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Nature of Operations and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of number of aircraft held by entity

    

CRJ200

    

CRJ700

    

CRJ900

    

E175

    

Total

 

Delta

 

26

6

39

71

142

United

 

104

19

90

213

American

 

65

65

Alaska

 

32

32

Aircraft in scheduled service

130

90

39

193

452

Leased to third parties

 

2

34

5

41

Other*

 

74

30

4

108

Total Fleet

 

206

154

48

193

601

*As of December 31, 2020, these aircraft have been removed from service and are in the process of being placed under a leasing arrangement with a third party, are aircraft transitioning between code-share agreements with the Company’s major airline partners and being used as a supplemental spare aircraft, or are in the process of being parted out.

Schedule of marketable securities At December 31, 2020 and 2019, the fair market value of the available-for-sale securities was the amortized cost. The Company’s position in marketable securities as of December 31, 2020 and 2019 was as follows (in thousands):

Gross unrealized

Gross unrealized

At December 31, 2020

    

Amortized Cost

    

holding gains

    

holding losses

    

Fair market value

 

Total cash and cash equivalents

$

215,723

$

$

$

215,723

Marketable securities:

Bond and bond funds

$

117,928

$

$

$

117,928

Commercial Paper

 

492,257

 

 

 

492,257

Total marketable securities

$

610,185

$

$

$

610,185

Total assets measured at fair value

$

825,908

$

$

$

825,908

Gross unrealized

Gross unrealized

At December 31, 2019

    

Amortized Cost

    

holding gains

    

holding losses

    

Fair market value

 

Total cash and cash equivalents

$

87,206

$

$

$

87,206

Marketable securities:

Bond and bond funds

$

267,243

$

$

$

267,243

Commercial Paper

 

165,723

 

 

 

165,723

Total marketable securities

$

432,966

$

$

$

432,966

Total assets measured at fair value

$

520,172

$

$

$

520,172

As of December 31, 2020 and 2019, the Company had classified $610.2 million and $433.0 million of marketable securities, respectively, as short-term since it had the ability to redeem the securities within one year. 

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 future minimum rental payments for operating leases The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of December 31, 2020 (in thousands):

2021

    

$

85,869

 

2022

 

77,780

2023

 

69,530

2024

 

28,091

2025

 

15,751

Thereafter

 

82,719

$

359,740

Schedule of allowance for credit losses

The following table summarizes the changes in allowance for credit losses:

    

Allowance for Credit Losses

Balance at January 1, 2020

$

15,388

Additions to credit loss reserves

 

30,837

Write-offs charged against allowance

 

Balance at December 31, 2020

$

46,225

Schedule of net income (loss) per common share

Year Ended December 31,

2020

2019

2018

 

Numerator:

    

    

    

    

    

    

Net income (loss)

$

(8,515)

$

340,099

$

280,372

Denominator:

Basic earnings per share weighted average shares

 

50,195

 

50,932

 

51,914

Dilution due to stock options and restricted stock units

 

 

443

 

957

Diluted earnings per share weighted average shares

 

50,195

 

51,375

 

52,871

Basic earnings (loss) per share

$

(0.17)

$

6.68

$

5.40

Diluted earnings (loss) per share

$

(0.17)

$

6.62

$

5.30

Flying agreements  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of revenue by type

The following table represents the Company’s flying agreements revenue by type for the years ended December 31, 2020, 2019 and 2018 (in thousands):

For the year ended December 31,

    

2020

   

2019

   

2018

Capacity purchase agreements revenue: flight operations

$

945,008

$

1,538,062

$

1,856,253

Capacity purchase agreements revenue: aircraft lease

 

846,933

 

830,247

 

814,518

Prorate agreements revenue

 

268,860

 

520,956

 

498,749

Flying agreements revenue

$

2,060,801

$

2,889,265

$

3,169,520

Airport customer service and other revenue  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of revenue by type

The following table represents the Company’s lease, airport services and other revenues for the years ended December 31, 2020, 2019 and 2018 (in thousands):

For the year ended December 31,

    

2020

    

2019

    

2018

Airport customer service and other revenue

$

25,804

$

45,538

$

48,236

Operating lease income relating to lease payments

 

34,791

 

27,552

 

3,923

Operating lease income relating to variable lease payments

 

5,710

 

9,608

 

Lease, airport services and other

$

66,305

$

82,698

$

52,159

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

(capacity purchase arrangement)

E175

CRJ 900

CRJ 700

71

39

6

Individual aircraft have scheduled removal dates from 2021 to 2030

The average remaining term of the aircraft under contract is 5.7 years

Delta Connection Prorate Agreement (prorate arrangement)

CRJ 200

26

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

United Express Agreements

Agreement

    

Aircraft type

Number of Aircraft

    

Term / Termination Dates

 

United Express Agreements

(capacity purchase arrangement)

E175

CRJ 700

CRJ 200

90

19

70

Individual aircraft have scheduled removal dates under the agreement between 2022 and 2029

The average remaining term of the aircraft under contract is 4.9 years

United Express Prorate Agreement (prorate arrangement)

CRJ 200

34

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

American Capacity Purchase Agreement

Agreement

    

Aircraft type

Number of Aircraft

    

Term / Termination Dates

 

American Agreement

(capacity purchase arrangement)

CRJ 700

65

Individual aircraft have scheduled removal dates from 2022 to 2026

The average remaining term of the aircraft under contract is 3.3 years

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

(capacity purchase arrangement)

E175

32

Individual aircraft have scheduled removal dates from 2027 to 2030

The average remaining term of the aircraft under contract is 8.2 years

Aircraft  
Nature of Operations and Summary of Significant Accounting Policies [Line Items]  
Schedule of future minimum rental payments for operating leases

The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft that had remaining non-cancelable lease terms as of December 31, 2020 (in thousands):

2021

    

$

43,573

 

2022

 

43,390

2023

 

42,837

2024

 

42,530

2025

 

39,082

Thereafter

 

155,089

$

366,501