SkyWest Airlines 2014 Annual Report Download - page 89
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2014
(3) Long-term Debt (Continued)
During the year ended December 31, 2014, the Company acquired 20 new E175 aircraft and one
used CRJ700 aircraft through the issuance of debt.
As of December 31, 2014, the Company had $1.7 billion of long-term debt obligations related to
the acquisition of CRJ200, CRJ700, CRJ900 and E175 aircraft. The average effective interest rate on
the debt related to those long-term debt obligations was approximately 4.1% at December 31, 2014.
The aggregate amounts of principal maturities of long-term debt as of December 31, 2014 were as
follows (in thousands):
2015 .................................................. $ 211,821
2016 .................................................. 216,340
2017 .................................................. 190,648
2018 .................................................. 168,769
2019 .................................................. 161,329
Thereafter ............................................. 796,904
$1,745,811
As of December 31, 2014 and 2013, SkyWest Airlines had a $25 million line of credit. As of
December 31, 2014 and 2013, SkyWest Airlines had no amount outstanding under the facility. The
facility expires on March 31, 2015 and has a variable interest rate of Libor plus 3.0%.
As of December 31, 2014 and 2013, the Company had $79.9 million and $88.5 million, respectively,
in letters of credit and surety bonds outstanding with various banks and surety institutions.
(4) Income Taxes
The provision for income taxes includes the following components (in thousands):
Year ended December 31,
2014 2013 2012
Current tax provision (benefit):
Federal .................................. $(176) $ 1,767 $ —
State .................................... 838 343 441
Foreign .................................. 2,081 — —
2,743 2,110 441
Deferred tax provision (benefit):
Federal .................................. 4,697 34,728 31,791
State .................................... 371 2,738 2,507
5,068 37,466 34,298
Provision (benefit) for income taxes ............... $7,811 $39,576 $34,739
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