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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
 
☒      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
 ☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to       
 
Commission file number 1-31443
 HAWAIIAN HOLDINGS INC
(Exact Name of Registrant as Specified in Its Charter)
Delaware 71-0879698
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
3375 Koapaka Street,Suite G-350  
Honolulu,HI 96819
(Address of Principal Executive Offices) (Zip Code)

(808) 835-3700
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)HANasdaq Stock Market, LLC
(Nasdaq Global Select Market)
Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒ Yes ☐ No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes ☐ No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer☐ Accelerated filer ☒
Non-accelerated filer ☐ Smaller reporting company ☐
 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐  Yes ☒ No
 
As of July 26, 2024, 52,009,785 shares of the registrant’s common stock were outstanding.


Hawaiian Holdings, Inc.
Form 10-Q
Quarterly Period ended June 30, 2024
 
Table of Contents
 
   
   
 
   
 
  
 
   
 
   
 
   
   
   
   
   
   
   
   
   
   
   
 
2

PART I. FINANCIAL INFORMATION
ITEM 1.                   FINANCIAL STATEMENTS.
Hawaiian Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended June 30,Six months ended June 30,
 2024202320242023
 (unaudited)
Operating Revenue: 
Passenger$666,029 $644,992 $1,249,477 $1,193,518 
Other65,876 61,936 127,995 126,013 
Total731,905 706,928 1,377,472 1,319,531 
Operating Expenses:  
Wages and benefits265,024 237,680 526,959 479,613 
Aircraft fuel, including taxes and delivery179,153 166,380 367,931 364,005 
Maintenance, materials and repairs69,897 53,657 140,868 103,943 
Aircraft and passenger servicing47,854 43,126 93,278 85,658 
Depreciation and amortization35,068 33,348 68,035 66,015 
Aircraft rent29,891 26,159 59,597 54,330 
Commissions and other selling29,068 28,391 57,511 56,630 
Other rentals and landing fees45,011 41,487 88,138 80,207 
Purchased services39,025 37,181 77,500 72,254 
Special items6,497 — 14,979 — 
Other40,804 49,099 86,709 83,884 
Total787,292 716,508 1,581,505 1,446,539 
Operating Loss(55,387)(9,580)(204,033)(127,008)
Nonoperating Income (Expense):  
Interest expense and amortization of debt discounts and issuance costs(28,324)(22,705)(52,393)(45,585)
Interest income11,134 13,539 21,155 30,004 
Capitalized interest2,541 1,945 5,675 3,404 
Losses on fuel derivatives(1,863)(3,658)(2,445)(8,724)
Other components of net periodic benefit cost(927)(1,707)(1,854)(3,201)
Losses on investments, net(654)(3,549)(184)(2,852)
Gains on foreign debt6,470 12,174 14,989 14,434 
Other, net(584)(920)(1,354)(764)
Total(12,207)(4,881)(16,411)(13,284)
Loss Before Income Taxes(67,594)(14,461)(220,444)(140,292)
Income tax expense (benefit)— (2,126)(15,285)(29,700)
Net Loss$(67,594)$(12,335)$(205,159)$(110,592)
Net Loss Per Share  
Basic$(1.30)$(0.24)$(3.95)$(2.15)
Diluted$(1.30)$(0.24)$(3.95)$(2.15)
Weighted Average Number of Common Stock Shares Outstanding:
Basic51,932 51,587 51,885 51,547 
Diluted51,932 51,587 51,885 51,547 
See accompanying Notes to Consolidated Financial Statements.
3

Hawaiian Holdings, Inc.
Consolidated Statements of Comprehensive Income
(in thousands)
 Three Months Ended June 30,
 20242023
 (unaudited)
Net Loss$(67,594)$(12,335)
Other comprehensive income, net:  
Net change related to employee benefit plans, net of tax expense of $114 and $248 for 2024 and 2023, respectively
348 475 
Net change in available-for-sale investments, net of tax expense of $161 and $70 for 2024 and 2023, respectively
495 52 
Total other comprehensive income843 527 
Total Comprehensive Loss$(66,751)$(11,808)

 Six months ended June 30,
 20242023
 (unaudited)
Net Loss$(205,159)$(110,592)
Other comprehensive income (loss), net:
Net change related to employee benefit plans, net of tax expense of $229 and tax benefit of $2,068 for 2024 and 2023, respectively
698 (6,603)
Net change in available-for-sale investments, net of tax expense of $411 and $1,715 for 2024 and 2023, respectively
1,262 5,078 
Total other comprehensive income (loss)1,960 (1,525)
Total Comprehensive Loss$(203,199)$(112,117)


See accompanying Notes to Consolidated Financial Statements.

4

Hawaiian Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except shares)
June 30, 2024
(unaudited)		December 31, 2023
ASSETS  
Current Assets:  
Cash and cash equivalents$510,463 $153,273 
Restricted cash17,250 17,250 
Short-term investments745,609 755,224 
Accounts receivable, net110,835 105,858 
Income taxes receivable2,719 669 
Spare parts and supplies, net70,627 60,115 
Prepaid expenses and other79,403 78,551 
Total1,536,906 1,170,940 
Property and equipment, less accumulated depreciation and amortization of $1,192,373 and $1,150,529 as of June 30, 2024 and December 31, 2023, respectively
2,199,989 2,013,616 
Other Assets:  
Assets held-for-sale1,072 1,135 
Operating lease right-of-use assets371,519 413,237 
Long-term prepayments and other119,771 121,097 
Intangible assets, net13,500 13,500 
Total Assets$4,242,757 $3,733,525 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current Liabilities:  
Accounts payable$200,837 $199,223 
Air traffic liability and current frequent flyer deferred revenue793,010 633,345 
Other accrued liabilities172,735 175,591 
Current maturities of long-term debt, less discount131,824 43,857 
Current maturities of finance lease obligations8,883 10,053 
Current maturities of operating leases74,640 83,332 
Total1,381,929 1,145,401 
Long-Term Debt2,068,129 1,537,152 
Other Liabilities and Deferred Credits:  
Noncurrent finance lease obligations54,012 60,116 
Noncurrent operating leases267,103 303,119 
Accumulated pension and other post-retirement benefit obligations144,011 140,742 
Other liabilities and deferred credits83,705 77,154 
Noncurrent frequent flyer deferred revenue296,336 308,502 
Deferred tax liability, net53,024 65,914 
Total898,191 955,547 
Commitments and Contingencies
Shareholders’ Equity:  
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of June 30, 2024 and December 31, 2023
— — 
Common stock, $0.01 par value per share, 52,007,495 and 51,824,362 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
520 518 
Capital in excess of par value296,077 293,797 
Accumulated loss(324,897)(119,738)
Accumulated other comprehensive loss, net(77,192)(79,152)
Total(105,492)95,425 
Total Liabilities and Shareholders’ Equity$4,242,757 $3,733,525 
See accompanying Notes to Consolidated Financial Statements.
5

Hawaiian Holdings, Inc.
Consolidated Statements of Shareholders' Equity
(in thousands)
Common
Stock(*)		Special
Preferred
Stock(**)		Capital In Excess of Par ValueAccumulated LossAccumulated Other Comprehensive Income (Loss)Total
(unaudited)
Balance at December 31, 2023$518 $— $293,797 $(119,738)$(79,152)$95,425 
Net Loss— — — (137,565)— (137,565)
Other comprehensive income, net— — — — 1,117 1,117 
Issuance of 24,254 shares of common stock, net of shares withheld for taxes
— — (200)— — (200)
Amazon warrant vesting— — 131 — — 131 
Share-based compensation expense— — 871 — — 871 
Balance at March 31, 2024$518 $— $294,599 $(257,303)$(78,035)$(40,221)
Net Loss— — — (67,594)— (67,594)
Other comprehensive income, net— — — — 843 843 
Issuance of 158,879 shares of common stock, net of shares withheld for taxes
2 — (30)— — (28)
Amazon warrant vesting— — 324 — — 324 
Share-based compensation expense— — 1,184 — — 1,184 
Balance at June 30, 2024$520 $— $296,077 $(324,897)$(77,192)$(105,492)

(*)    Common Stock—$0.01 par value; 118,000,000 authorized as of June 30, 2024 and December 31, 2023.
(**)    Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of June 30, 2024 and December 31, 2023.



6

Common
Stock(*)		Special
Preferred
Stock(**)		Capital In Excess of Par ValueAccumulated IncomeAccumulated Other Comprehensive Income (Loss)Total
(unaudited)
Balance at December 31, 2022$514 $— $287,161 $140,756 $(95,166)$333,265 
Net Loss— — — (98,257)— (98,257)
Other comprehensive loss, net— — — — (2,052)(2,052)
Issuance of 131,858 shares of common stock, net of shares withheld for taxes
1 — (1,067)— — (1,066)
Share-based compensation expense— — 1,430 — — 1,430 
Balance at March 31, 2023$515 $— $287,524 $42,499 $(97,218)$233,320 
Net Loss— — — (12,335)— (12,335)
Other comprehensive income, net— — — — 527 527 
Issuance of 82,632 shares of common stock, net of shares withheld for taxes
1 — (48)— — (47)
Share-based compensation expense— — 2,352 — — 2,352 
Balance at June 30, 2023$516 $— $289,828 $30,164 $(96,691)$223,817 

(*)    Common Stock—$0.01 par value; 118,000,000 authorized as of June 30, 2023 and December 31, 2022.
(**)    Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of June 30, 2023 and December 31, 2022.

See accompanying Notes to Consolidated Financial Statements.
7

Hawaiian Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
Six months ended June 30,
 20242023
(unaudited)
Net cash (used in) provided by Operating Activities$(26,868)$111,662 
Cash flows from Investing Activities:  
Additions to property and equipment, including pre-delivery payments(256,980)(169,354)
Proceeds from the disposition of aircraft and aircraft related equipment130 19,863 
Purchases of investments(232,113)(202,037)
Proceeds from sales and maturities of investments247,537 275,312 
Net cash used in investing activities(241,426)(76,216)
Cash flows from Financing Activities:  
Long-term borrowings663,900 — 
Repayments of long-term debt and finance lease obligations(28,258)(36,142)
Debt issuance costs and discounts(9,928)— 
Payment for taxes withheld for stock compensation(230)(1,113)
Net cash provided by (used in) financing activities625,484 (37,255)
Net increase (decrease) in cash and cash equivalents357,190 (1,809)
Cash, cash equivalents, and restricted cash - Beginning of Period170,523 246,620 
Cash, cash equivalents, and restricted cash - End of Period$527,713 $244,811 
Non-Cash Transactions:
Right-of-use assets acquired under operating leases$900 $7,108 
 
See accompanying Notes to Consolidated Financial Statements.

8

Hawaiian Holdings, Inc. 
Notes to Consolidated Financial Statements (Unaudited)
 
1. General
 
Business and Basis of Presentation

Hawaiian Holdings, Inc. (Holdings) and its direct wholly owned subsidiary, Hawaiian Airlines, Inc. (Hawaiian), are incorporated in the State of Delaware. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of Hawaiian. References to the "Company", "we", "us", and "our" in these Notes to Consolidated Financial Statements include both Holdings and Hawaiian unless the context requires otherwise.

The accompanying unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC). Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements contain all adjustments, including normal recurring adjustments, necessary for the fair presentation of the Company’s results of operations and financial position for the periods presented. Due to seasonal variations in the demand for air travel, among other factors common to the airline industry, the results of operations for the periods presented are not necessarily indicative of the results of operations for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the financial statements and the notes of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes.

2. Merger Agreement with Alaska Air Group
On December 2, 2023, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Alaska Air Group, Inc., a Delaware corporation (Alaska), and Marlin Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Alaska (Merger Sub), pursuant to which, subject to satisfaction or waiver of conditions therein, Merger Sub will merge with and into the Company (the Merger), with the Company surviving as a wholly owned subsidiary of Alaska.
At the effective time of the Merger (the Effective Time), each share of the Company's common stock, Series B Special Preferred Stock, Series C Special Preferred Stock, and Series D Special Preferred Stock issued and outstanding immediately prior to the Effective Time, subject to certain customary exceptions specified in the Merger Agreement, will be converted into the right to receive $18.00 per share, payable to the holder in cash, without interest.
Completion of the Merger is subject to customary closing conditions, including approval by the Company's stockholders, which was obtained on February 16, 2024; performance by the parties in all material respects of all their obligations under the Merger Agreement; the receipt of required regulatory approvals; and the absence of an order or law preventing, materially restraining, or materially impairing the consummation of the Merger.

On February 7, 2024, the Company and Alaska each received a request for additional information and documentary material (together, the Second Request) from the Antitrust Division of the Department of Justice (the DOJ) in connection with the DOJ’s review of the Merger. On March 27, 2024, the Company and Alaska entered into a timing agreement with the DOJ pursuant to which we agreed, among other things, not to consummate the Merger before 90 days following the date on which both parties have certified substantial compliance with the Second Request (May 7, 2024) unless we have received written notice from the DOJ prior to the end of such 90-day period (which was previously scheduled to expire on August 5, 2024) that the DOJ has closed its investigation of the Merger. On July 29, 2024, the Company and Alaska agreed with the DOJ to extend the review period until 12:01 a.m., Eastern Time, on August 15, 2024.

The Merger Agreement includes customary termination rights in favor of each party. In certain circumstances, the Company may be required to pay Alaska a termination fee of $39.6 million in connection with the termination of the Merger Agreement.
The Merger is expected to close within 12 to 18 months of the date of the Merger Agreement.
During the three and six months ended June 30, 2024, the Company incurred $6.5 million and $15.0 million, respectively, of costs related to the Merger Agreement, which was recorded as a Special item in the Consolidated Statements of Operations. There were no costs incurred during the same periods in 2023.
9

3. Accumulated Other Comprehensive Income (Loss)
 
Reclassifications out of accumulated other comprehensive income (loss) by component are as follows: 
Details about accumulated other comprehensive income (loss) componentsThree months ended June 30,Six months ended June 30,Affected line items in the consolidated statements of operations where net income is presented
2024202320242023
 (in thousands) 
Amortization of defined benefit plan items     
Actuarial loss$290 $537 $580 $987 Nonoperating income (expense), other, net
Prior service cost173 186 346 331 Nonoperating income (expense), other, net
Total before tax463 723 926 1,318  
Tax benefit(115)(167)(229)(314) 
Total, net of tax$348 $556 $697 $1,004  
Short-term investments     
Realized gain on sales of investments$(46)$(679)$(125)$(1,072)Gains (losses) on investments, net
Realized loss on sales of investments147 2,257 177 3,168 Gains (losses) on investments, net
Total before tax101 1,578 52 2,096  
Income tax benefit(25)(657)(13)(529) 
Total, net of tax$76 $921 $39 $1,567  
Total reclassifications for the period$424 $1,477 $736 $2,571  

A roll-forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three and six months ended June 30, 2024 and 2023 is as follows:
Three months ended June 30, 2024Defined Benefit
Plan Items		Short-Term InvestmentsTotal
 (in thousands)
Beginning balance$(60,327)$(17,708)$(78,035)
Other comprehensive income before reclassifications, net of tax— 419 419 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax348 76 424 
Net current-period other comprehensive income348 495 843 
Ending balance$(59,979)$(17,213)$(77,192)

Three months ended June 30, 2023Defined Benefit Plan ItemsShort-Term InvestmentsTotal
 (in thousands)
Beginning balance$(66,517)$(30,701)$(97,218)
Other comprehensive loss before reclassifications, net of tax(81)(869)(950)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax556 921 1,477 
Net current-period other comprehensive income475 52 527 
Ending balance$(66,042)$(30,649)$(96,691)
10

Six months ended June 30, 2024Defined Benefit Pension ItemsShort-Term InvestmentsTotal
 (in thousands)
Beginning balance$(60,677)$(18,475)$(79,152)
Other comprehensive income before reclassifications, net of tax1 1,223 1,224 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax697 39 736 
Net current-period other comprehensive income698 1,262 1,960 
Ending balance$(59,979)$(17,213)$(77,192)

Six months ended June 30, 2023Defined Benefit Pension ItemsShort-Term InvestmentsTotal
 (in thousands)
Beginning balance$(59,439)$(35,727)$(95,166)
Other comprehensive income (loss) before reclassifications, net of tax(7,607)3,511 (4,096)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax1,004 1,567 2,571 
Net current-period other comprehensive income (loss)(6,603)5,078 (1,525)
Ending balance$(66,042)$(30,649)$(96,691)


4. Loss Per Share
 
Basic loss per share, which excludes dilution, is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding for the period.

The potentially dilutive shares that were excluded from the computation of diluted weighted average common stock shares outstanding because their effect would have been antidilutive was 568,317 and 46,344 for the three months ended June 30, 2024 and 2023, respectively, and 637,158 and 71,081 for the six months ended June 30, 2024 and 2023, respectively. Certain warrant shares held by Amazon have not been included in the computation as their performance condition has not yet been satisfied. As of June 30, 2024 and 2023, the unvested Amazon warrant shares excluded from antidilutive shares were 8,142,534 and 8,183,451, respectively. Refer to Note 11 to the Notes to Consolidated Financial Statements for additional discussion.

The following table shows the computation of basic and diluted loss per share:
 Three Months Ended June 30,Six months ended June 30,
 2024202320242023
 (in thousands, except for per share data)
Numerator:    
Net Loss$(67,594)$(12,335)$(205,159)$(110,592)
Denominator:    
Weighted average common stock shares outstanding - Basic51,932 51,587 51,885 51,547 
Weighted average common stock shares outstanding - Diluted51,932 51,587 51,885 51,547 
Net Loss Per Share    
Basic$(1.30)$(0.24)$(3.95)$(2.15)
Diluted$(1.30)$(0.24)$(3.95)$(2.15)


11

5. Revenue Recognition
The majority of the Company's passenger revenue is derived from passenger ticket sales. Other revenue is primarily derived from the Company's cargo operations and loyalty program. The Company's primary operations are that of its wholly owned subsidiary, Hawaiian. Principally all operations of Hawaiian either originate and/or end in the state of Hawai'i. The management of such operations is based on a system-wide approach due to the interdependence of Hawaiian's route structure in its various markets. As Hawaiian offers only one significant line of business (i.e., air transportation), management has concluded that it has only one segment. The Company's operating revenues by geographic region (as defined by the U.S. Department of Transportation (DOT)) are summarized below:
Three Months Ended June 30,Six months ended June 30,
2024202320242023
Geographic Information(in thousands)
Domestic$591,023 $564,684 $1,083,433 $1,050,813 
Pacific140,882 142,244 294,039 268,718 
Total operating revenue$731,905 $706,928 $1,377,472 $1,319,531 

Hawaiian attributes operating revenue by geographic region based on the destination of each flight segment. Hawaiian's tangible assets consist primarily of flight equipment, which is mobile across geographic markets, and therefore has not been allocated to specific geographic regions.
Other operating revenue consists of cargo revenue, commissions, and fees earned under certain joint marketing agreements with other companies. These amounts are recognized when the service is provided.
Three Months Ended June 30,Six months ended June 30,
2024202320242023
Passenger Revenue by Type(in thousands)
Passenger revenue, excluding frequent flyer$614,666 $597,558 $1,154,288 $1,103,520 
Frequent flyer revenue, transportation component51,363 47,434 95,189 89,998 
Passenger Revenue$666,029 $644,992 $1,249,477 $1,193,518 
Other revenue (e.g., cargo and other miscellaneous)$36,635 $29,863 $70,182 $65,001 
Frequent flyer revenue, marketing and brand component29,241 32,073 57,813 61,012 
Other Revenue$65,876 $61,936 $127,995 $126,013 

As of June 30, 2024 and December 31, 2023, the Company's air traffic liability balance, as it relates to passenger tickets (excluding frequent flyer liability), was $567.7 million and $423.1 million, respectively, which generally represents revenue that is expected to be realized in future periods.

During the three months ended June 30, 2024 and 2023, the amount of passenger ticket revenue recognized that was included in Air traffic liability as of the beginning of the respective period was $306.4 million and $398.4 million, respectively. During the six months ended June 30, 2024 and 2023, the amount of passenger ticket revenue recognized that was included in air traffic liability as of the beginning of the respective period was $329.2 million and $412.2 million, respectively.

Non-refundable tickets sold and credits issued generally expire 13 months from the date of issuance or scheduled flight, as applicable. The Company records an estimate of breakage revenue on the scheduled flight date for tickets that will expire unused. These estimates are based on the evaluation of actual historical results, available market information, and forecasted trends, including weather or other events impacting customer travel. During the three months ended June 30, 2024 and 2023, the Company recognized advanced breakage of $15.5 million and $17.2 million, respectively. During the six months ended June 30, 2024 and 2023, the Company recognized advanced breakage of $32.9 million and $29.7 million, respectively. The Company will continue to monitor customers' travel behavior and may adjust its estimates in the future.
Frequent Flyer Accounting

The Company's frequent flyer liability is recorded in Air traffic liability (short-term) and Noncurrent frequent flyer deferred revenue on its unaudited Consolidated Balance Sheets. The table below presents the Company's frequent flyer liability balance:
12

June 30, 2024December 31, 2023
(in thousands)
Air traffic liability (current portion of frequent flyer revenue)$219,030 $201,418 
Noncurrent frequent flyer deferred revenue296,336 308,502 
Total frequent flyer liability$515,366 $509,920 

The table below presents a roll forward of Frequent flyer deferred revenue for the six months ended June 30, 2024 and 2023:
 20242023
 (in thousands)
Total frequent flyer liability - beginning balance$509,920 $484,580 
Miles awarded103,359 107,947 
Travel miles redeemed (Passenger Revenue)(95,189)(89,998)
Non-travel miles redeemed (Other Revenue)(2,724)(2,454)
Total frequent flyer liability - ending balance$515,366 $500,075 

6.  Short-Term Investments

The following is a summary of short-term investments held as of June 30, 2024 and December 31, 2023:
June 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(in thousands)
Debt securities
Corporate debt securities$206,872 $175 $(12,324)$194,723 
U.S. government and agency securities270,485 84 (4,268)266,301 
Other fixed income securities136,355 28 (4,996)131,387 
Asset-backed securities34,334 83 (1,147)33,270 
Collateralized loan obligations35,340 41 (371)35,010 
Bank notes8,625 51 (170)8,506 
Total debt securities692,011 462 (23,276)669,197 
Derivatives320 1,113 (95)1,338 
Equity securities80,914 — (7,055)73,859 
Other investments measured at net asset value1,000 215 — 1,215 
Total short-term investments$774,245 $1,790 $(30,426)$745,609 
 December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(in thousands)
Debt securities
Corporate debt securities$217,777 $440 $(10,717)$207,500 
U.S. government and agency securities305,169 168 (4,908)300,429 
Other fixed income securities35,319 42 (6,847)28,514 
Asset-backed securities24,298 69 (1,281)23,086 
Collateralized loan obligations39,628 83 (1,335)38,376 
Bank notes9,118 — (204)8,914 
Total debt securities631,309 802 (25,292)606,819 
Derivatives233 1,026 (745)514 
Equity securities161,677 — (14,866)146,811 
Other investments measured at net asset value1,000 80 — 1,080 
Total short-term investments$794,219 $1,908 $(40,903)$755,224 

13

The following tables present fair values and gross unrealized losses by security type and length of time that individual debt securities have been in a continuous unrealized loss position:

Less than 12 Months12 Months or Greater Total
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
June 30, 2024(in thousands)
Debt securities
Corporate debt securities$33,887 $(238)$132,944 $(12,086)$166,831 $(12,324)
U.S. government and agency securities52,530 (68)187,059 (4,200)239,589 (4,268)
Other fixed income securities1,813 (17)24,153 (4,979)25,966 (4,996)
Asset-backed securities5,579 (39)13,188 (1,108)18,767 (1,147)
Collateralized loan obligations4,042 (30)8,441 (341)12,483 (371)
Bank notes4,047 (55)1,484 (115)5,531 (170)
$101,898 $(447)$367,269 $(22,829)$469,167 $(23,276)
Less than 12 Months12 Months or Greater Total
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2023(in thousands)
Debt securities
Corporate debt securities$9,784 $(233)$154,607 $(10,484)$164,391 $(10,717)
U.S. government and agency securities82,930 (608)193,400 (4,300)276,330 (4,908)
Other fixed income securities1,867 (26)21,933 (6,821)23,800 (6,847)
Asset-backed securities2,225 (17)14,881 (1,264)17,106 (1,281)
Collateralized loan obligations5,032 (63)29,445 (1,272)34,477 (1,335)
Bank notes8,396 (164)519 (40)8,915 (204)
$110,234 $(1,111)$414,785 $(24,181)$525,019 $(25,292)
As of June 30, 2024 and December 31, 2023, the Company's unrealized losses from debt securities were generated from 425 positions out of 567 positions and 394 positions out of 502 positions, respectively.
The Company reviews debt securities quarterly for credit losses and impairment. If the cost of an investment exceeds its fair value, the Company will evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. This determination requires significant judgment. In making this judgment, the Company employs a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. In addition, the Company considers specific adverse conditions related to the financial health of, and business outlook for, the investee. If the Company has plans to sell the security or it is more likely than not that the Company will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in Other, net, within non-operating expense on the unaudited consolidated statements of operations, and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments.

Debt securities in a continuous unrealized loss position for twelve months or greater as of June 30, 2024 and December 31, 2023 were primarily attributable to changes in interest rates, relative to when the investment securities were purchased. The Company does not intend to sell any of these investments and it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis, which may be at maturity. Accordingly, the Company has determined that the unrealized losses on its debt securities as of June 30, 2024 were temporary in nature. The Company has evaluated these debt securities and did not recognize any significant credit losses as of June 30, 2024 and December 31, 2023.

For the three months ended June 30, 2024 and 2023, unrealized gain on equity securities of $3.4 million and unrealized loss on equity securities of $1.5 million, respectively, was recorded in Losses on investment, net, in Nonoperating income (expense). For the six months ended June 30, 2024 and 2023, unrealized gain on equity securities of $8.5 million and unrealized loss on equity securities of $0.5 million, respectively, was recorded in Losses on investment, net, in Nonoperating income (expense).

14

Contractual maturities of debt securities as of June 30, 2024 are shown below:
 Under 1 Year1 to 5 YearsOver 5 YearsTotal
(in thousands)
Debt Securities
Corporate debt$1,572 $110,831 $82,320 $194,723 
U.S. government and agency debt40,646 214,108 11,547 266,301 
Other fixed income securities103,106 13,993 14,288 131,387 
Asset-backed securities1,330 14,257 17,683