Note 3 - Fair Value Measurement Level 3 (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table sets forth information regarding the Company's assets (liabilities) measured at fair value on a recurring basis (in millions):



Fair Value of Assets on a Recurring Basis	December 31, 2014		Level 1		Level 2		Level 3
Chautauqua restructuring asset	$	81.2	$	—	$	—	$	81.2

Fair Value of Assets on a Recurring Basis	December 31, 2013		Level 1		Level 2		Level 3
Chautauqua restructuring asset	$	79.6	$	—	$	—	$	79.6

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following is a reconciliation of the beginning and ending balances for the periods indicated of recurring fair value measurements using Level 3 inputs (in millions):



Chautauqua Restructuring Asset	Year Ended December 31, 2014			Year Ended December 31, 2013
Beginning Balance	$	79.6		$	86.4
Amendment to agreement	—			12.0
Fair value gain	18.4			—
Cash received or other	(16.8		)	(18.8		)
Ending Balance	$	81.2		$	79.6

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Value of Debt - Market risk associated with our fixed and variable rate long-term debt primarily relates to the potential change in fair value and impact to future earnings, respectively, from a change in interest rates. In the table below, the aggregate fair value of debt was based primarily on recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral and is classified primarily as level 3 within the fair value hierarchy.



	December 31
	2014		2013
Net carrying amount	$	2,339.2	$	2,166.8
Estimated fair value	2,215.0		2,099.8

Fair Value Measurements, Nonrecurring [Table Text Block]

Aircraft and Other Assets Impairment - Nonrecurring - In December 2014, we recorded a $27.7 million impairment charge primarily related to our decision to substantially reduce the operations of Q400 and E190 aircraft over the next few years. In evaluating these aircraft and other equipment for impairment, we estimated their fair value by utilizing a market approach considering (1) published market data generally accepted in the airline industry, (2) recent market transactions, where available, and (3) the overall condition, maintenance record and age of the aircraft and other equipment. These aircraft are classified in level 3 of the three-tier fair value hierarchy.

In March 2014, we recorded a 19.9 million impairment charge related to our decision to permanently park our owned E140 fleet in March 2014, impairing these aircraft to zero.

In September 2013, we recorded a $12.0 million impairment charge primarily related to our decision to substantially reduce the pro-rate flying completed by the E190 fleet over the next year by temporarily parking these aircraft. In evaluating these aircraft and other equipment for impairment, we estimated their fair value by utilizing a market approach considering (1) published market data generally accepted in the airline industry, (2) recent market transactions, where available, and (3) the overall condition and age of the aircraft and other equipment. These aircraft are classified in level 3 of the three-tier fair value hierarchy.

There were no aircraft and other asset impairment charges recorded for the year ended December 31, 2012.



($ in millions)
			Fair Value Measurements Using
Description	Year ended December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Long-lived assets abandoned - E140	$	—			$	—	$	(19.9	)
Long-lived assets held and used - Q400	49.7				49.7		(13.3		)
Long-lived assets held and used - E190	101.6				101.6		(14.4		)
							$	(47.6	)
			Fair Value Measurements Using
Description	Year ended December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Long-lived assets held and used	$	152.5			$	152.5	$	(12.0	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details