SkyWest Airlines 2015 Annual Report Download - page 78
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74
2016 . . . . . .............................................. $ 272,027
2017 . . . . . .............................................. 248,629
2018 . . . . . .............................................. 230,681
2019 . . . . . .............................................. 223,898
2020 . . . . . .............................................. 183,620
Thereafter ............................................... 789,948
$ 1,948,803
As of December 31, 2015 and 2014, SkyWest Airlines had a $25 million line of credit. As of December 31,
2015 and 2014, SkyWest Airlines had no amount outstanding under the facility. However, at December 31, 2015 and
2014 the Company had $6 million and $5 million, respectively, in letters of credit issued under the facility which
reduced the amount available under the facility to $19 million and $20 million, respectively. The facility expires on
April 19, 2016 and has a variable interest rate of Libor plus 3.0%.
As of December 31, 2015 and 2014, the Company had $88.9 million and $79.9 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,
2015 2014
2013
Current tax provision (benefit):
Federal............................ $ 3,801 $ (176) $ 1,767
State .............................. 1,035 838 343
Foreign ........................... — 2,081 —
4,836 2,743 2,110
Deferred tax provision (benefit):
Federal............................ 66,430 4,697 34,728
State .............................. 5,239 371 2,738
71,669 5,068 37,466
Provision for income taxes .............. $ 76,505 $ 7,811 $ 39,576
The following is a reconciliation between the statutory federal income tax rate of 35% and the effective rate
which is derived by dividing the provision for income taxes by income (loss) before for income taxes (in thousands):
Year ended December 31,
2015
2014
2013
Computed provision (benefit) for income taxes at the
statutory rate .................................. $ 68,013 $ (5,720) $ 34,486
Increase (decrease) in income taxes resulting from:
State income tax provision (benefit), net of federal
income tax benefit ........................... 5,416 (107) 2,867
Non-deductible expenses ....................... 3,641 3,865 3,257
Valuation allowance changes affecting the provision
for income taxes ............................ (899) 5,981 1,430
Foreign income taxes, net of federal & state benefit . — 1,973
Other, net .................................... 334 1,819 (2,464)
Provision for income taxes ........................ $ 76,505 $ 7,811 $ 39,576