SkyWest Airlines 2009 Annual Report Download - page 68
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2009
(1) Nature of Operations and Summary of Significant Accounting Policies (Continued)
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity of three months or
less to be cash equivalents. The Company classified $10.7 million of cash as restricted cash as required
by the Company’s workers’ compensation policy and classified it accordingly in the consolidated balance
sheets as of December 31, 2009 and 2008.
Marketable Securities
The Company’s investments in marketable debt and equity securities are deemed by management
to be available for sale and are reported at fair market value with the net unrealized appreciation or
depreciation reported as a component of accumulated other comprehensive income (loss) in
stockholders’ equity. At the time of sale, any realized appreciation or depreciation, calculated by the
specific identification method, is recognized in other income and expense. The Company’s position in
marketable securities as of December 31, 2009 and 2008 was as follows (in thousands):
2009 2008
Investment Types Cost Market Value Cost Market Value
Commercial paper ............. $ — $ — $ 24,855 $ 22,790
Bond and bond funds .......... 647,965 648,498 546,003 542,733
Asset backed securities ......... 1,051 1,062 5,330 5,277
649,016 649,560 576,188 570,800
Unrealized gain (loss) .......... 544 — (5,388) —
Total ....................... $649,560 $649,560 $570,800 $570,800
Marketable securities had the following maturities as of December 31, 2009 (in thousands):
Maturities Amount
Year 2010 ............................................... $303,072
Years 2011 through 2014 .................................... 76,685
Years 2015 through 2019 .................................... 15,458
Thereafter ............................................... 254,345
The Company has classified $645.3 million of marketable securities as short-term since it has the
intent to maintain a liquid portfolio and the ability to redeem the securities within one year. The
Company has classified approximately $4.3 million of investments as non-current and has identified
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