Company Quick10K Filing
Quick10K
Hawaiian Holdings
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$26.71 48 $1,280
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-20 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-04-08 Earnings, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2019-01-10 Earnings, Exhibits
8-K 2018-12-11 Regulation FD
8-K 2018-12-05 Regulation FD, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-10-08 Earnings, Exhibits
8-K 2018-10-05 Enter Agreement
8-K 2018-09-05 Regulation FD, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-07-18 Enter Agreement
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-30 Shareholder Vote
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-03-12 Earnings, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-08 Earnings, Exhibits
NVO Novo Nordisk 115,200
OXY Occidental Petroleum 42,140
CRC California Resources 976
ANDE Andersons 974
DKL Delek Logistics Partners 747
ZIXI Zix 590
RM Regional Management 284
AVHI AV Homes 0
APTY APT Systems 0
ATIN ATI Nationwide Holding 0
HA 2019-06-30
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311q22019.htm
EX-31.2 ex312q22019.htm
EX-32.1 ex321q22019.htm
EX-32.2 ex322q22019.htm

Hawaiian Holdings Earnings 2019-06-30

HA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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, 2019
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 class
 
Trading symbol(s)
 
Name of each exchange on which registered
Common Stock ($0.01 par value)
 
HA
 
NASDAQ 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 o 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 o 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,” “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, 2019, 47,289,714 shares of the registrant’s common stock were outstanding.




Hawaiian Holdings, Inc.
Form 10-Q
Quarterly Period ended June 30, 2019
 
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,
 
 
2019
 
2018
 
2019
 
2018
 
 
(unaudited)
Operating Revenue:
 
 

 
 

 
 
 
 
Passenger
 
$
653,423

 
$
655,162

 
$
1,254,727

 
$
1,266,762

Other
 
58,766

 
60,285

 
114,213

 
114,097

Total
 
712,189

 
715,447

 
1,368,940

 
1,380,859

Operating Expenses:
 
 

 
 

 
 
 
 
Wages and benefits
 
180,070

 
171,555

 
355,135

 
340,264

Aircraft fuel, including taxes and delivery
 
140,600

 
153,026

 
266,704

 
286,472

Maintenance, materials and repairs
 
58,131

 
60,970

 
121,176

 
119,111

Aircraft and passenger servicing
 
39,641

 
38,626

 
78,541

 
75,144

Depreciation and amortization
 
39,527

 
32,919

 
77,678

 
65,164

Aircraft rent
 
30,843

 
29,865

 
61,239

 
61,765

Commissions and other selling
 
32,471

 
31,853

 
63,307

 
63,778

Other rentals and landing fees
 
31,386

 
31,184

 
62,432

 
61,999

Purchased services
 
32,733

 
31,474

 
65,186

 
62,595

Contract terminations expense
 

 

 

 
35,322

Other
 
37,906

 
41,047

 
75,985

 
80,052

Total
 
623,308

 
622,519

 
1,227,383

 
1,251,666

Operating Income
 
88,881

 
92,928

 
141,557

 
129,193

Nonoperating Income (Expense):
 
 

 
 

 
 
 
 
Interest expense and amortization of debt discounts and issuance costs
 
(7,300
)
 
(7,627
)
 
(14,830
)
 
(16,182
)
Gains (losses) on fuel derivatives
 
(3,220
)
 
18,952

 
(2,650
)
 
23,569

Interest income
 
3,074

 
1,931

 
6,057

 
3,405

Capitalized interest
 
1,257

 
2,355

 
2,542

 
4,593

Other, net
 
(3,083
)
 
(2,752
)
 
(4,108
)
 
(1,696
)
Total
 
(9,272
)
 
12,859

 
(12,989
)
 
13,689

Income Before Income Taxes
 
79,609

 
105,787

 
128,568

 
142,882

Income tax expense
 
21,776

 
26,307

 
34,377

 
34,860

Net Income
 
$
57,833

 
$
79,480

 
$
94,191

 
$
108,022

Net Income Per Common Stock Share:
 
 

 
 

 
 
 
 
Basic
 
$
1.21

 
$
1.57

 
$
1.96

 
$
2.12

Diluted
 
$
1.21

 
$
1.56

 
$
1.96

 
$
2.12

Weighted Average Number of Common Stock Shares Outstanding:
 
 
 
 
 
 
 
 
Basic
 
47,854

 
50,776

 
48,122

 
50,915

Diluted
 
47,889

 
50,878

 
48,158

 
51,038



See accompanying Notes to Consolidated Financial Statements.

3



Hawaiian Holdings, Inc.
Consolidated Statements of Comprehensive Income
(in thousands)

 
 
Three Months Ended June 30,
 
 
2019
 
2018
 
 
(unaudited)
Net Income
 
$
57,833

 
$
79,480

Other comprehensive income (loss), net:
 
 

 
 

Net change related to employee benefit plans, net of tax expense of $218 and $166 for 2019 and 2018, respectively
 
669

 
514

Net change in derivative instruments, net of tax benefit of $1,186 and net of tax expense of $2,999 for 2019 and 2018, respectively
 
(3,646
)
 
9,263

Net change in available-for-sale investments, net of tax expense of $250 and $54 for 2019 and 2018, respectively
 
769

 
167

Total other comprehensive income (loss)
 
(2,208
)
 
9,944

Total Comprehensive Income
 
$
55,625

 
$
89,424


 
 
Six Months Ended June 30,
 
 
2019
 
2018
 
 
(unaudited)
Net Income
 
$
94,191

 
$
108,022

Other comprehensive income, net:
 
 

 
 

Net change related to employee benefit plans, net of tax expense of $352 and $332 for 2019 and 2018, respectively
 
1,245

 
1,027

Net change in derivative instruments, net of tax benefit of $811 and net of tax expense of $654 for 2019 and 2018, respectively
 
(2,501
)
 
2,019

Net change in available-for-sale investments, net of tax expense of $425 and net of tax benefit of $95 for 2019 and 2018, respectively
 
1,309

 
(293
)
Total other comprehensive income
 
53

 
2,753

Total Comprehensive Income
 
$
94,244

 
$
110,775



See accompanying Notes to Consolidated Financial Statements.


4



Hawaiian Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except shares)
 
 
June 30, 2019
 
December 31, 2018
 
 
(unaudited)
ASSETS
 
 

 
 

Current Assets:
 
 

 
 

Cash and cash equivalents
 
$
341,304

 
$
268,577

Short-term investments
 
198,146

 
232,241

Accounts receivable, net
 
109,726

 
111,834

Spare parts and supplies, net
 
35,897

 
33,942

Prepaid expenses and other
 
53,279

 
58,573

Total
 
738,352

 
705,167

Property and equipment, less accumulated depreciation and amortization of $697,166 and $663,461 as of June 30, 2019 and December 31, 2018, respectively
 
2,156,582

 
2,185,111

Other Assets:
 
 

 
 

Operating lease right-of-use assets
 
601,966

 

Long-term prepayments and other
 
150,952

 
185,556

Intangible assets, less accumulated amortization of $18,032 and $18,939 as of June 30, 2019 and December 31, 2018, respectively
 
13,668

 
14,149

Goodwill
 
106,663

 
106,663

Total Assets
 
$
3,768,183

 
$
3,196,646

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

Current Liabilities:
 
 

 
 

Accounts payable
 
$
150,131

 
$
143,146

Air traffic liability and current frequent flyer deferred revenue
 
698,169

 
603,736

Other accrued liabilities
 
164,034

 
158,154

Current maturities of long-term debt and finance lease obligations
 
50,029

 
101,097

Current maturities of operating leases
 
89,434

 

Total
 
1,151,797

 
1,006,133

Long-Term Debt and Finance Lease Obligations
 
515,254

 
608,684

Other Liabilities and Deferred Credits:
 
 

 
 

Noncurrent operating leases
 
469,543

 

Accumulated pension and other post-retirement benefit obligations
 
181,599

 
182,620

Other liabilities and deferred credits
 
100,847

 
119,826

Noncurrent frequent flyer deferred revenue
 
172,343

 
163,619

Deferred tax liability, net
 
170,110

 
167,770

Total
 
1,094,442

 
633,835

Commitments and Contingencies
 


 


Shareholders’ Equity:
 
 

 
 

Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of June 30, 2019 and December 31, 2018
 

 

Common stock, $0.01 par value per share, 47,506,021 and 48,540,280 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
 
475

 
485

Capital in excess of par value
 
130,243

 
128,448

Accumulated income
 
969,059

 
912,201

Accumulated other comprehensive loss, net
 
(93,087
)
 
(93,140
)
Total
 
1,006,690

 
947,994

Total Liabilities and Shareholders’ Equity
 
$
3,768,183

 
$
3,196,646


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 Value
 
Accumulated Income
 
Accumulated Other Comprehensive Income (Loss)
 
Total
 
 
(unaudited)
Balance at December 31, 2018
 
$
485

 
$

 
$
128,448

 
$
912,201

 
$
(93,140
)
 
$
947,994

Net Income
 

 

 

 
36,358

 

 
36,358

Dividends declared on common stock ($0.12 per share)
 

 

 

 
(5,811
)
 

 
(5,811
)
Other comprehensive income
 

 

 

 

 
2,261

 
2,261

Issuance of 65,517 shares of common stock, net of shares withheld for taxes
 
1

 

 
(983
)
 

 

 
(982
)
Repurchase and retirement of 403,598 shares common stock
 
(4
)
 

 

 
(11,082
)
 

 
(11,086
)
Share-based compensation expense
 

 

 
1,426

 

 

 
1,426

Cumulative effect of accounting change (ASU 2016-02), net of tax
 

 

 

 
4,900

 

 
4,900

Balance at March 31, 2019
 
$
482

 
$

 
$
128,891

 
$
936,566

 
$
(90,879
)
 
$
975,060

Net Income
 

 

 

 
57,833

 

 
57,833

Dividends declared on common stock ($0.12 per share)
 

 

 

 
(5,743
)
 

 
(5,743
)
Other comprehensive income
 

 

 

 

 
(2,208
)
 
(2,208
)
Issuance of 28,927 shares of common stock, net of shares withheld for taxes
 

 

 
(32
)
 

 

 
(32
)
Repurchase and retirement of 725,105 shares common stock
 
(7
)
 

 

 
(19,597
)
 

 
(19,604
)
Share-based compensation expense
 

 

 
1,384

 

 

 
1,384

Balance at June 30, 2019
 
$
475

 
$

 
$
130,243

 
$
969,059

 
$
(93,087
)
 
$
1,006,690

(*)    Common Stock—$0.01 par value; 118,000,000 authorized as of June 30, 2019 and December 31, 2018.
(**)    Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of June 30, 2019 and December 31, 2018.

See accompanying Notes to Consolidated Financial Statements.

6



Hawaiian Holdings, Inc.
Consolidated Statements of Shareholders' Equity
(in thousands)
 
 
Common
Stock(*)
 
Special
Preferred
Stock(**)
 
Capital In Excess of Par Value
 
Accumulated Income
 
Accumulated Other Comprehensive Income (Loss)
 
Total
 
 
(unaudited)
Balance at December 31, 2017
 
$
512

 
$

 
$
126,743

 
$
793,134

 
$
(75,264
)
 
$
845,125

Net Income
 

 

 

 
28,542

 

 
28,542

Dividends declared on common stock ($0.12 per share)
 

 

 

 
(6,145
)
 

 
(6,145
)
Other comprehensive loss
 

 

 

 

 
(7,191
)
 
(7,191
)
Issuance of 146,923 shares of common stock, net of shares withheld for taxes
 
1

 

 
(3,230
)
 

 

 
(3,229
)
Repurchase and retirement of 548,861 shares common stock
 
(5
)
 

 

 
(20,238
)
 

 
(20,243
)
Share-based compensation expense
 

 

 
1,355

 

 

 
1,355

Balance at March 31, 2018
 
$
508

 
$

 
$
124,868

 
$
795,293

 
$
(82,455
)
 
$
838,214

Net Income
 

 

 

 
79,480

 

 
79,480

Dividends declared on common stock ($0.12 per share)
 

 

 

 
(6,093
)
 

 
(6,093
)
Other comprehensive income
 

 

 

 

 
9,944

 
9,944

Issuance of 29,006 shares of common stock, net of shares withheld for taxes
 

 

 
(296
)
 

 

 
(296
)
Repurchase and retirement of 65,389 shares common stock
 
(1
)
 

 

 
(2,500
)
 

 
(2,501
)
Share-based compensation expense
 

 

 
1,299

 

 

 
1,299

Balance at June 30, 2018
 
$
507

 
$

 
$
125,871

 
$
866,180

 
$
(72,511
)
 
$
920,047

(*)    Common Stock—$0.01 par value; 118,000,000 authorized as of June 30, 2018 and December 31, 2017.
(**)    Special Preferred Stock—$0.01 par value; 2,000,000 shares authorized as of June 30, 2018 and December 31, 2017.

See accompanying Notes to Consolidated Financial Statements.

7



Hawaiian Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
 
 
Six Months Ended June 30,
 
 
2019
 
2018
 
 
(unaudited)
Net cash provided by Operating Activities
 
$
311,212

 
$
373,761

Cash flows from Investing Activities:
 
 

 
 

Additions to property and equipment, including pre-delivery payments
 
(151,577
)
 
(258,112
)
Proceeds from the disposition of aircraft related equipment
 
4,350

 
987

Purchases of investments
 
(189,929
)
 
(110,092
)
Sales of investments
 
225,706

 
119,236

Other
 
(6,275
)
 

Net cash used in investing activities
 
(117,725
)
 
(247,981
)
Cash flows from Financing Activities:
 
 

 
 

Long-term borrowings
 

 
86,500

Repayments of long-term debt and finance lease obligations
 
(77,471
)
 
(30,047
)
Dividend payments
 
(11,554
)
 
(12,238
)
Debt issuance costs
 
(33
)
 
(889
)
Repurchases of common stock
 
(30,690
)
 
(22,745
)
Other
 
(1,012
)
 
(3,523
)
Net cash provided by (used in) financing activities
 
(120,760
)
 
17,058

Net increase in cash and cash equivalents
 
72,727

 
142,838

Cash, cash equivalents, and restricted cash - Beginning of Period
 
268,577

 
191,953

Cash, cash equivalents, and restricted cash - End of Period
 
$
341,304

 
$
334,791

 
See accompanying Notes to Consolidated Financial Statements.


8



Hawaiian Holdings, Inc. 
Notes to Consolidated Financial Statements (Unaudited)
 
1. Business and Basis of Presentation
 
Hawaiian Holdings, Inc. (the Company, Holdings, we, us and our) and its direct wholly-owned subsidiary, Hawaiian Airlines, Inc. (Hawaiian), are incorporated in the State of Delaware. The Company’s primary asset is its sole ownership of all issued and outstanding shares of common stock of Hawaiian. 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 fluctuations, 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 to be expected 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, 2018.
 
2. Significant Accounting Policies
 
Recently Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASU 2016-02), which was subsequently codified within Accounting Standards Codification (ASC) 842, Leases (ASC 842). ASC 842 requires a lessee to recognize a right-of-use asset and a lease liability in the statement of financial position for all leases (with the exception of short-term leases) at the lease commencement date and recognize expenses similar to the current ASC 840, Leases. ASC 842 is effective for fiscal years, and interim periods beginning after December 15, 2018.

The Company adopted ASC 842 as of January 1, 2019 using the transition method that provides for a cumulative-effect adjustment to retained earnings upon adoption. The Company elected the package of transition provisions available for expired or existing contracts, which allows the Company to carry-forward our historical assessments of (a) whether contracts are, or contain leases, (b) lease classification, and (c) initial direct costs.

The adoption of the ASC 842 had a significant impact on the Company's consolidated balance sheet due to the recognition of approximately $603.9 million of operating lease liabilities and right-of-use (ROU) assets for operating leases of $649.3 million. Additionally, the Company recognized a $4.9 million (net of tax of $1.6 million) cumulative effect adjustment credit to retained earnings.

The adjustment to retained earnings was driven principally by ASC 842's elimination of the previous build-to-suit lease accounting guidance under ASC 840, Leases, and resulted in the derecognition of build-to-suit assets and liabilities that remained on the balance sheet after the end of the construction period. ASC 842 then required the application of lease accounting to the agreement, which resulted in an operating lease. This resulted in the recognition of a ROU asset, inclusive of building costs incurred by the Company to place the asset into service, of $124.7 million, and a lease liability of $90.8 million.

The unaudited Consolidated Financial Statements as of and for the three and six months ended June 30, 2019 are presented under the new standard, while comparative periods presented are not adjusted and continue to be reported in accordance with our historical accounting policy. See Note 9, Leases, for additional information.

In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), which better aligns a company's risk management activities and financial reporting for hedging relationships and is intended to simplify hedge accounting requirements. ASU 2017-12 was effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company adopted this standard during the first quarter of 2019. The adoption of this standard did not have an impact on the Company's Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASU 2016-13), which requires the use of an "expected loss" model on financial instruments and other commitments to extend credit held by a reporting entity at each

9



reporting date. ASU 2016-13 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company will adopt ASU 2016-13 effective January 1, 2020, and is evaluating the impact the adoption the standard will have on its consolidated financial statements.

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 components
 
Three months ended June 30,
 
Six months ended June 30,
 
Affected line items in the statement where net income is presented
 
2019
 
2018
 
2019
 
2018
 
 
 
(in thousands)
 
 
Derivatives designated as hedging instruments under ASC 815
 
 
 
 
 
 
 
 
 
 
Foreign currency derivative losses (gains)
 
$
(1,749
)
 
$
884

 
$
(3,336
)
 
$
2,105

 
Passenger revenue
Total before tax
 
(1,749
)
 
884

 
(3,336
)
 
2,105

 
 
Tax expense (benefit)
 
426

 
(216
)
 
817

 
(515
)
 
 
Total, net of tax
 
$
(1,323
)
 
$
668

 
$
(2,519
)
 
$
1,590

 
 
Amortization of defined benefit plan items
 
 

 
 

 
 

 
 

 
 
Actuarial loss
 
$
831

 
$
624

 
$
1,662

 
$
1,248

 
Nonoperating Income (Expense), Other, net
Prior service cost
 
56

 
56

 
112

 
112

 
Nonoperating Income (Expense), Other, net
Total before tax
 
887

 
680

 
1,774

 
1,360

 
 
Tax benefit
 
(218
)
 
(166
)
 
(386
)
 
(333
)
 
 
Total, net of tax
 
$
669

 
$
514

 
$
1,388

 
$
1,027

 
 
Short-term investments
 
 

 
 

 
 

 
 

 
 
Realized losses (gain) on sales of investments, net
 
$
69

 
$
26

 
$
(28
)
 
$
31

 
Nonoperating Income (Expense), Other, net
Total before tax
 
69

 
26

 
(28
)
 
31

 
 
Tax expense (benefit)
 
(17
)
 
(6
)
 
7

 
(7
)
 
 
Total, net of tax
 
$
52

 
$
20

 
$
(21
)
 
$
24

 
 
Total reclassifications for the period
 
$
(602
)
 
$
1,202

 
$
(1,152
)
 
$
2,641

 
 


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, 2019 and 2018 is as follows:

Three months ended June 30, 2019
 
Foreign Currency Derivatives
 
Defined Benefit
Plan Items
 
Short-Term Investments
 
Total
 
 
(in thousands)
Beginning balance
 
$
4,462

 
$
(95,279
)
 
$
(62
)
 
$
(90,879
)
Other comprehensive income (loss) before reclassifications, net of tax
 
(2,323
)
 

 
717

 
(1,606
)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
(1,323
)
 
669

 
52

 
(602
)
Net current-period other comprehensive income (loss)
 
(3,646
)
 
669

 
769

 
(2,208
)
Ending balance
 
$
816

 
$
(94,610
)
 
$
707

 
$
(93,087
)

10




Three months ended June 30, 2018
 
Foreign Currency Derivatives
 
Defined Benefit Plan Items
 
Short-Term Investments
 
Total
 
 
(in thousands)
Beginning balance
 
$
(5,995
)
 
$
(75,440
)
 
$
(1,020
)
 
$
(82,455
)
Other comprehensive income before reclassifications, net of tax
 
8,595

 

 
147

 
8,742

Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
668

 
514

 
20

 
1,202

Net current-period other comprehensive income
 
9,263

 
514

 
167

 
9,944

Ending balance
 
$
3,268

 
$
(74,926
)
 
$
(853
)
 
$
(72,511
)


Six months ended June 30, 2019
 
Foreign Currency Derivatives
 
Defined Benefit Pension Items
 
Short-Term Investments
 
Total
 
 
(in thousands)
Beginning balance
 
3,317

 
(95,855
)
 
(602
)
 
(93,140
)
Other comprehensive income (loss) before reclassifications, net of tax
 
18

 
(143
)
 
1,330

 
1,205

Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
(2,519
)
 
1,388

 
(21
)
 
(1,152
)
Net current-period other comprehensive income
 
(2,501
)
 
1,245

 
1,309

 
53

Ending balance
 
816

 
(94,610
)
 
707

 
(93,087
)

Six months ended June 30, 2018
 
Foreign Currency Derivatives
 
Defined Benefit Plan Items
 
Short-Term Investments
 
Total
 
 
(in thousands)
Beginning balance
 
1,249

 
(75,953
)
 
(560
)
 
(75,264
)
Other comprehensive loss before reclassifications, net of tax
 
429

 

 
(317
)
 
112

Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
1,590

 
1,027

 
24

 
2,641

Net current-period other comprehensive income (loss)
 
2,019

 
1,027

 
(293
)
 
2,753

Ending balance
 
3,268

 
(74,926
)
 
(853
)
 
(72,511
)


4. Earnings Per Share
 
Basic earnings per share, which excludes dilution, is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Antidilutive shares excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings per share:

11



 
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