XML 53 R16.htm IDEA: XBRL DOCUMENT v2.3.0.15
FLEET TRANSITION
9 Months Ended
Sep. 30, 2011
Restructuring, Settlement and Impairment Provisions [Abstract] 
Fleet Transition
FLEET TRANSITION
  
Horizon Fleet Transition to All-Q400 Fleet

During the second quarter of 2011, Horizon completed its transition to an all-Q400 fleet and removed all residual CRJ-700 inventory in the third quarter, resulting in a gain of $2.6 million. During the first nine months of 2011 and 2010, the Company recorded net charges of $28.3 million and $10.3 million, respectively, associated with removing these aircraft from operations.

On July 21, 2011, Horizon entered into a letter of intent to sell 16 Q200 aircraft, and received acceptance of the agreement on September 13, 2011, indicating that the sale of the aircraft was probable. This resulted in the Company recording a loss of $4.6 million in the third quarter associated with the termination of the underlying lease and subsequent sale of the aircraft. The total loss during the first nine months of 2011 was $10.6 million.

Subsequent to period end, in accordance with the letter of intent, the Company completed the disposition of 13 aircraft and expects to complete the remaining transactions in the fourth quarter.