|
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or other jurisdiction of incorporation or organization)
|
87-0617894
(I.R.S. Employer Identification No.)
|
Title of each class
|
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
|
The NASDAQ Global Select Market
|
Large accelerated filer
þ
|
|
Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
Table of Contents
|
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PART I.
|
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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||
Item 9A.
|
||
Item 9B.
|
||
PART III.
|
|
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Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
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||
PART IV.
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|
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Item 15.
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||
Item 16.
|
Capacity Distribution
|
|
2017
|
|
2016
|
|
2015
|
|||
Florida
|
|
30.1
|
%
|
|
29.1
|
%
|
|
29.2
|
%
|
Transcontinental
|
|
28.6
|
|
|
28.8
|
|
|
28.5
|
|
Caribbean & Latin America
(1)
|
|
28.3
|
|
|
30.1
|
|
|
30.2
|
|
East
|
|
6.4
|
|
|
5.4
|
|
|
5.7
|
|
Central
|
|
3.8
|
|
|
4.1
|
|
|
3.8
|
|
West
|
|
2.8
|
|
|
2.5
|
|
|
2.6
|
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Destination
|
|
Service Scheduled to Commence
|
Minneapolis, MN
|
|
May 3, 2018
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Gallons consumed (millions)
|
|
792
|
|
|
760
|
|
|
700
|
|
|||
Total cost (millions)
(1)
|
|
$
|
1,363
|
|
|
$
|
1,074
|
|
|
$
|
1,348
|
|
Average price per gallon
(1)
|
|
$
|
1.72
|
|
|
$
|
1.41
|
|
|
$
|
1.93
|
|
Percent of operating expenses
|
|
22.7
|
%
|
|
20.2
|
%
|
|
25.9
|
%
|
Aircraft
|
|
Seating Capacity
|
|
Owned
|
|
Capital Leased
|
|
Operating Leased
|
|
Total
|
|
Average Age in Years
|
|||||||
Airbus A320
|
|
150
|
|
(1)
|
|
114
|
|
|
4
|
|
|
12
|
|
|
130
|
|
|
12.3
|
|
Airbus A321
|
|
200 / 159
|
|
(2)
|
|
49
|
|
|
2
|
|
|
2
|
|
|
53
|
|
|
1.9
|
|
Embraer E190
|
|
100
|
|
|
|
30
|
|
|
—
|
|
|
30
|
|
|
60
|
|
|
9.2
|
|
|
|
|
|
|
193
|
|
|
6
|
|
|
44
|
|
|
243
|
|
|
9.2
|
|
Year
|
|
Airbus A320neo
|
|
Airbus A321ceo
|
|
Airbus A321neo
|
|
Embraer 190
|
|
Total
|
2018
|
|
—
|
|
10
|
|
—
|
|
—
|
|
10
|
2019
|
|
—
|
|
—
|
|
13
|
|
—
|
|
13
|
2020
|
|
6
|
|
—
|
|
7
|
|
10
|
|
23
|
2021
|
|
16
|
|
—
|
|
4
|
|
7
|
|
27
|
2022
|
|
3
|
|
—
|
|
17
|
|
7
|
|
27
|
2023
|
|
—
|
|
—
|
|
14
|
|
—
|
|
14
|
2024
|
|
—
|
|
—
|
|
5
|
|
—
|
|
5
|
Total
|
|
25
|
|
10
|
|
60
|
|
24
|
|
119
|
|
|
High
|
|
Low
|
||||
2017 Quarter Ended
|
|
|
|
|
||||
March 31
|
|
$
|
22.78
|
|
|
$
|
18.86
|
|
June 30
|
|
23.36
|
|
|
20.51
|
|
||
September 30
|
|
23.75
|
|
|
18.25
|
|
||
December 31
|
|
22.58
|
|
|
18.51
|
|
||
2016 Quarter Ended
|
|
|
|
|
||||
March 31
|
|
$
|
23.37
|
|
|
$
|
19.34
|
|
June 30
|
|
21.33
|
|
|
15.15
|
|
||
September 30
|
|
18.71
|
|
|
15.76
|
|
||
December 31
|
|
22.79
|
|
|
16.93
|
|
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
||||||||||
JetBlue Airways Corporation
|
|
$
|
100
|
|
|
$
|
186
|
|
|
$
|
265
|
|
|
$
|
263
|
|
|
$
|
262
|
|
S&P 500 Stock Index
|
|
100
|
|
|
111
|
|
|
111
|
|
|
121
|
|
|
145
|
|
|||||
NYSE Arca Airline Index
|
|
100
|
|
|
149
|
|
|
125
|
|
|
159
|
|
|
167
|
|
(in millions except per share data)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Statements of Operations Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
|
$
|
7,015
|
|
|
$
|
6,632
|
|
|
$
|
6,416
|
|
|
$
|
5,817
|
|
|
$
|
5,441
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Aircraft fuel and related taxes
|
|
1,363
|
|
|
1,074
|
|
|
1,348
|
|
|
1,912
|
|
|
1,899
|
|
|||||
Salaries, wages and benefits
|
|
1,887
|
|
|
1,698
|
|
|
1,540
|
|
|
1,294
|
|
|
1,135
|
|
|||||
Landing fees and other rents
|
|
397
|
|
|
357
|
|
|
342
|
|
|
321
|
|
|
305
|
|
|||||
Depreciation and amortization
|
|
446
|
|
|
393
|
|
|
345
|
|
|
320
|
|
|
290
|
|
|||||
Aircraft rent
|
|
100
|
|
|
110
|
|
|
122
|
|
|
124
|
|
|
128
|
|
|||||
Sales and marketing
|
|
267
|
|
|
259
|
|
|
264
|
|
|
231
|
|
|
223
|
|
|||||
Maintenance, materials and repairs
|
|
622
|
|
|
563
|
|
|
490
|
|
|
418
|
|
|
432
|
|
|||||
Other operating expenses
|
|
933
|
|
|
866
|
|
|
749
|
|
|
682
|
|
|
601
|
|
|||||
Total operating expenses
|
|
6,015
|
|
|
5,320
|
|
|
5,200
|
|
|
5,302
|
|
|
5,013
|
|
|||||
Operating income
|
|
1,000
|
|
|
1,312
|
|
|
1,216
|
|
|
515
|
|
|
428
|
|
|||||
Other income (expense)
(1)
|
|
(79
|
)
|
|
(96
|
)
|
|
(119
|
)
|
|
108
|
|
|
(149
|
)
|
|||||
Income before income taxes
|
|
921
|
|
|
1,216
|
|
|
1,097
|
|
|
623
|
|
|
279
|
|
|||||
Income tax expense (benefit)
(2)
|
|
(226
|
)
|
|
457
|
|
|
420
|
|
|
222
|
|
|
111
|
|
|||||
Net income
|
|
$
|
1,147
|
|
|
$
|
759
|
|
|
$
|
677
|
|
|
$
|
401
|
|
|
$
|
168
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
3.49
|
|
|
$
|
2.32
|
|
|
$
|
2.15
|
|
|
$
|
1.36
|
|
|
$
|
0.59
|
|
Diluted
(2)
|
|
$
|
3.47
|
|
|
$
|
2.22
|
|
|
$
|
1.98
|
|
|
$
|
1.19
|
|
|
$
|
0.52
|
|
Other Financial Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
|
14.3
|
%
|
|
19.8
|
%
|
|
19.0
|
%
|
|
8.9
|
%
|
|
7.9
|
%
|
|||||
Pre-tax margin
(1)
|
|
13.1
|
%
|
|
18.3
|
%
|
|
17.1
|
%
|
|
10.7
|
%
|
|
5.1
|
%
|
|||||
Ratio of earnings to fixed charges
|
|
6.23x
|
|
|
7.03x
|
|
|
5.71x
|
|
|
3.59x
|
|
|
2.05x
|
|
|||||
Net cash provided by operating activities
|
|
$
|
1,398
|
|
|
$
|
1,632
|
|
|
$
|
1,598
|
|
|
$
|
912
|
|
|
$
|
758
|
|
Net cash used in investing activities
|
|
(975
|
)
|
|
(1,045
|
)
|
|
(1,134
|
)
|
|
(379
|
)
|
|
(476
|
)
|
|||||
Net cash used in financing activities
|
|
(553
|
)
|
|
(472
|
)
|
|
(487
|
)
|
|
(417
|
)
|
|
(239
|
)
|
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
303
|
|
|
$
|
433
|
|
|
$
|
318
|
|
|
$
|
341
|
|
|
$
|
225
|
|
Investment securities
|
|
392
|
|
|
628
|
|
|
607
|
|
|
427
|
|
|
516
|
|
|||||
Total assets
(1)
|
|
9,781
|
|
|
9,323
|
|
|
8,499
|
|
|
7,643
|
|
|
7,203
|
|
|||||
Total long-term debt and capital leases
|
|
1,199
|
|
|
1,384
|
|
|
1,827
|
|
|
2,211
|
|
|
2,558
|
|
|||||
Common stockholders’ equity
|
|
4,834
|
|
|
4,013
|
|
|
3,210
|
|
|
2,529
|
|
|
2,134
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Operating Statistics:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue passengers (thousands)
|
|
40,038
|
|
|
38,263
|
|
|
35,101
|
|
|
32,078
|
|
|
30,463
|
|
|||||
Revenue passenger miles (millions)
|
|
47,240
|
|
|
45,619
|
|
|
41,711
|
|
|
37,813
|
|
|
35,836
|
|
|||||
Available seat miles (ASMs) (millions)
|
|
56,007
|
|
|
53,620
|
|
|
49,258
|
|
|
44,994
|
|
|
42,824
|
|
|||||
Load factor
|
|
84.3
|
%
|
|
85.1
|
%
|
|
84.7
|
%
|
|
84.0
|
%
|
|
83.7
|
%
|
|||||
Aircraft utilization (hours per day)
|
|
11.7
|
|
|
12.0
|
|
|
11.9
|
|
|
11.8
|
|
|
11.9
|
|
|||||
Average fare
|
|
$
|
157.07
|
|
|
$
|
157.14
|
|
|
$
|
167.89
|
|
|
$
|
166.57
|
|
|
$
|
163.19
|
|
Yield per passenger mile (cents)
|
|
13.31
|
|
|
13.18
|
|
|
14.13
|
|
|
14.13
|
|
|
13.87
|
|
|||||
Passenger revenue per ASM (cents)
|
|
11.23
|
|
|
11.21
|
|
|
11.96
|
|
|
11.88
|
|
|
11.61
|
|
|||||
Operating revenue per ASM (cents)
|
|
12.53
|
|
|
12.37
|
|
|
13.03
|
|
|
12.93
|
|
|
12.71
|
|
|||||
Operating expense per ASM (cents)
|
|
10.74
|
|
|
9.92
|
|
|
10.56
|
|
|
11.78
|
|
|
11.71
|
|
|||||
Operating expense per ASM, excluding fuel
(2)
|
|
8.30
|
|
|
7.92
|
|
|
7.82
|
|
|
7.53
|
|
|
7.28
|
|
|||||
Departures
|
|
353,681
|
|
|
337,302
|
|
|
316,505
|
|
|
294,800
|
|
|
282,133
|
|
|||||
Average stage length (miles)
|
|
1,072
|
|
|
1,093
|
|
|
1,092
|
|
|
1,088
|
|
|
1,090
|
|
|||||
Average number of operating aircraft during period
|
|
233.5
|
|
|
218.9
|
|
|
207.9
|
|
|
196.2
|
|
|
185.2
|
|
|||||
Average fuel cost per gallon, including fuel taxes
|
|
$
|
1.72
|
|
|
$
|
1.41
|
|
|
$
|
1.93
|
|
|
$
|
2.99
|
|
|
$
|
3.14
|
|
Fuel gallons consumed (millions)
|
|
792
|
|
|
760
|
|
|
700
|
|
|
639
|
|
|
604
|
|
|||||
Average number of full-time equivalent Crewmembers
(3)
|
|
17,118
|
|
|
15,696
|
|
|
14,537
|
|
|
13,280
|
|
|
12,447
|
|
(revenues in millions; percent changes based on unrounded numbers)
|
|
|
|
|
|
Year-over-Year Change
|
|
||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Passenger revenue
|
|
$
|
6,288
|
|
|
$
|
6,013
|
|
|
275
|
|
|
4.6
|
|
|
Other revenue
|
|
727
|
|
|
619
|
|
|
108
|
|
|
17.3
|
|
|
||
Operating revenues
|
|
7,015
|
|
|
6,632
|
|
|
383
|
|
|
5.8
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
Average fare
|
|
$
|
157.07
|
|
|
$
|
157.14
|
|
|
(0.08
|
)
|
|
—
|
|
|
Yield per passenger mile (cents)
|
|
13.31
|
|
|
13.18
|
|
|
0.13
|
|
|
1.0
|
|
|
||
Passenger revenue per ASM (cents)
|
|
11.23
|
|
|
11.21
|
|
|
0.02
|
|
|
0.1
|
|
|
||
Operating revenue per ASM (cents)
|
|
12.53
|
|
|
12.37
|
|
|
0.16
|
|
|
1.3
|
|
|
||
Average stage length (miles)
|
|
1,072
|
|
|
1,093
|
|
|
(21
|
)
|
|
(1.9
|
)
|
|
||
Revenue passengers (thousands)
|
|
40,038
|
|
|
38,263
|
|
|
1,775
|
|
|
4.6
|
|
|
||
Revenue passenger miles (millions)
|
|
47,240
|
|
|
45,619
|
|
|
1,621
|
|
|
3.6
|
|
|
||
Available seat miles (ASMs) (millions)
|
|
56,007
|
|
|
53,620
|
|
|
2,387
|
|
|
4.5
|
|
|
||
Load factor
|
|
84.3
|
%
|
|
85.1
|
%
|
|
|
|
(0.8
|
)
|
pts
|
(in millions; per ASM data in cents; percentages based on unrounded numbers)
|
|
|
|
|
|
Year-over-Year Change
|
|
per ASM
|
||||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
|
% Change
|
|||||||||||
Aircraft fuel and related taxes
|
|
$
|
1,363
|
|
|
$
|
1,074
|
|
|
$
|
289
|
|
|
26.9
|
|
|
2.43
|
|
|
2.00
|
|
|
21.5
|
|
Salaries, wages and benefits
|
|
1,887
|
|
|
1,698
|
|
|
189
|
|
|
11.1
|
|
|
3.37
|
|
|
3.17
|
|
|
6.4
|
|
|||
Landing fees and other rents
|
|
397
|
|
|
357
|
|
|
40
|
|
|
11.1
|
|
|
0.71
|
|
|
0.67
|
|
|
6.3
|
|
|||
Depreciation and amortization
|
|
446
|
|
|
393
|
|
|
53
|
|
|
13.7
|
|
|
0.80
|
|
|
0.73
|
|
|
8.9
|
|
|||
Aircraft rent
|
|
100
|
|
|
110
|
|
|
(10
|
)
|
|
(9.0
|
)
|
|
0.18
|
|
|
0.21
|
|
|
(12.9
|
)
|
|||
Sales and marketing
|
|
267
|
|
|
259
|
|
|
8
|
|
|
2.9
|
|
|
0.48
|
|
|
0.48
|
|
|
(1.5
|
)
|
|||
Maintenance, materials and repairs
|
|
622
|
|
|
563
|
|
|
59
|
|
|
10.5
|
|
|
1.11
|
|
|
1.04
|
|
|
5.8
|
|
|||
Other operating expenses
|
|
933
|
|
|
866
|
|
|
67
|
|
|
7.6
|
|
|
1.66
|
|
|
1.62
|
|
|
3.0
|
|
|||
Total operating expenses
|
|
$
|
6,015
|
|
|
$
|
5,320
|
|
|
$
|
695
|
|
|
13.1
|
|
|
10.74
|
|
|
9.92
|
|
|
8.2
|
|
(revenues in millions; percent changes based on unrounded numbers)
|
|
|
|
|
|
Year-over-Year Change
|
|
|||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
||||||||
Passenger revenue
|
|
$
|
6,013
|
|
|
$
|
5,893
|
|
|
$
|
120
|
|
|
2.0
|
|
|
Other revenue
|
|
619
|
|
|
523
|
|
|
96
|
|
|
18.5
|
|
|
|||
Operating revenues
|
|
6,632
|
|
|
6,416
|
|
|
216
|
|
|
3.4
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
Average fare
|
|
$
|
157.14
|
|
|
$
|
167.89
|
|
|
$
|
(10.75
|
)
|
|
(6.4
|
)
|
|
Yield per passenger mile (cents)
|
|
13.18
|
|
|
14.13
|
|
|
(0.95
|
)
|
|
(6.7
|
)
|
|
|||
Passenger revenue per ASM (cents)
|
|
11.21
|
|
|
11.96
|
|
|
(0.75
|
)
|
|
(6.3
|
)
|
|
|||
Operating revenue per ASM (cents)
|
|
12.37
|
|
|
13.03
|
|
|
(0.66
|
)
|
|
(5.0
|
)
|
|
|||
Average stage length (miles)
|
|
1,093
|
|
|
1,092
|
|
|
1
|
|
|
0.1
|
|
|
|||
Revenue passengers (thousands)
|
|
38,263
|
|
|
35,101
|
|
|
3,162
|
|
|
9.0
|
|
|
|||
Revenue passenger miles (millions)
|
|
45,619
|
|
|
41,711
|
|
|
3,908
|
|
|
9.4
|
|
|
|||
Available seat miles (ASMs) (millions)
|
|
53,620
|
|
|
49,258
|
|
|
4,362
|
|
|
8.9
|
|
|
|||
Load factor
|
|
85.1
|
%
|
|
84.7
|
%
|
|
|
|
0.4
|
|
pts
|
(in millions; per ASM data in cents; percentages based on unrounded numbers)
|
|
|
|
|
|
Year-over-Year Change
|
|
per ASM
|
||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
% Change
|
|||||||||||
Aircraft fuel and related taxes
|
|
$
|
1,074
|
|
|
$
|
1,348
|
|
|
(274
|
)
|
|
(20.3
|
)
|
|
2.00
|
|
|
2.74
|
|
|
(26.8
|
)
|
|
Salaries, wages and benefits
|
|
1,698
|
|
|
1,540
|
|
|
158
|
|
|
10.2
|
|
|
3.17
|
|
|
3.13
|
|
|
1.2
|
|
|||
Landing fees and other rents
|
|
357
|
|
|
342
|
|
|
15
|
|
|
4.3
|
|
|
0.67
|
|
|
0.70
|
|
|
(4.2
|
)
|
|||
Depreciation and amortization
|
|
393
|
|
|
345
|
|
|
48
|
|
|
13.9
|
|
|
0.73
|
|
|
0.70
|
|
|
4.7
|
|
|||
Aircraft rent
|
|
110
|
|
|
122
|
|
|
(12
|
)
|
|
(9.6
|
)
|
|
0.21
|
|
|
0.25
|
|
|
(17.0
|
)
|
|||
Sales and marketing
|
|
259
|
|
|
264
|
|
|
(5
|
)
|
|
(1.7
|
)
|
|
0.48
|
|
|
0.54
|
|
|
(9.7
|
)
|
|||
Maintenance, materials and repairs
|
|
563
|
|
|
490
|
|
|
73
|
|
|
14.9
|
|
|
1.04
|
|
|
0.99
|
|
|
5.6
|
|
|||
Other operating expenses
|
|
866
|
|
|
749
|
|
|
117
|
|
|
15.7
|
|
|
1.62
|
|
|
1.51
|
|
|
6.3
|
|
|||
Total operating expenses
|
|
$
|
5,320
|
|
|
$
|
5,200
|
|
|
$
|
120
|
|
|
2.3
|
|
|
9.92
|
|
|
10.56
|
|
|
(6.0
|
)
|
|
|
Payments due in
|
||||||||||||||||||||||||||
(in billions)
|
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||||
Long-term debt and
capital lease obligations (1) |
|
$
|
1.4
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
Lease commitments
|
|
1.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.5
|
|
|||||||
Flight equipment obligations
|
|
7.3
|
|
|
0.8
|
|
|
1.0
|
|
|
1.4
|
|
|
1.5
|
|
|
1.5
|
|
|
1.1
|
|
|||||||
Other obligations
(2)
|
|
2.3
|
|
|
0.5
|
|
|
0.3
|
|
|
0.3
|
|
|
0.2
|
|
|
0.2
|
|
|
0.8
|
|
|||||||
Total
|
|
$
|
12.2
|
|
|
$
|
1.7
|
|
|
$
|
1.8
|
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
|
$
|
2.7
|
|
(1)
|
Includes actual interest and estimated interest for floating-rate debt based on
December 31, 2017
rates.
|
(2)
|
Amounts include noncancelable commitments for the purchase of goods and services.
|
Reconciliation of Operating expense per ASM, excluding fuel
|
|||||||||||||||||||||||||||||||||||
(in millions; per ASM data in cents)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
|
$
|
|
per ASM
|
|
$
|
|
per ASM
|
|
$
|
|
per ASM
|
|
$
|
|
per ASM
|
|
$
|
|
per ASM
|
||||||||||||||||
Total operating expenses
|
|
$
|
6,015
|
|
|
10.74
|
|
|
$
|
5,320
|
|
|
9.92
|
|
|
$
|
5,200
|
|
|
10.56
|
|
|
$
|
5,302
|
|
|
11.78
|
|
|
$
|
5,013
|
|
|
11.71
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Aircraft fuel and related taxes
|
|
1,363
|
|
|
2.43
|
|
|
1,074
|
|
|
2.00
|
|
|
1,348
|
|
|
2.74
|
|
|
1,912
|
|
|
4.25
|
|
|
1,899
|
|
|
4.43
|
|
|||||
Other non-airline expenses
|
|
4
|
|
|
0.01
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating expenses, excluding fuel
|
|
$
|
4,648
|
|
|
8.30
|
|
|
$
|
4,245
|
|
|
7.92
|
|
|
$
|
3,852
|
|
|
7.82
|
|
|
$
|
3,390
|
|
|
7.53
|
|
|
$
|
3,114
|
|
|
7.28
|
|
Reconciliation of Free Cash Flow (Non-GAAP)
|
||||||||||||||||||||
(in millions)
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Net cash provided by operating activities
|
|
$
|
1,398
|
|
|
$
|
1,632
|
|
|
$
|
1,598
|
|
|
$
|
912
|
|
|
$
|
758
|
|
Less: Capital expenditures
(1)
|
|
(1,074
|
)
|
|
(850
|
)
|
|
(837
|
)
|
|
(806
|
)
|
|
(615
|
)
|
|||||
Less: Predelivery deposits for flight equipment
|
|
(128
|
)
|
|
(161
|
)
|
|
(104
|
)
|
|
(127
|
)
|
|
(22
|
)
|
|||||
Free Cash Flow
|
|
$
|
196
|
|
|
$
|
621
|
|
|
$
|
657
|
|
|
$
|
(21
|
)
|
|
$
|
121
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
||||
Accounts payable
|
|
$
|
378
|
|
|
$
|
242
|
|
Air traffic liability
|
|
1,215
|
|
|
1,120
|
|
||
Accrued salaries, wages and benefits
|
|
313
|
|
|
342
|
|
||
Other accrued liabilities
|
|
293
|
|
|
321
|
|
||
Current maturities of long-term debt and capital leases
|
|
196
|
|
|
189
|
|
||
Total current liabilities
|
|
2,395
|
|
|
2,214
|
|
||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS
|
|
1,003
|
|
|
1,195
|
|
||
CONSTRUCTION OBLIGATION
|
|
441
|
|
|
457
|
|
||
DEFERRED TAXES AND OTHER LIABILITIES
|
|
|
|
|
||||
Deferred income taxes
|
|
1,033
|
|
|
1,354
|
|
||
Other
|
|
75
|
|
|
90
|
|
||
Total deferred taxes and other liabilities
|
|
1,108
|
|
|
1,444
|
|
||
COMMITMENTS AND CONTINGENCIES (Notes 10 & 11)
|
|
|
|
|
|
|||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Preferred stock, $0.01 par value; 25 shares authorized, none issued
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 900 shares authorized, 418 and 414 shares issued and 321 and 337 shares outstanding at 2017 and 2016, respectively
|
|
4
|
|
|
4
|
|
||
Treasury stock, at cost; 97 and 77 shares at 2017 and 2016, respectively
|
|
(890
|
)
|
|
(500
|
)
|
||
Additional paid-in capital
|
|
2,127
|
|
|
2,050
|
|
||
Retained earnings
|
|
3,593
|
|
|
2,446
|
|
||
Accumulated other comprehensive income
|
|
—
|
|
|
13
|
|
||
Total stockholders’ equity
|
|
4,834
|
|
|
4,013
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
9,781
|
|
|
$
|
9,323
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
OPERATING REVENUES
|
|
|
|
|
|
|
||||||
Passenger
|
|
$
|
6,288
|
|
|
$
|
6,013
|
|
|
$
|
5,893
|
|
Other
|
|
727
|
|
|
619
|
|
|
523
|
|
|||
Total operating revenues
|
|
7,015
|
|
|
6,632
|
|
|
6,416
|
|
|||
OPERATING EXPENSES
|
|
|
|
|
|
|
||||||
Aircraft fuel and related taxes
|
|
1,363
|
|
|
1,074
|
|
|
1,348
|
|
|||
Salaries, wages and benefits
|
|
1,887
|
|
|
1,698
|
|
|
1,540
|
|
|||
Landing fees and other rents
|
|
397
|
|
|
357
|
|
|
342
|
|
|||
Depreciation and amortization
|
|
446
|
|
|
393
|
|
|
345
|
|
|||
Aircraft rent
|
|
100
|
|
|
110
|
|
|
122
|
|
|||
Sales and marketing
|
|
267
|
|
|
259
|
|
|
264
|
|
|||
Maintenance, materials and repairs
|
|
622
|
|
|
563
|
|
|
490
|
|
|||
Other operating expenses
|
|
933
|
|
|
866
|
|
|
749
|
|
|||
Total operating expenses
|
|
6,015
|
|
|
5,320
|
|
|
5,200
|
|
|||
OPERATING INCOME
|
|
1,000
|
|
|
1,312
|
|
|
1,216
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
||||||
Interest expense
|
|
(95
|
)
|
|
(111
|
)
|
|
(128
|
)
|
|||
Capitalized interest
|
|
10
|
|
|
8
|
|
|
8
|
|
|||
Interest income and other
|
|
6
|
|
|
7
|
|
|
1
|
|
|||
Total other income (expense)
|
|
(79
|
)
|
|
(96
|
)
|
|
(119
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
|
921
|
|
|
1,216
|
|
|
1,097
|
|
|||
Income tax expense (benefit)
|
|
(226
|
)
|
|
457
|
|
|
420
|
|
|||
NET INCOME
|
|
$
|
1,147
|
|
|
$
|
759
|
|
|
$
|
677
|
|
|
|
|
|
|
|
|
||||||
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
3.49
|
|
|
$
|
2.32
|
|
|
$
|
2.15
|
|
Diluted
|
|
$
|
3.47
|
|
|
$
|
2.22
|
|
|
$
|
1.98
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
NET INCOME
|
$
|
1,147
|
|
|
$
|
759
|
|
|
$
|
677
|
|
Changes in fair value of derivative instruments, net of reclassifications into earnings (net of $(8), $8, and $38 of taxes in 2017, 2016 and 2015, respectively)
|
(13
|
)
|
|
16
|
|
|
60
|
|
|||
Total other comprehensive income (loss)
|
(13
|
)
|
|
16
|
|
|
60
|
|
|||
COMPREHENSIVE INCOME
|
$
|
1,134
|
|
|
$
|
775
|
|
|
$
|
737
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,147
|
|
|
$
|
759
|
|
|
$
|
677
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Deferred income taxes
|
|
(313
|
)
|
|
270
|
|
|
377
|
|
|||
Depreciation
|
|
383
|
|
|
337
|
|
|
288
|
|
|||
Amortization
|
|
63
|
|
|
56
|
|
|
57
|
|
|||
Stock-based compensation
|
|
29
|
|
|
23
|
|
|
20
|
|
|||
Collateral returned for derivative instruments
|
|
—
|
|
|
—
|
|
|
52
|
|
|||
Changes in certain operating assets and liabilities:
|
|
|
|
|
|
|
||||||
(Increase) decrease in receivables
|
|
(50
|
)
|
|
(21
|
)
|
|
11
|
|
|||
Decrease (increase) in inventories, prepaid and other
|
|
15
|
|
|
1
|
|
|
(5
|
)
|
|||
Increase in air traffic liability
|
|
95
|
|
|
67
|
|
|
80
|
|
|||
Increase in accounts payable and other accrued liabilities
|
|
53
|
|
|
157
|
|
|
64
|
|
|||
Other, net
|
|
(24
|
)
|
|
(17
|
)
|
|
(23
|
)
|
|||
Net cash provided by operating activities
|
|
1,398
|
|
|
1,632
|
|
|
1,598
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
|
(1,074
|
)
|
|
(850
|
)
|
|
(837
|
)
|
|||
Predelivery deposits for flight equipment
|
|
(128
|
)
|
|
(161
|
)
|
|
(104
|
)
|
|||
Purchase of held-to-maturity investments
|
|
(207
|
)
|
|
(276
|
)
|
|
(370
|
)
|
|||
Proceeds from the maturities of held-to-maturity investments
|
|
244
|
|
|
333
|
|
|
313
|
|
|||
Purchase of available-for-sale securities
|
|
(245
|
)
|
|
(597
|
)
|
|
(372
|
)
|
|||
Proceeds from the sale of available-for-sale securities
|
|
444
|
|
|
517
|
|
|
242
|
|
|||
Other, net
|
|
(9
|
)
|
|
(11
|
)
|
|
(6
|
)
|
|||
Net cash used in investing activities
|
|
(975
|
)
|
|
(1,045
|
)
|
|
(1,134
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|||||
Proceeds from:
|
|
|
|
|
|
|
|
|||||
Issuance of common stock
|
|
47
|
|
|
45
|
|
|
84
|
|
|||
Repayment of:
|
|
|
|
|
|
|
||||||
Long-term debt and capital lease obligations
|
|
(194
|
)
|
|
(368
|
)
|
|
(328
|
)
|
|||
Acquisition of treasury stock
|
|
(390
|
)
|
|
(134
|
)
|
|
(241
|
)
|
|||
Other, net
|
|
(16
|
)
|
|
(15
|
)
|
|
(2
|
)
|
|||
Net cash used in financing activities
|
|
(553
|
)
|
|
(472
|
)
|
|
(487
|
)
|
|||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
(130
|
)
|
|
115
|
|
|
(23
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
433
|
|
|
318
|
|
|
341
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
303
|
|
|
$
|
433
|
|
|
$
|
318
|
|
|
|
Common
Shares |
|
Common
Stock |
|
Treasury
Shares |
|
Treasury
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
|||||||||||||||
Balance at December 31, 2014
|
|
369
|
|
|
$
|
4
|
|
|
59
|
|
|
$
|
(125
|
)
|
|
$
|
1,711
|
|
|
$
|
1,002
|
|
|
$
|
(63
|
)
|
|
$
|
2,529
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
677
|
|
|
—
|
|
|
677
|
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
|||||||
Vesting of restricted stock units
|
|
2
|
|
|
—
|
|
|
1
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||||
Exercise of stock options
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||||
Stock issued under Crewmember stock purchase plan
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||||
Shares repurchased under 2012 share repurchase plan
|
|
—
|
|
|
—
|
|
|
10
|
|
|
(227
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(227
|
)
|
|||||||
Convertible debt redemption
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||||
Balance at December 31, 2015
|
|
392
|
|
|
$
|
4
|
|
|
70
|
|
|
$
|
(366
|
)
|
|
$
|
1,896
|
|
|
$
|
1,679
|
|
|
$
|
(3
|
)
|
|
$
|
3,210
|
|
|
Cumulative Effect for the adoption of ASU 2016-09
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
759
|
|
|
—
|
|
|
759
|
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|||||||
Vesting of restricted stock units
|
|
1
|
|
|
—
|
|
|
1
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||||
Exercise of stock options
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||||
Stock issued under Crewmember stock purchase plan
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||||
Shares repurchased under 2016 share repurchase plan
|
|
—
|
|
|
—
|
|
|
6
|
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(120
|
)
|
|||||||
Convertible debt redemption
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|||||||
Balance at December 31, 2016
|
|
414
|
|
|
$
|
4
|
|
|
77
|
|
|
$
|
(500
|
)
|
|
$
|
2,050
|
|
|
$
|
2,446
|
|
|
$
|
13
|
|
|
$
|
4,013
|
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,147
|
|
|
—
|
|
|
1,147
|
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|||||||
Vesting of restricted stock units
|
|
1
|
|
|
—
|
|
|
1
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||||
Stock compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|||||||
Stock issued under Crewmember stock purchase plan
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|||||||
Shares repurchased under 2016 share repurchase plan
|
|
—
|
|
|
—
|
|
|
19
|
|
|
(380
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(380
|
)
|
|||||||
Balance at December 31, 2017
|
|
418
|
|
|
$
|
4
|
|
|
97
|
|
|
$
|
(890
|
)
|
|
$
|
2,127
|
|
|
$
|
3,593
|
|
|
$
|
—
|
|
|
$
|
4,834
|
|
|
|
2017
|
|
2016
|
||||
Available-for-sale securities
|
|
|
|
|
||||
Time deposits
|
|
$
|
130
|
|
|
$
|
160
|
|
Debt Securities
|
|
6
|
|
|
—
|
|
||
Treasury bills
|
|
—
|
|
|
115
|
|
||
Commercial paper
|
|
—
|
|
|
60
|
|
||
Total available-for-sale securities
|
|
136
|
|
|
335
|
|
||
Held-to-maturity securities
|
|
|
|
|
||||
Treasury notes
|
|
220
|
|
|
283
|
|
||
Corporate bonds
|
|
36
|
|
|
10
|
|
||
Total held-to-maturity securities
|
|
256
|
|
|
293
|
|
||
TOTAL INVESTMENT SECURITIES
|
|
$
|
392
|
|
|
$
|
628
|
|
Property and Equipment Type
|
|
Estimated Useful Life
|
|
Residual Value
|
|
Aircraft
|
|
25 years
|
|
20
|
%
|
In-flight entertainment systems
|
|
5-10 years
|
|
0
|
%
|
Aircraft parts
|
|
Fleet life
|
|
10
|
%
|
Flight equipment leasehold improvements
|
|
Lower of lease term or economic life
|
|
0
|
%
|
Ground property and equipment
|
|
2-10 years
|
|
0
|
%
|
Leasehold improvements—other
|
|
Lower of lease term or economic life
|
|
0
|
%
|
Buildings on leased land
|
|
Lease term
|
|
0
|
%
|
|
|
2017
|
|
2016
|
||||||||||
Secured Debt
|
|
|
|
|
|
|
|
|
||||||
Floating rate equipment notes, due through 2025
(1)
|
|
$
|
153
|
|
|
4.7
|
%
|
|
$
|
173
|
|
|
4.2
|
%
|
Fixed rate enhanced equipment notes, due through 2023
(2)
|
|
171
|
|
|
4.5
|
%
|
|
189
|
|
|
4.5
|
%
|
||
Fixed rate equipment notes, due through 2026
|
|
716
|
|
|
5.4
|
%
|
|
850
|
|
|
5.5
|
%
|
||
Fixed rate specialty bonds, due through 2036
(3)
|
|
43
|
|
|
4.9
|
%
|
|
43
|
|
|
4.9
|
%
|
||
Capital Leases
(4)
|
|
124
|
|
|
4.5
|
%
|
|
140
|
|
|
4.3
|
%
|
||
Total debt and capital lease obligations
|
|
1,207
|
|
|
|
|
1,395
|
|
|
|
||||
Less: Current maturities
|
|
(196
|
)
|
|
|
|
(189
|
)
|
|
|
||||
Less: Debt acquisition cost
|
|
(8
|
)
|
|
|
|
(11
|
)
|
|
|
||||
Long-term debt and capital lease obligations
|
|
$
|
1,003
|
|
|
|
|
$
|
1,195
|
|
|
|
Year
|
|
Maturities
|
|
|
2018
|
|
$
|
194
|
|
2019
|
|
215
|
|
|
2020
|
|
179
|
|
|
2021
|
|
164
|
|
|
2022
|
|
142
|
|
|
Thereafter
|
|
305
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Public Debt
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate special facility bonds, due through 2036
|
|
42
|
|
|
46
|
|
|
42
|
|
|
45
|
|
||||
Non-Public Debt
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate enhanced equipment notes, due through 2023
|
|
169
|
|
|
178
|
|
|
188
|
|
|
197
|
|
||||
Floating rate equipment notes, due through 2025
|
|
152
|
|
|
159
|
|
|
171
|
|
|
179
|
|
||||
Fixed rate equipment notes, due through 2026
|
|
712
|
|
|
771
|
|
|
843
|
|
|
915
|
|
||||
Total
(1)
|
|
$
|
1,075
|
|
|
$
|
1,154
|
|
|
$
|
1,244
|
|
|
$
|
1,336
|
|
|
|
Aircraft
|
|
Other
|
|
Total
|
||||||
2018
|
|
$
|
71
|
|
|
$
|
99
|
|
|
$
|
170
|
|
2019
|
|
59
|
|
|
91
|
|
|
150
|
|
|||
2020
|
|
57
|
|
|
74
|
|
|
131
|
|
|||
2021
|
|
51
|
|
|
66
|
|
|
117
|
|
|||
2022
|
|
45
|
|
|
62
|
|
|
107
|
|
|||
Thereafter
|
|
139
|
|
|
378
|
|
|
517
|
|
|||
Total minimum operating lease payments
|
|
$
|
422
|
|
|
$
|
770
|
|
|
$
|
1,192
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
1,147
|
|
|
$
|
759
|
|
|
$
|
677
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
||||||
Interest on convertible debt, net of income taxes and profit sharing
|
|
—
|
|
|
2
|
|
|
4
|
|
|||
Net income applicable to common stockholders after assumed conversions for diluted earnings per share
|
|
$
|
1,147
|
|
|
$
|
761
|
|
|
$
|
681
|
|
Denominator:
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding for basic earnings per share
|
|
328.7
|
|
|
326.5
|
|
|
315.1
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
|
||||||
Employee stock options and restricted stock units
|
|
1.7
|
|
|
2.1
|
|
|
2.8
|
|
|||
Convertible debt
|
|
—
|
|
|
13.6
|
|
|
26.9
|
|
|||
Adjusted weighted average shares outstanding and assumed conversions for diluted earnings per share
|
|
330.4
|
|
|
342.2
|
|
|
344.8
|
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
||
Nonvested at beginning of year
|
|
1.8
|
|
|
$16.77
|
|
Granted
|
|
0.9
|
|
|
19.76
|
|
Vested
|
|
(1.0
|
)
|
|
14.04
|
|
Forfeited
|
|
(0.1
|
)
|
|
19.69
|
|
Nonvested at end of year
|
|
1.6
|
|
|
$20.14
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
||
Outstanding at beginning of year
|
|
0.4
|
|
|
$10.90
|
|
Exercised
|
|
(0.4
|
)
|
|
10.90
|
|
Outstanding at end of year
|
|
—
|
|
|
—
|
|
Vested at end of year
|
|
—
|
|
|
—
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Deferred:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
(361
|
)
|
|
$
|
245
|
|
|
$
|
351
|
|
State
|
|
25
|
|
|
25
|
|
|
26
|
|
|||
Foreign
|
|
23
|
|
|
—
|
|
|
—
|
|
|||
Deferred income tax (benefit) expense
|
|
(313
|
)
|
|
270
|
|
|
377
|
|
|||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
94
|
|
|
129
|
|
|
20
|
|
|||
State
|
|
18
|
|
|
26
|
|
|
16
|
|
|||
Foreign
|
|
(25
|
)
|
|
32
|
|
|
7
|
|
|||
Current income tax expense
|
|
87
|
|
|
187
|
|
|
43
|
|
|||
Total income tax (benefit) expense
|
|
$
|
(226
|
)
|
|
$
|
457
|
|
|
$
|
420
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Income tax expense at statutory rate
|
|
$
|
322
|
|
|
$
|
425
|
|
|
$
|
384
|
|
State income tax, net of federal benefit
|
|
28
|
|
|
34
|
|
|
28
|
|
|||
Adjustment of net deferred tax liability from enacted tax rate change
|
|
(570
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net
|
|
(6
|
)
|
|
(2
|
)
|
|
8
|
|
|||
Total income tax (benefit) expense
|
|
$
|
(226
|
)
|
|
$
|
457
|
|
|
$
|
420
|
|
|
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Deferred revenue/gains
|
|
95
|
|
|
121
|
|
||
Terminal 5 lease
|
|
45
|
|
|
38
|
|
||
Employee benefits
|
|
32
|
|
|
41
|
|
||
Foreign tax credit
|
|
23
|
|
|
—
|
|
||
Rent expense
|
|
22
|
|
|
34
|
|
||
Other
|
|
6
|
|
|
8
|
|
||
Deferred tax assets, net
|
|
223
|
|
|
242
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Accelerated depreciation
|
|
(1,256
|
)
|
|
(1,596
|
)
|
||
Deferred tax liabilities
|
|
(1,256
|
)
|
|
(1,596
|
)
|
||
Net deferred tax liability
|
|
$
|
(1,033
|
)
|
|
$
|
(1,354
|
)
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Unrecognized tax benefits at January 1,
|
|
$
|
26
|
|
|
$
|
21
|
|
|
$
|
16
|
|
Increases for tax positions taken during a prior period
|
|
2
|
|
|
10
|
|
|
—
|
|
|||
Increases for tax positions taken during the period
|
|
6
|
|
|
5
|
|
|
6
|
|
|||
Decreases for tax positions taken during a prior period
|
|
(3
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|||
Decreases for settlement with tax authorities during the period
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|||
Unrecognized tax benefits December 31,
|
|
$
|
31
|
|
|
$
|
26
|
|
|
$
|
21
|
|
|
|
As of December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Fuel derivatives
|
|
|
|
|
||||
Asset fair value recorded in prepaid expense and other
(1)
|
|
$
|
—
|
|
|
$
|
22
|
|
Longest remaining term (months)
|
|
—
|
|
|
12
|
|
||
Hedged volume (barrels, in thousands)
|
|
—
|
|
|
1,920
|
|
||
Estimated amount of existing (gains) expected to be reclassified into earnings in the next 12 months
|
|
—
|
|
|
(22
|
)
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Fuel derivatives
|
|
|
|
|
|
|
||||||
Hedge effectiveness (gains) losses recognized in aircraft fuel expense
|
|
$
|
(15
|
)
|
|
$
|
(9
|
)
|
|
$
|
126
|
|
(Gains) losses on derivatives not qualifying for hedge accounting recognized in other expense
|
|
—
|
|
|
—
|
|
|
1
|
|
|||
Hedge (gains) losses on derivatives recognized in comprehensive income
|
|
6
|
|
|
(34
|
)
|
|
29
|
|
|||
Percentage of actual consumption economically hedged
|
|
10
|
%
|
|
12
|
%
|
|
17
|
%
|
(1)
|
Gross asset of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.
|
|
|
Gross Amount of Recognized
|
|
Gross Amount of Cash Collateral
|
|
Net Amount Presented on Balance Sheet
|
||||||||||||||
|
|
Assets
|
|
Liabilities
|
|
Offset
|
|
Assets
|
|
Liabilities
|
||||||||||
Fuel derivatives
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2017
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
As of December 31, 2016
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
|
As of December 31, 2017
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
173
|
|
Available-for-sale investment securities
|
|
—
|
|
|
136
|
|
|
—
|
|
|
136
|
|
|
|
As of December 31, 2016
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
|
$
|
313
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
313
|
|
Available-for-sale investment securities
|
|
115
|
|
|
220
|
|
|
—
|
|
|
335
|
|
||||
Aircraft fuel derivatives
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
|
Aircraft Fuel Derivatives
(1)
|
|
Interest Rate Swaps
(2)
|
|
Total
|
||||||
Balance of accumulated (losses), at December 31, 2014
|
|
(63
|
)
|
|
—
|
|
|
(63
|
)
|
|||
Reclassifications into earnings (net of $49 of taxes)
|
|
77
|
|
|
1
|
|
|
78
|
|
|||
Change in fair value (net of $(11) of taxes)
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
|||
Balance of accumulated income (losses), at December 31, 2015
|
|
(4
|
)
|
|
1
|
|
|
(3
|
)
|
|||
Reclassifications into earnings (net of $(4) of taxes)
|
|
(5
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|||
Change in fair value (net of $12 of taxes)
|
|
22
|
|
|
—
|
|
|
22
|
|
|||
Balance of accumulated income, at December 31, 2016
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Reclassifications into earnings (net of $(6) of taxes)
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Change in fair value (net of $(2) of taxes)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Balance of accumulated income, at December 31, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
(1) Reclassified to aircraft fuel expense
|
|
|
|
|
|
|
||||||
(2) Reclassified to interest expense
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Domestic
|
|
$
|
5,001
|
|
|
$
|
4,751
|
|
|
$
|
4,521
|
|
Caribbean & Latin America
|
|
2,014
|
|
|
1,881
|
|
|
1,895
|
|
|||
Total
|
|
$
|
7,015
|
|
|
$
|
6,632
|
|
|
$
|
6,416
|
|
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
||||||||
2017
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
|
$
|
1,604
|
|
|
$
|
1,842
|
|
|
$
|
1,813
|
|
|
$
|
1,756
|
|
Operating income
|
|
147
|
|
|
354
|
|
|
310
|
|
|
189
|
|
||||
Net income
(1)
|
|
85
|
|
|
211
|
|
|
179
|
|
|
672
|
|
||||
Basic earnings per share
|
|
$
|
0.25
|
|
|
$
|
0.64
|
|
|
$
|
0.55
|
|
|
$
|
2.09
|
|
Diluted earnings per share
(1)
|
|
$
|
0.25
|
|
|
$
|
0.64
|
|
|
$
|
0.55
|
|
|
$
|
2.08
|
|
2016
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
|
$
|
1,616
|
|
|
$
|
1,643
|
|
|
$
|
1,732
|
|
|
$
|
1,641
|
|
Operating income
|
|
349
|
|
|
313
|
|
|
354
|
|
|
296
|
|
||||
Net income
|
|
207
|
|
|
181
|
|
|
199
|
|
|
172
|
|
||||
Basic earnings per share
|
|
$
|
0.64
|
|
|
$
|
0.56
|
|
|
$
|
0.61
|
|
|
$
|
0.51
|
|
Diluted earnings per share
|
|
$
|
0.61
|
|
|
$
|
0.53
|
|
|
$
|
0.58
|
|
|
$
|
0.50
|
|
Plan Category
|
|
Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights
|
|
Weighted-average
exercise price of
outstanding
options, warrants
and rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
reflected in first
column)
|
||||
Equity compensation plans approved by security holders
|
|
2,450,000
|
|
|
$
|
18.23
|
|
|
24,105,221
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
2,450,000
|
|
|
$
|
18.23
|
|
|
24,105,221
|
|
|
|
|
|
|
1.
|
|
Financial statements:
|
|
|
|
|
Reports of Independent Registered Public Accounting Firm
|
|
|
|
|
Consolidated Balance Sheets — December 31, 2017 and December 31, 2016
|
|
|
|
|
Consolidated Statements of Operations — For the years ended December 31, 2017, 2016 and 2015
|
|
|
|
|
Consolidated Statements of Comprehensive Income — For the years ended December 31, 2017, 2016 and 2015
|
|
|
|
|
Consolidated Statements of Cash Flows — For the years ended December 31, 2017, 2016 and 2015
|
|
|
|
|
Consolidated Statements of Stockholders’ Equity — For the years ended December 31, 2017, 2016 and 2015
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
2.
|
|
Financial Statement Schedules:
|
|
|
|
|
Report of Independent Registered Public Accounting Firm on Financial Statement Schedule
|
|
S-1
|
|
|
Schedule II — Valuation of Qualifying Accounts and Reserves
|
|
S-2
|
|
|
Quarterly Financial Data
|
|
S-3
|
|
|
All other schedules have been omitted because they are inapplicable, not required, or the information is included elsewhere in the consolidated financial statements or notes thereto.
|
|
|
3.
|
|
Exhibits: See accompanying Exhibit Index included after the signature page of this Report for a list of the exhibits filed or furnished with or incorporated by reference in this Report.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JETBLUE AIRWAYS CORPORATION
|
||||
|
|
|
|
(Registrant)
|
||||
|
|
|
|
|||||
Date:
|
|
February 16, 2018
|
|
|
|
By:
|
|
/s/ Alexander Chatkewitz
|
|
|
|
|
|
|
|
|
Vice President, Controller, and Chief Accounting Officer (Principal Accounting Officer)
|
|
|
|
|
|
Signature
|
|
Capacity
|
|
Date
|
|
|
|
||
/S/ ROBIN HAYES
|
|
Chief Executive Officer and Director
(Principal Executive Officer) |
|
February 16, 2018
|
Robin Hayes
|
|
|
|
|
|
|
|
|
|
/S/ STEVE PRIEST
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
February 16, 2018
|
Steve Priest
|
|
|
|
|
|
|
|
||
/S/ ALEXANDER CHATKEWITZ
|
|
Vice President, Controller, and Chief Accounting Officer (Principal Accounting Officer)
|
|
February 16, 2018
|
Alexander Chatkewitz
|
|
|
|
|
|
|
|
|
|
/S/ PETER BONEPARTH
|
|
Director
|
|
February 16, 2018
|
Peter Boneparth *
|
|
|
|
|
|
|
|
||
/S/ DAVID CHECKETTS
|
|
Director
|
|
February 16, 2018
|
David Checketts *
|
|
|
|
|
|
|
|
||
/S/ VIRGINIA GAMBALE
|
|
Director
|
|
February 16, 2018
|
Virginia Gambale *
|
|
|
|
|
|
|
|
||
/S/ STEPHAN GEMKOW
|
|
Director
|
|
February 16, 2018
|
Stephan Gemkow *
|
|
|
|
|
|
|
|
||
/S/ STANLEY MCCHRYSTAL
|
|
Director
|
|
February 16, 2018
|
Stanley McChrystal *
|
|
|
|
|
|
|
|
|
|
/S/ JOEL PETERSON
|
|
Director
|
|
February 16, 2018
|
Joel Peterson *
|
|
|
|
|
|
|
|
|
|
/S/ FRANK SICA
|
|
Director
|
|
February 16, 2018
|
Frank Sica *
|
|
|
|
|
|
|
|
|
|
/S/ THOMAS WINKELMANN
|
|
Director
|
|
February 16, 2018
|
Thomas Winkelmann *
|
|
|
|
|
2.1
|
|
|
|
|
|
2.1(a)
|
|
|
|
|
|
2.1(b)
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.2(a)
|
|
|
|
|
|
4.2(b)
|
|
|
|
|
|
4.2(c)
|
|
|
|
|
|
4.2(d)
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.5(a)
|
|
|
|
|
|
4.9
|
|
|
|
|
|
4.9(f)
|
|
|
|
|
|
4.9(g)
|
|
|
|
|
|
4.9(h)
|
|
|
|
|
|
4.9(i)
|
|
|
|
|
|
4.10
|
|
|
|
|
|
4.10(a)
|
|
|
|
|
|
4.11
|
|
|
|
|
|
4.12
|
|
|
|
|
|
4.13
|
|
|
|
|
|
10.3**
|
|
|
|
|
|
10.3(a)**
|
|
|
|
|
|
10.3(b)**
|
|
|
|
|
10.3(c)**
|
|
|
|
|
|
10.3(d)**
|
|
|
|
|
|
10.3(e)**
|
|
|
|
|
|
10.3(f)**
|
|
|
|
|
|
10.3(g)**
|
|
|
|
|
|
10.3(h)**
|
|
|
|
|
|
10.3(i)**
|
|
|
|
|
|
10.3(j)**
|
|
|
|
|
|
10.3(k)**
|
|
|
|
|
|
10.3(l)**
|
|
|
|
|
|
10.3(m)**
|
|
|
|
|
|
10.3(n)**
|
|
|
|
|
|
10.3(o)**
|
|
|
|
|
|
10.3(p)**
|
|
|
|
|
|
10.3(q)**
|
|
|
|
|
|
10.3(r)**
|
|
|
|
|
|
10.3(s)**
|
|
|
|
|
|
10.3(t)**
|
|
|
|
|
|
10.3(u)**
|
|
|
|
|
|
10.3(v)**
|
|
|
|
|
|
10.3(w)**
|
|
|
|
|
|
10.3(x)**
|
|
|
|
|
|
10.3(y)**
|
|
|
|
|
|
10.3(z)**
|
|
|
|
|
|
10.3(aa)**
|
|
|
|
|
|
10.3(ab)**
|
|
|
|
|
|
10.3(ac)**
|
|
|
|
|
|
10.3(ad)**
|
|
|
|
|
|
10.3(ae)**
|
|
|
|
|
|
10.3(af)**
|
|
|
|
|
|
10.4**
|
|
|
|
|
|
10.5**
|
|
|
|
|
|
10.15
|
|
|
|
|
|
10.17**
|
|
|
|
|
|
10.17(a)**
|
|
|
|
|
|
10.17(b)**
|
|
|
|
|
|
10.17(c)**
|
|
|
|
|
|
10.17(d)**
|
|
|
|
|
|
10.17(e)**
|
|
|
|
|
|
10.17(f)**
|
|
|
|
|
|
10.17(g)**
|
|
|
|
|
10.17(h)**
|
|
|
|
|
|
10.17(i)**
|
|
|
|
|
|
10.17(j)**
|
|
|
|
|
|
10.17(k)**
|
|
|
|
|
|
10.17(l)**
|
|
|
|
|
|
10.17(m)**
|
|
|
|
|
|
10.17(n)**
|
|
|
|
|
|
10.17(o)**
|
|
|
|
|
|
10.17(p)**
|
|
|
|
|
|
10.17(q)**
|
|
|
|
|
|
10.17(r)**
|
|
|
|
|
|
10.17(s)**
|
|
|
|
|
|
10.17(t)**
|
|
|
|
|
|
10.18**
|
|
|
|
|
|
10.18(a)**
|
|
|
|
|
|
10.18(b)**
|
|
|
|
|
|
10.18(c)**
|
|
|
|
|
|
10.18(d)**
|
|
|
|
|
|
10.18(e)**
|
|
|
|
|
|
10.18(f)**
|
|
|
|
|
|
10.18(g)**
|
|
|
|
|
|
10.18(h)**
|
|
|
|
|
|
10.18(i)**
|
|
|
|
|
|
10.18(j)**
|
|
|
|
|
|
10.18(k)**
|
|
|
|
|
|
10.20
|
|
|
|
|
|
10.20(a)
|
|
|
|
|
|
10.21*
|
|
|
|
|
|
10.22*
|
|
|
|
|
|
10.22(a)*
|
|
|
|
|
|
10.30**
|
|
|
|
|
|
10.31*
|
|
|
|
|
|
10.31(a)*
|
|
|
|
|
|
10.31(b)*
|
|
|
|
|
|
10.31(c)*
|
|
|
|
|
|
10.31(d)*
|
|
|
|
|
|
10.31(e)*
|
|
|
|
|
|
10.31(f)*
|
|
|
|
|
|
10.31(g)*
|
|
|
|
|
|
10.31(h)*
|
|
|
|
|
|
10.31(i)*
|
|
|
|
|
|
10.31(j)*
|
|
|
|
|
|
10.33**
|
|
|
|
|
|
10.33(a)**
|
|
|
|
|
|
10.33(b)**
|
|
|
|
|
|
10.33(c)**
|
|
|
|
|
|
10.33(d)**
|
|
|
|
|
|
10.33(e)**
|
|
|
|
|
|
10.33(f)**
|
|
|
|
|
|
10.33(g)**
|
|
|
|
|
|
10.33(h)**
|
|
|
|
|
|
10.33(i)***
|
|
|
|
|
|
10.34**
|
|
|
|
|
|
10.34(a)**
|
|
|
|
|
|
10.35*
|
|
|
|
|
|
10.36
|
|
|
|
|
|
10.37
|
|
|
|
|
|
10.37(a)
|
|
|
|
|
|
10.38**
|
|
|
|
|
|
10.38(a)**
|
|
|
|
|
|
10.39*
|
|
|
|
|
|
10.41*
|
|
|
|
|
|
10.41(a)*
|
|
|
|
|
|
10.42*
|
|
|
|
|
|
10.43
|
|
|
|
|
|
12.1
|
|
|
|
|
|
21.1
|
|
|
|
|
|
23
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32
|
|
|
|
|
|
99.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Compensatory plans in which the directors and executive officers of JetBlue participate.
|
**
|
Pursuant to a Confidential Treatment Request under Rule 24b-2 filed with and approved by the SEC, portions of this exhibit have been omitted.
|
***
|
Pursuant to 17 CFR 240.24b-2, confidential information has been omitted and has been provided separately to the Securities and Exchange Commission pursuant to a Confidential Treatment Request filed with the Commission.
|
(1)
|
Documents substantially identical in all material respects to the document filed as Exhibit 4.4 to our Current Report on Form 8-K dated March 24, 2004 (which exhibit relates to formation of JetBlue Airways Pass Through Trust, Series 2004-1G-1-O and the issuance of Three-Month LIBOR plus 0.375% JetBlue Airways Pass Through Trust, Series 2004-1G-1-O, Pass Through Certificates) have been entered into with respect to formation of each of JetBlue Airways Pass Through Trusts, Series 2004-1G-2-O and Series 2004-1C-O and the issuance of each of Three-Month LIBOR plus 0.420% JetBlue Airways Pass Through Trust, Series 2004-1G-2-O and Three-Month LIBOR plus 4.250% JetBlue Airways Pass Through Trust, Series 2004-1C-O. Pursuant to Instruction 2 of Item 601 of Regulation S-K, Exhibit 99.1, incorporated by reference to our Current Report on Form 8-K dated March 24, 2004 (File No. 000-49728), sets forth the terms by which such substantially identical documents differ from Exhibit 4.7(c).
|
(2)
|
Documents substantially identical in all material respects to the document filed as Exhibit 4.14 our Current Report on Form 8-K dated March 24, 2004 (which exhibit relates to an above-cap liquidity facility provided on behalf of the JetBlue Airways Corporation Pass Through Trust 2004-1G-1-O) have been entered into with respect to the above-cap liquidity facilities provided on behalf of the JetBlue Airways Corporation Pass Through Trust 2004-1G-2-O and the JetBlue Airways Corporation Pass Through Trust 2004-1C-O. Pursuant to Instruction 2 of Item 601 of Regulation S-K, Exhibit 99.2, incorporated by reference to our Current Report on Form 8-K dated March 24, 2004 (File No. 000-49728), sets forth the terms by which such substantially identical documents differ from Exhibit 4.7(m).
|
(3)
|
Documents substantially identical in all material respects to the document filed as Exhibit 4.4 to our Current Report on Form 8-K dated November 9, 2004 (which exhibit relates to formation of JetBlue Airways Pass Through Trust, Series 2004-2G-1-O and the issuance of Three-Month LIBOR plus 0.375% JetBlue Airways Pass Through Trust, Series
|
(4)
|
Documents substantially identical in all material respects to the document filed as Exhibit 4.14 to our Current Report on Form 8-K dated November 9, 2004 (which exhibit relates to an above-cap liquidity facility provided on behalf of the JetBlue Airways Corporation Pass Through Trust 2004-2G-1-O) have been entered into with respect to the above-cap liquidity facilities provided on behalf of the JetBlue Airways Corporation Pass Through Trust 2004-2G-2-O and the JetBlue Airways Corporation Pass Through Trust 2004-2C-O. Pursuant to Instruction 2 of Item 601 of Regulation S-K, Exhibit 99.2, incorporated by reference to our Current Report on Form 8-K dated November 9, 2004 (File No. 000-49728), sets forth the terms by which such substantially identical documents differ from Exhibit 4.8(m).
|
|
|
Balance at
beginning of period |
|
Additions Charged to
Costs and Expenses |
|
Deductions
|
|
Balance at
end of period |
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
4
|
|
(1)
|
$
|
1
|
|
Allowance for obsolete inventory parts
|
|
12
|
|
|
2
|
|
|
—
|
|
(2)
|
14
|
|
||||
Total
|
|
17
|
|
|
2
|
|
|
4
|
|
|
15
|
|
||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
1
|
|
(1)
|
$
|
5
|
|
Allowance for obsolete inventory parts
|
|
10
|
|
|
2
|
|
|
—
|
|
(2)
|
12
|
|
||||
Total
|
|
16
|
|
|
2
|
|
|
1
|
|
|
17
|
|
||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
4
|
|
(1)
|
$
|
6
|
|
Allowance for obsolete inventory parts
|
|
8
|
|
|
2
|
|
|
—
|
|
(2)
|
10
|
|
||||
Total
|
|
14
|
|
|
6
|
|
|
4
|
|
|
16
|
|
(1)
|
Uncollectible accounts written off, net of recoveries.
|
(2)
|
Inventory scrapped.
|
1.1
|
The Scheduled Delivery Period for the Incremental A321 NEO Aircraft bearing CACiD number 10002780 is hereby amended from
[***]
2019 to
[***]
2019
.
Notwithstanding Clause 9.1 of the Agreement, the Seller shall notify the Scheduled Delivery Month of such Aircraft no later than
[***]
, subject to
[***]
in accordance with Clause 8.6 of Amendment No. 4 to the Agreement, as amended by Clause 2.2 below.
|
1.2
|
Schedule 1 to the Agreement is deleted in its entirety and replaced by the Amended and Restated Schedule 1 (the “
Amended and Restated Schedule 1
”) attached hereto as Appendix 1.
|
1.3
|
It shall be the Buyer’s sole responsibility to ensure, without any intervention necessary from the Seller, that all of the BFE Suppliers are notified of and accept the rescheduling set forth in Clauses 1.1 to 1.2 above without the Seller incurring any costs, losses, expenses, additional obligations, penalties, damages or liabilities of any kind by reason of such rescheduling, and the Buyer will indemnify and hold the Seller harmless against any and all of such costs, losses, expenses, additional obligations, penalties, damages or liabilities so incurred by the Seller unless such costs, losses, expenses, additional obligations, penalties, damages or liabilities are a result of the Seller’s gross negligence or willful misconduct.
|
1.4
|
The Buyer shall cause that any agreement between the Buyer and the relevant Propulsion System manufacturer will reflect the rescheduling set out in Clauses 1.1 to 1.2 above and the Buyer will indemnify and hold the Seller harmless against any and all costs, losses, expenses, obligations, penalties, damages or liabilities incurred by the Seller in the event that the Buyer fails to perform its obligations as set out under this Clause 1.4 unless such costs, losses, expenses, additional obligations, penalties, damages or liabilities are a result of the Seller’s gross negligence or willful misconduct.
|
2.1
|
Any and all Predelivery Payments
[***]
described in Clauses 1.1 to 1.2 herein
[***]
.
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
2.2
|
Clauses 8.6 and 8.7 of Amendment No. 4 to the Agreement are deleted in their entirety and replaced with the following quoted text:
|
8.6
|
[***]
|
8.7
|
[***]
|
3
|
EFFECT OF THE AMENDMENT
|
4
|
CONFIDENTIALITY
|
5
|
ASSIGNMENT
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
7
|
INTERPRETATION AND LAW
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
|
CACiD
No. |
Aircraft Rank No.
|
Type
|
Scheduled Delivery Month/Quarter
|
Scheduled Delivery Year
|
1
|
159 908
|
122
|
Group 1 A320 Aircraft
|
[***]
|
2011
|
2
|
159 942
|
123
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
3
|
159 943
|
124
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
4
|
159 950
|
125
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
5
|
159 951
|
126
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
6
|
159 923
|
127
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
7
|
159 924
|
128
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
8
|
159 925
|
129
|
Group 1 A320 Aircraft
|
[***]
|
2012
|
9
|
159 939
|
130
|
A320 Backlog Aircraft
|
[***]
|
2013
|
10
|
159 960
|
131
|
A320 Backlog Aircraft
|
[***]
|
2013
|
11
|
159 961
|
132
|
A320 Backlog Aircraft
|
[***]
|
2013
|
12
|
159 962
|
133
|
A321 Backlog Aircraft
|
[***]
|
2013
|
13
|
159 963
|
134
|
A321 Backlog Aircraft
|
[***]
|
2013
|
14
|
159 964
|
135
|
A321 Backlog Aircraft
|
[***]
|
2013
|
15
|
159 965
|
136
|
A321 Backlog Aircraft
|
[***]
|
2013
|
16
|
159 916
|
137
|
A321 Backlog Aircraft
|
[***]
|
2014
|
17
|
159 940
|
138
|
A321 Backlog Aircraft
|
[***]
|
2014
|
18
|
159 941
|
139
|
A321 Backlog Aircraft
|
[***]
|
2014
|
19
|
159 944
|
140
|
A321 Backlog Aircraft
|
[***]
|
2014
|
20
|
159 945
|
141
|
A321 Backlog Aircraft
|
[***]
|
2014
|
21
|
159 946
|
142
|
A321 Backlog Aircraft
|
[***]
|
2014
|
22
|
159 947
|
143
|
A321 Backlog Aircraft
|
[***]
|
2014
|
23
|
159 948
|
144
|
A321 Backlog Aircraft
|
[***]
|
2014
|
24
|
159 949
|
145
|
A321 Backlog Aircraft
|
[***]
|
2014
|
25
|
159 956
|
146
|
A321 Backlog Aircraft
|
[***]
|
2015
|
26
|
159 957
|
147
|
A321 Backlog Aircraft
|
[***]
|
2015
|
27
|
159 958
|
148
|
A321 Backlog Aircraft
|
[***]
|
2015
|
28
|
159 959
|
149
|
A321 Backlog Aircraft
|
[***]
|
2015
|
29
|
159 929
|
150
|
A321 Backlog Aircraft
|
[***]
|
2015
|
30
|
159 930
|
151
|
A321 Backlog Aircraft
|
[***]
|
2015
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
|
CACiD
No. |
Aircraft Rank No.
|
Type
|
Scheduled Delivery Month/Quarter
|
Scheduled Delivery Year
|
31
|
159 931
|
152
|
A321 Backlog Aircraft
|
[***]
|
2015
|
32
|
159 932
|
153
|
A321 Backlog Aircraft
|
[***]
|
2015
|
33
|
159 933
|
154
|
A321 Backlog Aircraft
|
[***]
|
2015
|
34
|
10002716
|
155
|
Incremental A321 Aircraft
|
[***]
|
2015
|
35
|
159 920
|
156
|
A321 Backlog Aircraft
|
[***]
|
2015
|
36
|
10002752
|
157
|
Incremental A321 Aircraft
|
[***]
|
2015
|
37
|
159 911
|
158
|
A321 Backlog Aircraft
|
[***]
|
2016
|
38
|
159 912
|
159
|
A321 Backlog Aircraft
|
[***]
|
2016
|
39
|
159 917
|
160
|
A321 Backlog Aircraft
|
[***]
|
2016
|
40
|
159 918
|
161
|
A321 Backlog Aircraft
|
[***]
|
2016
|
41
|
159 926
|
162
|
A321 Backlog Aircraft
|
[***]
|
2016
|
42
|
159 927
|
163
|
A321 Backlog Aircraft
|
[***]
|
2016
|
43
|
159 928
|
164
|
A321 Backlog Aircraft
|
[***]
|
2016
|
44
|
159 952
|
165
|
A321 Backlog Aircraft
|
[***]
|
2016
|
45
|
159 953
|
166
|
A321 Backlog Aircraft
|
[***]
|
2016
|
46
|
159 934
|
167
|
A321 Backlog Aircraft
|
[***]
|
2016
|
47
|
159 922
|
168
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
48
|
159 954
|
169
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
49
|
159 955
|
170
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
50
|
159 921
|
171
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
51
|
104 440
|
172
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
52
|
104 442
|
173
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
53
|
10054088
|
249
|
Additional A321 Aircraft
|
[***]
|
2017
|
54
|
159 909
|
174
|
Converted A321 Backlog Aircraft
|
[***]
|
2017
|
55
|
10054089
|
250
|
Additional A321 Aircraft
|
[***]
|
2017
|
56
|
10002770
|
175
|
Incremental A321 Aircraft
|
[***]
|
2017
|
57
|
10054090
|
251
|
Additional A321 Aircraft
|
[***]
|
2017
|
58
|
10002771
|
176
|
Incremental A321 Aircraft
|
[***]
|
2017
|
59
|
10054091
|
252
|
Additional A321 Aircraft
|
[***]
|
2017
|
60
|
10002772
|
177
|
Incremental A321 Aircraft
|
[***]
|
2017
|
61
|
10054092
|
253
|
Additional A321 Aircraft
|
[***]
|
2017
|
62
|
159 910
|
178
|
Converted A321 Backlog Aircraft
|
[***]
|
2018
|
63
|
10054093
|
254
|
Additional A321 Aircraft
|
[***]
|
2018
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
|
CACiD
No. |
Aircraft Rank No.
|
Type
|
Scheduled Delivery Month/Quarter
|
Scheduled Delivery Year
|
64
|
10054100
|
261
|
Additional A321 Aircraft
|
[***]
|
2018
|
65
|
10054101
|
262
|
Additional A321 Aircraft
|
[***]
|
2018
|
66
|
10054102
|
263
|
Additional A321 Aircraft
|
[***]
|
2018
|
67
|
10054097
|
258
|
Additional A321 Aircraft
|
[***]
|
2018
|
68
|
10054098
|
259
|
Additional A321 Aircraft
|
[***]
|
2018
|
69
|
10054094
|
255
|
Additional A321 Aircraft
|
[***]
|
2018
|
70
|
10054099
|
260
|
Additional A321 Aircraft
|
[***]
|
2018
|
71
|
10054095
|
256
|
Additional A321 Aircraft
|
[***]
|
2018
|
72
|
10054096
|
257
|
Additional A321 Aircraft
|
[***]
|
2018
|
73
|
402 137
|
185
|
Converted A321 NEO Aircraft
|
[***]
|
2019
|
74
|
402 135
|
182
|
Converted A321 NEO Aircraft
|
[***]
|
2019
|
75
|
402 136
|
183
|
Converted A321 NEO Aircraft
|
[***]
|
2019
|
76
|
402 134
|
181
|
Converted A321 NEO Aircraft
|
[***]
|
2019
|
77
|
402 141
|
189
|
Converted A321 NEO Aircraft
|
[***]
|
2019
|
78
|
10002782
|
193
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
79
|
10002783
|
194
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
80
|
10002784
|
195
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
81
|
10002786
|
197
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
82
|
10002787
|
198
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
83
|
10002781
|
192
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
84
|
10002788
|
199
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
85
|
10002780
|
191
|
Incremental A321 NEO Aircraft
|
[***]
|
2019
|
86
|
10002756
|
200
|
A321 NEO Aircraft
|
[***]
|
2020
|
87
|
10002760
|
201
|
A321 NEO Aircraft
|
[***]
|
2020
|
88
|
10002764
|
202
|
A321 NEO Aircraft
|
[***]
|
2020
|
89
|
10002792
|
206
|
Incremental A321 NEO Aircraft
|
[***]
|
2020
|
90
|
10054124
|
264
|
Additional A321 NEO Aircraft
|
[***]
|
2020
|
91
|
402 142
|
209
|
A320 NEO Aircraft
|
[***]
|
2020
|
92
|
402 143
|
210
|
A320 NEO Aircraft
|
[***]
|
2020
|
93
|
10054125
|
265
|
Additional A321 NEO Aircraft
|
[***]
|
2020
|
94
|
402 144
|
211
|
A320 NEO Aircraft
|
[***]
|
2020
|
95
|
402 145
|
212
|
A320 NEO Aircraft
|
[***]
|
2020
|
96
|
402 146
|
213
|
A320 NEO Aircraft
|
[***]
|
2020
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
|
CACiD
No. |
Aircraft Rank No.
|
Type
|
Scheduled Delivery Month/Quarter
|
Scheduled Delivery Year
|
97
|
402 147
|
214
|
A320 NEO Aircraft
|
[***]
|
2020
|
98
|
10054126
|
266
|
Additional A321 NEO Aircraft
|
[***]
|
2020
|
99
|
402 151
|
215
|
A320 NEO Aircraft
|
[***]
|
2021
|
100
|
402 152
|
216
|
A320 NEO Aircraft
|
[***]
|
2021
|
101
|
402 153
|
217
|
A320 NEO Aircraft
|
[***]
|
2021
|
102
|
402 154
|
218
|
A320 NEO Aircraft
|
[***]
|
2021
|
103
|
10054127
|
267
|
Additional A321 NEO Aircraft
|
[***]
|
2021
|
104
|
402 155
|
219
|
A320 NEO Aircraft
|
[***]
|
2021
|
105
|
402 156
|
220
|
A320 NEO Aircraft
|
[***]
|
2021
|
106
|
402 157
|
221
|
A320 NEO Aircraft
|
[***]
|
2021
|
107
|
402 158
|
222
|
A320 NEO Aircraft
|
[***]
|
2021
|
108
|
10054128
|
268
|
Additional A321 NEO Aircraft
|
[***]
|
2021
|
109
|
402 159
|
223
|
A320 NEO Aircraft
|
[***]
|
2021
|
110
|
402 160
|
224
|
A320 NEO Aircraft
|
[***]
|
2021
|
111
|
402 161
|
225
|
A320 NEO Aircraft
|
[***]
|
2021
|
112
|
402 162
|
226
|
A320 NEO Aircraft
|
[***]
|
2021
|
113
|
10054129
|
269
|
Additional A321 NEO Aircraft
|
[***]
|
2021
|
114
|
402 163
|
227
|
A320 NEO Aircraft
|
[***]
|
2021
|
115
|
402 164
|
228
|
A320 NEO Aircraft
|
[***]
|
2021
|
116
|
402 165
|
229
|
A320 NEO Aircraft
|
[***]
|
2021
|
117
|
402 166
|
230
|
A320 NEO Aircraft
|
[***]
|
2021
|
118
|
10054130
|
270
|
Additional A321 NEO Aircraft
|
[***]
|
2021
|
119
|
402 148
|
231
|
A320 NEO Aircraft
|
[***]
|
2022
|
120
|
402 149
|
232
|
A320 NEO Aircraft
|
[***]
|
2022
|
121
|
402 150
|
233
|
A320 NEO Aircraft
|
[***]
|
2022
|
122
|
10002765
|
234
|
A321 NEO Aircraft
|
[***]
|
2022
|
123
|
10054131
|
271
|
Additional A321 NEO Aircraft
|
[***]
|
2022
|
124
|
10002766
|
235
|
A321 NEO Aircraft
|
[***]
|
2022
|
125
|
10002767
|
236
|
A321 NEO Aircraft
|
[***]
|
2022
|
126
|
10002768
|
237
|
A321 NEO Aircraft
|
[***]
|
2022
|
127
|
10002769
|
238
|
A321 NEO Aircraft
|
[***]
|
2022
|
128
|
10054132
|
272
|
Additional A321 NEO Aircraft
|
[***]
|
2022
|
129
|
10002773
|
239
|
A321 NEO Aircraft
|
[***]
|
2022
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
|
CACiD
No. |
Aircraft Rank No.
|
Type
|
Scheduled Delivery Month/Quarter
|
Scheduled Delivery Year
|
130
|
10002774
|
240
|
A321 NEO Aircraft
|
[***]
|
2022
|
131
|
402 127
|
241
|
A321 NEO Aircraft
|
[***]
|
2022
|
132
|
402 128
|
242
|
A321 NEO Aircraft
|
[***]
|
2022
|
133
|
10054133
|
273
|
Additional A321 NEO Aircraft
|
[***]
|
2022
|
134
|
402 129
|
243
|
A321 NEO Aircraft
|
[***]
|
2022
|
135
|
402 130
|
244
|
A321 NEO Aircraft
|
[***]
|
2022
|
136
|
402 131
|
245
|
A321 NEO Aircraft
|
[***]
|
2022
|
137
|
10002775
|
246
|
Incremental A321 NEO Aircraft
|
[***]
|
2022
|
138
|
10054134
|
274
|
Additional A321 NEO Aircraft
|
[***]
|
2022
|
139
|
10002776
|
247
|
Incremental A321 NEO Aircraft
|
[***]
|
2023
|
140
|
10054135
|
275
|
Additional A321 NEO Aircraft
|
[***]
|
2023
|
141
|
402 138
|
186
|
Converted A321 NEO Aircraft
|
[***]
|
2023
|
142
|
10002778
|
184
|
Incremental A321 NEO Aircraft
|
[***]
|
2023
|
143
|
402 132
|
179
|
Converted A321 NEO Aircraft
|
[***]
|
2023
|
144
|
10054136
|
276
|
Additional A321 NEO Aircraft
|
[***]
|
2023
|
145
|
402 133
|
180
|
Converted A321 NEO Aircraft
|
[***]
|
2023
|
146
|
10002777
|
248
|
Incremental A321 NEO Aircraft
|
[***]
|
2023
|
147
|
10054137
|
277
|
Additional A321 NEO Aircraft
|
[***]
|
2023
|
148
|
10002779
|
190
|
Incremental A321 NEO Aircraft
|
[***]
|
2023
|
149
|
402 140
|
188
|
Converted A321 NEO Aircraft
|
[***]
|
2023
|
150
|
10002785
|
196
|
Incremental A321 NEO Aircraft
|
[***]
|
2023
|
151
|
10054138
|
278
|
Additional A321 NEO Aircraft
|
[***]
|
2023
|
152
|
402 139
|
187
|
Converted A321 NEO Aircraft
|
[***]
|
2023
|
153
|
10002789
|
203
|
Incremental A321 NEO Aircraft
|
[***]
|
2024
|
154
|
10002790
|
204
|
Incremental A321 NEO Aircraft
|
[***]
|
2024
|
155
|
10002791
|
205
|
Incremental A321 NEO Aircraft
|
[***]
|
2024
|
156
|
10002793
|
207
|
Incremental A321 NEO Aircraft
|
[***]
|
2024
|
157
|
10002794
|
208
|
Incremental A321 NEO Aircraft
|
[***]
|
2024
|
[***]
|
Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
|
|
|
Year Ended
December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes (a)
|
|
$
|
921
|
|
|
$
|
1,216
|
|
|
$
|
1,097
|
|
|
$
|
623
|
|
|
$
|
279
|
|
Less: Capitalized interest
|
|
(10
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(14
|
)
|
|
(13
|
)
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges
|
|
175
|
|
|
201
|
|
|
232
|
|
|
237
|
|
|
255
|
|
|||||
Amortization of capitalized interest
|
|
5
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
3
|
|
|||||
Adjusted earnings
|
|
$
|
1,091
|
|
|
$
|
1,413
|
|
|
$
|
1,325
|
|
|
$
|
850
|
|
|
$
|
524
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
$
|
90
|
|
|
$
|
107
|
|
|
$
|
123
|
|
|
$
|
142
|
|
|
$
|
154
|
|
Amortization of debt costs
|
|
4
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
8
|
|
|||||
Rent expense representative of interest
|
|
81
|
|
|
90
|
|
|
104
|
|
|
89
|
|
|
93
|
|
|||||
Total fixed charges
|
|
$
|
175
|
|
|
$
|
201
|
|
|
$
|
232
|
|
|
$
|
237
|
|
|
$
|
255
|
|
Ratio of earnings to fixed charges (a)
|
|
6.23
|
|
|
7.03
|
|
|
5.71
|
|
|
3.59
|
|
|
2.05
|
|
(a)
|
Excluding the $241 million gain on the sale of LiveTV in 2014 would result in a ratio of earnings to fixed charges of 2.57.
|
(1)
|
Registration Statement (Form S-8 No. 333-86444) pertaining to the JetBlue Airways Corporation 2002 Stock Incentive Plan and the JetBlue Airways Corporation Crewmember Stock Purchase Plan,
|
(2)
|
Registration Statement (Form S-8 No. 333-129238) pertaining to the JetBlue Airways Corporation 2002 Stock Incentive Plan and the JetBlue Airways Corporation Crewmember Stock Purchase Plan,
|
(3)
|
Registration Statement (Form S-8 No. 333-161565) pertaining to the JetBlue Airways Corporation 2002 Stock Incentive Plan and the JetBlue Airways Corporation Crewmember Stock Purchase Plan,
|
(4)
|
Registration Statement (Form S-8 No. 333-174947) pertaining to the JetBlue Airways Corporation 2011 Incentive Compensation Plan and the JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan,
|
(5)
|
Registration Statement (Form S-3 ASR No. 333-207768) of JetBlue Airways Corporation,
|
(6)
|
Registration Statement (Form S-3 ASR No. 333-202143) of JetBlue Airways Corporation; and
|
(7)
|
Registration Statement (Form S-8 No. 333-207242) pertaining to the JetBlue Airways Corporation 2011 Incentive Compensation Plan and the JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan
|
1.
|
I have reviewed this Annual Report on Form 10-K of JetBlue Airways Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 16, 2018
|
By:
|
/s/ ROBIN HAYES
|
|
|
|
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of JetBlue Airways Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 16, 2018
|
By:
|
/s/ STEVE PRIEST
|
|
|
|
Chief Financial Officer
|
Date:
|
February 16, 2018
|
|
By:
|
/s/ ROBIN HAYES
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date:
|
February 16, 2018
|
|
By:
|
/s/ STEVE PRIEST
|
|
|
|
|
Chief Financial Officer
|