Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of number of aircraft held by entity

	E175	CRJ900	CRJ700	CRJ200	Total
United	90	—	19	89	198
Delta	85	41	9	—	135
American	20	—	90	—	110
Alaska	42	—	—	—	42
Aircraft in scheduled service or under contract	237	41	118	89	485
SWC	—	—	—	16	16
Leased to third parties	—	5	35	—	40
Other (1)	—	3	14	45	62
Total Fleet	237	49	167	150	603

(1) As of December 31, 2023, other aircraft included: supplemental spare aircraft supporting the Company’s code-share agreements that may be placed under future code-share or leasing arrangements, aircraft transitioning between code-share agreements with the Company’s major airline partners, aircraft held-for-sale or aircraft that are scheduled to be disassembled for use as spare parts.

Schedule of marketable securities

			Gross unrealized		Gross unrealized
At December 31, 2023	Amortized Cost		holding gains		holding losses		Fair market value
Marketable securities:
Bond and bond funds	$	676,644	$	430	$	—	$	677,074
Commercial Paper		9,872		—		—		9,872
Total marketable securities	$	686,516	$	430	$	—	$	686,946

			Gross unrealized			Gross unrealized
At December 31, 2022	Amortized Cost		holding gains		holding losses		Fair market value
Marketable securities:
Bond and bond funds	$	629,280	$	—	$	(5,026)	$	624,254
Commercial Paper		319,977		—		—		319,977
Total marketable securities	$	949,257	$	—	$	(5,026)	$	944,231

Schedule of property and equipment

Assets	Depreciable Life	Current Residual Value
Aircraft, rotable spares, and spare engines	up to 22 years	up to 20	%
Ground equipment	up to 10 years	0	%
Office equipment	up to 5 years	0	%
Leasehold improvements	Shorter of 15 years or lease term	0	%
Buildings	20 - 39.5 years	0	%

Schedule of aircraft and agreements with major airline partners

United Express Agreements

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
United Express Agreements (capacity purchase agreement)	· E175 · CRJ 700 · CRJ 200	90 19 70	· Individual aircraft have scheduled removal dates under the agreement between 2024 and 2029 · The average remaining term of the aircraft under contract is 2.7 years
United Express Prorate Agreement (prorate agreement)	· CRJ 200	*19	· Terminable with 120-day notice
Total under United Express Agreements		198

Delta Connection Agreements

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Delta Connection Agreement (capacity purchase agreement)	· E175 · CRJ 900 · CRJ 700	85 35 5	· Individual aircraft have scheduled removal dates from 2024 to 2034 · The average remaining term of the aircraft under contract is 4.8 years
Delta Connection Prorate Agreement (prorate agreement)	· CRJ 900 · CRJ 700	6* 4*	· Terminable with 30-day notice
Total under Delta Connection Agreements		135

American Capacity Purchase Agreement

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
American Agreement (capacity purchase agreement)	· E175 · CRJ 700	20 90	· Individual aircraft have scheduled removal dates from 2024 to 2032 · The average remaining term of the aircraft under contract is 3.1 years
Total under American Agreement		110

Alaska Capacity Purchase Agreement

Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Alaska Agreement (capacity purchase agreement)	· E175	42	· Individual aircraft have scheduled removal dates from 2030 to 2034 · The average remaining term of the aircraft under contract is 7.5 years

	2024	2025	2026	Total
Delta Air Lines	1	—	—	1
United Airlines	4	7	8	19
Alaska Airlines	—	1	—	1
Total	5	8	8	21

Schedule of future minimum rental payments for operating leases

The following table summarizes future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms as of December 31, 2023 (in thousands):

2024	$	19,924
2025		17,503
2026		13,752
2027		12,554
2028		9,762
Thereafter		55,568
Total future minimum operating lease payments	$	129,063

Schedule of allowance for credit losses

The following table summarizes the changes in allowance for credit losses:

	Allowance for Credit Losses
Balance at December 31, 2020	$	46,225
Adjustments to credit loss reserves		(4,249)
Write-offs charged against allowance		—
Balance at December 31, 2021	$	41,976
Adjustments to credit loss reserves		(4,591)
Write-offs charged against allowance		—
Balance at December 31, 2022	$	37,385
Adjustments to credit loss reserves		(185)
Write-offs charged against allowance		(18,501)
Balance at December 31, 2023	$	18,699

Schedule of net income (loss) per common share

	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	34,342	$	72,953	$	111,910
Denominator:
Basic earnings per share weighted average shares		43,940		50,548		50,348
Dilution due to employee equity awards and warrants		659		96		405
Diluted earnings per share weighted average shares		44,599		50,644		50,753
Basic earnings per share	$	0.78	$	1.44	$	2.22
Diluted earnings per share	$	0.77	$	1.44	$	2.20

Schedule of antidilutive securities excluded from calculation of diluted EPS

	Year Ended December 31,
	2023		2022		2021
Treasury Warrants (1)		286		640		78
Employee Stock Awards		15		219		—
Total antidilutive securities		301		859		78

(1) U.S. Department of the Treasury (“Treasury”) warrants to purchase shares of SkyWest common stock issued pursuant to the three Payroll Support Program Agreements and a loan agreement. See Note 10, “Payroll Support Programs” and Note 11, “Capital Transactions” for further discussion on the warrants issued to Treasury.

Flying agreements

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of revenue by type

The following table represents the Company’s flying agreements revenue by type for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	For the year ended December 31,
	2023		2022		2021
Capacity purchase agreements flight operations revenue (non-lease component)	$	1,976,743	$	2,028,308	$	1,678,219
Capacity purchase agreements fixed aircraft lease revenue		296,047		504,529		527,173
Capacity purchase agreements variable aircraft lease revenue		180,218		17,664		—
Prorate agreements and SWC revenue		381,389		349,336		409,684
Flying agreements revenue	$	2,834,397	$	2,899,837	$	2,615,076

Airport customer service and other revenue

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of revenue by type

represents the Company’s lease, airport services and other revenues for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	For the year ended December 31,
	2023		2022		2021
Operating lease revenue	$	47,554	$	48,714	$	46,532
Operating lease revenue relating to variable lease payments		18,420		17,050		19,998
Airport customer service and other revenue		35,061		39,324		31,885
Lease, airport services and other	$	101,035	$	105,088	$	98,415

Aircraft

Nature of Operations and Summary of Significant Accounting Policies [Line Items]

Schedule of future minimum rental payments for operating leases

2024	$	46,119
2025		41,172
2026		35,630
2027		35,586
2028		35,024
Thereafter		53,122
Total future minimum rental income under operating leases	$	246,653