XML 46 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Condensed Consolidating Statements of Operations and Comprehensive Loss
Three months ended June 30, 2020
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
Operating Revenue$—  $59,503  $3,343  $(2,842) $60,004  
Operating Expenses:     
Wages and benefits—  30,329  —  —  30,329  
Aircraft fuel, including taxes and delivery—  7,003  —  —  7,003  
Maintenance, materials and repairs—  12,899  1,275  (180) 13,994  
Aircraft and passenger servicing—  3,036  —  —  3,036  
Commissions and other selling—  2,912  15  —  2,927  
Aircraft rent—  23,923  (37) —  23,886  
Other rentals and landing fees—  13,704  —  (27) 13,677  
Depreciation and amortization—  37,355  1,978  —  39,333  
Purchased services60  22,236  232  (2,641) 19,887  
Special items—  3,177  30,837  —  34,014  
Other1,521  18,943  412  6  20,882  
Total1,581  175,517  34,712  (2,842) 208,968  
Operating Loss(1,581) (116,014) (31,369) —  (148,964) 
Nonoperating Income (Expense):     
Undistributed net loss of subsidiaries(105,651) —  —  105,651  —  
Interest expense and amortization of debt discounts and issuance costs—  (8,221) —  —  (8,221) 
Interest income—  2,766  —  —  2,766  
Capitalized interest—  921  —  —  921  
Losses on fuel derivatives—  (184) —  —  (184) 
Other, net(4) 1,165  —  —  1,161  
Total(105,655) (3,553) —  105,651  (3,557) 
Loss Before Income Taxes(107,236) (119,567) (31,369) 105,651  (152,521) 
Income tax benefit(332) (38,697) (6,588) —  (45,617) 
Net Income$(106,904) $(80,870) $(24,781) $105,651  $(106,904) 
Comprehensive Loss$(107,522) $(81,488) $(24,781) $106,269  $(107,522) 
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Three months ended June 30, 2019
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
Operating Revenue$—  $711,670  $622  $(103) $712,189  
Operating Expenses:     
Wages and benefits—  180,070  —  —  180,070  
Aircraft fuel, including taxes and delivery—  140,600  —  —  140,600  
Maintenance, materials and repairs—  56,273  1,858  —  58,131  
Aircraft and passenger servicing—  39,641  —  —  39,641  
Commissions and other selling11  32,480  23  (43) 32,471  
Aircraft rent—  30,832  11  —  30,843  
Depreciation and amortization—  37,909  1,618  —  39,527  
Other rentals and landing fees—  31,386  —  —  31,386  
Purchased services70  32,467  211  (15) 32,733  
Other1,296  36,204  451  (45) 37,906  
Total1,377  617,862  4,172  (103) 623,308  
Operating Income (Loss)(1,377) 93,808  (3,550) —  88,881  
Nonoperating Income (Expense):     
Undistributed net income of subsidiaries58,911  —  —  (58,911) —  
Interest expense and amortization of debt discounts and issuance costs—  (7,300) —  —  (7,300) 
Interest income13  3,061  —  —  3,074  
Capitalized interest—  1,257  —  —  1,257  
Losses on fuel derivatives—  (3,220) —  —  (3,220) 
Other, net—  (3,032) (51) —  (3,083) 
Total58,924  (9,234) (51) (58,911) (9,272) 
Income (Loss) Before Income Taxes57,547  84,574  (3,601) (58,911) 79,609  
Income tax expense (benefit)(286) 22,819  (757) —  21,776  
Net Income (Loss)$57,833  $61,755  $(2,844) $(58,911) $57,833  
Comprehensive Income (Loss)$55,625  $59,547  $(2,844) $(56,703) $55,625  
Condensed Consolidating Statements of Operations and Comprehensive Loss
Six months ended June 30, 2020
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
Operating Revenue$—  $618,665  $7,233  $(6,750) $619,148  
Operating Expenses:     
Aircraft fuel, including taxes and delivery—  120,481  —  —  120,481  
Wages and benefits—  218,583  —  —  218,583  
Aircraft rent—  50,946  (56) —  50,890  
Maintenance materials and repairs—  71,965  3,172  (734) 74,403  
Aircraft and passenger servicing—  41,319  —  —  41,319  
Commissions and other selling19  29,612  57  (45) 29,643  
Depreciation and amortization—  74,832  3,950  —  78,782  
Other rentals and landing fees—  43,497  —  (54) 43,443  
Purchased services150  59,332  553  (5,907) 54,128  
Special items—  130,081  30,837  —  160,918  
Other2,867  59,675  1,086  (10) 63,618  
Total3,036  900,323  39,599  (6,750) 936,208  
Operating Loss(3,036) (281,658) (32,366) —  (317,060) 
Nonoperating Income (Expense):     
Undistributed net loss of subsidiaries(248,880) —  —  248,880  —  
Interest expense and amortization of debt discounts and issuance costs—  (15,016) —  (15,016) 
Interest income3  5,783  —  —  5,786  
Capitalized interest—  1,752  —  —  1,752  
Losses on fuel derivatives—  (6,636) —  —  (6,636) 
Other, net—  3,470  (5) —  3,465  
Total(248,877) (10,647) (5) 248,880  (10,649) 
Loss Before Income Taxes(251,913) (292,305) (32,371) 248,880  (327,709) 
Income tax benefit(637) (68,998) (6,798) —  (76,433) 
Net Loss$(251,276) $(223,307) $(25,573) $248,880  $(251,276) 
Comprehensive Loss$(250,563) $(222,594) $(25,573) $248,167  $(250,563) 

Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
Six months ended June 30, 2019
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
Operating Revenue$—  $1,367,760  $1,414  $(234) $1,368,940  
Operating Expenses:     
Aircraft fuel, including taxes and delivery—  266,704  —  —  266,704  
Wages and benefits—  355,135  —  —  355,135  
Aircraft rent—  61,199  40  —  61,239  
Maintenance materials and repairs—  118,075  3,101  —  121,176  
Aircraft and passenger servicing—  78,541  —  —  78,541  
Commissions and other selling11  63,345  41  (90) 63,307  
Depreciation and amortization—  74,401  3,277  —  77,678  
Other rentals and landing fees—  62,405  27  —  62,432  
Purchased services124  64,660  433  (31) 65,186  
Other3,138  72,060  900  (113) 75,985  
Total3,273  1,216,525  7,819  (234) 1,227,383  
Operating Income (Loss)(3,273) 151,235  (6,405) —  141,557  
Nonoperating Income (Expense):     
Undistributed net income of subsidiaries96,760  —  —  (96,760) —  
Interest expense and amortization of debt discounts and issuance costs—  (14,814) (16) —  (14,830) 
Interest income21  6,036  —  —  6,057  
Capitalized interest—  2,542  —  —  2,542  
Losses on fuel derivatives—  (2,650) —  —  (2,650) 
Other, net—  (4,101) (7) —  (4,108) 
Total96,781  (12,987) (23) (96,760) (12,989) 
Income (Loss) Before Income Taxes93,508  138,248  (6,428) (96,760) 128,568  
Income tax expense (benefit)(683) 36,410  (1,350) —  34,377  
Net Income (Loss)$94,191  $101,838  $(5,078) $(96,760) $94,191  
Comprehensive Income (Loss)$94,244  $101,891  $(5,078) $(96,813) $94,244  
Schedule of Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheets
June 30, 2020
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
ASSETS     
Current assets:     
Cash and cash equivalents$274  $582,748  $9,498  $—  $592,520  
Short-term investments—  168,410  —  —  168,410  
Accounts receivable, net—  28,289  300  (122) 28,467  
Income taxes receivable—  92,365  —  —  92,365  
Spare parts and supplies, net—  35,660  —  —  35,660  
Prepaid expenses and other91  45,266  74  —  45,431  
Total365  952,738  9,872  (122) 962,853  
Property and equipment at cost—  3,023,305  68,278  —  3,091,583  
Less accumulated depreciation and amortization—  (797,193) (26,564) —  (823,757) 
Property and equipment, net—  2,226,112  41,714  —  2,267,826  
Operating lease right-of-use assets—  592,933  —  —  592,933  
Long-term prepayments and other341  158,637  405  —  159,383  
Goodwill and other intangible assets, net—  13,000  500  —  13,500  
Intercompany receivable—  561,095  —  (561,095) —  
Investment in consolidated subsidiaries1,375,911  —  504  (1,376,415) —  
TOTAL ASSETS$1,376,617  $4,504,515  $52,995  $(1,937,632) $3,996,495  
LIABILITIES AND SHAREHOLDERS’ EQUITY     
Current liabilities:     
Accounts payable$871  $98,869  $2,023  $(122) $101,641  
Air traffic liability and current frequent flyer deferred revenue—  547,676  5,878  —  553,554  
Other accrued liabilities—  221,723  158  —  221,881  
Current maturities of long-term debt, less discount—  60,079  —  —  60,079  
Current maturities of finance lease obligations—  21,667  —  —  21,667  
Current maturities of operating leases—  78,655  —  —  78,655  
Total871  1,028,669  8,059  (122) 1,037,477  
Long-term debt—  792,766  —  —  792,766  
Intercompany payable549,813  —  11,282  (561,095) —  
Other liabilities and deferred credits:    
Noncurrent finance lease obligations—  131,631  —  —  131,631  
Noncurrent operating leases—  476,401  —  —  476,401  
Accumulated pension and other post-retirement benefit obligations—  200,411  —  —  200,411  
Other liabilities and deferred credits—  79,247  1,103  —  80,350  
Noncurrent frequent flyer deferred revenue—  179,740  —  —  179,740  
Deferred tax liabilities, net—  271,786  —  —  271,786  
Total—  1,339,216  1,103  —  1,340,319  
Shareholders’ equity825,933  1,343,864  32,551  (1,376,415) 825,933  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,376,617  $4,504,515  $52,995  $(1,937,632) $3,996,495  
Condensed Consolidating Balance Sheets
December 31, 2019
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-Guarantor
Subsidiaries		EliminationsConsolidated
(in thousands)
ASSETS    
Current assets:     
Cash and cash equivalents$1,228  $362,933  $8,895  $—  $373,056  
Short-term investments—  245,599  —  —  245,599  
Accounts receivable, net—  95,141  3,188  (949) 97,380  
Income taxes receivable, net—  64,192  —  —  64,192  
Spare parts and supplies, net—  37,630  —  —  37,630  
Prepaid expenses and other90  56,743  16  —  56,849  
Total1,318  862,238  12,099  (949) 874,706  
Property and equipment at cost—  2,987,222  92,094  —  3,079,316  
Less accumulated depreciation and amortization—  (739,930) (22,614) —  (762,544) 
Property and equipment, net—  2,247,292  69,480  —  2,316,772  
Operating lease right-of-use assets—  632,545  —  —  632,545  
Long-term prepayments and other—  182,051  387  —  182,438  
Goodwill and other intangible assets, net—  119,663  500  —  120,163  
Intercompany receivable—  550,075  —  (550,075) —  
Investment in consolidated subsidiaries1,619,949  —  504  (1,620,453) —  
TOTAL ASSETS$1,621,267  $4,593,864  $82,970  $(2,171,477) $4,126,624  
LIABILITIES AND SHAREHOLDERS’ EQUITY     
Current liabilities:     
Accounts payable$529  $139,764  $9,404  $(949) $148,748  
Air traffic liability and current frequent flyer deferred revenue—  600,851  5,833  —  606,684  
Other accrued liabilities—  161,125  305  —  161,430  
Current maturities of long-term debt, less discount—  53,273  —  —  53,273  
Current maturities of finance lease obligations—  21,857  —  —  21,857  
Current maturities of operating leases—  83,224  —  —  83,224  
Total529  1,060,094  15,542  (949) 1,075,216  
Long-term debt—  547,254  —  —  547,254  
Intercompany payable538,942  —  11,133  (550,075) —  
Other liabilities and deferred credits:    0
Noncurrent finance lease obligations—  141,861  —  —  141,861  
Noncurrent operating leases—  514,685  —  —  514,685  
Accumulated pension and other post-retirement benefit obligations—  203,596  —  —  203,596  
Other liabilities and deferred credits—  96,338  1,096  —  97,434  
Noncurrent frequent flyer deferred revenue—  175,218  —  —  175,218  
Deferred tax liabilities, net—  289,564  —  —  289,564  
Total—  1,421,262  1,096  —  1,422,358  
Shareholders’ equity1,081,796  1,565,254  55,199  (1,620,453) 1,081,796  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,621,267  $4,593,864  $82,970  $(2,171,477) $4,126,624  
Schedule of Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statements of Cash Flows
Six months ended June 30, 2020
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-
Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
Net Cash Provided By Operating Activities$4,693  $726  $(1,961) $—  $3,458  
Cash Flows From Investing Activities:     
Net payments to affiliates(9,650) (16,961) (66) 26,677  —  
Additions to property and equipment, including pre-delivery deposits—  (86,936) (7,020) —  (93,956) 
Purchases of investments—  (64,215) —  —  (64,215) 
Sales of investments—  143,679  —  —  143,679  
Net cash used in investing activities(9,650) (24,433) (7,086) 26,677  (14,492) 
Cash Flows From Financing Activities:     
Long-term borrowings—  283,964  —  —  283,964  
Repayments of long-term debt and finance lease obligations—  (39,129) —  —  (39,129) 
Dividend payments(5,514) —  —  —  (5,514) 
Net payments from affiliates17,027  —  9,650  (26,677) —  
Repurchases of common stock(7,510) —  —  —  (7,510) 
Other—  (1,313) —  —  (1,313) 
Net cash provided by financing activities4,003  243,522  9,650  (26,677) 230,498  
Net increase (decrease) in cash and cash equivalents(954) 219,815  603  —  219,464  
Cash, cash equivalents, & restricted cash - Beginning of Period1,228  362,933  8,895  —  373,056  
Cash, cash equivalents, & restricted cash - End of Period$274  $582,748  $9,498  $—  $592,520  
Condensed Consolidating Statements of Cash Flows
Six months ended June 30, 2019
 Parent Issuer /
Guarantor		Subsidiary
Issuer /
Guarantor		Non-
Guarantor
Subsidiaries		EliminationsConsolidated
 (in thousands)
Net Cash Provided By (Used In) Operating Activities$(956) $314,741  $(2,573) $—  $311,212  
Cash Flows From Investing Activities:     
Net payments to affiliates(7,600) (49,705) —  57,305  —  
Additions to property and equipment, including pre-delivery deposits—  (147,116) (4,461) —  (151,577) 
Proceeds from the sale and sale leaseback of aircraft and aircraft related equipment—  4,350  —  —  4,350  
Purchases of investments—  (189,929) —  —  (189,929) 
Sales of investments—  225,706  —  —  225,706  
Other—  (6,275) —  —  (6,275) 
Net cash used in investing activities(7,600) (162,969) (4,461) 57,305  (117,725) 
Cash Flows From Financing Activities:     
Repayments of long-term debt and finance lease obligations—  (77,465) (6) —  (77,471) 
Debt issuance costs—  (33) —  —  (33) 
Dividend payments(11,554) —  —  —  (11,554) 
Net payments from affiliates49,705  —  7,600  (57,305) —  
Repurchases of Common Stock(30,690) —  —  —  (30,690) 
Other—  (1,012) —  —  (1,012) 
Net cash provided by (used in) financing activities7,461  (78,510) 7,594  (57,305) (120,760) 
Net increase (decrease) in cash and cash equivalents(1,095) 73,262  560  —  72,727  
Cash, cash equivalents, & restricted cash - Beginning of Period5,154  255,279  8,144  —  268,577  
Cash, cash equivalents, & restricted cash - End of Period$4,059  $328,541  $8,704  $—  $341,304