Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Carrying amount and estimated fair value, long-term debt

The carrying amounts and estimated fair values of the Company's long-term debt at September 30, 2015 and December 31, 2014 were as follows:



	September 30, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(in millions)
Senior long-term debt	$	492.1	$	477.4	$	132.0	$	132.0
Junior long-term debt	56.1		55.8		16.0		16.1
Total long-term debt	$	548.2	$	533.2	$	148.0	$	148.1

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at gross fair value on a recurring basis are summarized below:



	Fair Value Measurements as of September 30, 2015
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash and cash equivalents	$	748,896	$	748,896	$	—	$	—
Jet fuel options	17		—		—		17
Total assets	$	748,913	$	748,896	$	—	$	17

Total liabilities	$	—	$	—	$	—	$	—



	Fair Value Measurements as of December 31, 2014
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash and cash equivalents	$	632,784	$	632,784	$	—	$	—
Jet fuel options	4,803		—		—		4,803
Total assets	$	637,587	$	632,784	$	—	$	4,803

Interest rate swaps	$	1,141	$	—	$	1,141	$	—
Total liabilities	$	1,141	$	—	$	1,141	$	—

Schedule of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The following tables present the Company's activity for assets and liabilities measured at gross fair value on a recurring basis using significant unobservable inputs (Level 3):



	Jet Fuel Option Activity for the Three Months Ended September 30, 2015
	(in thousands)
Balance at June 30, 2015	$	1,491
Total realized or unrealized gains (losses) included in earnings, net	(1,818		)
Purchases	344
Sales	—
Settlements, net	—
Balance at September 30, 2015	$	17



	Jet Fuel Option Activity for the Nine Months Ended September 30, 2015
	(in thousands)
Balance at December 31, 2014	$	4,803
Total realized or unrealized gains (losses) included in earnings, net	(6,683		)
Purchases	2,474
Sales	—
Settlements, net	(577		)
Balance at September 30, 2015	$	17