XML 20 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Special Charges
3 Months Ended
Mar. 31, 2016
Special Charges and Credits [Abstract]  
Special Charges
Special Charges

In February 2016, the Company purchased two A319 aircraft which were formerly financed under operating lease agreements. The purchase price of the two aircraft was $44.0 million, comprised of cash payment of $23.5 million and the non-cash application of maintenance and security deposits held by the previous lessor of $20.5 million. The Company estimated the fair value of the aircraft to be $27.4 million and has recorded the two purchased aircraft within flight equipment on the condensed balance sheets. The Company determined the valuation of the aircraft based on a third-party appraisal considering the condition of each aircraft (a Level 3 measurement). The Company recognized the $16.2 million excess of the purchase price paid over the fair value of the aircraft as a cost of terminating the leases within special charges on the statement of operations.