Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of number of aircraft held by entity


	CRJ200	CRJ700	CRJ900	ERJ145	E175	Total
United	106	19	—	100	65	290
Delta	87	22	41	—	49	199
American	7	68	—	—	—	75
Alaska	—	—	—	—	32	32
Aircraft in scheduled service	200	109	41	100	146	596
Subleased to an un-affiliated entity	4	—	—	—	—	4
Other*	4	19	—	5	—	28
Total Fleet	208	128	41	105	146	628

* As of December 31, 2018, these aircraft have been removed from service and are in the process of being returned under the applicable leasing arrangement or are aircraft transitioning between code-share agreements with the Company’s major airline partners.

Schedule of marketable securities

The Company’s position in marketable securities as of December 31, 2018 and 2017 was as follows (in thousands):


			Gross unrealized		Gross unrealized
At December 31, 2018	Amortized Cost		holding gains		holding losses		Fair market value
Total cash and cash equivalents	$	328,384	$	—	$	—	$	328,384
Marketable securities:
Bond and bond funds	$	229,825	$	—	$	(42)	$	229,783
Commercial Paper		131,163		—		(1)		131,162
Total marketable securities	$	360,988	$	—	$	(43)	$	360,945
Total assets measured at fair value	$	689,372	$	—	$	(43)	$	689,329


			Gross unrealized			Gross unrealized
At December 31, 2017	Amortized Cost		holding gains		holding losses		Fair market value
Total cash and cash equivalents	$	181,792	$	—	$	—	$	181,792
Marketable securities:
Bond and bond funds	$	344,479	$	—	$	(228)	$	344,251
Commercial Paper		159,252		—		—		159,252
Total marketable securities	$	503,731	$	—	$	(228)	$	503,503
Total assets measured at fair value	$	685,523	$	—	$	(228)	$	685,295

Schedule of property and equipment

Assets	Depreciable Life	Current Residual Value
Aircraft, rotable spares, and spare engines	up to 22 years	up to 20	%
Ground equipment	up to 10 years	0	%
Office equipment	up to 7 years	0	%
Leasehold improvements	Shorter of 15 years or lease term	0	%
Buildings	20 - 39.5 years	0	%

Schedule of flying agreement revenue data

The following table represents the Company’s flying agreements revenue by type for the year ended December 31, 2018 and 2017 (in thousands):


	For the year ended December 31,
	2018		2017		2016
Capacity purchase agreements revenue: flight operations	$	1,856,253	$	1,805,510	$	1,792,868
Capacity purchase agreements revenue: aircraft lease		814,518		834,366		763,406
Prorate agreements revenue		498,749		438,421		454,464
Flying agreements revenue	$	3,169,520	$	3,078,297	$	3,010,738

Schedule of net income per common share



	Year Ended December 31,
	2018		2017		2016
Numerator:
Net Income (Loss)	$	280,372	$	428,907	$	(161,586)
Denominator:
Basic earnings per share weighted average shares		51,914		51,804		51,505
Dilution due to stock options and restricted stock units		957		1,296		—
Diluted earnings per share weighted average shares		52,871		53,100		51,505
Basic earnings (loss) per share	$	5.40	$	8.28	$	(3.14)
Diluted earnings (loss) per share	$	5.30	$	8.08	$	(3.14)

ASU 2014-09

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of impact on financial statements, adoption of Topic 606

The Company recast certain prior period amounts to conform with the adoption of Topic 606, as shown in the tables below (in thousands):


	Year ended December 31, 2017
Income Statement:	Previously Reported		Adjustments		As Adjusted
OPERATING REVENUES:
Flying agreements (1)	$	3,126,708	$	(48,411)	$	3,078,297
Airport customer service and other (2)		77,560		(33,265)		44,295
Total operating revenues	$	3,204,268	$	(81,676)	$	3,122,592

OPERATING EXPENSES:
Salaries, wages and benefits	$	1,196,227	$	(4,160)	$	1,192,067
Aircraft fuel		162,653		(77,517)		85,136
Airport-related expenses (3)		69,848		48,526		118,374
Other operating expenses		299,303		(48,525)		250,778
Total operating expenses		2,816,069		(81,676)		2,734,393

OPERATING INCOME	$	388,199	$	—	$	388,199

In previously reported periods, this line item was presented as passenger revenue.

In previously reported periods, this line item was presented as ground handling and other.

In previously reported periods, this line item was presented as ground handling services.



	Year ended December 31, 2016
Income Statement:	Previously Reported		Adjustments		As Adjusted
OPERATING REVENUES:
Flying agreements (1)	$	3,051,414	$	(40,676)	$	3,010,738
Airport customer service and other (2)		69,792		(16,828)		52,964
Total operating revenues	$	3,121,206	$	(57,504)	$	3,063,702

OPERATING EXPENSES:
Salaries, wages and benefits	$	1,211,380	$	(5,921)	$	1,205,459
Aircraft fuel		122,284		(51,583)		70,701
Airport-related expenses (3)		72,659		49,482		122,141
Other operating expenses		305,041		(49,482)		255,559
Total operating expenses		3,293,890		(57,504)		3,236,386

OPERATING INCOME	$	(172,684)	$	—	$	(172,684)

In previously reported periods, this line item was presented as passenger revenue.

In previously reported periods, this line item was presented as ground handling and other.

In previously reported periods, this line item was presented as ground handling services.


Balance Sheet:	Previously Reported December 31, 2017		Adjustments		Current Presentation December 31, 2017
ASSETS:
Other long-term assets	$	49,220	$	16,121	$	65,341

LIABILITIES:
Other long-term liabilities	$	42,541	$	16,121	$	58,662

Delta Connection Agreement

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of details of aircraft and agreements with other airlines

Delta Connection Agreements


Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Delta Connection Agreement (fixed-fee arrangement)	CRJ 200 CRJ 700 CRJ 900 E175	58 22 41 49	Individual aircraft have scheduled removal dates from 2019 to 2029 The average remaining term of the aircraft under contract is 4.1 years
Delta Connection Prorate Agreement (revenue-sharing arrangement)	CRJ 200	29	Terminable with 30-day notice

United Express Agreements

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of details of aircraft and agreements with other airlines


Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
United Express Agreements (fixed-fee arrangement)	CRJ 200 CRJ 700 E175	65 19 65	Individual aircraft have scheduled removal dates under the agreement between 2019 and 2029 The average remaining term of the aircraft under contract is 7.0 years
United Express Prorate Agreement (revenue-sharing arrangement)	CRJ 200	25	Terminable with 120-day notice

American Agreements

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of details of aircraft and agreements with other airlines


Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
American Agreement (fixed-fee arrangement)	 CRJ 700	58	 Individual aircraft have scheduled removal dates from 2019 to 2023
American Prorate Agreement (revenue-sharing arrangement)	 CRJ 200	7	 Terminable with 120-day notice

Alaska Capacity Purchase Agreement

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of details of aircraft and agreements with other airlines

Alaska Capacity Purchase Agreement

Agreement

Aircraft type

Number of Aircraft

Term / Termination
Dates

Alaska Agreement

(fixed-fee arrangement)

E175

 Individual aircraft have scheduled removal dates from 2027 to 2030