SkyWest Airlines 2014 Annual Report Download - page 94
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2014
(5) Commitments and Contingencies (Continued)
Between December 2013 and January 2014, the Airline Pilots Association International (‘‘ALPA’’),
which represents the Atlantic Southeast pilot and ExpressJet Delaware pilot groups, conducted a vote
of the two employee groups, seeking approval of a joint collective bargaining agreement that ExpressJet
had negotiated with ALPA representatives. The two employee groups rejected the joint collective
bargaining agreement, which resulted in the agreements with those employee groups remaining
amendable as indicated in the foregoing table. ExpressJet intends to resume negotiations with ALPA in
an effort to negotiate an acceptable agreement.
(6) Fair Value Measurements
The Company holds certain assets that are required to be measured at fair value in accordance
with United States GAAP. The Company determined fair value of these assets based on the following
three levels of inputs:
Level 1—Quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than Level 1 prices such as quoted prices for
similar assets or liabilities; quoted prices in markets that are not active; or
other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities. Some
of the Company’s marketable securities primarily utilize broker quotes in a
non-active market for valuation of these securities.
Level 3—Unobservable inputs that are supported by little or no market activity and
that are significant to the fair value of the assets or liabilities, therefore
requiring an entity to develop its own assumptions.
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