10-Q Filing

SKYWEST INC CIK: 793733 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001104659-12-033211`
Period End Date	20120331
Filing Date	20120504
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	skyw-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 59 Cash Flow Statement 41 Comprehensive Income 4

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	76.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	75.83M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$129.53M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	25.28M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$127.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$112.34M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	25.22M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$98.95M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$497.55M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$464.92M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$19.44M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$19.43M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.57M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.10M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$130.51M	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$146.23M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$115.21M	USD	Point-in-time
Inventories, net	`AirlineRelatedInventoryNet`	$118.62M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$285.74M	USD	Point-in-time
Prepaid aircraft rents	`PrepaidRent`	$337.56M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$69.52M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$74.78M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$31.41M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$37.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.28B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.30B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$3.97B	USD	Point-in-time
Aircraft and rotable spares	`FlightEquipmentGross`	$3.99B	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$291.33M	USD	Point-in-time
Buildings and ground equipment	`BuildingsAndGroundEquipmentGross`	$291.29M	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$4.28B	USD	Point-in-time
Total property and equipment, gross	`PropertyPlantAndEquipmentGross`	$4.26B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.44B	USD	Point-in-time
Less-accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.38B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.84B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.88B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$19.50M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$21.18M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$18.93M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$104.59M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$98.47M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$123.53M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$117.97M	USD	Point-in-time
Total assets	`Assets`	$4.40B	USD	Point-in-time
Total assets	`Assets`	$4.28B	USD	Point-in-time
Total assets	`Assets`	$4.27B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$203.94M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$208.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$240.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$220.78M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$110.45M	USD	Point-in-time
Accrued salaries, wages and benefits	`EmployeeRelatedLiabilitiesCurrent`	$112.99M	USD	Point-in-time
Accrued aircraft rents	`AccruedRentCurrent`	$22.29M	USD	Point-in-time
Accrued aircraft rents	`AccruedRentCurrent`	$18.40M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$21.19M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesCurrent`	$17.51M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$43.84M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$38.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$634.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$624.15M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$50.19M	USD	Point-in-time
OTHER LONG-TERM LIABILITIES	`OtherLiabilitiesNoncurrent`	$48.82M	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$1.58B	USD	Point-in-time
LONG-TERM DEBT, net of current maturities	`LongTermDebtNoncurrent`	$1.61B	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$567.87M	USD	Point-in-time
DEFERRED INCOME TAXES PAYABLE	`DeferredTaxLiabilitiesNoncurrent`	$573.50M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$98.44M	USD	Point-in-time
DEFERRED AIRCRAFT CREDITS	`DeferredAircraftCredits`	$96.92M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, 5,000,000 shares authorized; none issued	`PreferredStockIncludingAdditionalPaidInCapital`	-	USD	Point-in-time
Preferred stock, 5,000,000 shares authorized; none issued	`PreferredStockIncludingAdditionalPaidInCapital`	-	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 76,224,131 and 75,833,696 shares issued, respectively	`CommonStockIncludingAdditionalPaidInCapital`	$602.37M	USD	Point-in-time
Common stock, no par value, 120,000,000 shares authorized; 76,224,131 and 75,833,696 shares issued, respectively	`CommonStockIncludingAdditionalPaidInCapital`	$598.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.10B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.10B	USD	Point-in-time
Treasury stock, at cost, 25,279,790 and 25,221,481 shares, respectively	`TreasuryStockValue`	$370.31M	USD	Point-in-time
Treasury stock, at cost, 25,279,790 and 25,221,481 shares, respectively	`TreasuryStockValue`	$371.21M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.44M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.82M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.33B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.33B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.27B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.28B	USD	Point-in-time

Income Statement 59 line items

Line Item	Tag	Value	Unit	Period
Passenger	`RevenueFromPassengers`	$844.48M	USD	1 Quarter
Passenger	`RevenueFromPassengers`	$902.36M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$18.82M	USD	1 Quarter
Ground handling and other	`OtherSalesRevenueNet`	$21.48M	USD	1 Quarter
Total operating revenues	`Revenues`	$921.17M	USD	1 Quarter
Total operating revenues	`Revenues`	$865.95M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$286.15M	USD	1 Quarter
Salaries, wages and benefits	`LaborAndRelatedExpense`	$290.81M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$179.64M	USD	1 Quarter
Aircraft maintenance, materials and repairs	`AircraftMaintenanceMaterialsAndRepairs`	$163.17M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$147.45M	USD	1 Quarter
Aircraft fuel	`FuelCosts`	$126.74M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$84.90M	USD	1 Quarter
Aircraft rentals	`AircraftRental`	$86.42M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$64.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$63.19M	USD	1 Quarter
Station rentals and landing fees	`StationRentalsAndLandingFees`	$43.93M	USD	1 Quarter
Station rentals and landing fees	`StationRentalsAndLandingFees`	$42.63M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$35.31M	USD	1 Quarter
Ground handling services	`GroundHandlingServiceExpenses`	$36.85M	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$1.03M	USD	1 Quarter
Other, net	`OtherCostAndExpenseOperating`	$54.35M	USD	1 Quarter
Other, net	`OtherCostAndExpenseOperating`	$59.54M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$865.72M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$900.72M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$227.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$20.46M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.95M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.97M	USD	1 Quarter
Interest expense	`InterestExpense`	$19.78M	USD	1 Quarter
Interest expense	`InterestExpense`	$20.22M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-3.85M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-506.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-18.76M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-21.68M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.22M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-18.53M	USD	1 Quarter
BENEFIT FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$-540.00K	USD	1 Quarter
BENEFIT FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$-7.47M	USD	1 Quarter
NET LOSS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-11.06M	USD	1 Quarter
NET LOSS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-682.00K	USD	1 Quarter
BASIC LOSS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
BASIC LOSS PER SHARE (in dollars per share)	`EarningsPerShareBasic`	$-0.21	USD	1 Quarter
DILUTED LOSS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
DILUTED LOSS PER SHARE (in dollars per share)	`EarningsPerShareDiluted`	$-0.21	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	53.84M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.88M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.88M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.84M	shares	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-11.06M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-682.00K	USD	1 Quarter
Proportionate share of other companies foreign currency translation adjustment, net of tax $20 and $102, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-30.00K	USD	1 Quarter
Proportionate share of other companies foreign currency translation adjustment, net of tax $20 and $102, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$160.00K	USD	1 Quarter
Net unrealized appreciation on marketable securities, net of tax of $263 and $198, respectively	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$412.00K	USD	1 Quarter
Net unrealized appreciation on marketable securities, net of tax of $263 and $198, respectively	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$309.00K	USD	1 Quarter
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-300.00K	USD	1 Quarter
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-10.59M	USD	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-8.39M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.92M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$120.25M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$87.22M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$234.87M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$120.22M	USD	1 Quarter
Proceeds from the sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$630.00K	USD	1 Quarter
Proceeds from the sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$110.00K	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$16.32M	USD	1 Quarter
Aircraft and rotable spare parts	`PaymentsForFlightEquipment`	$14.86M	USD	1 Quarter
Deposits on aircraft	`PaymentsForDepositsOnAircraft`	$13.20M	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$35.00K	USD	1 Quarter
Buildings and ground equipment	`PaymentsToAcquireBuildingsAndGroundEquipment`	$2.30M	USD	1 Quarter
Increase in other assets	`PaymentsToAcquireOtherProductiveAssets`	$13.03M	USD	1 Quarter
Increase in other assets	`PaymentsToAcquireOtherProductiveAssets`	$8.60M	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$74.31M	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$5.71M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$33.67M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$30.90M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.20M	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.24M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$19.58M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$897.00K	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividends`	$2.03M	USD	1 Quarter
Payment of cash dividends	`PaymentsOfDividends`	$2.24M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-50.52M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-34.37M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.40M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-30.58M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$129.53M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$127.74M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$112.34M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$98.95M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$129.53M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$127.74M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$112.34M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$98.95M	USD	Point-in-time
Interest, net of capitalized amounts	`InterestPaidNet`	$15.29M	USD	1 Quarter
Interest, net of capitalized amounts	`InterestPaidNet`	$16.31M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$-54.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$467.00K	USD	1 Quarter

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Proportionate share of other companies foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$20.00K	USD	1 Quarter
Proportionate share of other companies foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$102.00K	USD	1 Quarter
Net unrealized appreciation on marketable securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$263.00K	USD	1 Quarter
Net unrealized appreciation on marketable securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$198.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.