News releases

Alaska Air Group reports second quarter 2021 results
Financial Results:
- Reported net income for the second quarter of 2021 under Generally Accepted Accounting Principles (GAAP) of
$397 million , or$3.15 per share, compared to a net loss of$214 million , or$1.74 per share in the second quarter of 2020. - Reported a net loss for the second quarter of 2021, excluding CARES Act Payroll Support Program (PSP) wage offsets, special items and mark-to-market fuel hedge accounting adjustments, of
$38 million , or$0.30 per share, compared to an adjusted net loss of$439 million or$3.57 per share, in the second quarter of 2020. - Reported a debt-to-capitalization ratio, including short-term borrowings related to COVID-19, of 56%.
- Held
$4.0 billion in unrestricted cash and marketable securities as ofJune 30, 2021 . - Generated
$840 million in operating cash flow in the second quarter, inclusive of$489 million of PSP funding, bolstered by improved advance bookings on a surge in demand for air travel. Excluding PSP funding, quarterly operating cash flows improved over$580 million from the first quarter of 2021.
Operational Updates:
- Announced plans to grow our mainline and regional fleets, exercising options for 13 Boeing 737-9 MAX with deliveries in 2023 and 2024, and nine E175 to be operated by
Horizon Air with deliveries in 2022 and 2023. In addition, expanded our long-term capacity agreement with SkyWest Airlines by eight aircraft to be delivered in 2022. - Announced new service to
Central America with new routes toBelize fromSeattle andLos Angeles , with service slated to begin inNovember 2021 . - Issued recall notices to all pilots on incentive lines for return to work by
October 2021 . - Continued our history of providing meaningful incentive programs to our employees with
$67 million in cash bonuses earned to date. - Announced seven new domestic routes aimed at providing our
West Coast guests more options to sun-filled destinations, including three new routes servingBoise, Idaho .
Liquidity Updates:
- Received
$664 million through a combination of grants and loans from theU.S. Treasury under an extension of the PSP. - Repaid approximately
$570 million in debt, including the full$135 million loan from theU.S. Treasury made available under the CARES Act and the$363 million outstanding balance on two credit facilities.
Sustainability Updates:
- Announced five-part pathway to achieve a net zero carbon footprint by 2040, putting the airline on track to meet the annual carbon intensity target that is part of its performance-based pay program for all employees.
- First airline to implement network optimization software, Flyways, using artificial intelligence and machine learning to optimize air traffic and enable more fuel-efficient flight paths for aggregate savings of fuel, carbon emissions and time.
- Partnered with Boeing to launch a 737-9 ecoDemonstrator to test advanced technologies that can enhance the safety and sustainability of air travel. The aircraft will conduct five months of flight tests across the
U.S. - Revealed "Our Commitment" aircraft in partnership with long-time partner UNCF, a symbol of the airline's commitments to increase diverse representation in our leadership, advance education as a critical component of equity, and to make
Alaska Airlines a place where everyone feels they belong.
"As we put the worst of last year's downturn behind us,
The following table reconciles the company's reported GAAP net income (loss) per share (EPS) for the three and six months ended
Three Months Ended |
|||||||||||||||
2021 |
2020 |
||||||||||||||
(in millions, except per-share amounts) |
Dollars |
Diluted EPS |
Dollars |
Diluted EPS |
|||||||||||
GAAP net income (loss) per share |
$ |
397 |
$ |
3.15 |
$ |
(214) |
$ |
(1.74) |
|||||||
Payroll support program wage offset |
(503) |
(3.99) |
(362) |
(2.94) |
|||||||||||
Mark-to-market fuel hedge adjustments |
(46) |
(0.37) |
(6) |
(0.05) |
|||||||||||
Special items - impairment charges and other |
(4) |
(0.03) |
69 |
0.56 |
|||||||||||
Special items - restructuring charges |
(23) |
(0.18) |
— |
— |
|||||||||||
Special items - merger-related costs |
— |
— |
1 |
0.01 |
|||||||||||
Income tax effect of reconciling items above |
141 |
1.12 |
73 |
0.59 |
|||||||||||
Non-GAAP adjusted net loss per share |
$ |
(38) |
$ |
(0.30) |
$ |
(439) |
$ |
(3.57) |
|||||||
Six Months Ended |
|||||||||||||||
2021 |
2020 |
||||||||||||||
(in millions, except per-share amounts) |
Dollars |
Diluted EPS |
Dollars |
Diluted EPS |
|||||||||||
GAAP net income (loss) per share |
$ |
266 |
$ |
2.12 |
$ |
(446) |
$ |
(3.62) |
|||||||
Payroll support program wage offset |
(914) |
(7.27) |
(362) |
(2.94) |
|||||||||||
Mark-to-market fuel hedge adjustments |
(68) |
(0.54) |
3 |
0.02 |
|||||||||||
Special items - impairment charges and other |
14 |
0.11 |
229 |
1.86 |
|||||||||||
Special items - restructuring charges |
(12) |
(0.10) |
— |
— |
|||||||||||
Special items - merger-related costs |
— |
— |
4 |
0.03 |
|||||||||||
Income tax effect of reconciling items above |
240 |
1.91 |
31 |
0.25 |
|||||||||||
Non-GAAP adjusted net loss per share |
$ |
(474) |
$ |
(3.77) |
$ |
(541) |
$ |
(4.40) |
Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables. A glossary of financial terms can be found on the last page of this release.
A conference call regarding the second quarter results will be streamed online at
References in this update to "
This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by any forward-looking statements. For a comprehensive discussion of potential risk factors, see Item 1A of the Company's Annual Report on Form 10-K for the year ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||||||||
|
|||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||
(in millions, except per-share amounts) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|||||||||||||||
Operating Revenues: |
|||||||||||||||||||||
Passenger revenue |
$ |
1,352 |
$ |
309 |
338 |
% |
$ |
2,011 |
$ |
1,790 |
12 |
% |
|||||||||
Mileage Plan other revenue |
118 |
73 |
62 |
% |
212 |
182 |
16 |
% |
|||||||||||||
Cargo and other |
57 |
39 |
46 |
% |
101 |
85 |
19 |
% |
|||||||||||||
Total Operating Revenues |
1,527 |
421 |
263 |
% |
2,324 |
2,057 |
13 |
% |
|||||||||||||
Operating Expenses: |
|||||||||||||||||||||
Wages and benefits |
510 |
472 |
8 |
% |
1,003 |
1,084 |
(7) |
% |
|||||||||||||
Payroll support program wage offset |
(503) |
(362) |
39 |
% |
(914) |
(362) |
152 |
% |
|||||||||||||
Variable incentive pay |
34 |
16 |
113 |
% |
67 |
23 |
191 |
% |
|||||||||||||
Aircraft fuel, including hedging gains and losses |
274 |
59 |
364 |
% |
477 |
443 |
8 |
% |
|||||||||||||
Aircraft maintenance |
102 |
45 |
127 |
% |
183 |
160 |
14 |
% |
|||||||||||||
Aircraft rent |
62 |
74 |
(16) |
% |
124 |
155 |
(20) |
% |
|||||||||||||
Landing fees and other rentals |
144 |
83 |
73 |
% |
273 |
214 |
28 |
% |
|||||||||||||
Contracted services |
54 |
30 |
80 |
% |
105 |
102 |
3 |
% |
|||||||||||||
Selling expenses |
41 |
4 |
925 |
% |
74 |
59 |
25 |
% |
|||||||||||||
Depreciation and amortization |
98 |
107 |
(8) |
% |
195 |
215 |
(9) |
% |
|||||||||||||
Food and beverage service |
35 |
7 |
400 |
% |
58 |
56 |
4 |
% |
|||||||||||||
Third-party regional carrier expense |
37 |
26 |
42 |
% |
67 |
63 |
6 |
% |
|||||||||||||
Other |
117 |
78 |
50 |
% |
222 |
221 |
— |
% |
|||||||||||||
Special items - impairment charges and other |
(4) |
69 |
(106) |
% |
14 |
229 |
(94) |
% |
|||||||||||||
Special items - restructuring charges |
(23) |
— |
. |
NM |
(12) |
— |
NM |
||||||||||||||
Special items - merger-related costs |
— |
1 |
(100) |
% |
— |
4 |
(100) |
% |
|||||||||||||
Total Operating Expenses |
978 |
709 |
38 |
% |
1,936 |
2,666 |
(27) |
% |
|||||||||||||
Operating Income (Expense) |
549 |
(288) |
(291) |
% |
388 |
(609) |
(164) |
% |
|||||||||||||
Nonoperating Income (Expense): |
|||||||||||||||||||||
Interest income |
6 |
7 |
(14) |
% |
13 |
16 |
(19) |
% |
|||||||||||||
Interest expense |
(39) |
(17) |
129 |
% |
(71) |
(30) |
137 |
% |
|||||||||||||
Interest capitalized |
3 |
1 |
200 |
% |
6 |
4 |
50 |
% |
|||||||||||||
Other - net |
9 |
6 |
50 |
% |
19 |
11 |
73 |
% |
|||||||||||||
Total Nonoperating Income (Expense) |
(21) |
(3) |
NM |
(33) |
1 |
NM |
|||||||||||||||
Income (Loss) Before Income Tax |
528 |
(291) |
355 |
(608) |
|||||||||||||||||
Income tax expense (benefit) |
131 |
(77) |
89 |
(162) |
|||||||||||||||||
Net Income (Loss) |
$ |
397 |
$ |
(214) |
$ |
266 |
$ |
(446) |
|||||||||||||
Basic Income (Loss) Per Share: |
$ |
3.18 |
$ |
(1.74) |
$ |
2.13 |
$ |
(3.62) |
|||||||||||||
Diluted Income (Loss) Per Share: |
$ |
3.15 |
$ |
(1.74) |
$ |
2.12 |
$ |
(3.62) |
|||||||||||||
Shares Used for Computation: |
|||||||||||||||||||||
Basic |
124.977 |
123.296 |
124.640 |
123.058 |
|||||||||||||||||
Diluted |
126.037 |
123.296 |
125.676 |
123.058 |
|||||||||||||||||
Cash dividend declared per share: |
$ |
— |
$ |
— |
$ |
— |
$ |
0.375 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||
|
|||||||
(in millions) |
|
|
|||||
Cash and cash equivalents |
$ |
1,025 |
$ |
1,370 |
|||
Marketable securities |
2,926 |
1,976 |
|||||
Total cash and marketable securities |
3,951 |
3,346 |
|||||
Other current assets |
820 |
660 |
|||||
Current assets |
4,771 |
4,006 |
|||||
Property and equipment - net |
6,128 |
6,211 |
|||||
Operating lease assets |
1,375 |
1,400 |
|||||
|
1,943 |
1,943 |
|||||
Intangible assets - net |
103 |
107 |
|||||
Other assets |
336 |
379 |
|||||
Total assets |
14,656 |
14,046 |
|||||
Air traffic liability |
1,533 |
1,073 |
|||||
Current portion of long-term debt |
869 |
1,138 |
|||||
Current portion of operating lease liabilities |
263 |
290 |
|||||
Other current liabilities |
2,181 |
1,792 |
|||||
Current liabilities |
4,846 |
4,293 |
|||||
Long-term debt |
2,319 |
2,357 |
|||||
Long-term operating lease liabilities |
1,222 |
1,268 |
|||||
Other liabilities and credits |
2,945 |
3,140 |
|||||
Shareholders' equity |
3,324 |
2,988 |
|||||
Total liabilities and shareholders' equity |
$ |
14,656 |
$ |
14,046 |
|||
Debt-to-capitalization ratio, including operating leases |
56 |
% |
61 |
% |
|||
Number of common shares outstanding |
125.229 |
124.218 |
SUMMARY CASH FLOW (unaudited) |
|||||||||||
|
|||||||||||
(in millions) |
Six Months Ended |
Three Months Ended |
Three Months Ended |
||||||||
Cash Flows from Operating Activities: |
|||||||||||
Net income (loss) |
$ |
266 |
$ |
(131) |
$ |
397 |
|||||
Non-cash reconciling items |
221 |
138 |
83 |
||||||||
Changes in working capital |
520 |
160 |
360 |
||||||||
Net cash provided by (used in) operating activities |
1,007 |
167 |
840 |
||||||||
Cash Flows from Investing Activities: |
|||||||||||
Property and equipment additions |
(102) |
(27) |
(75) |
||||||||
Other investing activities |
(968) |
(516) |
(452) |
||||||||
Net cash provided by (used in) investing activities |
(1,070) |
(543) |
(527) |
||||||||
Cash Flows from Financing Activities: |
(281) |
82 |
(363) |
||||||||
Net increase (decrease) in cash and cash equivalents |
$ |
(344) |
$ |
(294) |
$ |
(50) |
|||||
Cash, cash equivalents, and restricted cash at beginning of period |
1,386 |
1,386 |
1,092 |
||||||||
Cash, cash equivalents, and restricted cash at end of the period |
$ |
1,042 |
$ |
1,092 |
$ |
1,042 |
(a) |
As reported in Form 10-Q for the first quarter of 2021. |
(b) |
Cash flows for the three months ended |
OPERATING STATISTICS SUMMARY (unaudited) |
|||||||||||
|
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||
Consolidated Operating Statistics:(a) |
|||||||||||
Revenue passengers (000) |
8,712 |
1,485 |
486.7% |
13,379 |
10,417 |
28.4% |
|||||
RPMs (000,000) "traffic" |
10,334 |
1,654 |
524.8% |
15,727 |
12,310 |
27.8% |
|||||
ASMs (000,000) "capacity" |
13,413 |
4,307 |
211.4% |
23,810 |
19,612 |
21.4% |
|||||
Load factor |
77.0% |
38.4% |
38.6 pts |
66.1% |
62.8% |
3.3 pts |
|||||
Yield |
13.09¢ |
18.68¢ |
(29.9)% |
12.79¢ |
14.54¢ |
(12.0)% |
|||||
RASM |
11.38¢ |
9.77¢ |
16.5% |
9.76¢ |
10.49¢ |
(7.0)% |
|||||
CASMex(b) |
9.20¢ |
21.87¢ |
(57.9)% |
9.95¢ |
12.00¢ |
(17.1)% |
|||||
Economic fuel cost per gallon(b) |
|
|
58.3% |
|
|
4.5% |
|||||
Fuel gallons (000,000) |
168 |
54 |
211.1% |
294 |
248 |
18.5% |
|||||
ASM's per gallon |
79.8 |
79.8 |
—% |
81.0 |
79.1 |
2.4% |
|||||
Average number of full-time equivalent employees (FTE) |
19,001 |
15,836 |
20.0% |
18,071 |
19,115 |
(5.5)% |
|||||
Mainline Operating Statistics: |
|||||||||||
Revenue passengers (000) |
6,151 |
905 |
579.7% |
9,302 |
7,580 |
22.7% |
|||||
RPMs (000,000) "traffic" |
8,966 |
1,276 |
602.7% |
13,555 |
10,858 |
24.8% |
|||||
ASMs (000,000) "capacity" |
11,611 |
3,363 |
245.3% |
20,464 |
17,060 |
20.0% |
|||||
Load factor |
77.2% |
37.9% |
39.3 pts |
66.2% |
63.6% |
2.6 pts |
|||||
Yield |
11.96¢ |
17.63¢ |
(32.2)% |
11.64¢ |
13.44¢ |
(13.4)% |
|||||
RASM |
10.59¢ |
9.52¢ |
11.2% |
9.09¢ |
9.94¢ |
(8.6)% |
|||||
CASMex(b) |
8.48¢ |
22.19¢ |
(61.8)% |
9.17¢ |
11.17¢ |
(17.9)% |
|||||
Economic fuel cost per gallon(b) |
|
|
56.7% |
|
|
3.4% |
|||||
Fuel gallons (000,000) |
135 |
38 |
255.3% |
233 |
201 |
15.9% |
|||||
ASM's per gallon |
86.0 |
88.5 |
(2.8)% |
87.8 |
84.9 |
3.4% |
|||||
Average number of FTE's |
14,021 |
12,340 |
13.6% |
13,247 |
14,579 |
(9.1)% |
|||||
Aircraft utilization |
9.9 |
5.6 |
76.8% |
9.2 |
8.8 |
4.5% |
|||||
Average aircraft stage length |
1,320 |
1,144 |
15.4% |
1,313 |
1,270 |
3.4% |
|||||
Operating fleet(d) |
202 |
225 |
(23) a/c |
202 |
225 |
(23) a/c |
|||||
Regional Operating Statistics:(c) |
|||||||||||
Revenue passengers (000) |
2,562 |
580 |
341.7% |
4,077 |
2,837 |
43.7% |
|||||
RPMs (000,000) "traffic" |
1,367 |
378 |
261.6% |
2,172 |
1,452 |
49.6% |
|||||
ASMs (000,000) "capacity" |
1,802 |
945 |
90.7% |
3,346 |
2,552 |
31.1% |
|||||
Load factor |
75.9% |
40.0% |
35.9 pts |
64.9% |
56.9% |
8.0 pts |
|||||
Yield |
20.48¢ |
22.12¢ |
(7.4)% |
19.95¢ |
22.80¢ |
(12.5)% |
|||||
RASM |
16.41¢ |
10.63¢ |
54.4% |
13.84¢ |
14.07¢ |
(1.6)% |
|||||
Operating fleet |
94 |
94 |
— a/c |
94 |
94 |
— a/c |
(a) |
Except for FTEs, data includes information related to third-party regional capacity purchase flying arrangements. |
(b) |
See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages. |
(c) |
Data presented includes information for flights operated by Horizon and third-party carriers. |
(d) |
Excludes all aircraft removed from operating service. |
Given the unusual nature of 2020, we believe that some analysis of specific financial and operational results compared to 2019 provides meaningful insight. The table below includes comparative results from 2021 to 2019.
FINANCIAL INFORMATION AND OPERATING STATISTICS - 2019 RESULTS (unaudited) |
|||||||||||||||||||||
|
|||||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||||
2021 |
2019 |
Change |
2021 |
2019 |
Change |
||||||||||||||||
Passenger revenue |
$ |
1,352 |
$ |
2,111 |
(36) |
% |
$ |
2,011 |
$ |
3,827 |
(47) |
% |
|||||||||
Mileage plan other revenue |
118 |
118 |
— |
% |
212 |
228 |
(7) |
% |
|||||||||||||
Cargo and other |
57 |
59 |
(3) |
% |
101 |
109 |
(7) |
% |
|||||||||||||
Total operating revenues |
$ |
1,527 |
$ |
2,288 |
(33) |
% |
$ |
2,324 |
$ |
4,164 |
(44) |
% |
|||||||||
Operating expense, excluding fuel and special items |
$ |
1,234 |
$ |
1,414 |
(13) |
% |
$ |
2,371 |
$ |
2,819 |
(16) |
% |
|||||||||
Economic fuel |
274 |
502 |
(45) |
% |
477 |
922 |
(48) |
% |
|||||||||||||
Special items |
(530) |
8 |
NM |
(912) |
34 |
NM |
|||||||||||||||
Total operating expenses |
$ |
978 |
$ |
1,924 |
(49) |
% |
$ |
1,936 |
$ |
3,775 |
(49) |
% |
|||||||||
Consolidated Operating Statistics(a): |
|||||||||||||||||||||
Revenue passengers (000) |
8,712 |
12,026 |
(28) |
% |
13,379 |
22,442 |
(40) |
% |
|||||||||||||
RPMs (000,000) "traffic" |
10,334 |
14,638 |
(29) |
% |
15,727 |
27,087 |
(42) |
% |
|||||||||||||
ASMs (000,000) "capacity" |
13,413 |
16,980 |
(21) |
% |
23,810 |
32,487 |
(27) |
% |
|||||||||||||
Load Factor |
77.0% |
86.2% |
(9.2) |
pts |
66.1% |
83.4% |
(17.3) |
pts |
|||||||||||||
Yield |
13.09¢ |
14.43¢ |
(9) |
% |
12.79¢ |
14.13¢ |
(9) |
% |
|||||||||||||
RASM |
11.38¢ |
13.48¢ |
(16) |
% |
9.76¢ |
12.82¢ |
(24) |
% |
|||||||||||||
CASMex |
9.20¢ |
8.33¢ |
10 |
% |
9.95¢ |
8.68¢ |
15 |
% |
|||||||||||||
FTEs |
19,001 |
21,921 |
(13) |
% |
18,071 |
21,876 |
(17) |
% |
(a) |
2019 comparative operating statistics have been recalculated using the information presented above, and as filed in our second quarter 2019 Form 10-Q |
OPERATING SEGMENTS (unaudited) |
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
|
Special |
Consolidated |
||||||||||||||||||||
Operating Revenues |
|||||||||||||||||||||||||||
Passenger revenues |
$ |
1,072 |
$ |
280 |
$ |
— |
$ |
— |
$ |
1,352 |
$ |
— |
$ |
1,352 |
|||||||||||||
CPA revenues |
— |
— |
111 |
(111) |
— |
— |
— |
||||||||||||||||||||
Mileage Plan other revenue |
102 |
16 |
— |
— |
118 |
— |
118 |
||||||||||||||||||||
Cargo and other |
55 |
— |
— |
2 |
57 |
— |
57 |
||||||||||||||||||||
Total Operating Revenues |
1,229 |
296 |
111 |
(109) |
1,527 |
— |
1,527 |
||||||||||||||||||||
Operating Expenses |
|||||||||||||||||||||||||||
Operating expenses, excluding fuel |
984 |
286 |
91 |
(127) |
1,234 |
(530) |
704 |
||||||||||||||||||||
Economic fuel |
253 |
66 |
— |
1 |
320 |
(46) |
274 |
||||||||||||||||||||
Total Operating Expenses |
1,237 |
352 |
91 |
(126) |
1,554 |
(576) |
978 |
||||||||||||||||||||
Nonoperating Income (Expense) |
|||||||||||||||||||||||||||
Interest income |
6 |
— |
— |
— |
6 |
— |
6 |
||||||||||||||||||||
Interest expense |
(34) |
— |
(5) |
— |
(39) |
— |
(39) |
||||||||||||||||||||
Interest capitalized |
3 |
— |
— |
— |
3 |
— |
3 |
||||||||||||||||||||
Other - net |
9 |
— |
— |
— |
9 |
— |
9 |
||||||||||||||||||||
Total Nonoperating Expense |
(16) |
— |
(5) |
— |
(21) |
— |
(21) |
||||||||||||||||||||
Income (Loss) Before Income Tax |
$ |
(24) |
$ |
(56) |
$ |
15 |
$ |
17 |
$ |
(48) |
$ |
576 |
$ |
528 |
|||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
|
Special |
Consolidated |
||||||||||||||||||||
Operating Revenues |
|||||||||||||||||||||||||||
Passenger revenues |
$ |
225 |
$ |
84 |
$ |
— |
$ |
— |
$ |
309 |
$ |
— |
$ |
309 |
|||||||||||||
CPA revenues |
— |
— |
81 |
(81) |
— |
— |
— |
||||||||||||||||||||
Mileage Plan other revenue |
56 |
17 |
— |
— |
73 |
— |
73 |
||||||||||||||||||||
Cargo and other |
39 |
— |
— |
— |
39 |
— |
39 |
||||||||||||||||||||
Total Operating Revenues |
320 |
101 |
81 |
(81) |
421 |
— |
421 |
||||||||||||||||||||
Operating Expenses |
|||||||||||||||||||||||||||
Operating expenses, excluding fuel |
746 |
210 |
68 |
(82) |
942 |
(292) |
650 |
||||||||||||||||||||
Economic fuel |
45 |
20 |
— |
— |
65 |
(6) |
59 |
||||||||||||||||||||
Total Operating Expenses |
791 |
230 |
68 |
(82) |
1,007 |
(298) |
709 |
||||||||||||||||||||
Nonoperating Income (Expense) |
|||||||||||||||||||||||||||
Interest income |
11 |
— |
— |
(4) |
7 |
— |
7 |
||||||||||||||||||||
Interest expense |
(18) |
— |
(5) |
6 |
(17) |
— |
(17) |
||||||||||||||||||||
Interest capitalized |
1 |
— |
— |
— |
1 |
— |
1 |
||||||||||||||||||||
Other - net |
6 |
— |
— |
— |
6 |
— |
6 |
||||||||||||||||||||
Total Nonoperating Income (Expense) |
— |
— |
(5) |
2 |
(3) |
— |
(3) |
||||||||||||||||||||
Income (Loss) Before Income Tax |
$ |
(471) |
$ |
(129) |
$ |
8 |
$ |
3 |
$ |
(589) |
$ |
298 |
$ |
(291) |
|||||||||||||
Six Months Ended |
|||||||||||||||||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
|
Special |
Consolidated |
||||||||||||||||||||
Operating Revenues |
|||||||||||||||||||||||||||
Passenger revenues |
$ |
1,578 |
$ |
433 |
$ |
— |
$ |
— |
$ |
2,011 |
$ |
— |
$ |
2,011 |
|||||||||||||
CPA revenues |
— |
— |
215 |
(215) |
— |
— |
— |
||||||||||||||||||||
Mileage Plan other revenue |
182 |
30 |
— |
— |
212 |
— |
212 |
||||||||||||||||||||
Cargo and other |
99 |
— |
— |
2 |
101 |
— |
101 |
||||||||||||||||||||
Total Operating Revenues |
1,859 |
463 |
215 |
(213) |
2,324 |
— |
2,324 |
||||||||||||||||||||
Operating Expenses |
|||||||||||||||||||||||||||
Operating expenses, excluding fuel |
1,877 |
551 |
179 |
(236) |
2,371 |
(912) |
1,459 |
||||||||||||||||||||
Economic fuel |
427 |
118 |
— |
— |
545 |
(68) |
477 |
||||||||||||||||||||
Total Operating Expenses |
2,304 |
669 |
179 |
(236) |
2,916 |
(980) |
1,936 |
||||||||||||||||||||
Nonoperating Income (Expense) |
|||||||||||||||||||||||||||
Interest income |
13 |
— |
— |
— |
13 |
— |
13 |
||||||||||||||||||||
Interest expense |
(61) |
— |
(10) |
— |
(71) |
— |
(71) |
||||||||||||||||||||
Interest capitalized |
6 |
— |
— |
— |
6 |
— |
6 |
||||||||||||||||||||
Other - net |
19 |
— |
— |
— |
19 |
— |
19 |
||||||||||||||||||||
Total Nonoperating Expense |
(23) |
— |
(10) |
— |
(33) |
— |
(33) |
||||||||||||||||||||
Income (Loss) Before Income Tax |
$ |
(468) |
$ |
(206) |
$ |
26 |
$ |
23 |
$ |
(625) |
$ |
980 |
$ |
355 |
|||||||||||||
Six Months Ended |
|||||||||||||||||||||||||||
(in millions) |
Mainline |
Regional |
Horizon |
Consolidating |
|
Special |
Consolidated |
||||||||||||||||||||
Operating Revenues |
|||||||||||||||||||||||||||
Passenger revenues |
$ |
1,459 |
$ |
331 |
$ |
— |
$ |
— |
$ |
1,790 |
$ |
— |
$ |
1,790 |
|||||||||||||
CPA revenues |
— |
— |
186 |
(186) |
— |
— |
— |
||||||||||||||||||||
Mileage Plan other revenue |
154 |
28 |
— |
— |
182 |
— |
182 |
||||||||||||||||||||
Cargo and other |
83 |
— |
— |
2 |
85 |
— |
85 |
||||||||||||||||||||
Total Operating Revenues |
1,696 |
359 |
186 |
(184) |
2,057 |
— |
2,057 |
||||||||||||||||||||
Operating Expenses |
|||||||||||||||||||||||||||
Operating expenses, excluding fuel |
1,905 |
479 |
160 |
(192) |
2,352 |
(129) |
2,223 |
||||||||||||||||||||
Economic fuel |
358 |
82 |
— |
— |
440 |
3 |
443 |
||||||||||||||||||||
Total Operating Expenses |
2,263 |
561 |
160 |
(192) |
2,792 |
(126) |
2,666 |
||||||||||||||||||||
Nonoperating Income (Expense) |
|||||||||||||||||||||||||||
Interest income |
25 |
— |
— |
(9) |
16 |
— |
16 |
||||||||||||||||||||
Interest expense |
(30) |
— |
(10) |
10 |
(30) |
— |
(30) |
||||||||||||||||||||
Interest capitalized |
4 |
— |
— |