |
Purchased services | 38,475 | 35,072 |
Special items | 8,482 | 0 |
Other | 45,905 | 34,785 |
Total | 794,213 | 730,030 |
Operating Loss | (148,646) | (117,427) |
Nonoperating Income (Expense): | ||
Interest expense and amortization of debt discounts and issuance costs | (24,069) | (22,880) |
Interest income | 10,021 | 16,465 |
Capitalized interest | 3,134 | 1,458 |
Losses on fuel derivatives | (582) | (5,065) |
Other components of net periodic benefit cost | (927) | (1,494) |
Gains on investments, net | 470 | 697 |
Gains on foreign debt | 8,519 | 2,260 |
Other, net | (770) | 155 |
Total | (4,204) | (8,404) |
Loss Before Income Taxes | (152,850) | (125,831) |
Income tax benefit | (15,285) | (27,574) |
Net Loss | $ (137,565) | $ (98,257) |
Net Loss Per Share | ||
Basic (in dollars per share) | $ (2.65) | $ (1.91) |
Diluted (in dollars per share) | $ (2.65) | $ (1.91) |
Weighted Average Number of Common Stock Shares Outstanding: | ||
Basic (in shares) | 51,838 | 51,507 |
Diluted (in shares) | 51,838 | 51,507 |
Passenger | ||
Operating Revenue: | ||
Total | $ 583,448 | $ 548,526 |
Other | ||
Operating Revenue: | ||
Total | $ 62,119 | $ 64,077 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Loss | $ (137,565) | $ (98,257) |
Other comprehensive income (loss), net: | ||
Net change related to employee benefit plans, net of tax expense and tax benefit | 350 | (7,078) |
Net change in available-for-sale investments, net of tax expense | 767 | 5,026 |
Total other comprehensive income (loss) | 1,117 | (2,052) |
Total Comprehensive Loss | $ (136,448) | $ (100,309) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net change related to employee benefit plans, tax (expense) benefit | $ 114 | $ (2,316) |
Net change in available-for-sale investments, tax expense (benefit) | $ 250 | $ 1,645 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 230,865 | $ 153,273 |
Restricted cash | 17,250 | 17,250 |
Short-term investments | 666,432 | 755,224 |
Accounts receivable, net | 99,117 | 105,858 |
Income taxes receivable | 642 | 669 |
Spare parts and supplies, net | 65,444 | 60,115 |
Prepaid expenses and other | 80,304 | 78,551 |
Total | 1,160,054 | 1,170,940 |
Property and equipment, less accumulated depreciation and amortization of $1,160,495 and $1,150,529 as of March 31, 2024 and December 31, 2023, respectively | 2,104,442 | 2,013,616 |
Other Assets: | ||
Assets held-for-sale | 1,091 | 1,135 |
Operating lease right-of-use assets | 393,769 | 413,237 |
Long-term prepayments and other | 118,057 | 121,097 |
Intangible assets, net | 13,500 | 13,500 |
Total Assets | 3,790,913 | 3,733,525 |
Current Liabilities: | ||
Accounts payable | 214,848 | 199,223 |
Air traffic liability and current frequent flyer deferred revenue | 757,855 | 633,345 |
Other accrued liabilities | 165,430 | 175,591 |
Current maturities of long-term debt, less discount | 75,132 | 43,857 |
Current maturities of finance lease obligations | 8,791 | 10,053 |
Current maturities of operating leases | 79,281 | 83,332 |
Total | 1,301,337 | 1,145,401 |
Long-Term Debt | 1,612,235 | 1,537,152 |
Other Liabilities and Deferred Credits: | ||
Noncurrent finance lease obligations | 56,269 | 60,116 |
Noncurrent operating leases | 283,836 | 303,119 |
Accumulated pension and other post-retirement benefit obligations | 142,367 | 140,742 |
Other liabilities and deferred credits | 78,499 | 77,154 |
Noncurrent frequent flyer deferred revenue | 304,099 | 308,502 |
Deferred tax liability, net | 52,492 | 65,914 |
Total | 917,562 | 955,547 |
Commitments and Contingencies | ||
Shareholders’ Equity: | ||
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of March 31, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.01 par value per share, 51,848,616 and 51,824,362 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 518 | 518 |
Capital in excess of par value | 294,599 | 293,797 |
Accumulated loss | (257,303) | (119,738) |
Accumulated other comprehensive loss, net | (78,035) | (79,152) |
Total | (40,221) | 95,425 |
Total Liabilities and Shareholders’ Equity | $ 3,790,913 | $ 3,733,525 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation and amortization | $ 1,160,495 | $ 1,150,529 |
Special preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Special preferred stock, shares issued (in shares) | 3 | 3 |
Special preferred stock, shares outstanding (in shares) | 3 | 3 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 51,848,616 | 51,824,362 |
Common stock, shares outstanding (in shares) | 51,848,616 | 51,824,362 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Special Preferred Stock | Capital In Excess of Par Value | Accumulated Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||
Beginning balance at Dec. 31, 2022 | $ 333,265 | $ 514 | [1] | $ 0 | [2] | $ 287,161 | $ 140,756 | $ (95,166) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net Loss | (98,257) | (98,257) | ||||||
Other comprehensive income (loss), net | (2,052) | (2,052) | ||||||
Issuance of shares of common stock, net of shares withheld for taxes | (1,066) | 1 | [1] | (1,067) | ||||
Share-based compensation expense | 1,430 | 1,430 | ||||||
Ending balance at Mar. 31, 2023 | 233,320 | 515 | [1] | 0 | [2] | 287,524 | 42,499 | (97,218) |
Beginning balance at Dec. 31, 2023 | 95,425 | 518 | [3] | 0 | [4] | 293,797 | (119,738) | (79,152) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net Loss | (137,565) | (137,565) | ||||||
Other comprehensive income (loss), net | 1,117 | 1,117 | ||||||
Issuance of shares of common stock, net of shares withheld for taxes | (200) | 0 | [3] | (200) | ||||
Amazon warrant vesting | 131 | 131 | ||||||
Share-based compensation expense | 871 | 871 | ||||||
Ending balance at Mar. 31, 2024 | $ (40,221) | $ 518 | [3] | $ 0 | [4] | $ 294,599 | $ (257,303) | $ (78,035) |
[1]Common Stock—$0.01 par value; 118,000,000 authorized as of March 31, 2023 and December 31, 2022.[2]Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of March 31, 2023 and December 31, 2022.[3]Common Stock—$0.01 par value; 118,000,000 authorized as of March 31, 2024 and December 31, 2023.[4]Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of March 31, 2024 and December 31, 2023. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Issuance of common stock related to stock awards (in shares) | 24,254 | 131,858 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 118,000,000 | 118,000,000 | 118,000,000 | 118,000,000 |
Special preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Special preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by Operating Activities | $ 254 | $ 118,291 |
Cash flows from Investing Activities: | ||
Additions to property and equipment, including pre-delivery payments | (127,018) | (106,215) |
Proceeds from the disposition of aircraft and aircraft related equipment | 105 | 9,563 |
Purchases of investments | (15,824) | (96,806) |
Proceeds from sales and maturities of investments | 109,485 | 144,069 |
Net cash used in investing activities | (33,252) | (49,389) |
Cash flows from Financing Activities: | ||
Long-term borrowings | 131,400 | 0 |
Repayments of long-term debt and finance lease obligations | (18,760) | (24,953) |
Debt issuance costs and discounts | (1,849) | 0 |
Payment for taxes withheld for stock compensation | (201) | (1,066) |
Net cash provided by (used in) financing activities | 110,590 | (26,019) |
Net increase (decrease) in cash and cash equivalents | 77,592 | 42,883 |
Cash, cash equivalents, and restricted cash - Beginning of Period | 170,523 | 246,620 |
Cash, cash equivalents, and restricted cash - End of Period | 248,115 | 289,503 |
Non-Cash Transactions: | ||
Right-of-use assets acquired under operating leases | $ 1,688 | $ 0 |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Business and Basis of Presentation Hawaiian Holdings, Inc. (Holdings) and its direct wholly owned subsidiary, Hawaiian Airlines, Inc. (Hawaiian), are incorporated in the State of Delaware. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of Hawaiian. References to the "Company", "we", "us", and "our" in these Notes to Consolidated Financial Statements include both Holdings and Hawaiian unless the context requires otherwise. The accompanying unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements contain all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company’s results of operations and financial position for the periods presented. Due to seasonal variations in the demand for air travel, among other factors common to the airline industry, the results of operations for the periods presented are not necessarily indicative of the results of operations for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and the notes of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes. |
Merger Agreement with Alaska Ai
Merger Agreement with Alaska Air Group | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Merger Agreement with Alaska Air Group | Merger Agreement with Alaska Air Group On December 2, 2023, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Alaska Air Group, Inc., a Delaware corporation (Alaska), and Marlin Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Alaska (Merger Sub), pursuant to which, subject to satisfaction or waiver of conditions therein, Merger Sub will merge with and into the Company (the Merger), with the Company surviving as a wholly owned subsidiary of Alaska. At the effective time of the Merger (the Effective Time), each share of the Company's common stock, Series B Special Preferred Stock, Series C Special Preferred Stock, and Series D Special Preferred Stock issued and outstanding immediately prior to the Effective Time, subject to certain customary exceptions specified in the Merger Agreement, will be converted into the right to receive $18.00 per share, payable to the holder in cash, without interest. Completion of the Merger is subject to customary closing conditions, including approval by the Company's stockholders, which was obtained on February 16, 2024; performance by the parties in all material respects of all their obligations under the Merger Agreement; the receipt of required regulatory approvals; and the absence of an order or law preventing, materially restraining, or materially impairing the consummation of the Merger. On February 7, 2024, the Company and Alaska each received a request for additional information and documentary material (together, the Second Request) from the Department of Justice (the DOJ) in connection with the DOJ’s review of the Merger. On March 27, 2024, the Company and Alaska entered into a timing agreement with the DOJ pursuant to which we agreed, among other things, not to consummate the Merger before 90 days following the date on which both parties have certified substantial compliance with the Second Request unless we have received written notice from the DOJ prior to the end of such 90-day period that the DOJ has closed its investigation of the Merger. The Merger Agreement includes customary termination rights in favor of each party. In certain circumstances, the Company may be required to pay Alaska a termination fee of $39.6 million in connection with the termination of the Merger Agreement. The Merger is expected to close within 12 to 18 months of the date of the Merger Agreement. During the three months ended March 31, 2024 and 2023, the Company incurred $8.5 million and $0.0 million, respectively, of costs related to the Merger Agreement, which was recorded as a Special item in the Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Reclassifications out of accumulated other comprehensive income (loss) by component are as follows: Details about accumulated other comprehensive income (loss) components Three months ended March 31, Affected line items in the consolidated statements of operations where net income is presented 2024 2023 (in thousands) Amortization of defined benefit plan items Actuarial loss $ 290 $ 450 Nonoperating income (expense), other, net Prior service cost 173 145 Nonoperating income (expense), other, net Total before tax 463 595 Tax benefit (114) (147) Total, net of tax $ 349 $ 448 Short-term investments Realized gain on sales of investments $ (79) $ (393) Gains (losses) on investments, net Realized loss on sales of investments 30 911 Gains (losses) on investments, net Total before tax (49) 518 Income tax expense 12 128 Total, net of tax $ (37) $ 646 Total reclassifications for the period $ 312 $ 1,094 A roll-forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2024 and 2023 is as follows: Three months ended March 31, 2024 Defined Benefit Short-Term Investments Total (in thousands) Beginning balance $ (60,677) $ (18,475) $ (79,152) Other comprehensive income before reclassifications, net of tax 1 804 805 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 349 (37) 312 Net current-period other comprehensive income 350 767 1,117 Ending balance $ (60,327) $ (17,708) $ (78,035) Three months ended March 31, 2023 Defined Benefit Plan Items Short-Term Investments Total (in thousands) Beginning balance $ (59,439) $ (35,727) $ (95,166) Other comprehensive income (loss) before reclassifications, net of tax (7,526) 4,380 (3,146) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 448 646 1,094 Net current-period other comprehensive income (loss) (7,078) 5,026 (2,052) Ending balance $ (66,517) $ (30,701) $ (97,218) |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share Basic loss per share, which excludes dilution, is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period. The potentially dilutive shares that were excluded from the computation of diluted weighted average common stock shares outstanding because their effect would have been antidilutive was 705,999 and 95,819 for the three months ended March 31, 2024 and 2023, respectively. Certain warrant shares held by Amazon have not been included in the computation as their performance condition has not yet been satisfied. As of March 31, 2024 and 2023, the unvested Amazon warrant shares excluded from antidilutive shares were 8,183,451 for both periods. Refer to Note 11 to the Notes to Consolidated Financial Statements for additional discussion. The following table shows the computation of basic and diluted loss per share: Three Months Ended March 31, 2024 2023 (in thousands, except for per share data) Numerator: Net Loss $ (137,565) $ (98,257) Denominator: Weighted average common stock shares outstanding - Basic 51,838 51,507 Dilutive effect of share-based awards and warrants — — Weighted average common stock shares outstanding - Diluted 51,838 51,507 Net Loss Per Share Basic $ (2.65) $ (1.91) Diluted $ (2.65) $ (1.91) |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The majority of the Company's passenger revenue is derived from passenger ticket sales. Other revenue is primarily derived from the Company's cargo operations and loyalty program. The Company's primary operations are that of its wholly owned subsidiary, Hawaiian. Principally all operations of Hawaiian either originate and/or end in the state of Hawai'i. The management of such operations is based on a system-wide approach due to the interdependence of Hawaiian's route structure in its various markets. As Hawaiian offers only one significant line of business (i.e., air transportation), management has concluded that it has only one segment. The Company's operating revenues by geographic region (as defined by the U.S. Department of Transportation (DOT)) are summarized below: Three Months Ended March 31, 2024 2023 Geographic Information (in thousands) Domestic $ 492,410 $ 486,129 Pacific 153,157 126,474 Total operating revenue $ 645,567 $ 612,603 Hawaiian attributes operating revenue by geographic region based on the destination of each flight segment. Hawaiian's tangible assets consist primarily of flight equipment, which is mobile across geographic markets, and therefore has not been allocated to specific geographic regions. Other operating revenue consists of cargo revenue, commissions, and fees earned under certain joint marketing agreements with other companies. These amounts are recognized when the service is provided. Three Months Ended March 31, 2024 2023 Passenger Revenue by Type (in thousands) Passenger revenue, excluding frequent flyer $ 539,622 $ 505,962 Frequent flyer revenue, transportation component 43,826 42,564 Passenger Revenue $ 583,448 $ 548,526 Other revenue (e.g., cargo and other miscellaneous) $ 33,547 $ 35,139 Frequent flyer revenue, marketing and brand component 28,572 28,938 Other Revenue $ 62,119 $ 64,077 As of March 31, 2024 and December 31, 2023, the Company's air traffic liability balance, as it relates to passenger tickets (excluding frequent flyer liability), was $539.1 million and $423.1 million, respectively, which generally represents revenue that is expected to be realized in future periods. During the three months ended March 31, 2024 and 2023, the amount of passenger ticket revenue recognized that was included in Air traffic liability as of the beginning of the respective period was $250.2 million and $294.5 million, respectively. Non-refundable tickets sold and credits issued generally expire 13 months from the date of issuance or scheduled flight, as applicable. The Company records an estimate of breakage revenue on the scheduled flight date for tickets that will expire unused. These estimates are based on the evaluation of actual historical results, available market information, and forecasted trends, including weather or other events impacting customer travel. During the three months ended March 31, 2024 and 2023, the Company recognized advanced breakage of $17.4 million and $12.6 million, respectively. The Company will continue to monitor customers' travel behavior and may adjust its estimates in the future. Frequent Flyer Accounting The Company's frequent flyer liability is recorded in Air traffic liability (short-term) and Noncurrent frequent flyer deferred revenue on its unaudited Consolidated Balance Sheets. The table below presents the Company's frequent flyer liability balance: March 31, 2024 December 31, 2023 (in thousands) Air traffic liability (current portion of frequent flyer revenue) $ 211,321 $ 201,418 Noncurrent frequent flyer deferred revenue 304,099 308,502 Total frequent flyer liability $ 515,420 $ 509,920 The table below presents a roll forward of Frequent flyer deferred revenue for the three months ended March 31, 2024 and 2023: 2024 2023 (in thousands) Total frequent flyer liability - beginning balance $ 509,920 $ 484,580 Miles awarded 50,860 54,502 Travel miles redeemed (Passenger Revenue) (43,826) (42,564) Non-travel miles redeemed (Other Revenue) (1,534) (1,226) Total frequent flyer liability - ending balance $ 515,420 $ 495,292 |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Mar. 31, 2024 | |
Short-Term Investments [Abstract] | |
Short-Term Investments | Short-Term Investments The following is a summary of short-term investments held as of March 31, 2024 and December 31, 2023: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Debt securities Corporate debt securities $ 160,488 $ 217 $ (11,617) $ 149,088 U.S. government and agency securities 309,856 37 (4,819) 305,074 Other fixed income securities 33,843 33 (5,261) 28,615 Asset-backed securities 29,659 100 (1,207) 28,552 Collateralized loan obligations 36,270 25 (800) 35,495 Bank notes 8,672 — (182) 8,490 Total debt securities 578,788 412 (23,886) 555,314 Derivatives 492 1,163 (148) 1,507 Equity securities 119,015 — (10,504) 108,511 Other investments measured at net asset value 1,000 100 — 1,100 Total short-term investments $ 699,295 $ 1,675 $ (34,538) $ 666,432 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Debt securities Corporate debt securities $ 217,777 $ 440 $ (10,717) $ 207,500 U.S. government and agency securities 305,169 168 (4,908) 300,429 Other fixed income securities 35,319 42 (6,847) 28,514 Asset-backed securities 24,298 69 (1,281) 23,086 Collateralized loan obligations 39,628 83 (1,335) 38,376 Bank notes 9,118 — (204) 8,914 Total debt securities 631,309 802 (25,292) 606,819 Derivatives 233 1,026 (745) 514 Equity securities 161,677 — (14,866) 146,811 Other investments measured at net asset value 1,000 80 — 1,080 Total short-term investments $ 794,219 $ 1,908 $ (40,903) $ 755,224 The following tables present fair values and gross unrealized losses by security type and length of time that individual debt securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2024 (in thousands) Debt securities Corporate debt securities $ 17,505 $ (938) $ 120,679 $ (10,679) $ 138,184 $ (11,617) U.S. government and agency securities 273,683 (3,482) 8,489 (1,337) 282,172 (4,819) Other fixed income securities 1,281 (23) 23,982 (5,238) 25,263 (5,261) Asset-backed securities 3,903 (43) 14,234 (1,164) 18,137 (1,207) Collateralized loan obligations 6,993 (129) 20,890 (671) 27,883 (800) Bank notes 7,350 (97) 1,139 (85) 8,489 (182) $ 310,715 $ (4,712) $ 189,413 $ (19,174) $ 500,128 $ (23,886) Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2023 (in thousands) Debt securities Corporate debt securities $ 9,784 $ (233) $ 154,607 $ (10,484) $ 164,391 $ (10,717) U.S. government and agency securities 82,930 (608) 193,400 (4,300) 276,330 (4,908) Other fixed income securities 1,867 (26) 21,933 (6,821) 23,800 (6,847) Asset-backed securities 2,225 (17) 14,881 (1,264) 17,106 (1,281) Collateralized loan obligations 5,032 (63) 29,445 (1,272) 34,477 (1,335) Bank notes 8,396 (164) 519 (40) 8,915 (204) $ 110,234 $ (1,111) $ 414,785 $ (24,181) $ 525,019 $ (25,292) As of March 31, 2024 and December 31, 2023, the Company's unrealized losses from debt securities were generated from 393 positions out of 495 positions and 394 positions out of 502 positions, respectively. The Company reviews debt securities quarterly for credit losses and impairment. If the cost of an investment exceeds its fair value, the Company will evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. This determination requires significant judgment. In making this judgment, the Company employs a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. In addition, the Company considers specific adverse conditions related to the financial health of, and business outlook for, the investee. If the Company has plans to sell the security or it is more likely than not that the Company will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in Other, net, within non-operating expense on the unaudited consolidated statements of operations, and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. Debt securities in a continuous unrealized loss position for twelve months or greater as of March 31, 2024 and December 31, 2023 were primarily attributable to changes in interest rates, relative to when the investment securities were purchased. The Company does not intend to sell any of these investments and it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis, which may be at maturity. Accordingly, the Company has determined that the unrealized losses on its debt securities as of March 31, 2024 were temporary in nature. The Company has evaluated these debt securities and did not recognize any significant credit losses as of March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024 and 2023, the unrealized gains on equity securities, recorded in Gains on Investment, net, in Nonoperating income (expense) were $5.1 million and $0.9 million, respectively. Contractual maturities of debt securities as of March 31, 2024 are shown below: Under 1 Year 1 to 5 Years Over 5 Years Total (in thousands) Debt Securities Corporate debt $ 132 $ 66,935 $ 82,021 $ 149,088 U.S. government and agency debt 7,109 284,695 13,270 305,074 Other fixed income securities 425 14,410 13,780 28,615 Asset-backed securities 305 9,627 18,620 28,552 Collateralized loan obligations — — 35,495 35,495 Bank notes — 4,489 4,001 8,490 Total debt securities $ 7,971 $ 380,156 $ 167,187 $ 555,314 The Company classifies its investments as current assets as these securities are available for use in its current operation. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement (ASC 820), defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 — Observable inputs other than Level 1 prices such as quoted prices 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 for the assets or liabilities; and Level 3 — Unobservable inputs for which there is little or no market data and that are significant to the fair value of the assets or liabilities. The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 139,427 $ 138,084 $ 1,343 $ — Restricted cash 17,250 17,250 — — Short-term investments Debt securities Corporate debt securities 149,088 — 144,526 4,562 U.S. government and agency securities 305,074 — 305,074 — Other fixed income securities 28,615 — 28,615 — Asset-backed securities 28,552 — 20,768 7,784 Collateralized loan obligations 35,495 — 35,029 466 Bank notes 8,490 — 1,692 6,798 Total debt securities 555,314 — 535,704 19,610 Derivatives 1,507 — 1,507 — Equity securities 108,511 107,623 888 — Other investments measured at net asset value 1,100 — — — Total short-term investments 666,432 107,623 538,099 19,610 Other Assets Fuel derivative contracts 3,189 — 3,189 — Assets held-for-sale 1,091 — — 1,091 Total assets measured at fair value $ 827,389 $ 262,957 $ 542,631 $ 20,701 Fair Value Measurements as of December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 99,965 $ 99,279 $ 686 $ — Restricted cash 17,250 17,250 — — Short-term investments Debt securities Corporate debt securities 207,500 — 202,873 4,627 U.S. government and agency securities 300,429 — 300,429 — Other fixed income securities 28,514 — 28,514 — Asset-backed securities 23,086 — 15,172 7,914 Collateralized loan obligations 38,376 — 38,123 253 Bank notes 8,914 — 2,046 6,868 Total debt securities 606,819 — 587,157 19,662 Derivatives 514 — 514 — Equity securities 146,811 146,031 780 — Other investments measured at net asset value 1,080 — — — Total short-term investments 755,224 146,031 588,451 19,662 Other Assets Fuel derivative contracts 2,069 — 2,069 — Assets held-for-sale 1,135 — — 1,135 Total assets measured at fair value $ 875,643 $ 262,560 $ 591,206 $ 20,797 Cash equivalents and restricted cash. The Company's Level 1 cash equivalents consist of money market securities and mutual funds, which are valued based on quoted prices in an active market. The carrying amounts approximate fair value because of the short-term maturity of these assets. Level 2 cash equivalents consist primarily of debt securities with original maturity dates less than 90 days. The fair value of these instruments is based on a market approach using prices generated by market transactions involving similar assets. Restricted cash includes funds held in a controlled account to be used for debt service payments associated with the Company's loyalty and intellectual brand offering. As of March 31, 2024, approximately $17.3 million was held in the controlled account designated for debt servicing and was classified as restricted cash on the Company's Consolidated Balance Sheets. Short-term investments. The Company's Level 1 short-term investments consist of equity mutual funds, which are valued based on a market approach using prices generated by market transactions involving identical assets. Level 2 short-term investments consist of corporate debt securities, U.S. government and agency securities, other fixed income securities, asset-backed securities, collateralized loan obligations, bank notes, equity securities, and derivative instruments as further discussed in Note 8 , which are valued based on a market approach using industry standard valuation techniques that incorporate inputs such as quoted prices for similar assets, interest rates, benchmark curves, credit ratings, and other observable inputs or market data. Certain asset-backed securities, collateralized loan obligations, and private bank notes that are not readily marketable are classified as Level 3 in the fair value hierarchy and valued using certain unobservable inputs including future cash flows and discount rates. The reconciliation of the Company's short-term investments measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three months ended March 31, 2024 is as follows: Short-term Investment Activity for the three months ended March 31, 2024 Asset-Backed Securities Bank Notes Collateralized Loan Obligations Corporate Debt Securities Total (in thousands) Beginning balance as of December 31, 2023 $ 7,914 $ 6,868 $ 253 $ 4,627 $ 19,662 Purchases — — 213 — 213 Sale of investments — — — (10) (10) Redemptions and paydowns (39) (72) — — (111) Amortization and accretion, net 29 — — (68) (39) Realized and unrealized gains (losses), net (120) 2 — 13 (105) Ending balance as of March 31, 2024 $ 7,784 $ 6,798 $ 466 $ 4,562 $ 19,610 Short-term Investment Activity for the three months ended March 31, 2023 Asset-Backed Securities Bank Notes Collateralized Loan Obligations Corporate Debt Securities Total (in thousands) Beginning balance as of December 31, 2022 $ 9,033 $ 9,426 $ 2,558 $ 8,173 $ 29,190 Purchases — 944 — — 944 Sale of investments — (2,189) — — (2,189) Redemptions and paydowns (41) (185) — (12) (238) Amortization and accretion, net 16 1 — (24) (7) Realized and unrealized gains (losses), net (145) 61 (130) 80 (134) Ending balance as of March 31, 2023 $ 8,863 $ 8,058 $ 2,428 $ 8,217 $ 27,566 Other investments at net asset value (NAV) . In accordance with relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The investments measured using NAV are investments in a partnership for which a secondary market does not exist. Investments in the partnership are carried at estimated NAV as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships. The Company can redeem its shares upon approval by the respective partnerships' managing member. Fuel derivative contracts. The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in global fuel prices. The Company’s operations are inherently dependent upon the price and availability of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into derivative financial instruments. Any changes in fair value of these derivative instruments are adjusted through other Nonoperating income (expense) in the period of change. The Company’s fuel derivative contracts consist of crude oil call options, which are not traded on a public exchange. The fair value of these instruments is determined based on inputs available or derived from public markets including contractual terms, market prices, yield curves, and measures of volatility among others. Assets held for sale. The Company's assets held for sale consist of aircraft, engine, rotable and expendable aircraft parts. The assets are measured at the lower of the carrying amount or fair value less cost to sell and a loss is recognized for any initial adjustment of the assets' carrying amount to fair value less cost to sell. The fair value measurements for the Company's held-for-sale assets were based on Level 3 inputs, which include information obtained from third-party valuation sources and other market sources, including recent offers from potential buyers. Refer to Note 13 to the Notes to Consolidated Financial Statements for additional discussion. The table below presents the Company’s debt measured at fair value: Fair Value of Debt March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Amount Total Level 1 Level 2 Level 3 (in thousands) $ 1,687,367 $ 1,526,555 $ — $ — $ 1,526,555 $ 1,581,009 $ 1,406,721 $ — $ — $ 1,406,721 The fair value estimates of the Company’s debt were based on the discounted amount of future cash flows using the Company’s current incremental rate of borrowing based on quotes of similar debt for other similarly rated companies. The carrying amounts of cash, other receivables, and accounts payable approximate fair value due to the short-term nature of these financial instruments. |
Financial Derivative Instrument
Financial Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivative Instruments | Financial Derivative Instruments The Company uses derivatives to manage risks associated with certain assets and liabilities arising from the potential adverse impact of fluctuations in global fuel prices. Fuel Risk Management The Company's operations are inherently dependent upon the price and availability of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into derivative financial instruments. The Company uses a combination of derivative contracts to hedge its aircraft fuel expense. The following table reflects the amount of realized and unrealized gains and losses recorded as Nonoperating income (expense) in the Consolidated Statements of Operations. Three months ended March 31, Fuel derivative contracts 2024 2023 (in thousands) Losses realized at settlement $ (2,398) $ (1,513) Reversal of prior period unrealized amounts 4,335 2,639 Unrealized losses that will settle in future periods (2,519) (6,191) Losses on fuel derivatives recorded as Nonoperating Expense $ (582) $ (5,065) Investment Portfolio Management The Company's investment managers use a combination of derivative instruments (swaps, futures, options and forward contracts) to manage risk associated with its investment portfolio, including the volatility in interest rates and currency exchange rates on foreign denominated debt securities. As of March 31, 2024 and December 31, 2023, the Company's derivative positions reflected a net asset position of $1.5 million and $0.5 million, respectively, within the portfolio. During the three months ended March 31, 2024 and 2023, the Company recognized a net realized and unrealized gain of $0.6 million and a net realized and unrealized loss of $0.1 million, respectively, through Nonoperating income (expense). The following table presents the gross fair value of asset and liability derivatives, all of which are not designated as hedging instruments under ASC 815, as well as the net derivative positions and location of the asset and liability balances within the Consolidated Balance Sheets. Derivative positions as of March 31, 2024 Balance Sheet Notional Amount Final Gross Fair Gross Fair Net Derivative Position (in thousands) (in thousands) Derivatives not designated as hedges Fuel derivative contracts Prepaid expenses and other 93,114 gallons March 2025 $ 3,189 $ — $ 3,189 Foreign currency derivatives Short-term investments 37,707 Euro March 2025 $ 1,109 $ — $ 1,109 Interest rate contracts Short-term investments 47,217 US Dollars May 2028 $ 550 $ (152) $ 398 Derivative positions as of December 31, 2023 Balance Sheet Notional Amount Final Gross Fair Gross Fair Net Derivative Position (in thousands) (in thousands) Derivatives not designated as hedges Fuel derivative contracts Prepaid expenses and other 90,258 gallons December 2024 $ 2,069 $ — $ 2,069 Foreign currency derivatives Short-term investments 38,385 Euro March 2025 $ 543 $ (569) $ (26) Interest rate contracts Short-term investments 16,110 US Dollars May 2028 $ 797 $ (257) $ 540 Risk and Collateral The financial derivative instruments expose the Company to possible credit loss in the event the counterparties to the agreements fail to meet their obligations. To manage such credit risks, the Company (1) selects its counterparties based on past experience and credit ratings, (2) limits its exposure to any single counterparty, and (3) periodically monitors the market position and credit rating of each counterparty. Credit risk is deemed to have a minimal impact on the fair value of the derivative instruments as cash collateral would be provided to or by the counterparties based on the current market exposure of the derivative. The Company's agreements with its counterparties also require the posting of cash collateral in the event the aggregate value of the Company's positions exceeds certain exposure thresholds. The aggregate fair value of the Company's derivative instruments that contain credit-risk related contingent features was in a net asset position of $4.7 million and $2.6 million as of March 31, 2024 and December 31, 2023, respectively. ASC 815 requires a reporting entity to elect a policy of whether to offset rights to reclaim cash collateral or obligations to return cash collateral against derivative assets and liabilities executed with the same counterparty under a master netting agreement, or present such amounts on a gross basis. The Company's accounting policy is to present its derivative assets and liabilities on a net basis, including any collateral posted with the counterparty. The Company had no collateral w ith its counterparties as of March 31, 2024 and December 31, 2023, respectively. The Company is also subject to market risk in the event these financial instruments become less valuable in the market. However, changes in the fair value of the derivative instruments will generally offset the change in the fair value of the hedged item, limiting the Company's overall exposure. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt, net of unamortized discounts and issuance costs, is outlined as follows: March 31, 2024 December 31, 2023 (in thousands) Class A EETC-13, fixed interest rate of 3.9%, semiannual principal and interest payments, remaining balance due at maturity in January 2026 $ 153,067 $ 162,953 Japanese Yen denominated financing, fixed interest rate of 1.05%, quarterly principal and interest payments, remaining balance due at maturity in May 2030 17,092 19,050 Japanese Yen denominated financing, fixed interest rate of 1.01%, semiannual principal and interest payments, remaining balance due at maturity in June 2030 15,278 16,394 Japanese Yen denominated financing, fixed interest rate of 0.65%, quarterly principal and interest payments, remaining balance due at maturity in March 2025 38,610 45,107 Japanese Yen denominated financing, fixed interest rate of 0.76%, semiannual principal and interest payments, remaining balance due at maturity in September 2031 40,462 46,225 CARES Act Payroll Support Program, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in April 2030 through September 2030 60,278 60,278 Payroll Support Program Extension, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in March 2031 through April 2031 27,797 27,797 Payroll Support Program 3, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in April 2031 through June 2031 23,908 23,908 Financing Lease, variable interest rate of SOFR plus a margin of 3.85%, quarterly principal and interest payments, remaining balance due at maturity in January 2034 131,400 — Loyalty Program Financing, fixed interest of 5.75%, quarterly interest payments, principal balance due at maturity in January 2026 1,200,000 1,200,000 Unamortized debt discount and issuance costs (20,525) (20,703) Total Debt $ 1,687,367 $ 1,581,009 Less: Current maturities of long-term debt (75,132) (43,857) Long-Term Debt, less discount $ 1,612,235 $ 1,537,152 Revolving Credit Facility In August 2022, the Company entered into an Amended and Restated Credit and Guarantee Agreement (the Revolving Credit Facility). The Revolving Credit Facility has an aggregate principal amount not to exceed $235.0 million and matures in December 2025. The Company may, from time to time, grant liens on certain eligible account receivables, aircraft, spare engines, ground support equipment and route authorities, as well as cash and certain cash equivalents, in order to secure its outstanding obligations under the Revolving Credit Facility. Indebtedness under the Revolving Credit Facility will bear interest, at a per annum rate based on, at the Company's option: (1) a variable rate equal to the Secured overnight financing rate (as defined in the Revolving Credit Facility) plus a margin of 3.0%; or (2) Alternate base rate (as defined in the Revolving Credit Facility) plus a margin of 2.0%. The Company is also subject to compliance and liquidity covenants under the Revolving Credit Facility. As of March 31, 2024, the Company had no outstanding borrowing under the Revolving Credit Facility. Financing Lease In February 2024, the Company entered into a Finance Lease Agreement for $131.4 million, collateralized by our first delivered Boeing 787-9 aircraft. The transaction did not meet the criteria of a sale under the applicable accounting framework and therefore the Company recorded the transaction as a financing liability. The financing has a term of ten years, maturing in January 2034. The financing has a variable interest rate based on SOFR plus a margin of 3.85%, with quarterly principal and interest payments. Schedule of Debt Maturities As of March 31, 2024, the expected maturities of debt, excluding debt issuance costs, for the remainder of 2024 and the next four years, and thereafter, were as follows (in thousands): Remaining months in 2024 $ 33,489 2025 64,422 2026 1,348,357 2027 21,708 2028 22,657 Thereafter 217,259 $ 1,707,892 Covenants The Company's debt agreements contain various affirmative, negative and financial covenants. The Company was in compliance with the covenants in these debt agreements as of March 31, 2024. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost for the Company’s defined benefit and other post-retirement plans included the following: Three months ended March 31, Components of Net Period Benefit Cost 2024 2023 (in thousands) Service cost $ 2,514 $ 1,629 Other cost: Interest cost 6,307 6,430 Expected return on plan assets (5,843) (5,531) Recognized net actuarial loss 463 595 Total other components of the net periodic benefit cost 927 1,494 Net periodic benefit cost $ 3,441 $ 3,123 Service costs are recorded within Wages and benefits on the unaudited Consolidated Statements of Operations. Total other components of the net periodic benefit cost are recorded within the nonoperating income (expense), other, net line item on the unaudited Consolidated Statements of Operations. During the three months ended March 31, 2024 and 2023, the Company was not required to, and did not make cash contributions to its defined benefit and other post-retirement plans. The Company is not required to make a cash contribution to its defined benefit plan for the remainder of 2024. |
Amazon Agreement
Amazon Agreement | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Amazon Agreement | Amazon Agreement On October 20, 2022, Hawaiian and Amazon.com Services LLC (Customer), a wholly owned subsidiary of Amazon.com, Inc. (Amazon), entered into an Air Transportation Services Agreement (the ATSA) under which the Company will provide certain air cargo transportation services to Customer for an initial term of eight years. Thereafter, the Customer may elect to extend the ATSA for two years and, at the end of such period, the parties may mutually agree to extend the term for three additional years The ATSA provides for the Company to initially operate ten A330-300F aircraft for air cargo transportation services, with the Customer having the right to enter into work orders for additional aircraft. The Company will supply flight crews, perform maintenance and certain administrative functions, and procure aircraft insurance. The Customer will pay the Company a fixed monthly fee per aircraft, a per flight hour fee, and a per flight cycle fee for each flight cycle operated. The Customer will also reimburse the Company for certain operating expenses, including fuel, certain maintenance, and insurance premiums. As part of the ATSA, the Company received $11.5 million toward start-up costs which has been recorded in Other liabilities in the Consolidated Balance Sheet. The deferred up-front payment will be amortized into revenue on a pro-rata basis over the term of the contract as revenue is earned. Operations under the ATSA commenced on October 2, 2023. The Company and Amazon also entered into a Transaction Agreement, under which the Company agreed to issue to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the Warrant) to acquire up to 9,442,443 shares (the Warrant Shares), of the Company's common stock, par value $0.01 per share. The exercise price with respect to the first 6,294,962 Warrant Shares that vest will be $14.71 per share (the First Tranche). The exercise price with respect to the remaining 3,147,481 Warrant Shares (the Second Tranche) will be determined based on the 30-day volume-weighted average price of the Company’s common stock as of the earlier of (i) October 20, 2025, or (ii) the date that the entire First Tranche is vested. At execution of the ATSA, 1,258,992 Warrant Shares, valued at $11.6 million, vested, and were recorded in Other assets in the Consolidated Balance Sheet. The remaining Warrant Shares will vest based on qualifying payments to be made by Amazon or its affiliates either under the ATSA or generally to the Company with respect to air cargo or air charter services (the Performance Condition), excluding commercial passenger service, up to $1.8 billion of qualifying payments in the aggregate. The Warrant was valued in two tranches, both utilizing a Monte Carlo Simulation Model. The First Tranche, which met the grant date criteria under ASC 718 at execution of the ATSA, has a set exercise price and a grant date fair value of approximately $57.9 million, or $9.19 per Warrant Share. The Warrant is classified as an equity award, subject only to the Performance Condition referenced above which impacts the timing of the vesting of the Warrant Shares. The Second Tranche, which will not have an established exercise price until a future date, as noted above, was valued at approximately $27.6 million, or $8.77 per Warrant Share as of March 31, 2024. As a grant date has not yet been established, the Company will estimate the fair value of these Warrant Shares on a quarterly basis; however, the Company also considered that until the Warrant Shares vest, there is no financial statement impact related to the Second Tranche for unvested shares under ASC 718. At their grant date, the Company will value these Warrant Shares, which will be classified as equity awards, subject to the Performance Condition. As discussed above, 1,258,992 Warrant Shares (included in the First Tranche), with a value of $11.6 million, vested at execution of the ATSA, and were recorded as Other assets on the Consolidated Balance Sheet. The $11.6 million will be recognized as contra-revenue pro rata with estimated revenue earned over the term of the ATSA. For the remaining Warrant Shares, the value of the Warrant Shares, at grant date, will be recognized as a reduction of the transaction price of the Company’s flight services performance obligation over the term of the ATSA as revenue is earned with an offsetting entry to Capital in excess of par. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Commitments As of March 31, 2024, the Company had the following aircraft-related commitments consisting of firm aircraft and engine orders and purchase rights for additional aircraft and engines: Aircraft Type Firm Orders Purchase Rights Expected Delivery Dates A321neo aircraft — 9 N/A Boeing 787-9 aircraft 11 8 Between 2024 and 2027 General Electric GEnx spare engines: Boeing 787-9 spare engines 3 1 Between 2024 and 2027 In July 2018, the Company entered into a purchase agreement for the purchase of 10 Boeing 787-9 "Dreamliner" aircraft, including purchase rights for an additional 10 aircraft with scheduled delivery from 2021 to 2025. In October 2018, the Company entered into a definitive agreement for the selection of GEnx engines to power its Boeing 787-9 fleet. The agreement provides for the purchase of 20 GEnx engines, the right to purchase an additional 20 GEnx engines, and the purchase of up to four spare engines. In December 2022, the Company entered into a supplemental agreement to its Boeing 787-9 purchase agreement, pursuant to which (a) the Company agreed with Boeing to defer the delivery of the Boeing 787-9 aircraft and (b) agreed to exercise purchase options for an additional two Boeing 787-9 aircraft. In July 2023, the Company was notified by Boeing that its 2023 and 2024 Boeing 787-9 aircraft deliveries would be delayed by a couple of months. In February 2024, the Company took delivery of its first Boeing 787-9 aircraft under a finance lease. Refer to Note 9 of the Notes to Consolidated Finance Statements for additional discussion. This aircraft was placed into revenue service in April 2024. The Company took delivery of its second Boeing 787-9 aircraft in April 2024, which is anticipated to enter into revenue service in May 2024. To finance the aircraft, the Company entered into (a) a $115.0 million senior note maturing in April 2034 with a variable interest rate based on SOFR plus 350 basis points, and (b) a $15.0 million junior note maturing in April 2029 with a fixed interest rate of 8.8693%. Principal and interest payments on the notes are due quarterly. In order to complete the purchase of these aircraft and fund related costs, the Company may need to secure acceptable financing. Financing may be necessary to satisfy the Company's capital commitments for firm order aircraft and other related capital expenditures. The Company can provide no assurance that any financing not already in place for aircraft and spare engine deliveries will be available to us on acceptable terms when necessary or at all. The Company has commitments with third-party service providers for reservations, information technology, and accounting services through 2033. Committed capital and other expenditures include escalation and variable amounts based on estimated forecasts. The gross committed expenditures and committed payments as of March 31, 2024 and for the next five fiscal years and thereafter are detailed below: Aircraft and Aircraft Related Other Total Committed (in thousands) Remaining in 2024 $ 225,949 $ 20,204 $ 246,153 2025 419,557 18,328 437,885 2026 665,473 12,085 677,558 2027 252,872 8,270 261,142 2028 — 3,311 3,311 Thereafter — 58,285 58,285 $ 1,563,851 $ 120,483 $ 1,684,334 Litigation and Contingencies The Company is subject to legal proceedings arising in the normal course of its operations. The Company does not anticipate that the disposition of any currently pending proceeding will have a material effect on the Company’s operations, business or financial condition. General Guarantees and Indemnifications In the normal course of business, the Company enters into numerous aircraft financing and real estate leasing arrangements that have various guarantees included in such contracts. It is common in such lease transactions for the lessee to agree to indemnify the lessor and other related third parties for tort liabilities that arise out of, or relate to, the lessee’s use of the leased aircraft or occupancy of the leased premises. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by such parties' gross negligence or willful misconduct. Additionally, the lessee typically indemnifies such parties for any environmental liability that arises out of or relates to the lessee's use of the real estate leased premises. The Company believes that it is insured (subject to deductibles) for most of the tort liabilities and related indemnities described above with respect to the aircraft and real estate that it leases. The Company cannot reasonably estimate the potential amount of future payments, if any, under the foregoing indemnities and agreements. Credit Card Holdbacks Under the Company’s bank-issued credit card processing agreements, proceeds from advance ticket sales may be held back to serve as collateral to cover any possible chargebacks or other disputed charges that may occur. As of March 31, 2024 and December 31, 2023, there were no holdbacks held with the Company's credit card processors. In the event of a material adverse change in the Company's business, the credit card processor could increase holdbacks to up to 100% of the amount of outstanding credit card tickets that are unflown (e.g., air traffic liability, excluding frequent flyer deferred revenue), which would result in a restriction of cash. If the Company were unable to obtain a waiver of, or otherwise mitigate the increase in the restriction of cash, it could have a material impact on the Company's operations, business or financial condition. |
Assets Held-For-Sale
Assets Held-For-Sale | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held-For-Sale | Assets Held-For-Sale In 2021, the Company reclassified approximately $29.5 million in long-lived assets as held for sale as follows: • The Company announced the termination of its 'Ohana by Hawaiian operations, which utilized its ATR-42 and ATR-72 fleet, and was operated under a capacity purchase agreement (CPA) with a third-party carrier. Following the termination of the operations, management committed to a plan of sale and wrote-down the related assets by approximately $6.4 million to fair value, less cost to sell, and classified approximately $23.4 million as assets held for sale on the Consolidated Balance Sheets. • The Company sold certain commercial real-estate assets held by one of the Company's subsidiaries. Management fair valued the assets, less the cost to sell, which did not result in a write-down to the asset group, and reclassified approximately $6.3 million as assets held for sale on the Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, assets held for sale were $1.1 million for both periods. A roll-forward of the Assets held-for-sale activity for the three months ended March 31, 2024 and 2023 is as follows: Assets Held-For-Sale Activity for the three months ended March 31, 2024 ATR Aircraft Commercial Real Estate Total (in thousands) Beginning balance as of December 31, 2023 $ 1,135 $ — $ 1,135 Additions — — — Proceeds from sale (105) — (105) Realized gains 61 — 61 Realized losses — — — Ending balance as of March 31, 2024 $ 1,091 $ — $ 1,091 Assets Held-For-Sale Activity for the three months ended March 31, 2023 ATR Aircraft Commercial Real Estate Total (in thousands) Beginning balance as of December 31, 2022 $ 7,728 $ 6,291 $ 14,019 Additions — — — Proceeds from sale (2,769) (16,470) (19,239) Realized gains 65 10,179 10,244 Realized losses — — — Ending balance as of March 31, 2023 $ 5,024 $ — $ 5,024 In February 2023, the Company entered into a sale agreement for the sale of its commercial real estate and recognized a gain on sale of $10.2 million, which was recorded in Other operating expense In October 2023, the Company completed the sale of its remaining ATR 72-200 aircraft. The Company anticipates completing the sale of remaining aircraft parts classified as held-for-sale in 2024, and will continue to monitor the asset group for potential impairment. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The following condensed consolidating financial information is presented in accordance with Rule 3-10 of Regulation S-X because, in connection with the issuance by pass-through trusts formed by Hawaiian (which is also referred to in this Note 14 as Subsidiary Issuer / Guarantor) of pass-through certificates, Holdings (which is also referred to in this Note 14 as Parent Issuer / Guarantor) is fully and unconditionally guaranteeing the payment obligations of Hawaiian, which is a 100% owned subsidiary of Holdings, under equipment notes issued by Hawaiian to purchase new aircraft. The Company's condensed consolidating financial statements are presented in the following tables: Condensed Consolidating Statements of Operations and Comprehensive Loss Three months ended March 31, 2024 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 645,591 $ 13,783 $ (13,807) $ 645,567 Operating Expenses: Wages and benefits — 261,935 — — 261,935 Aircraft fuel, including taxes and delivery — 188,778 — — 188,778 Maintenance, materials and repairs — 70,971 — — 70,971 Aircraft and passenger servicing — 45,424 — — 45,424 Commissions and other selling 10 28,490 32 (89) 28,443 Aircraft rent — 29,706 — — 29,706 Other rentals and landing fees — 43,127 — — 43,127 Depreciation and amortization — 32,967 — — 32,967 Purchased services 120 38,327 94 (66) 38,475 Special items — 8,482 — — 8,482 Other 2,349 56,571 637 (13,652) 45,905 Total 2,479 804,778 763 (13,807) 794,213 Operating Income (Loss) (2,479) (159,187) 13,020 — (148,646) Nonoperating Income (Expense): Undistributed net loss of subsidiaries (135,192) (4,472) — 139,664 — Interest expense and amortization of debt discounts and issuance costs — (6,314) (18,501) 746 (24,069) Interest income 109 9,447 1,211 (746) 10,021 Capitalized interest — 3,134 — — 3,134 Losses on fuel derivatives — (582) — — (582) Other components of net periodic pension cost — (927) — — (927) Gains on investments, net — 470 — — 470 Gains on foreign debt — 8,519 — — 8,519 Other, net — (770) — — (770) Total (135,083) 8,505 (17,290) 139,664 (4,204) Loss Before Income Taxes (137,562) (150,682) (4,270) 139,664 (152,850) Income tax benefit — (15,285) — — (15,285) Net Loss $ (137,562) $ (135,397) $ (4,270) $ 139,664 $ (137,565) Comprehensive Loss $ (136,448) $ (134,280) $ (4,270) $ 138,550 $ (136,448) Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Three months ended March 31, 2023 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 611,800 $ 14,275 $ (13,472) $ 612,603 Operating Expenses: Wages and benefits — 241,933 — — 241,933 Aircraft fuel, including taxes and delivery — 197,625 — — 197,625 Maintenance, materials and repairs — 50,318 (31) — 50,287 Aircraft and passenger servicing — 42,532 — — 42,532 Commissions and other selling 8 28,153 222 (145) 28,238 Aircraft rent — 28,171 — — 28,171 Depreciation and amortization — 32,667 — — 32,667 Other rentals and landing fees — 38,739 — (19) 38,720 Purchased services 119 34,451 568 (66) 35,072 Other 1,829 55,564 (9,368) (13,240) 34,785 Total 1,956 750,153 (8,609) (13,470) 730,030 Operating Income (Loss) (1,956) (138,353) 22,884 (2) (117,427) Nonoperating Income (Expense): Undistributed net loss of subsidiaries (96,696) (4,830) — 101,526 — Interest expense and amortization of debt discounts and issuance costs — (5,147) (18,473) 740 (22,880) Interest income 398 15,542 1,265 (740) 16,465 Capitalized interest — 1,458 — — 1,458 Losses on fuel derivatives — (5,065) — — (5,065) Other components of net periodic pension cost — (1,494) — — (1,494) Gains on investments, net — 697 — — 697 Gains on foreign debt — 2,260 — — 2,260 Other, net — 155 — — 155 Total (96,298) 3,576 (17,208) 101,526 (8,404) Income (Loss) Before Income Taxes (98,254) (134,777) 5,676 101,524 (125,831) Income tax benefit — (27,574) — — (27,574) Net Income (Loss) $ (98,254) $ (107,203) $ 5,676 $ 101,524 $ (98,257) Comprehensive Income (Loss) $ (100,309) $ (109,255) $ 5,676 $ 103,579 $ (100,309) Condensed Consolidating Balance Sheets March 31, 2024 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 8,817 $ 190,050 $ 31,998 $ — $ 230,865 Restricted cash — — 17,250 — 17,250 Short-term investments — 666,432 — — 666,432 Accounts receivable, net 1,269 93,977 27,687 (23,816) 99,117 Income taxes receivable — 642 — — 642 Spare parts and supplies, net — 65,444 — — 65,444 Prepaid expenses and other — 80,304 — — 80,304 Total 10,086 1,096,849 76,935 (23,816) 1,160,054 Property and equipment at cost — 3,264,937 — — 3,264,937 Less accumulated depreciation and amortization — (1,160,495) — — (1,160,495) Property and equipment, net — 2,104,442 — — 2,104,442 Assets held-for-sale — 224 867 — 1,091 Operating lease right-of-use assets — 393,769 — — 393,769 Long-term prepayments and other — 118,057 1,200,000 (1,200,000) 118,057 Goodwill and other intangible assets, net — — 13,500 — 13,500 Intercompany receivable (713,153) (62,065) — 775,218 — Investment in consolidated subsidiaries 807,451 (17,310) 503 (790,644) — Total Assets $ 104,384 $ 3,633,966 $ 1,291,805 $ (1,239,242) $ 3,790,913 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 2,048 $ 226,522 $ 636 $ (14,358) $ 214,848 Air traffic liability and current frequent flyer deferred revenue — 749,261 8,594 — 757,855 Other accrued liabilities — 161,230 13,658 (9,458) 165,430 Current maturities of long-term debt, less discount — 75,132 — — 75,132 Current maturities of finance lease obligations — 8,791 — — 8,791 Current maturities of operating leases — 79,281 — — 79,281 Total 2,048 1,300,217 22,888 (23,816) 1,301,337 Long-Term Debt — 1,621,457 1,190,778 (1,200,000) 1,612,235 Intercompany payable 142,552 (581,251) 127,943 310,756 — Other Liabilities and Deferred Credits: Noncurrent finance lease obligations — 56,269 — — 56,269 Noncurrent operating leases — 283,836 — — 283,836 Accumulated pension and other post-retirement benefit obligations — 142,367 — — 142,367 Other liabilities and deferred credits — 78,499 — — 78,499 Noncurrent frequent flyer deferred revenue — 304,099 — — 304,099 Deferred tax liabilities, net — 52,492 — — 52,492 Total — 917,562 — — 917,562 Shareholders’ equity (40,216) 375,981 (49,804) (326,182) (40,221) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 104,384 $ 3,633,966 $ 1,291,805 $ (1,239,242) $ 3,790,913 Condensed Consolidating Balance Sheets December 31, 2023 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current assets: Cash and cash equivalents $ 8,707 $ 113,026 $ 31,540 $ — $ 153,273 Restricted cash — — 17,250 — 17,250 Short-term investments — 755,224 — — 755,224 Accounts receivable, net 1,269 101,655 26,261 (23,327) 105,858 Income taxes receivable, net — 669 — — 669 Spare parts and supplies, net — 60,115 — — 60,115 Prepaid expenses and other — 78,551 — — 78,551 Total 9,976 1,109,240 75,051 (23,327) 1,170,940 Property and equipment at cost — 3,164,145 — — 3,164,145 Less accumulated depreciation and amortization — (1,150,529) — — (1,150,529) Property and equipment, net — 2,013,616 — — 2,013,616 Assets held-for-sale — 262 873 — 1,135 Operating lease right-of-use assets — 413,237 — — 413,237 Long-term prepayments and other — 121,097 1,200,000 (1,200,000) 121,097 Goodwill and other intangible assets, net — — 13,500 — 13,500 Intercompany receivable (577,961) (57,591) — 635,552 — Investment in consolidated subsidiaries 807,451 (17,309) 502 (790,644) — Total Assets $ 239,466 $ 3,582,552 $ 1,289,926 $ (1,378,419) $ 3,733,525 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 784 $ 212,464 $ 590 $ (14,615) $ 199,223 Air traffic liability and current frequent flyer deferred revenue — 623,324 10,021 — 633,345 Other accrued liabilities — 170,651 13,652 (8,712) 175,591 Current maturities of long-term debt, less discount — 43,857 — — 43,857 Current maturities of finance lease obligations — 10,053 — — 10,053 Current maturities of operating leases — 83,332 — — 83,332 Total 784 1,143,681 24,263 (23,327) 1,145,401 Long-Term Debt — 1,547,626 1,189,526 (1,200,000) 1,537,152 Intercompany payable 143,257 (573,873) 121,673 308,943 — Other Liabilities and Deferred Credits: Noncurrent finance lease obligations — 60,116 — — 60,116 Noncurrent operating leases — 303,119 — — 303,119 Accumulated pension and other post-retirement benefit obligations — 140,742 — — 140,742 Other liabilities and deferred credits — 77,154 — — 77,154 Noncurrent frequent flyer deferred revenue — 308,502 — — 308,502 Deferred tax liabilities, net — 65,914 — — 65,914 Total — 955,547 — — 955,547 Shareholders’ equity 95,425 509,571 (45,536) (464,035) 95,425 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 239,466 $ 3,582,552 $ 1,289,926 $ (1,378,419) $ 3,733,525 Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2024 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (797) $ 6,887 $ (5,836) $ — $ 254 Cash Flows From Investing Activities: Net payments to affiliates — (7,179) 6,272 907 — Additions to property and equipment, including pre-delivery deposits — (127,018) — — (127,018) Proceeds from the disposition of aircraft and aircraft related equipment — 83 22 — 105 Purchases of investments — (15,824) — — (15,824) Sales of investments — 109,485 — — 109,485 Net cash provided by (used in) investing activities — (40,453) 6,294 907 (33,252) Cash Flows From Financing Activities: Long-term borrowings — 131,400 — — 131,400 Repayments of long-term debt and finance lease obligations — (18,760) — — (18,760) Debt issuance costs and discount — (1,849) — — (1,849) Net payments from affiliates 907 — — (907) — Payment for taxes withheld for stock compensation — (201) — — (201) Net cash provided by financing activities 907 110,590 — (907) 110,590 Net increase in cash and cash equivalents 110 77,024 458 — 77,592 Cash, cash equivalents, & restricted cash - Beginning of Period 8,707 113,026 48,790 — 170,523 Cash, cash equivalents, & restricted cash - End of Period $ 8,817 $ 190,050 $ 49,248 $ — $ 248,115 Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2023 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (613) $ 122,379 $ (3,475) $ — $ 118,291 Cash Flows From Investing Activities: Net payments to affiliates — 24,435 (17,206) (7,229) — Additions to property and equipment, including pre-delivery deposits — (106,215) — — (106,215) Proceeds from the disposition of aircraft and aircraft related equipment 6,793 20 2,750 — 9,563 Purchases of investments — (96,806) — — (96,806) Sales of investments — 144,069 — — 144,069 Net cash provided by (used in) investing activities 6,793 (34,497) (14,456) (7,229) (49,389) Cash Flows From Financing Activities: Repayments of long-term debt and finance lease obligations — (24,953) — — (24,953) Net payments from affiliates (7,229) — — 7,229 — Payment for taxes withheld for stock compensation — (1,066) — — (1,066) Net cash used in financing activities (7,229) (26,019) — 7,229 (26,019) Net increase (decrease) in cash and cash equivalents (1,049) 61,863 (17,931) — 42,883 Cash, cash equivalents, & restricted cash - Beginning of Period 28,620 151,357 66,643 — 246,620 Cash, cash equivalents, & restricted cash - End of Period $ 27,571 $ 213,220 $ 48,712 $ — $ 289,503 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Loss | $ (137,565) | $ (98,257) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Information Related to Amounts Reclassified from AOCI | Reclassifications out of accumulated other comprehensive income (loss) by component are as follows: Details about accumulated other comprehensive income (loss) components Three months ended March 31, Affected line items in the consolidated statements of operations where net income is presented 2024 2023 (in thousands) Amortization of defined benefit plan items Actuarial loss $ 290 $ 450 Nonoperating income (expense), other, net Prior service cost 173 145 Nonoperating income (expense), other, net Total before tax 463 595 Tax benefit (114) (147) Total, net of tax $ 349 $ 448 Short-term investments Realized gain on sales of investments $ (79) $ (393) Gains (losses) on investments, net Realized loss on sales of investments 30 911 Gains (losses) on investments, net Total before tax (49) 518 Income tax expense 12 128 Total, net of tax $ (37) $ 646 Total reclassifications for the period $ 312 $ 1,094 |
Schedule of Amounts Included in Accumulated Other Comprehensive Income (Loss), Net of Taxes | A roll-forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2024 and 2023 is as follows: Three months ended March 31, 2024 Defined Benefit Short-Term Investments Total (in thousands) Beginning balance $ (60,677) $ (18,475) $ (79,152) Other comprehensive income before reclassifications, net of tax 1 804 805 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 349 (37) 312 Net current-period other comprehensive income 350 767 1,117 Ending balance $ (60,327) $ (17,708) $ (78,035) Three months ended March 31, 2023 Defined Benefit Plan Items Short-Term Investments Total (in thousands) Beginning balance $ (59,439) $ (35,727) $ (95,166) Other comprehensive income (loss) before reclassifications, net of tax (7,526) 4,380 (3,146) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 448 646 1,094 Net current-period other comprehensive income (loss) (7,078) 5,026 (2,052) Ending balance $ (66,517) $ (30,701) $ (97,218) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | The following table shows the computation of basic and diluted loss per share: Three Months Ended March 31, 2024 2023 (in thousands, except for per share data) Numerator: Net Loss $ (137,565) $ (98,257) Denominator: Weighted average common stock shares outstanding - Basic 51,838 51,507 Dilutive effect of share-based awards and warrants — — Weighted average common stock shares outstanding - Diluted 51,838 51,507 Net Loss Per Share Basic $ (2.65) $ (1.91) Diluted $ (2.65) $ (1.91) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The Company's operating revenues by geographic region (as defined by the U.S. Department of Transportation (DOT)) are summarized below: Three Months Ended March 31, 2024 2023 Geographic Information (in thousands) Domestic $ 492,410 $ 486,129 Pacific 153,157 126,474 Total operating revenue $ 645,567 $ 612,603 Three Months Ended March 31, 2024 2023 Passenger Revenue by Type (in thousands) Passenger revenue, excluding frequent flyer $ 539,622 $ 505,962 Frequent flyer revenue, transportation component 43,826 42,564 Passenger Revenue $ 583,448 $ 548,526 Other revenue (e.g., cargo and other miscellaneous) $ 33,547 $ 35,139 Frequent flyer revenue, marketing and brand component 28,572 28,938 Other Revenue $ 62,119 $ 64,077 |
Schedule of Frequent Flyer Liability for Future Award Redemptions | The table below presents the Company's frequent flyer liability balance: March 31, 2024 December 31, 2023 (in thousands) Air traffic liability (current portion of frequent flyer revenue) $ 211,321 $ 201,418 Noncurrent frequent flyer deferred revenue 304,099 308,502 Total frequent flyer liability $ 515,420 $ 509,920 |
Schedule of Frequent Flyer Deferred Revenue | The table below presents a roll forward of Frequent flyer deferred revenue for the three months ended March 31, 2024 and 2023: 2024 2023 (in thousands) Total frequent flyer liability - beginning balance $ 509,920 $ 484,580 Miles awarded 50,860 54,502 Travel miles redeemed (Passenger Revenue) (43,826) (42,564) Non-travel miles redeemed (Other Revenue) (1,534) (1,226) Total frequent flyer liability - ending balance $ 515,420 $ 495,292 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Short-Term Investments [Abstract] | |
Schedule of Short-Term Investments | The following is a summary of short-term investments held as of March 31, 2024 and December 31, 2023: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Debt securities Corporate debt securities $ 160,488 $ 217 $ (11,617) $ 149,088 U.S. government and agency securities 309,856 37 (4,819) 305,074 Other fixed income securities 33,843 33 (5,261) 28,615 Asset-backed securities 29,659 100 (1,207) 28,552 Collateralized loan obligations 36,270 25 (800) 35,495 Bank notes 8,672 — (182) 8,490 Total debt securities 578,788 412 (23,886) 555,314 Derivatives 492 1,163 (148) 1,507 Equity securities 119,015 — (10,504) 108,511 Other investments measured at net asset value 1,000 100 — 1,100 Total short-term investments $ 699,295 $ 1,675 $ (34,538) $ 666,432 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Debt securities Corporate debt securities $ 217,777 $ 440 $ (10,717) $ 207,500 U.S. government and agency securities 305,169 168 (4,908) 300,429 Other fixed income securities 35,319 42 (6,847) 28,514 Asset-backed securities 24,298 69 (1,281) 23,086 Collateralized loan obligations 39,628 83 (1,335) 38,376 Bank notes 9,118 — (204) 8,914 Total debt securities 631,309 802 (25,292) 606,819 Derivatives 233 1,026 (745) 514 Equity securities 161,677 — (14,866) 146,811 Other investments measured at net asset value 1,000 80 — 1,080 Total short-term investments $ 794,219 $ 1,908 $ (40,903) $ 755,224 The following tables present fair values and gross unrealized losses by security type and length of time that individual debt securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2024 (in thousands) Debt securities Corporate debt securities $ 17,505 $ (938) $ 120,679 $ (10,679) $ 138,184 $ (11,617) U.S. government and agency securities 273,683 (3,482) 8,489 (1,337) 282,172 (4,819) Other fixed income securities 1,281 (23) 23,982 (5,238) 25,263 (5,261) Asset-backed securities 3,903 (43) 14,234 (1,164) 18,137 (1,207) Collateralized loan obligations 6,993 (129) 20,890 (671) 27,883 (800) Bank notes 7,350 (97) 1,139 (85) 8,489 (182) $ 310,715 $ (4,712) $ 189,413 $ (19,174) $ 500,128 $ (23,886) Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2023 (in thousands) Debt securities Corporate debt securities $ 9,784 $ (233) $ 154,607 $ (10,484) $ 164,391 $ (10,717) U.S. government and agency securities 82,930 (608) 193,400 (4,300) 276,330 (4,908) Other fixed income securities 1,867 (26) 21,933 (6,821) 23,800 (6,847) Asset-backed securities 2,225 (17) 14,881 (1,264) 17,106 (1,281) Collateralized loan obligations 5,032 (63) 29,445 (1,272) 34,477 (1,335) Bank notes 8,396 (164) 519 (40) 8,915 (204) $ 110,234 $ (1,111) $ 414,785 $ (24,181) $ 525,019 $ (25,292) |
Schedule of Contractual Maturities of Short-Term Investments | Contractual maturities of debt securities as of March 31, 2024 are shown below: Under 1 Year 1 to 5 Years Over 5 Years Total (in thousands) Debt Securities Corporate debt $ 132 $ 66,935 $ 82,021 $ 149,088 U.S. government and agency debt 7,109 284,695 13,270 305,074 Other fixed income securities 425 14,410 13,780 28,615 Asset-backed securities 305 9,627 18,620 28,552 Collateralized loan obligations — — 35,495 35,495 Bank notes — 4,489 4,001 8,490 Total debt securities $ 7,971 $ 380,156 $ 167,187 $ 555,314 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2024 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 139,427 $ 138,084 $ 1,343 $ — Restricted cash 17,250 17,250 — — Short-term investments Debt securities Corporate debt securities 149,088 — 144,526 4,562 U.S. government and agency securities 305,074 — 305,074 — Other fixed income securities 28,615 — 28,615 — Asset-backed securities 28,552 — 20,768 7,784 Collateralized loan obligations 35,495 — 35,029 466 Bank notes 8,490 — 1,692 6,798 Total debt securities 555,314 — 535,704 19,610 Derivatives 1,507 — 1,507 — Equity securities 108,511 107,623 888 — Other investments measured at net asset value 1,100 — — — Total short-term investments 666,432 107,623 538,099 19,610 Other Assets Fuel derivative contracts 3,189 — 3,189 — Assets held-for-sale 1,091 — — 1,091 Total assets measured at fair value $ 827,389 $ 262,957 $ 542,631 $ 20,701 Fair Value Measurements as of December 31, 2023 Total Level 1 Level 2 Level 3 (in thousands) Cash equivalents $ 99,965 $ 99,279 $ 686 $ — Restricted cash 17,250 17,250 — — Short-term investments Debt securities Corporate debt securities 207,500 — 202,873 4,627 U.S. government and agency securities 300,429 — 300,429 — Other fixed income securities 28,514 — 28,514 — Asset-backed securities 23,086 — 15,172 7,914 Collateralized loan obligations 38,376 — 38,123 253 Bank notes 8,914 — 2,046 6,868 Total debt securities 606,819 — 587,157 19,662 Derivatives 514 — 514 — Equity securities 146,811 146,031 780 — Other investments measured at net asset value 1,080 — — — Total short-term investments 755,224 146,031 588,451 19,662 Other Assets Fuel derivative contracts 2,069 — 2,069 — Assets held-for-sale 1,135 — — 1,135 Total assets measured at fair value $ 875,643 $ 262,560 $ 591,206 $ 20,797 |
Schedule of Reconciliation of Short Term Investments and Assets Held for Sale Measured at Fair Value on a Recurring Basis Unobservable Input | The reconciliation of the Company's short-term investments measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three months ended March 31, 2024 is as follows: Short-term Investment Activity for the three months ended March 31, 2024 Asset-Backed Securities Bank Notes Collateralized Loan Obligations Corporate Debt Securities Total (in thousands) Beginning balance as of December 31, 2023 $ 7,914 $ 6,868 $ 253 $ 4,627 $ 19,662 Purchases — — 213 — 213 Sale of investments — — — (10) (10) Redemptions and paydowns (39) (72) — — (111) Amortization and accretion, net 29 — — (68) (39) Realized and unrealized gains (losses), net (120) 2 — 13 (105) Ending balance as of March 31, 2024 $ 7,784 $ 6,798 $ 466 $ 4,562 $ 19,610 Short-term Investment Activity for the three months ended March 31, 2023 Asset-Backed Securities Bank Notes Collateralized Loan Obligations Corporate Debt Securities Total (in thousands) Beginning balance as of December 31, 2022 $ 9,033 $ 9,426 $ 2,558 $ 8,173 $ 29,190 Purchases — 944 — — 944 Sale of investments — (2,189) — — (2,189) Redemptions and paydowns (41) (185) — (12) (238) Amortization and accretion, net 16 1 — (24) (7) Realized and unrealized gains (losses), net (145) 61 (130) 80 (134) Ending balance as of March 31, 2023 $ 8,863 $ 8,058 $ 2,428 $ 8,217 $ 27,566 |
Schedule of Debt (Excluding Obligations Under Capital Leases) Measured at Fair Value | The table below presents the Company’s debt measured at fair value: Fair Value of Debt March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Amount Total Level 1 Level 2 Level 3 (in thousands) $ 1,687,367 $ 1,526,555 $ — $ — $ 1,526,555 $ 1,581,009 $ 1,406,721 $ — $ — $ 1,406,721 |
Financial Derivative Instrume_2
Financial Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Realized and Unrealized Gains and Losses Recorded as Nonoperating Income (Expense) | The following table reflects the amount of realized and unrealized gains and losses recorded as Nonoperating income (expense) in the Consolidated Statements of Operations. Three months ended March 31, Fuel derivative contracts 2024 2023 (in thousands) Losses realized at settlement $ (2,398) $ (1,513) Reversal of prior period unrealized amounts 4,335 2,639 Unrealized losses that will settle in future periods (2,519) (6,191) Losses on fuel derivatives recorded as Nonoperating Expense $ (582) $ (5,065) |
Schedule of Fair Value of the Asset and Liability Derivatives and Net Derivative Positions | The following table presents the gross fair value of asset and liability derivatives, all of which are not designated as hedging instruments under ASC 815, as well as the net derivative positions and location of the asset and liability balances within the Consolidated Balance Sheets. Derivative positions as of March 31, 2024 Balance Sheet Notional Amount Final Gross Fair Gross Fair Net Derivative Position (in thousands) (in thousands) Derivatives not designated as hedges Fuel derivative contracts Prepaid expenses and other 93,114 gallons March 2025 $ 3,189 $ — $ 3,189 Foreign currency derivatives Short-term investments 37,707 Euro March 2025 $ 1,109 $ — $ 1,109 Interest rate contracts Short-term investments 47,217 US Dollars May 2028 $ 550 $ (152) $ 398 Derivative positions as of December 31, 2023 Balance Sheet Notional Amount Final Gross Fair Gross Fair Net Derivative Position (in thousands) (in thousands) Derivatives not designated as hedges Fuel derivative contracts Prepaid expenses and other 90,258 gallons December 2024 $ 2,069 $ — $ 2,069 Foreign currency derivatives Short-term investments 38,385 Euro March 2025 $ 543 $ (569) $ (26) Interest rate contracts Short-term investments 16,110 US Dollars May 2028 $ 797 $ (257) $ 540 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt, net of unamortized discounts and issuance costs, is outlined as follows: March 31, 2024 December 31, 2023 (in thousands) Class A EETC-13, fixed interest rate of 3.9%, semiannual principal and interest payments, remaining balance due at maturity in January 2026 $ 153,067 $ 162,953 Japanese Yen denominated financing, fixed interest rate of 1.05%, quarterly principal and interest payments, remaining balance due at maturity in May 2030 17,092 19,050 Japanese Yen denominated financing, fixed interest rate of 1.01%, semiannual principal and interest payments, remaining balance due at maturity in June 2030 15,278 16,394 Japanese Yen denominated financing, fixed interest rate of 0.65%, quarterly principal and interest payments, remaining balance due at maturity in March 2025 38,610 45,107 Japanese Yen denominated financing, fixed interest rate of 0.76%, semiannual principal and interest payments, remaining balance due at maturity in September 2031 40,462 46,225 CARES Act Payroll Support Program, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in April 2030 through September 2030 60,278 60,278 Payroll Support Program Extension, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in March 2031 through April 2031 27,797 27,797 Payroll Support Program 3, fixed interest rate of 1.0% for the first through fifth years and variable interest of SOFR plus a margin of 2.0% for the sixth year through maturity, semiannual interest payments, principal balance due at maturity in April 2031 through June 2031 23,908 23,908 Financing Lease, variable interest rate of SOFR plus a margin of 3.85%, quarterly principal and interest payments, remaining balance due at maturity in January 2034 131,400 — Loyalty Program Financing, fixed interest of 5.75%, quarterly interest payments, principal balance due at maturity in January 2026 1,200,000 1,200,000 Unamortized debt discount and issuance costs (20,525) (20,703) Total Debt $ 1,687,367 $ 1,581,009 Less: Current maturities of long-term debt (75,132) (43,857) Long-Term Debt, less discount $ 1,612,235 $ 1,537,152 |
Schedule of Maturities of Long-Term Debt | As of March 31, 2024, the expected maturities of debt, excluding debt issuance costs, for the remainder of 2024 and the next four years, and thereafter, were as follows (in thousands): Remaining months in 2024 $ 33,489 2025 64,422 2026 1,348,357 2027 21,708 2028 22,657 Thereafter 217,259 $ 1,707,892 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s defined benefit and other post-retirement plans included the following: Three months ended March 31, Components of Net Period Benefit Cost 2024 2023 (in thousands) Service cost $ 2,514 $ 1,629 Other cost: Interest cost 6,307 6,430 Expected return on plan assets (5,843) (5,531) Recognized net actuarial loss 463 595 Total other components of the net periodic benefit cost 927 1,494 Net periodic benefit cost $ 3,441 $ 3,123 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Firm Aircraft and Engine Orders and Purchase Rights | As of March 31, 2024, the Company had the following aircraft-related commitments consisting of firm aircraft and engine orders and purchase rights for additional aircraft and engines: Aircraft Type Firm Orders Purchase Rights Expected Delivery Dates A321neo aircraft — 9 N/A Boeing 787-9 aircraft 11 8 Between 2024 and 2027 General Electric GEnx spare engines: Boeing 787-9 spare engines 3 1 Between 2024 and 2027 |
Schedule of Gross Committed Expenditures and Committed Payments | The gross committed expenditures and committed payments as of March 31, 2024 and for the next five fiscal years and thereafter are detailed below: Aircraft and Aircraft Related Other Total Committed (in thousands) Remaining in 2024 $ 225,949 $ 20,204 $ 246,153 2025 419,557 18,328 437,885 2026 665,473 12,085 677,558 2027 252,872 8,270 261,142 2028 — 3,311 3,311 Thereafter — 58,285 58,285 $ 1,563,851 $ 120,483 $ 1,684,334 |
Assets Held-For-Sale (Tables)
Assets Held-For-Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets Held For Sale Activity | A roll-forward of the Assets held-for-sale activity for the three months ended March 31, 2024 and 2023 is as follows: Assets Held-For-Sale Activity for the three months ended March 31, 2024 ATR Aircraft Commercial Real Estate Total (in thousands) Beginning balance as of December 31, 2023 $ 1,135 $ — $ 1,135 Additions — — — Proceeds from sale (105) — (105) Realized gains 61 — 61 Realized losses — — — Ending balance as of March 31, 2024 $ 1,091 $ — $ 1,091 Assets Held-For-Sale Activity for the three months ended March 31, 2023 ATR Aircraft Commercial Real Estate Total (in thousands) Beginning balance as of December 31, 2022 $ 7,728 $ 6,291 $ 14,019 Additions — — — Proceeds from sale (2,769) (16,470) (19,239) Realized gains 65 10,179 10,244 Realized losses — — — Ending balance as of March 31, 2023 $ 5,024 $ — $ 5,024 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Consolidating Statements of Operations and Comprehensive Loss | Condensed Consolidating Statements of Operations and Comprehensive Loss Three months ended March 31, 2024 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 645,591 $ 13,783 $ (13,807) $ 645,567 Operating Expenses: Wages and benefits — 261,935 — — 261,935 Aircraft fuel, including taxes and delivery — 188,778 — — 188,778 Maintenance, materials and repairs — 70,971 — — 70,971 Aircraft and passenger servicing — 45,424 — — 45,424 Commissions and other selling 10 28,490 32 (89) 28,443 Aircraft rent — 29,706 — — 29,706 Other rentals and landing fees — 43,127 — — 43,127 Depreciation and amortization — 32,967 — — 32,967 Purchased services 120 38,327 94 (66) 38,475 Special items — 8,482 — — 8,482 Other 2,349 56,571 637 (13,652) 45,905 Total 2,479 804,778 763 (13,807) 794,213 Operating Income (Loss) (2,479) (159,187) 13,020 — (148,646) Nonoperating Income (Expense): Undistributed net loss of subsidiaries (135,192) (4,472) — 139,664 — Interest expense and amortization of debt discounts and issuance costs — (6,314) (18,501) 746 (24,069) Interest income 109 9,447 1,211 (746) 10,021 Capitalized interest — 3,134 — — 3,134 Losses on fuel derivatives — (582) — — (582) Other components of net periodic pension cost — (927) — — (927) Gains on investments, net — 470 — — 470 Gains on foreign debt — 8,519 — — 8,519 Other, net — (770) — — (770) Total (135,083) 8,505 (17,290) 139,664 (4,204) Loss Before Income Taxes (137,562) (150,682) (4,270) 139,664 (152,850) Income tax benefit — (15,285) — — (15,285) Net Loss $ (137,562) $ (135,397) $ (4,270) $ 139,664 $ (137,565) Comprehensive Loss $ (136,448) $ (134,280) $ (4,270) $ 138,550 $ (136,448) Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Three months ended March 31, 2023 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) Operating Revenue $ — $ 611,800 $ 14,275 $ (13,472) $ 612,603 Operating Expenses: Wages and benefits — 241,933 — — 241,933 Aircraft fuel, including taxes and delivery — 197,625 — — 197,625 Maintenance, materials and repairs — 50,318 (31) — 50,287 Aircraft and passenger servicing — 42,532 — — 42,532 Commissions and other selling 8 28,153 222 (145) 28,238 Aircraft rent — 28,171 — — 28,171 Depreciation and amortization — 32,667 — — 32,667 Other rentals and landing fees — 38,739 — (19) 38,720 Purchased services 119 34,451 568 (66) 35,072 Other 1,829 55,564 (9,368) (13,240) 34,785 Total 1,956 750,153 (8,609) (13,470) 730,030 Operating Income (Loss) (1,956) (138,353) 22,884 (2) (117,427) Nonoperating Income (Expense): Undistributed net loss of subsidiaries (96,696) (4,830) — 101,526 — Interest expense and amortization of debt discounts and issuance costs — (5,147) (18,473) 740 (22,880) Interest income 398 15,542 1,265 (740) 16,465 Capitalized interest — 1,458 — — 1,458 Losses on fuel derivatives — (5,065) — — (5,065) Other components of net periodic pension cost — (1,494) — — (1,494) Gains on investments, net — 697 — — 697 Gains on foreign debt — 2,260 — — 2,260 Other, net — 155 — — 155 Total (96,298) 3,576 (17,208) 101,526 (8,404) Income (Loss) Before Income Taxes (98,254) (134,777) 5,676 101,524 (125,831) Income tax benefit — (27,574) — — (27,574) Net Income (Loss) $ (98,254) $ (107,203) $ 5,676 $ 101,524 $ (98,257) Comprehensive Income (Loss) $ (100,309) $ (109,255) $ 5,676 $ 103,579 $ (100,309) |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets March 31, 2024 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 8,817 $ 190,050 $ 31,998 $ — $ 230,865 Restricted cash — — 17,250 — 17,250 Short-term investments — 666,432 — — 666,432 Accounts receivable, net 1,269 93,977 27,687 (23,816) 99,117 Income taxes receivable — 642 — — 642 Spare parts and supplies, net — 65,444 — — 65,444 Prepaid expenses and other — 80,304 — — 80,304 Total 10,086 1,096,849 76,935 (23,816) 1,160,054 Property and equipment at cost — 3,264,937 — — 3,264,937 Less accumulated depreciation and amortization — (1,160,495) — — (1,160,495) Property and equipment, net — 2,104,442 — — 2,104,442 Assets held-for-sale — 224 867 — 1,091 Operating lease right-of-use assets — 393,769 — — 393,769 Long-term prepayments and other — 118,057 1,200,000 (1,200,000) 118,057 Goodwill and other intangible assets, net — — 13,500 — 13,500 Intercompany receivable (713,153) (62,065) — 775,218 — Investment in consolidated subsidiaries 807,451 (17,310) 503 (790,644) — Total Assets $ 104,384 $ 3,633,966 $ 1,291,805 $ (1,239,242) $ 3,790,913 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 2,048 $ 226,522 $ 636 $ (14,358) $ 214,848 Air traffic liability and current frequent flyer deferred revenue — 749,261 8,594 — 757,855 Other accrued liabilities — 161,230 13,658 (9,458) 165,430 Current maturities of long-term debt, less discount — 75,132 — — 75,132 Current maturities of finance lease obligations — 8,791 — — 8,791 Current maturities of operating leases — 79,281 — — 79,281 Total 2,048 1,300,217 22,888 (23,816) 1,301,337 Long-Term Debt — 1,621,457 1,190,778 (1,200,000) 1,612,235 Intercompany payable 142,552 (581,251) 127,943 310,756 — Other Liabilities and Deferred Credits: Noncurrent finance lease obligations — 56,269 — — 56,269 Noncurrent operating leases — 283,836 — — 283,836 Accumulated pension and other post-retirement benefit obligations — 142,367 — — 142,367 Other liabilities and deferred credits — 78,499 — — 78,499 Noncurrent frequent flyer deferred revenue — 304,099 — — 304,099 Deferred tax liabilities, net — 52,492 — — 52,492 Total — 917,562 — — 917,562 Shareholders’ equity (40,216) 375,981 (49,804) (326,182) (40,221) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 104,384 $ 3,633,966 $ 1,291,805 $ (1,239,242) $ 3,790,913 Condensed Consolidating Balance Sheets December 31, 2023 Parent Issuer / Subsidiary Non-Guarantor Eliminations Consolidated (in thousands) ASSETS Current assets: Cash and cash equivalents $ 8,707 $ 113,026 $ 31,540 $ — $ 153,273 Restricted cash — — 17,250 — 17,250 Short-term investments — 755,224 — — 755,224 Accounts receivable, net 1,269 101,655 26,261 (23,327) 105,858 Income taxes receivable, net — 669 — — 669 Spare parts and supplies, net — 60,115 — — 60,115 Prepaid expenses and other — 78,551 — — 78,551 Total 9,976 1,109,240 75,051 (23,327) 1,170,940 Property and equipment at cost — 3,164,145 — — 3,164,145 Less accumulated depreciation and amortization — (1,150,529) — — (1,150,529) Property and equipment, net — 2,013,616 — — 2,013,616 Assets held-for-sale — 262 873 — 1,135 Operating lease right-of-use assets — 413,237 — — 413,237 Long-term prepayments and other — 121,097 1,200,000 (1,200,000) 121,097 Goodwill and other intangible assets, net — — 13,500 — 13,500 Intercompany receivable (577,961) (57,591) — 635,552 — Investment in consolidated subsidiaries 807,451 (17,309) 502 (790,644) — Total Assets $ 239,466 $ 3,582,552 $ 1,289,926 $ (1,378,419) $ 3,733,525 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 784 $ 212,464 $ 590 $ (14,615) $ 199,223 Air traffic liability and current frequent flyer deferred revenue — 623,324 10,021 — 633,345 Other accrued liabilities — 170,651 13,652 (8,712) 175,591 Current maturities of long-term debt, less discount — 43,857 — — 43,857 Current maturities of finance lease obligations — 10,053 — — 10,053 Current maturities of operating leases — 83,332 — — 83,332 Total 784 1,143,681 24,263 (23,327) 1,145,401 Long-Term Debt — 1,547,626 1,189,526 (1,200,000) 1,537,152 Intercompany payable 143,257 (573,873) 121,673 308,943 — Other Liabilities and Deferred Credits: Noncurrent finance lease obligations — 60,116 — — 60,116 Noncurrent operating leases — 303,119 — — 303,119 Accumulated pension and other post-retirement benefit obligations — 140,742 — — 140,742 Other liabilities and deferred credits — 77,154 — — 77,154 Noncurrent frequent flyer deferred revenue — 308,502 — — 308,502 Deferred tax liabilities, net — 65,914 — — 65,914 Total — 955,547 — — 955,547 Shareholders’ equity 95,425 509,571 (45,536) (464,035) 95,425 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 239,466 $ 3,582,552 $ 1,289,926 $ (1,378,419) $ 3,733,525 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2024 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (797) $ 6,887 $ (5,836) $ — $ 254 Cash Flows From Investing Activities: Net payments to affiliates — (7,179) 6,272 907 — Additions to property and equipment, including pre-delivery deposits — (127,018) — — (127,018) Proceeds from the disposition of aircraft and aircraft related equipment — 83 22 — 105 Purchases of investments — (15,824) — — (15,824) Sales of investments — 109,485 — — 109,485 Net cash provided by (used in) investing activities — (40,453) 6,294 907 (33,252) Cash Flows From Financing Activities: Long-term borrowings — 131,400 — — 131,400 Repayments of long-term debt and finance lease obligations — (18,760) — — (18,760) Debt issuance costs and discount — (1,849) — — (1,849) Net payments from affiliates 907 — — (907) — Payment for taxes withheld for stock compensation — (201) — — (201) Net cash provided by financing activities 907 110,590 — (907) 110,590 Net increase in cash and cash equivalents 110 77,024 458 — 77,592 Cash, cash equivalents, & restricted cash - Beginning of Period 8,707 113,026 48,790 — 170,523 Cash, cash equivalents, & restricted cash - End of Period $ 8,817 $ 190,050 $ 49,248 $ — $ 248,115 Condensed Consolidating Statements of Cash Flows Three months ended March 31, 2023 Parent Issuer / Subsidiary Non- Eliminations Consolidated (in thousands) Net Cash Provided By (Used In) Operating Activities $ (613) $ 122,379 $ (3,475) $ — $ 118,291 Cash Flows From Investing Activities: Net payments to affiliates — 24,435 (17,206) (7,229) — Additions to property and equipment, including pre-delivery deposits — (106,215) — — (106,215) Proceeds from the disposition of aircraft and aircraft related equipment 6,793 20 2,750 — 9,563 Purchases of investments — (96,806) — — (96,806) Sales of investments — 144,069 — — 144,069 Net cash provided by (used in) investing activities 6,793 (34,497) (14,456) (7,229) (49,389) Cash Flows From Financing Activities: Repayments of long-term debt and finance lease obligations — (24,953) — — (24,953) Net payments from affiliates (7,229) — — 7,229 — Payment for taxes withheld for stock compensation — (1,066) — — (1,066) Net cash used in financing activities (7,229) (26,019) — 7,229 (26,019) Net increase (decrease) in cash and cash equivalents (1,049) 61,863 (17,931) — 42,883 Cash, cash equivalents, & restricted cash - Beginning of Period 28,620 151,357 66,643 — 246,620 Cash, cash equivalents, & restricted cash - End of Period $ 27,571 $ 213,220 $ 48,712 $ — $ 289,503 |
Merger Agreement with Alaska _2
Merger Agreement with Alaska Air Group (Details) - Alaska Air Group - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Dec. 02, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | |||
Business acquisition, share price (in dollars per share) | $ 18 | ||
Termination fee | $ 39.6 | ||
Acquisition related costs | $ 8.5 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amounts reclassified from AOCI | ||
Nonoperating income (expense), other, net | $ 770 | $ (155) |
Income tax expense | (15,285) | (27,574) |
Total, net of tax | 137,565 | 98,257 |
Amount reclassified from accumulated other comprehensive income (loss) | ||
Amounts reclassified from AOCI | ||
Total, net of tax | 312 | 1,094 |
Actuarial loss | Amount reclassified from accumulated other comprehensive income (loss) | ||
Amounts reclassified from AOCI | ||
Nonoperating income (expense), other, net | 290 | 450 |
Prior service cost | Amount reclassified from accumulated other comprehensive income (loss) | ||
Amounts reclassified from AOCI | ||
Nonoperating income (expense), other, net | 173 | 145 |
Amortization of defined benefit plan items | Amount reclassified from accumulated other comprehensive income (loss) | ||
Amounts reclassified from AOCI | ||
Total before tax | 463 | 595 |
Income tax expense | (114) | (147) |
Total, net of tax | 349 | 448 |
Short-term investments | Amount reclassified from accumulated other comprehensive income (loss) | ||
Amounts reclassified from AOCI | ||
Realized gain on sales of investments | (79) | (393) |
Realized loss on sales of investments | 30 | 911 |
Total before tax | (49) | 518 |
Income tax expense | 12 | 128 |
Total, net of tax | $ (37) | $ 646 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Roll-Forward of the Amounts Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Rollforward of Accumulated other comprehensive income (loss) | ||
Beginning balance | $ 95,425 | $ 333,265 |
Other comprehensive income before reclassifications, net of tax | 805 | (3,146) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 312 | 1,094 |
Total other comprehensive income (loss) | 1,117 | (2,052) |
Ending balance | (40,221) | 233,320 |
Defined Benefit Plan Items | ||
Rollforward of Accumulated other comprehensive income (loss) | ||
Beginning balance | (60,677) | (59,439) |
Other comprehensive income before reclassifications, net of tax | 1 | (7,526) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 349 | 448 |
Total other comprehensive income (loss) | 350 | (7,078) |
Ending balance | (60,327) | (66,517) |
Short-Term Investments | ||
Rollforward of Accumulated other comprehensive income (loss) | ||
Beginning balance | (18,475) | (35,727) |
Other comprehensive income before reclassifications, net of tax | 804 | 4,380 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (37) | 646 |
Total other comprehensive income (loss) | 767 | 5,026 |
Ending balance | (17,708) | (30,701) |
Total | ||
Rollforward of Accumulated other comprehensive income (loss) | ||
Beginning balance | (79,152) | (95,166) |
Total other comprehensive income (loss) | 1,117 | (2,052) |
Ending balance | $ (78,035) | $ (97,218) |
Loss Per Share - Schedule of Po
Loss Per Share - Schedule of Potential Dilution (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Oct. 20, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive shares excluded (in shares) | 705,999 | 95,819 | |
Numerator: | |||
Net Loss | $ (137,565) | $ (98,257) | |
Denominator: | |||
Weighted average common stock shares outstanding - basic (in shares) | 51,838,000 | 51,507,000 | |
Dilutive effect of share-based awards and warrants (in shares) | 0 | 0 | |
Weighted average common stock shares outstanding - diluted (in shares) | 51,838,000 | 51,507,000 | |
Net Loss Per Share | |||
Basic (in dollars per share) | $ (2.65) | $ (1.91) | |
Diluted (in dollars per share) | $ (2.65) | $ (1.91) | |
Amazon.com Services LLC | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Warrants issued (in shares) | 8,183,451 | 8,183,451 | 9,442,443 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) segment business | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Number of significant lines of business offered by company | business | 1 | ||
Number of reportable segments | segment | 1 | ||
Expected timing of satisfaction for future revenue | represents revenue that is expected to be realized in future periods. | ||
Non-refundable ticket expiration period | 13 months | ||
Passenger revenue, excluding frequent flyer | |||
Disaggregation of Revenue [Line Items] | |||
Air traffic liability | $ 539.1 | $ 423.1 | |
Air traffic revenue recognized | 250.2 | $ 294.5 | |
Passenger revenue, excluding frequent flyer | Advanced Ticket Breakage | |||
Disaggregation of Revenue [Line Items] | |||
Air traffic revenue recognized | $ 17.4 | $ 12.6 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 645,567 | $ 612,603 |
Passenger revenue, excluding frequent flyer | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 539,622 | 505,962 |
Frequent flyer revenue, transportation component | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 43,826 | 42,564 |
Passenger Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 583,448 | 548,526 |
Other revenue (e.g., cargo and other miscellaneous) | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 33,547 | 35,139 |
Frequent flyer revenue, marketing and brand component | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 28,572 | 28,938 |
Other Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 62,119 | 64,077 |
Domestic | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 492,410 | 486,129 |
Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 153,157 | $ 126,474 |
Revenue Recognition - Frequent
Revenue Recognition - Frequent Flyer Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||||
Air traffic liability (current portion of frequent flyer revenue) | $ 757,855 | $ 633,345 | ||
Noncurrent frequent flyer deferred revenue | 304,099 | 308,502 | ||
Frequent flyer revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Air traffic liability (current portion of frequent flyer revenue) | 211,321 | 201,418 | ||
Noncurrent frequent flyer deferred revenue | 304,099 | 308,502 | ||
Total frequent flyer liability | $ 515,420 | $ 509,920 | $ 495,292 | $ 484,580 |
Revenue Recognition - Rollforwa
Revenue Recognition - Rollforward of Frequent Flyer Deferred Revenue (Details) - Frequent flyer revenue - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement in Deferred Revenue [Roll Forward] | ||
Total Frequent flyer liability - beginning balance | $ 509,920 | $ 484,580 |
Miles awarded | 50,860 | 54,502 |
Travel miles redeemed (Passenger Revenue) | (43,826) | (42,564) |
Non-travel miles redeemed (Other Revenue) | (1,534) | (1,226) |
Total Frequent flyer liability - ending balance | $ 515,420 | $ 495,292 |
Short-Term Investments - Schedu
Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 699,295 | $ 794,219 |
Gross Unrealized Gains | 1,675 | 1,908 |
Gross Unrealized Losses | (34,538) | (40,903) |
Fair Value | 666,432 | 755,224 |
Fair value, less than 12 months | 310,715 | 110,234 |
Unrealized losses, less than 12 months | (4,712) | (1,111) |
Fair value, 12 months or greater | 189,413 | 414,785 |
Unrealized losses, 12 months or greater | (19,174) | (24,181) |
Fair Value | 500,128 | 525,019 |
Unrealized Losses | (23,886) | (25,292) |
Contractual Maturities | ||
Total | 666,432 | 755,224 |
Debt securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 578,788 | 631,309 |
Gross Unrealized Gains | 412 | 802 |
Gross Unrealized Losses | (23,886) | (25,292) |
Fair Value | 555,314 | 606,819 |
Contractual Maturities | ||
Under 1 Year | 7,971 | |
1 to 5 Years | 380,156 | |
Over 5 Years | 167,187 | |
Total | 555,314 | 606,819 |
Corporate debt securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 160,488 | 217,777 |
Gross Unrealized Gains | 217 | 440 |
Gross Unrealized Losses | (11,617) | (10,717) |
Fair Value | 149,088 | 207,500 |
Fair value, less than 12 months | 17,505 | 9,784 |
Unrealized losses, less than 12 months | (938) | (233) |
Fair value, 12 months or greater | 120,679 | 154,607 |
Unrealized losses, 12 months or greater | (10,679) | (10,484) |
Fair Value | 138,184 | 164,391 |
Unrealized Losses | (11,617) | (10,717) |
Contractual Maturities | ||
Under 1 Year | 132 | |
1 to 5 Years | 66,935 | |
Over 5 Years | 82,021 | |
Total | 149,088 | 207,500 |
U.S. government and agency securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 309,856 | 305,169 |
Gross Unrealized Gains | 37 | 168 |
Gross Unrealized Losses | (4,819) | (4,908) |
Fair Value | 305,074 | 300,429 |
Fair value, less than 12 months | 273,683 | 82,930 |
Unrealized losses, less than 12 months | (3,482) | (608) |
Fair value, 12 months or greater | 8,489 | 193,400 |
Unrealized losses, 12 months or greater | (1,337) | (4,300) |
Fair Value | 282,172 | 276,330 |
Unrealized Losses | (4,819) | (4,908) |
Contractual Maturities | ||
Under 1 Year | 7,109 | |
1 to 5 Years | 284,695 | |
Over 5 Years | 13,270 | |
Total | 305,074 | 300,429 |
Other fixed income securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 33,843 | 35,319 |
Gross Unrealized Gains | 33 | 42 |
Gross Unrealized Losses | (5,261) | (6,847) |
Fair Value | 28,615 | 28,514 |
Fair value, less than 12 months | 1,281 | 1,867 |
Unrealized losses, less than 12 months | (23) | (26) |
Fair value, 12 months or greater | 23,982 | 21,933 |
Unrealized losses, 12 months or greater | (5,238) | (6,821) |
Fair Value | 25,263 | 23,800 |
Unrealized Losses | (5,261) | (6,847) |
Contractual Maturities | ||
Under 1 Year | 425 | |
1 to 5 Years | 14,410 | |
Over 5 Years | 13,780 | |
Total | 28,615 | 28,514 |
Asset-backed securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 29,659 | 24,298 |
Gross Unrealized Gains | 100 | 69 |
Gross Unrealized Losses | (1,207) | (1,281) |
Fair Value | 28,552 | 23,086 |
Fair value, less than 12 months | 3,903 | 2,225 |
Unrealized losses, less than 12 months | (43) | (17) |
Fair value, 12 months or greater | 14,234 | 14,881 |
Unrealized losses, 12 months or greater | (1,164) | (1,264) |
Fair Value | 18,137 | 17,106 |
Unrealized Losses | (1,207) | (1,281) |
Contractual Maturities | ||
Under 1 Year | 305 | |
1 to 5 Years | 9,627 | |
Over 5 Years | 18,620 | |
Total | 28,552 | 23,086 |
Collateralized loan obligations | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 36,270 | 39,628 |
Gross Unrealized Gains | 25 | 83 |
Gross Unrealized Losses | (800) | (1,335) |
Fair Value | 35,495 | 38,376 |
Fair value, less than 12 months | 6,993 | 5,032 |
Unrealized losses, less than 12 months | (129) | (63) |
Fair value, 12 months or greater | 20,890 | 29,445 |
Unrealized losses, 12 months or greater | (671) | (1,272) |
Fair Value | 27,883 | 34,477 |
Unrealized Losses | (800) | (1,335) |
Contractual Maturities | ||
Under 1 Year | 0 | |
1 to 5 Years | 0 | |
Over 5 Years | 35,495 | |
Total | 35,495 | 38,376 |
Bank notes | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 8,672 | 9,118 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (182) | (204) |
Fair Value | 8,490 | 8,914 |
Fair value, less than 12 months | 7,350 | 8,396 |
Unrealized losses, less than 12 months | (97) | (164) |
Fair value, 12 months or greater | 1,139 | 519 |
Unrealized losses, 12 months or greater | (85) | (40) |
Fair Value | 8,489 | 8,915 |
Unrealized Losses | (182) | (204) |
Contractual Maturities | ||
Under 1 Year | 0 | |
1 to 5 Years | 4,489 | |
Over 5 Years | 4,001 | |
Total | 8,490 | 8,914 |
Derivatives | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 492 | 233 |
Gross Unrealized Gains | 1,163 | 1,026 |
Gross Unrealized Losses | (148) | (745) |
Fair Value | 1,507 | 514 |
Contractual Maturities | ||
Total | 1,507 | 514 |
Equity securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 119,015 | 161,677 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10,504) | (14,866) |
Fair Value | 108,511 | 146,811 |
Contractual Maturities | ||
Total | 108,511 | 146,811 |
Other investments measured at net asset value | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 100 | 80 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,100 | 1,080 |
Contractual Maturities | ||
Total | $ 1,100 | $ 1,080 |
Short-Term Investments - Narrat
Short-Term Investments - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) position | Mar. 31, 2023 USD ($) | Dec. 31, 2023 position | |
Short-Term Investments [Abstract] | |||
Number of unrealized losses from debt and equity securities generated | 393 | 394 | |
Number of unrealized losses from debt and equity securities | 495 | 502 | |
Unrealized gain (loss) on equity securities | $ | $ 5.1 | $ 0.9 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Measurements | ||
Restricted cash | $ 17,250 | $ 17,250 |
Short-term investments | 666,432 | 755,224 |
Recurring basis | ||
Fair Value Measurements | ||
Cash equivalents | 139,427 | 99,965 |
Restricted cash | 17,250 | 17,250 |
Short-term investments | 666,432 | 755,224 |
Equity securities | 108,511 | 146,811 |
Other investments measured at net asset value | 1,100 | 1,080 |
Assets held-for-sale | 1,091 | 1,135 |
Total assets measured at fair value | 827,389 | 875,643 |
Recurring basis | Fuel derivative contracts | ||
Fair Value Measurements | ||
Fuel derivative contracts | 3,189 | 2,069 |
Recurring basis | Level 1 | ||
Fair Value Measurements | ||
Cash equivalents | 138,084 | 99,279 |
Restricted cash | 17,250 | 17,250 |
Short-term investments | 107,623 | 146,031 |
Equity securities | 107,623 | 146,031 |
Other investments measured at net asset value | 0 | 0 |
Assets held-for-sale | 0 | 0 |
Total assets measured at fair value | 262,957 | 262,560 |
Recurring basis | Level 1 | Fuel derivative contracts | ||
Fair Value Measurements | ||
Fuel derivative contracts | 0 | 0 |
Recurring basis | Level 2 | ||
Fair Value Measurements | ||
Cash equivalents | 1,343 | 686 |
Restricted cash | 0 | 0 |
Short-term investments | 538,099 | 588,451 |
Equity securities | 888 | 780 |
Other investments measured at net asset value | 0 | 0 |
Assets held-for-sale | 0 | 0 |
Total assets measured at fair value | 542,631 | 591,206 |
Recurring basis | Level 2 | Fuel derivative contracts | ||
Fair Value Measurements | ||
Fuel derivative contracts | 3,189 | 2,069 |
Recurring basis | Level 3 | ||
Fair Value Measurements | ||
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Short-term investments | 19,610 | 19,662 |
Equity securities | 0 | 0 |
Other investments measured at net asset value | 0 | 0 |
Assets held-for-sale | 1,091 | 1,135 |
Total assets measured at fair value | 20,701 | 20,797 |
Recurring basis | Level 3 | Fuel derivative contracts | ||
Fair Value Measurements | ||
Fuel derivative contracts | 0 | 0 |
Recurring basis | Debt securities | ||
Fair Value Measurements | ||
Short-term investments | 555,314 | 606,819 |
Recurring basis | Debt securities | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Debt securities | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 535,704 | 587,157 |
Recurring basis | Debt securities | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 19,610 | 19,662 |
Recurring basis | Corporate debt securities | ||
Fair Value Measurements | ||
Short-term investments | 149,088 | 207,500 |
Recurring basis | Corporate debt securities | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Corporate debt securities | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 144,526 | 202,873 |
Recurring basis | Corporate debt securities | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 4,562 | 4,627 |
Recurring basis | U.S. government and agency securities | ||
Fair Value Measurements | ||
Short-term investments | 305,074 | 300,429 |
Recurring basis | U.S. government and agency securities | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | U.S. government and agency securities | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 305,074 | 300,429 |
Recurring basis | U.S. government and agency securities | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Other fixed income securities | ||
Fair Value Measurements | ||
Short-term investments | 28,615 | 28,514 |
Recurring basis | Other fixed income securities | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Other fixed income securities | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 28,615 | 28,514 |
Recurring basis | Other fixed income securities | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Asset-backed securities | ||
Fair Value Measurements | ||
Short-term investments | 28,552 | 23,086 |
Recurring basis | Asset-backed securities | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Asset-backed securities | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 20,768 | 15,172 |
Recurring basis | Asset-backed securities | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 7,784 | 7,914 |
Recurring basis | Collateralized loan obligations | ||
Fair Value Measurements | ||
Short-term investments | 35,495 | 38,376 |
Recurring basis | Collateralized loan obligations | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Collateralized loan obligations | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 35,029 | 38,123 |
Recurring basis | Collateralized loan obligations | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 466 | 253 |
Recurring basis | Bank notes | ||
Fair Value Measurements | ||
Short-term investments | 8,490 | 8,914 |
Recurring basis | Bank notes | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Bank notes | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 1,692 | 2,046 |
Recurring basis | Bank notes | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | 6,798 | 6,868 |
Recurring basis | Derivatives | ||
Fair Value Measurements | ||
Short-term investments | 1,507 | 514 |
Recurring basis | Derivatives | Level 1 | ||
Fair Value Measurements | ||
Short-term investments | 0 | 0 |
Recurring basis | Derivatives | Level 2 | ||
Fair Value Measurements | ||
Short-term investments | 1,507 | 514 |
Recurring basis | Derivatives | Level 3 | ||
Fair Value Measurements | ||
Short-term investments | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Fair Value Disclosures [Abstract] | |
Restricted cash | $ 17.3 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Short Term Investments and Assets Held For Sale Measured at Fair Value on a Recurring Basis Unobservable Input (Details) - Short-term Investments - Level 3 - Recurring basis - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 19,662 | $ 29,190 |
Purchases | 213 | 944 |
Sale of investments | (10) | (2,189) |
Redemptions and paydowns | (111) | (238) |
Amortization and accretion, net | (39) | (7) |
Realized and unrealized gains (losses), net | (105) | (134) |
Ending balance | 19,610 | 27,566 |
Asset-Backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 7,914 | 9,033 |
Purchases | 0 | 0 |
Sale of investments | 0 | 0 |
Redemptions and paydowns | (39) | (41) |
Amortization and accretion, net | 29 | 16 |
Realized and unrealized gains (losses), net | (120) | (145) |
Ending balance | 7,784 | 8,863 |
Bank Notes | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 6,868 | 9,426 |
Purchases | 0 | 944 |
Sale of investments | 0 | (2,189) |
Redemptions and paydowns | (72) | (185) |
Amortization and accretion, net | 0 | 1 |
Realized and unrealized gains (losses), net | 2 | 61 |
Ending balance | 6,798 | 8,058 |
Collateralized Loan Obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 253 | 2,558 |
Purchases | 213 | 0 |
Sale of investments | 0 | 0 |
Redemptions and paydowns | 0 | 0 |
Amortization and accretion, net | 0 | 0 |
Realized and unrealized gains (losses), net | 0 | (130) |
Ending balance | 466 | 2,428 |
Corporate debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 4,627 | 8,173 |
Purchases | 0 | 0 |
Sale of investments | (10) | 0 |
Redemptions and paydowns | 0 | (12) |
Amortization and accretion, net | (68) | (24) |
Realized and unrealized gains (losses), net | 13 | 80 |
Ending balance | $ 4,562 | $ 8,217 |
Fair Value Measurements - Debt
Fair Value Measurements - Debt Measured at Fair Value (Excluding Obligations Under Capital Leases and Financing Obligations) (Details) - Recurring basis - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Measurements | ||
Carrying Amount | $ 1,687,367 | $ 1,581,009 |
Fair Value | 1,526,555 | 1,406,721 |
Level 1 | ||
Fair Value Measurements | ||
Fair Value | 0 | 0 |
Level 2 | ||
Fair Value Measurements | ||
Fair Value | 0 | 0 |
Level 3 | ||
Fair Value Measurements | ||
Fair Value | $ 1,526,555 | $ 1,406,721 |
Financial Derivative Instrume_3
Financial Derivative Instruments - Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative instrument | ||
Losses on fuel derivatives recorded as Nonoperating Expense | $ (582) | $ (5,065) |
Not Designated as Hedging Instrument | Commodity Contract | ||
Derivative instrument | ||
Losses realized at settlement | (2,398) | (1,513) |
Reversal of prior period unrealized amounts | 4,335 | 2,639 |
Unrealized losses that will settle in future periods | (2,519) | (6,191) |
Losses on fuel derivatives recorded as Nonoperating Expense | $ (582) | $ (5,065) |
Financial Derivative Instrume_4
Financial Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative instrument | |||
Net derivative position | $ 4,700,000 | $ 2,600,000 | |
Collateral posted with counterparties | 0 | 0 | |
Derivatives | |||
Derivative instrument | |||
Net asset position | 1,500,000 | $ 500,000 | |
Unrealized gain (loss) | $ 600,000 | $ 100,000 |
Financial Derivative Instrume_5
Financial Derivative Instruments - Derivative Positions (Details) € in Thousands, gal in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) gal | Dec. 31, 2023 USD ($) gal | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | |
Fair Value of Derivatives | ||||
Net derivative position | $ 4,700 | $ 2,600 | ||
Not Designated as Hedging Instrument | Commodity Contract | ||||
Fair Value of Derivatives | ||||
Notional amount (in gallons) | gal | 93,114 | 90,258 | ||
Gross fair value of assets, current | $ 3,189 | $ 2,069 | ||
Gross fair value of (liabilities), current | 0 | 0 | ||
Net derivative position | 3,189 | 2,069 | ||
Not Designated as Hedging Instrument | Foreign currency derivatives | ||||
Fair Value of Derivatives | ||||
Derivative, notional amount | € | € 37,707 | € 38,385 | ||
Gross fair value of assets, current | 1,109 | 543 | ||
Gross fair value of (liabilities), current | 0 | (569) | ||
Net derivative position | 1,109 | (26) | ||
Not Designated as Hedging Instrument | Interest rate contracts | ||||
Fair Value of Derivatives | ||||
Derivative, notional amount | 47,217 | 16,110 | ||
Gross fair value of assets, current | 550 | 797 | ||
Gross fair value of (liabilities), current | (152) | (257) | ||
Net derivative position | $ 398 | $ 540 |
Debt - Long-term Debt (Details)
Debt - Long-term Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 29, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,707,892 | ||
Unamortized debt discount and issuance costs | (20,525) | $ (20,703) | |
Total Debt | 1,687,367 | 1,581,009 | |
Less: Current maturities of long-term debt | (75,132) | (43,857) | |
Long-Term Debt, less discount | $ 1,612,235 | $ 1,537,152 | |
Enhanced Equipment Trust Certificates (EETC) | Class A EETC-13 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.90% | 3.90% | |
Long-term debt | $ 153,067 | $ 162,953 | |
1.05% Japanese Yen Denominated Debt Due May 2030 | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.05% | 1.05% | |
Long-term debt | $ 17,092 | $ 19,050 | |
1.01% Japanese Yen Denominated Debt Due June 2030 | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.01% | 1.01% | |
Long-term debt | $ 15,278 | $ 16,394 | |
0.65% Japanese Yen Denominated Debt Due March 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.65% | 0.65% | |
Long-term debt | $ 38,610 | $ 45,107 | |
0.76% Japanese Yen Denominated Debt Due September 2031 | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.76% | 0.76% | |
Long-term debt | $ 40,462 | $ 46,225 | |
Payroll Support Program | |||
Debt Instrument [Line Items] | |||
Interest rate | 1% | 1% | |
Long-term debt | $ 60,278 | $ 60,278 | |
Payroll Support Program | Secured overnight financing rate | |||
Debt Instrument [Line Items] | |||
Margin | 2% | 2% | |
Payroll Support Program Extension | |||
Debt Instrument [Line Items] | |||
Interest rate | 1% | 1% | |
Long-term debt | $ 27,797 | $ 27,797 | |
Payroll Support Program Extension | Secured overnight financing rate | |||
Debt Instrument [Line Items] | |||
Margin | 2% | 2% | |
Payroll Support Program 3 | |||
Debt Instrument [Line Items] | |||
Interest rate | 1% | 1% | |
Long-term debt | $ 23,908 | $ 23,908 | |
Payroll Support Program 3 | Secured overnight financing rate | |||
Debt Instrument [Line Items] | |||
Margin | 2% | 2% | |
Financing Lease Variable interest Rate | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 131,400 | $ 131,400 | $ 0 |
Financing Lease Variable interest Rate | Secured overnight financing rate | |||
Debt Instrument [Line Items] | |||
Margin | 3.85% | 3.85% | 3.85% |
Senior Notes | 5.75% Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.75% | 5.75% | |
Long-term debt | $ 1,200,000 | $ 1,200,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2024 | Aug. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,707,892,000 | |||
Financing Lease Variable interest Rate | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 131,400,000 | $ 131,400,000 | $ 0 | |
Term of debt instrument | 10 years | |||
Financing Lease Variable interest Rate | Secured overnight financing rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate (as a percent) | 3.85% | 3.85% | 3.85% | |
Revolving credit facility | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 235,000,000 | |||
Outstanding borrowings | $ 0 | |||
Revolving credit facility | Line of credit | Secured overnight financing rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate (as a percent) | 3% | |||
Revolving credit facility | Line of credit | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate (as a percent) | 2% |
Debt - Maturity of Long-Term De
Debt - Maturity of Long-Term Debt (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Remaining months in 2024 | $ 33,489 |
2025 | 64,422 |
2026 | 1,348,357 |
2027 | 21,708 |
2028 | 22,657 |
Thereafter | 217,259 |
Long-term debt | $ 1,707,892 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Components of Net Period Benefit Cost | ||
Service cost | $ 2,514,000 | $ 1,629,000 |
Other cost: | ||
Interest cost | 6,307,000 | 6,430,000 |
Expected return on plan assets | (5,843,000) | (5,531,000) |
Recognized net actuarial loss | 463,000 | 595,000 |
Total other components of the net periodic benefit cost | 927,000 | 1,494,000 |
Net periodic benefit cost | 3,441,000 | 3,123,000 |
Contribution to defined benefit and other postretirement plans | $ 0 | $ 0 |
Amazon Agreement (Details)
Amazon Agreement (Details) $ / shares in Units, $ in Thousands | Oct. 20, 2022 USD ($) aircraft $ / shares shares | Mar. 31, 2024 USD ($) tranche $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Mar. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Noncurrent frequent flyer deferred revenue | $ 304,099 | $ 308,502 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Amazon.com Services LLC | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Services agreement term | 8 years | ||||
Customer extension term | 2 years | ||||
Additional extension term | 3 years | ||||
Number of aircraft, authorized for initial operation | aircraft | 10 | ||||
Noncurrent frequent flyer deferred revenue | $ 11,500 | ||||
Warrants issued (in shares) | shares | 9,442,443 | 8,183,451 | 8,183,451 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Aggregate qualified payments | $ 1,800,000 | ||||
Number of tranches | tranche | 2 | ||||
Estimated pro rata contra revenue earned | $ 11,600 | ||||
Amazon.com Services LLC | Warrant | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrants vested (in shares) | shares | 1,258,992 | ||||
Warrant shares, valued | $ 11,600 | ||||
Amazon.com Services LLC | Tranche 1 | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrants issued (in shares) | shares | 6,294,962 | ||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 14.71 | $ 9.19 | |||
Revenue over the vesting period | $ 57,900 | ||||
Amazon.com Services LLC | Tranche 1 | Warrant | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrants vested (in shares) | shares | 1,258,992 | ||||
Warrant shares, valued | $ 11,600 | ||||
Amazon.com Services LLC | Tranche 2 | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrants issued (in shares) | shares | 3,147,481 | ||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 8.77 | ||||
Redemption of warrants trading days | 30 days | ||||
Revenue over the vesting period | $ 27,600 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Orders and Purchase Rights (Details) - Aircraft and Aircraft Related | 3 Months Ended |
Mar. 31, 2024 purchaseRight order | |
Boeing 787-9 spare engines | |
Long-term Purchase Commitment [Line Items] | |
Firm Orders | order | 3 |
Purchase Rights | purchaseRight | 1 |
A321neo aircraft | |
Long-term Purchase Commitment [Line Items] | |
Firm Orders | order | 0 |
Purchase Rights | purchaseRight | 9 |
Boeing 787-9 aircraft | |
Long-term Purchase Commitment [Line Items] | |
Firm Orders | order | 11 |
Purchase Rights | purchaseRight | 8 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Narrative (Details) | 1 Months Ended | |||||
Apr. 24, 2024 USD ($) | Dec. 31, 2022 aircraft | Oct. 31, 2018 engine | Jul. 31, 2018 aircraft | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Long-term Purchase Commitment [Line Items] | ||||||
Long-term debt | $ 1,707,892,000 | |||||
Senior Note Due April 2034 | Senior Notes | Subsequent Event | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Long-term debt | $ 115,000,000 | |||||
Senior Note Due April 2034 | Senior Notes | SOFR | Subsequent Event | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Margin | 3.50% | |||||
Senior Note Due April 2029 | Junior Notes | Subsequent Event | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Long-term debt | $ 15,000,000 | |||||
Interest rate | 8.8693% | |||||
Credit card processing agreements | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Restricted cash | $ 0 | $ 0 | ||||
Maximum amount that holdback could increase | 100% | |||||
Boeing 787-9 aircraft | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of aircraft under purchase agreements | aircraft | 10 | |||||
Number of aircraft with purchase rights | aircraft | 10 | |||||
Number of aircraft under supplemental agreement | aircraft | 2 | |||||
Boeing 787-9 aircraft | General Electric GEnx engines | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of engines, firm order | engine | 20 | |||||
Number of engines, purchase rights | engine | 20 | |||||
Boeing 787-9 aircraft | General Electric GEnx spare engines | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of spare engine purchase rights | engine | 4 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Committed Expenditures and Committed Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Total Committed Expenditures | |
Remaining in 2024 | $ 246,153 |
2025 | 437,885 |
2026 | 677,558 |
2027 | 261,142 |
2028 | 3,311 |
Thereafter | 58,285 |
Total | 1,684,334 |
Aircraft and Aircraft Related | |
Total Committed Expenditures | |
Remaining in 2024 | 225,949 |
2025 | 419,557 |
2026 | 665,473 |
2027 | 252,872 |
2028 | 0 |
Thereafter | 0 |
Total | 1,563,851 |
Other | |
Total Committed Expenditures | |
Remaining in 2024 | 20,204 |
2025 | 18,328 |
2026 | 12,085 |
2027 | 8,270 |
2028 | 3,311 |
Thereafter | 58,285 |
Total | $ 120,483 |
Assets Held-For-Sale - Narrativ
Assets Held-For-Sale - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2023 | Dec. 31, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Assets held-for-sale | $ 1,091 | $ 1,135 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other | |||||
Held-for-sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Assets held-for-sale | $ 29,500 | |||||
Assets held-for-sale | 1,091 | 1,135 | $ 5,024 | $ 14,019 | ||
Held-for-sale | 'Ohana by Hawaiian | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Write-down of fleet | 6,400 | |||||
Assets held-for-sale | 23,400 | |||||
Held-for-sale | Commercial Real Estate | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Assets held-for-sale | $ 6,300 | $ 0 | $ 0 | $ 0 | $ 6,291 | |
Disposed of by sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of aircraft | $ 10,200 |
Assets Held-For-Sale - Asset He
Assets Held-For-Sale - Asset Held for Sale Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disposal Groups, Including Discontinued Operations, Assets [Roll Forward] | ||
Beginning balance | $ 1,135 | |
Ending balance | 1,091 | |
Held-for-sale | ||
Disposal Groups, Including Discontinued Operations, Assets [Roll Forward] | ||
Beginning balance | 1,135 | $ 14,019 |
Additions | 0 | 0 |
Proceeds from sale | (105) | (19,239) |
Realized gains | 61 | 10,244 |
Realized losses | 0 | 0 |
Ending balance | 1,091 | 5,024 |
Held-for-sale | ATR Aircraft | ||
Disposal Groups, Including Discontinued Operations, Assets [Roll Forward] | ||
Beginning balance | 1,135 | 7,728 |
Additions | 0 | 0 |
Proceeds from sale | (105) | (2,769) |
Realized gains | 61 | 65 |
Realized losses | 0 | 0 |
Ending balance | 1,091 | 5,024 |
Held-for-sale | Commercial Real Estate | ||
Disposal Groups, Including Discontinued Operations, Assets [Roll Forward] | ||
Beginning balance | 0 | 6,291 |
Additions | 0 | 0 |
Proceeds from sale | 0 | (16,470) |
Realized gains | 0 | 10,179 |
Realized losses | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||
Operating Revenue | $ 645,567 | $ 612,603 |
Operating Expenses: | ||
Wages and benefits | 261,935 | 241,933 |
Aircraft fuel, including taxes and delivery | 188,778 | 197,625 |
Maintenance, materials and repairs | 70,971 | 50,287 |
Aircraft and passenger servicing | 45,424 | 42,532 |
Commissions and other selling | 28,443 | 28,238 |
Aircraft rent | 29,706 | 28,171 |
Other rentals and landing fees | 43,127 | 38,720 |
Depreciation and amortization | 32,967 | 32,667 |
Purchased services | 38,475 | 35,072 |
Special items | 8,482 | 0 |
Other | 45,905 | 34,785 |
Total | 794,213 | 730,030 |
Operating Loss | (148,646) | (117,427) |
Nonoperating Income (Expense): | ||
Undistributed net loss of subsidiaries | 0 | 0 |
Interest expense and amortization of debt discounts and issuance costs | (24,069) | (22,880) |
Interest income | 10,021 | 16,465 |
Capitalized interest | 3,134 | 1,458 |
Losses on fuel derivatives | (582) | (5,065) |
Other components of net periodic benefit cost | (927) | (1,494) |
Gains on investments, net | 470 | 697 |
Gains on foreign debt | 8,519 | 2,260 |
Other, net | (770) | 155 |
Total | (4,204) | (8,404) |
Loss Before Income Taxes | (152,850) | (125,831) |
Income tax benefit | (15,285) | (27,574) |
Net Loss | (137,565) | (98,257) |
Comprehensive Loss | (136,448) | (100,309) |
Eliminations | ||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||
Operating Revenue | (13,807) | (13,472) |
Operating Expenses: | ||
Wages and benefits | 0 | 0 |
Aircraft fuel, including taxes and delivery | 0 | 0 |
Maintenance, materials and repairs | 0 | 0 |
Aircraft and passenger servicing | 0 | 0 |
Commissions and other selling | (89) | (145) |
Aircraft rent | 0 | 0 |
Other rentals and landing fees | 0 | (19) |
Depreciation and amortization | 0 | 0 |
Purchased services | (66) | (66) |
Special items | 0 | |
Other | (13,652) | (13,240) |
Total | (13,807) | (13,470) |
Operating Loss | 0 | (2) |
Nonoperating Income (Expense): | ||
Undistributed net loss of subsidiaries | 139,664 | 101,526 |
Interest expense and amortization of debt discounts and issuance costs | 746 | 740 |
Interest income | (746) | (740) |
Capitalized interest | 0 | 0 |
Losses on fuel derivatives | 0 | 0 |
Other components of net periodic benefit cost | 0 | 0 |
Gains on investments, net | 0 | 0 |
Gains on foreign debt | 0 | 0 |
Other, net | 0 | 0 |
Total | 139,664 | 101,526 |
Loss Before Income Taxes | 139,664 | 101,524 |
Income tax benefit | 0 | 0 |
Net Loss | 139,664 | 101,524 |
Comprehensive Loss | 138,550 | 103,579 |
Parent Issuer / Guarantor | Reportable legal entities | ||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||
Operating Revenue | 0 | 0 |
Operating Expenses: | ||
Wages and benefits | 0 | 0 |
Aircraft fuel, including taxes and delivery | 0 | 0 |
Maintenance, materials and repairs | 0 | 0 |
Aircraft and passenger servicing | 0 | 0 |
Commissions and other selling | 10 | 8 |
Aircraft rent | 0 | 0 |
Other rentals and landing fees | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Purchased services | 120 | 119 |
Special items | 0 | |
Other | 2,349 | 1,829 |
Total | 2,479 | 1,956 |
Operating Loss | (2,479) | (1,956) |
Nonoperating Income (Expense): | ||
Undistributed net loss of subsidiaries | (135,192) | (96,696) |
Interest expense and amortization of debt discounts and issuance costs | 0 | 0 |
Interest income | 109 | 398 |
Capitalized interest | 0 | 0 |
Losses on fuel derivatives | 0 | 0 |
Other components of net periodic benefit cost | 0 | 0 |
Gains on investments, net | 0 | 0 |
Gains on foreign debt | 0 | 0 |
Other, net | 0 | 0 |
Total | (135,083) | (96,298) |
Loss Before Income Taxes | (137,562) | (98,254) |
Income tax benefit | 0 | 0 |
Net Loss | (137,562) | (98,254) |
Comprehensive Loss | (136,448) | (100,309) |
Subsidiary Issuer / Guarantor | Reportable legal entities | ||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||
Operating Revenue | 645,591 | 611,800 |
Operating Expenses: | ||
Wages and benefits | 261,935 | 241,933 |
Aircraft fuel, including taxes and delivery | 188,778 | 197,625 |
Maintenance, materials and repairs | 70,971 | 50,318 |
Aircraft and passenger servicing | 45,424 | 42,532 |
Commissions and other selling | 28,490 | 28,153 |
Aircraft rent | 29,706 | 28,171 |
Other rentals and landing fees | 43,127 | 38,739 |
Depreciation and amortization | 32,967 | 32,667 |
Purchased services | 38,327 | 34,451 |
Special items | 8,482 | |
Other | 56,571 | 55,564 |
Total | 804,778 | 750,153 |
Operating Loss | (159,187) | (138,353) |
Nonoperating Income (Expense): | ||
Undistributed net loss of subsidiaries | (4,472) | (4,830) |
Interest expense and amortization of debt discounts and issuance costs | (6,314) | (5,147) |
Interest income | 9,447 | 15,542 |
Capitalized interest | 3,134 | 1,458 |
Losses on fuel derivatives | (582) | (5,065) |
Other components of net periodic benefit cost | (927) | (1,494) |
Gains on investments, net | 470 | 697 |
Gains on foreign debt | 8,519 | 2,260 |
Other, net | (770) | 155 |
Total | 8,505 | 3,576 |
Loss Before Income Taxes | (150,682) | (134,777) |
Income tax benefit | (15,285) | (27,574) |
Net Loss | (135,397) | (107,203) |
Comprehensive Loss | (134,280) | (109,255) |
Non-Guarantor Subsidiaries | Reportable legal entities | ||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||
Operating Revenue | 13,783 | 14,275 |
Operating Expenses: | ||
Wages and benefits | 0 | 0 |
Aircraft fuel, including taxes and delivery | 0 | 0 |
Maintenance, materials and repairs | 0 | (31) |
Aircraft and passenger servicing | 0 | 0 |
Commissions and other selling | 32 | 222 |
Aircraft rent | 0 | 0 |
Other rentals and landing fees | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Purchased services | 94 | 568 |
Special items | 0 | |
Other | 637 | (9,368) |
Total | 763 | (8,609) |
Operating Loss | 13,020 | 22,884 |
Nonoperating Income (Expense): | ||
Undistributed net loss of subsidiaries | 0 | 0 |
Interest expense and amortization of debt discounts and issuance costs | (18,501) | (18,473) |
Interest income | 1,211 | 1,265 |
Capitalized interest | 0 | 0 |
Losses on fuel derivatives | 0 | 0 |
Other components of net periodic benefit cost | 0 | 0 |
Gains on investments, net | 0 | 0 |
Gains on foreign debt | 0 | 0 |
Other, net | 0 | 0 |
Total | (17,290) | (17,208) |
Loss Before Income Taxes | (4,270) | 5,676 |
Income tax benefit | 0 | 0 |
Net Loss | (4,270) | 5,676 |
Comprehensive Loss | $ (4,270) | $ 5,676 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||||
Cash and cash equivalents | $ 230,865 | $ 153,273 | ||
Restricted cash | 17,250 | 17,250 | ||
Short-term investments | 666,432 | 755,224 | ||
Accounts receivable, net | 99,117 | 105,858 | ||
Income taxes receivable | 642 | 669 | ||
Spare parts and supplies, net | 65,444 | 60,115 | ||
Prepaid expenses and other | 80,304 | 78,551 | ||
Total | 1,160,054 | 1,170,940 | ||
Property and equipment at cost | 3,264,937 | 3,164,145 | ||
Less accumulated depreciation and amortization | (1,160,495) | (1,150,529) | ||
Property and equipment, net | 2,104,442 | 2,013,616 | ||
Assets held-for-sale | 1,091 | 1,135 | ||
Operating lease right-of-use assets | 393,769 | 413,237 | ||
Long-term prepayments and other | 118,057 | 121,097 | ||
Goodwill and other intangible assets, net | 13,500 | 13,500 | ||
Intercompany receivable | 0 | 0 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Total Assets | 3,790,913 | 3,733,525 | ||
Current Liabilities: | ||||
Accounts payable | 214,848 | 199,223 | ||
Air traffic liability and current frequent flyer deferred revenue | 757,855 | 633,345 | ||
Other accrued liabilities | 165,430 | 175,591 | ||
Current maturities of long-term debt, less discount | 75,132 | 43,857 | ||
Current maturities of finance lease obligations | 8,791 | 10,053 | ||
Current maturities of operating leases | 79,281 | 83,332 | ||
Total | 1,301,337 | 1,145,401 | ||
Long-Term Debt | 1,612,235 | 1,537,152 | ||
Intercompany payable | 0 | 0 | ||
Other Liabilities and Deferred Credits: | ||||
Noncurrent finance lease obligations | 56,269 | 60,116 | ||
Noncurrent operating leases | 283,836 | 303,119 | ||
Accumulated pension and other post-retirement benefit obligations | 142,367 | 140,742 | ||
Other liabilities and deferred credits | 78,499 | 77,154 | ||
Noncurrent frequent flyer deferred revenue | 304,099 | 308,502 | ||
Deferred tax liabilities, net | 52,492 | 65,914 | ||
Total | 917,562 | 955,547 | ||
Shareholders’ equity | (40,221) | 95,425 | $ 233,320 | $ 333,265 |
Total Liabilities and Shareholders’ Equity | 3,790,913 | 3,733,525 | ||
Eliminations | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Accounts receivable, net | (23,816) | (23,327) | ||
Income taxes receivable | 0 | 0 | ||
Spare parts and supplies, net | 0 | 0 | ||
Prepaid expenses and other | 0 | 0 | ||
Total | (23,816) | (23,327) | ||
Property and equipment at cost | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Assets held-for-sale | 0 | 0 | ||
Operating lease right-of-use assets | 0 | 0 | ||
Long-term prepayments and other | (1,200,000) | (1,200,000) | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Intercompany receivable | 775,218 | 635,552 | ||
Investment in consolidated subsidiaries | (790,644) | (790,644) | ||
Total Assets | (1,239,242) | (1,378,419) | ||
Current Liabilities: | ||||
Accounts payable | (14,358) | (14,615) | ||
Air traffic liability and current frequent flyer deferred revenue | 0 | 0 | ||
Other accrued liabilities | (9,458) | (8,712) | ||
Current maturities of long-term debt, less discount | 0 | 0 | ||
Current maturities of finance lease obligations | 0 | 0 | ||
Current maturities of operating leases | 0 | 0 | ||
Total | (23,816) | (23,327) | ||
Long-Term Debt | (1,200,000) | (1,200,000) | ||
Intercompany payable | 310,756 | 308,943 | ||
Other Liabilities and Deferred Credits: | ||||
Noncurrent finance lease obligations | 0 | 0 | ||
Noncurrent operating leases | 0 | 0 | ||
Accumulated pension and other post-retirement benefit obligations | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Noncurrent frequent flyer deferred revenue | 0 | 0 | ||
Deferred tax liabilities, net | 0 | 0 | ||
Total | 0 | 0 | ||
Shareholders’ equity | (326,182) | (464,035) | ||
Total Liabilities and Shareholders’ Equity | (1,239,242) | (1,378,419) | ||
Parent Issuer / Guarantor | Reportable legal entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 8,817 | 8,707 | ||
Restricted cash | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Accounts receivable, net | 1,269 | 1,269 | ||
Income taxes receivable | 0 | 0 | ||
Spare parts and supplies, net | 0 | 0 | ||
Prepaid expenses and other | 0 | 0 | ||
Total | 10,086 | 9,976 | ||
Property and equipment at cost | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Assets held-for-sale | 0 | 0 | ||
Operating lease right-of-use assets | 0 | 0 | ||
Long-term prepayments and other | 0 | 0 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Intercompany receivable | (713,153) | (577,961) | ||
Investment in consolidated subsidiaries | 807,451 | 807,451 | ||
Total Assets | 104,384 | 239,466 | ||
Current Liabilities: | ||||
Accounts payable | 2,048 | 784 | ||
Air traffic liability and current frequent flyer deferred revenue | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | ||
Current maturities of long-term debt, less discount | 0 | 0 | ||
Current maturities of finance lease obligations | 0 | 0 | ||
Current maturities of operating leases | 0 | 0 | ||
Total | 2,048 | 784 | ||
Long-Term Debt | 0 | 0 | ||
Intercompany payable | 142,552 | 143,257 | ||
Other Liabilities and Deferred Credits: | ||||
Noncurrent finance lease obligations | 0 | 0 | ||
Noncurrent operating leases | 0 | 0 | ||
Accumulated pension and other post-retirement benefit obligations | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Noncurrent frequent flyer deferred revenue | 0 | 0 | ||
Deferred tax liabilities, net | 0 | 0 | ||
Total | 0 | 0 | ||
Shareholders’ equity | (40,216) | 95,425 | ||
Total Liabilities and Shareholders’ Equity | 104,384 | 239,466 | ||
Subsidiary Issuer / Guarantor | Reportable legal entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 190,050 | 113,026 | ||
Restricted cash | 0 | 0 | ||
Short-term investments | 666,432 | 755,224 | ||
Accounts receivable, net | 93,977 | 101,655 | ||
Income taxes receivable | 642 | 669 | ||
Spare parts and supplies, net | 65,444 | 60,115 | ||
Prepaid expenses and other | 80,304 | 78,551 | ||
Total | 1,096,849 | 1,109,240 | ||
Property and equipment at cost | 3,264,937 | 3,164,145 | ||
Less accumulated depreciation and amortization | (1,160,495) | (1,150,529) | ||
Property and equipment, net | 2,104,442 | 2,013,616 | ||
Assets held-for-sale | 224 | 262 | ||
Operating lease right-of-use assets | 393,769 | 413,237 | ||
Long-term prepayments and other | 118,057 | 121,097 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Intercompany receivable | (62,065) | (57,591) | ||
Investment in consolidated subsidiaries | (17,310) | (17,309) | ||
Total Assets | 3,633,966 | 3,582,552 | ||
Current Liabilities: | ||||
Accounts payable | 226,522 | 212,464 | ||
Air traffic liability and current frequent flyer deferred revenue | 749,261 | 623,324 | ||
Other accrued liabilities | 161,230 | 170,651 | ||
Current maturities of long-term debt, less discount | 75,132 | 43,857 | ||
Current maturities of finance lease obligations | 8,791 | 10,053 | ||
Current maturities of operating leases | 79,281 | 83,332 | ||
Total | 1,300,217 | 1,143,681 | ||
Long-Term Debt | 1,621,457 | 1,547,626 | ||
Intercompany payable | (581,251) | (573,873) | ||
Other Liabilities and Deferred Credits: | ||||
Noncurrent finance lease obligations | 56,269 | 60,116 | ||
Noncurrent operating leases | 283,836 | 303,119 | ||
Accumulated pension and other post-retirement benefit obligations | 142,367 | 140,742 | ||
Other liabilities and deferred credits | 78,499 | 77,154 | ||
Noncurrent frequent flyer deferred revenue | 304,099 | 308,502 | ||
Deferred tax liabilities, net | 52,492 | 65,914 | ||
Total | 917,562 | 955,547 | ||
Shareholders’ equity | 375,981 | 509,571 | ||
Total Liabilities and Shareholders’ Equity | 3,633,966 | 3,582,552 | ||
Non-Guarantor Subsidiaries | Reportable legal entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 31,998 | 31,540 | ||
Restricted cash | 17,250 | 17,250 | ||
Short-term investments | 0 | 0 | ||
Accounts receivable, net | 27,687 | 26,261 | ||
Income taxes receivable | 0 | 0 | ||
Spare parts and supplies, net | 0 | 0 | ||
Prepaid expenses and other | 0 | 0 | ||
Total | 76,935 | 75,051 | ||
Property and equipment at cost | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Assets held-for-sale | 867 | 873 | ||
Operating lease right-of-use assets | 0 | 0 | ||
Long-term prepayments and other | 1,200,000 | 1,200,000 | ||
Goodwill and other intangible assets, net | 13,500 | 13,500 | ||
Intercompany receivable | 0 | 0 | ||
Investment in consolidated subsidiaries | 503 | 502 | ||
Total Assets | 1,291,805 | 1,289,926 | ||
Current Liabilities: | ||||
Accounts payable | 636 | 590 | ||
Air traffic liability and current frequent flyer deferred revenue | 8,594 | 10,021 | ||
Other accrued liabilities | 13,658 | 13,652 | ||
Current maturities of long-term debt, less discount | 0 | 0 | ||
Current maturities of finance lease obligations | 0 | 0 | ||
Current maturities of operating leases | 0 | 0 | ||
Total | 22,888 | 24,263 | ||
Long-Term Debt | 1,190,778 | 1,189,526 | ||
Intercompany payable | 127,943 | 121,673 | ||
Other Liabilities and Deferred Credits: | ||||
Noncurrent finance lease obligations | 0 | 0 | ||
Noncurrent operating leases | 0 | 0 | ||
Accumulated pension and other post-retirement benefit obligations | 0 | 0 | ||
Other liabilities and deferred credits | 0 | 0 | ||
Noncurrent frequent flyer deferred revenue | 0 | 0 | ||
Deferred tax liabilities, net | 0 | 0 | ||
Total | 0 | 0 | ||
Shareholders’ equity | (49,804) | (45,536) | ||
Total Liabilities and Shareholders’ Equity | $ 1,291,805 | $ 1,289,926 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidating Statements of Cash Flows | ||
Net Cash Provided By (Used In) Operating Activities | $ 254 | $ 118,291 |
Cash Flows From Investing Activities: | ||
Net payments to affiliates | 0 | 0 |
Additions to property and equipment, including pre-delivery deposits | (127,018) | (106,215) |
Proceeds from the disposition of aircraft and aircraft related equipment | 105 | 9,563 |
Purchases of investments | (15,824) | (96,806) |
Proceeds from sales and maturities of investments | 109,485 | 144,069 |
Net cash used in investing activities | (33,252) | (49,389) |
Cash Flows From Financing Activities: | ||
Long-term borrowings | 131,400 | 0 |
Repayments of long-term debt and finance lease obligations | (18,760) | (24,953) |
Debt issuance costs and discounts | (1,849) | 0 |
Net payments from affiliates | 0 | 0 |
Payment for taxes withheld for stock compensation | (201) | (1,066) |
Net cash provided by (used in) financing activities | 110,590 | (26,019) |
Net increase (decrease) in cash and cash equivalents | 77,592 | 42,883 |
Cash, cash equivalents, and restricted cash - Beginning of Period | 170,523 | 246,620 |
Cash, cash equivalents, and restricted cash - End of Period | 248,115 | 289,503 |
Eliminations | ||
Condensed Consolidating Statements of Cash Flows | ||
Net Cash Provided By (Used In) Operating Activities | 0 | 0 |
Cash Flows From Investing Activities: | ||
Net payments to affiliates | 907 | (7,229) |
Additions to property and equipment, including pre-delivery deposits | 0 | 0 |
Proceeds from the disposition of aircraft and aircraft related equipment | 0 | 0 |
Purchases of investments | 0 | 0 |
Proceeds from sales and maturities of investments | 0 | 0 |
Net cash used in investing activities | 907 | (7,229) |
Cash Flows From Financing Activities: | ||
Long-term borrowings | 0 | |
Repayments of long-term debt and finance lease obligations | 0 | 0 |
Debt issuance costs and discounts | 0 | |
Net payments from affiliates | (907) | 7,229 |
Payment for taxes withheld for stock compensation | 0 | 0 |
Net cash provided by (used in) financing activities | (907) | 7,229 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash, cash equivalents, and restricted cash - Beginning of Period | 0 | 0 |
Cash, cash equivalents, and restricted cash - End of Period | 0 | 0 |
Parent Issuer / Guarantor | Reportable legal entities | ||
Condensed Consolidating Statements of Cash Flows | ||
Net Cash Provided By (Used In) Operating Activities | (797) | (613) |
Cash Flows From Investing Activities: | ||
Net payments to affiliates | 0 | 0 |
Additions to property and equipment, including pre-delivery deposits | 0 | 0 |
Proceeds from the disposition of aircraft and aircraft related equipment | 0 | 6,793 |
Purchases of investments | 0 | 0 |
Proceeds from sales and maturities of investments | 0 | 0 |
Net cash used in investing activities | 0 | 6,793 |
Cash Flows From Financing Activities: | ||
Long-term borrowings | 0 | |
Repayments of long-term debt and finance lease obligations | 0 | 0 |
Debt issuance costs and discounts | 0 | |
Net payments from affiliates | 907 | (7,229) |
Payment for taxes withheld for stock compensation | 0 | 0 |
Net cash provided by (used in) financing activities | 907 | (7,229) |
Net increase (decrease) in cash and cash equivalents | 110 | (1,049) |
Cash, cash equivalents, and restricted cash - Beginning of Period | 8,707 | 28,620 |
Cash, cash equivalents, and restricted cash - End of Period | 8,817 | 27,571 |
Subsidiary Issuer / Guarantor | Reportable legal entities | ||
Condensed Consolidating Statements of Cash Flows | ||
Net Cash Provided By (Used In) Operating Activities | 6,887 | 122,379 |
Cash Flows From Investing Activities: | ||
Net payments to affiliates | (7,179) | 24,435 |
Additions to property and equipment, including pre-delivery deposits | (127,018) | (106,215) |
Proceeds from the disposition of aircraft and aircraft related equipment | 83 | 20 |
Purchases of investments | (15,824) | (96,806) |
Proceeds from sales and maturities of investments | 109,485 | 144,069 |
Net cash used in investing activities | (40,453) | (34,497) |
Cash Flows From Financing Activities: | ||
Long-term borrowings | 131,400 | |
Repayments of long-term debt and finance lease obligations | (18,760) | (24,953) |
Debt issuance costs and discounts | (1,849) | |
Net payments from affiliates | 0 | 0 |
Payment for taxes withheld for stock compensation | (201) | (1,066) |
Net cash provided by (used in) financing activities | 110,590 | (26,019) |
Net increase (decrease) in cash and cash equivalents | 77,024 | 61,863 |
Cash, cash equivalents, and restricted cash - Beginning of Period | 113,026 | 151,357 |
Cash, cash equivalents, and restricted cash - End of Period | 190,050 | 213,220 |
Non-Guarantor Subsidiaries | Reportable legal entities | ||
Condensed Consolidating Statements of Cash Flows | ||
Net Cash Provided By (Used In) Operating Activities | (5,836) | (3,475) |
Cash Flows From Investing Activities: | ||
Net payments to affiliates | 6,272 | (17,206) |
Additions to property and equipment, including pre-delivery deposits | 0 | 0 |
Proceeds from the disposition of aircraft and aircraft related equipment | 22 | 2,750 |
Purchases of investments | 0 | 0 |
Proceeds from sales and maturities of investments | 0 | 0 |
Net cash used in investing activities | 6,294 | (14,456) |
Cash Flows From Financing Activities: | ||
Long-term borrowings | 0 | |
Repayments of long-term debt and finance lease obligations | 0 | 0 |
Debt issuance costs and discounts | 0 | |
Net payments from affiliates | 0 | 0 |
Payment for taxes withheld for stock compensation | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 458 | (17,931) |
Cash, cash equivalents, and restricted cash - Beginning of Period | 48,790 | 66,643 |
Cash, cash equivalents, and restricted cash - End of Period | $ 49,248 | $ 48,712 |