SkyWest Airlines 2014 Annual Report Download - page 88
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2014
(2) Segment Reporting (Continued)
Year ended December 31, 2012
SkyWest
Airlines ExpressJet Other Consolidated
Operating revenues .......................... $1,930,149 $1,593,527 $10,696 $3,534,372
Operating expense .......................... 1,774,876 1,588,400 5,109 3,368,385
Depreciation and amortization expense ........... 153,915 98,043 — 251,958
Interest expense ............................ 49,208 23,582 4,590 77,380
Segment profit (loss)(1) ...................... 106,065 (18,455) 997 88,607
Identifiable intangible assets, other than goodwill .... — 17,248 — 17,248
Total assets ................................ 2,633,369 1,621,268 — 4,254,637
Capital expenditures (including non-cash) ......... 74,636 20,204 — 94,840
(1) Segment profit is operating income less interest expense
(3) Long-term Debt
Long-term debt consisted of the following as of December 31, 2014 and 2013 (in thousands):
December 31, December 31,
2014 2013
Notes payable to banks, due in semi-annual installments, variable interest
based on LIBOR, or with interest rates ranging from 1.34% to 2.55%
through 2015 to 2020, secured by aircraft ........................ $ 174,159 $ 224,915
Notes payable to a financing company, due in semi-annual installments,
variable interest based on LIBOR, or with interest rates ranging from
0.70% to 2.36% through 2015 to 2021, secured by aircraft ............ 350,177 392,660
Notes payable to banks, due in semi-annual installments plus interest at
6.06% to 7.18% through 2021, secured by aircraft .................. 129,201 149,477
Notes payable to a financing company, due in semi-annual installments plus
interest at 5.78% to 6.23% through 2019, secured by aircraft .......... 25,090 32,528
Notes payable to banks, due in monthly installments plus interest of 3.15%
to 8.18% through 2025, secured by aircraft ....................... 572,446 623,315
Notes payable to banks, due in semi-annual installments, plus interest at
6.05% through 2020, secured by aircraft ......................... 13,551 15,740
Notes payable to banks, due in monthly installments, plus interest at 3.10%
through 2019, secured by aircraft .............................. 5,909 —
Notes payable to banks, due in quarterly installments, LIBOR plus interest
at 2.39% through 2029, secured by aircraft ....................... 378,406 —
Notes payable to banks, due in quarterly installments, plus interest at 3.8%
to 4.0% through 2029, secured by aircraft ........................ 68,318 —
Notes payable to banks, due in monthly installments, interest based on
LIBOR plus interest at 2.00% to 4.00% through 2016 ............... 28,554 31,933
Long-term debt ............................................. $1,745,811 $1,470,568
Less current maturities ....................................... (211,821) (177,389)
Long-term debt, net of current maturities .......................... $1,533,990 $1,293,179
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