Fair Value Measurements and Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
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| Schedule of derivatives measured at fair value and disclosed by balance sheet location |
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Assets |
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Liabilities |
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June 30, |
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December 31, |
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June 30, |
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December 31, |
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Balance Sheet Location |
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2019 |
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2018 |
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2019 |
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2018 |
Derivative Contracts Designated as Hedging Instruments |
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Fuel contracts |
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Prepaid expenses and other assets |
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$ |
11,395 |
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$ |
2,583 |
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$ |
5,692 |
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$ |
1 |
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Other long-term assets |
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10,085 |
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197 |
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3,189 |
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29 |
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Accrued expenses and other liabilities |
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— |
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1,173 |
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7,154 |
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19,547 |
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Other long-term liabilities |
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1,211 |
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933 |
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13,196 |
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51,184 |
Foreign currency contracts |
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Prepaid expenses and other assets |
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2,442 |
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5,285 |
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— |
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1,497 |
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Other long-term assets |
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— |
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3,514 |
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— |
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— |
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Accrued expenses and other liabilities |
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517 |
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112 |
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38,713 |
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5,145 |
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Other long-term liabilities |
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43 |
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2,874 |
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76,013 |
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40,476 |
Interest rate contracts |
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Prepaid expenses and other assets |
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— |
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519 |
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— |
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— |
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Other long-term assets |
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— |
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27 |
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— |
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— |
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Accrued expenses and other liabilities |
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— |
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— |
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3,156 |
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— |
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Other long-term liabilities |
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— |
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— |
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2,450 |
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— |
Total derivatives designated as hedging instruments |
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$ |
25,693 |
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$ |
17,217 |
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$ |
149,563 |
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$ |
117,879 |
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Derivative Contracts Not Designated as Hedging Instruments |
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Fuel contracts |
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Prepaid expenses and other assets |
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$ |
2,315 |
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$ |
— |
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$ |
— |
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$ |
— |
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Total derivatives not designated as hedging instruments |
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$ |
2,315 |
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$ |
— |
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$ |
— |
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$ |
— |
Total derivatives |
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$ |
28,008 |
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$ |
17,217 |
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$ |
149,563 |
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$ |
117,879 |
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| Schedule of gross and net amounts recognized within assets and liabilities |
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Gross |
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Gross |
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Gross |
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Amounts |
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Total Net |
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Amounts |
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June 30, 2019 |
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Amounts |
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Offset |
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Amounts |
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Not Offset |
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Net Amounts |
Assets |
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$ |
26,237 |
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$ |
(8,881) |
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$ |
17,356 |
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$ |
(2,442) |
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$ |
14,914 |
Liabilities |
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140,682 |
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(1,771) |
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138,911 |
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(112,198) |
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26,713 |
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Gross |
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Gross |
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Gross |
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Amounts |
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Total Net |
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Amounts |
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December 31, 2018 |
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Amounts |
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Offset |
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Amounts |
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Not Offset |
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Net Amounts |
Assets |
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$ |
12,125 |
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$ |
(1,527) |
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$ |
10,598 |
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$ |
(6,872) |
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$ |
3,726 |
Liabilities |
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116,352 |
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(5,092) |
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111,260 |
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(35,718) |
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75,542 |
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| Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss) |
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Location of Gain |
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(Loss) Reclassified |
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from Accumulated |
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Amount of Gain (Loss) Reclassified |
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Amount of Gain (Loss) |
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Other Comprehensive |
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from Accumulated Other |
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Recognized in Other |
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Income (Loss) into |
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Comprehensive |
Derivatives |
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Comprehensive Income |
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Income |
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Income (Loss) into Income |
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Three Months |
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Three Months |
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Three Months |
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Three Months |
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Ended |
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Ended |
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Ended |
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Ended |
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June 30, 2019 |
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June 30, 2018 |
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June 30, 2019 |
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June 30, 2018 |
Fuel contracts |
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$ |
(16,577) |
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$ |
70,508 |
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Fuel |
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$ |
9,885 |
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$ |
7,904 |
Foreign currency contracts |
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4,181 |
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(88,382) |
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Depreciation and amortization |
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(703) |
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(899) |
Interest rate contracts |
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(4,793) |
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1,980 |
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Interest expense, net |
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92 |
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(282) |
Total gain (loss) recognized in other comprehensive income |
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$ |
(17,189) |
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$ |
(15,894) |
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$ |
9,274 |
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$ |
6,723 |
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Location of Gain |
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(Loss) Reclassified |
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from Accumulated |
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Amount of Gain (Loss) Reclassified |
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Amount of Gain (Loss) |
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Other Comprehensive |
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from Accumulated Other |
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Recognized in Other |
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Income (Loss) into |
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Comprehensive |
Derivatives |
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Comprehensive Income |
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Income |
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Income (Loss) into Income |
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Six Months |
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Six Months |
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Six Months |
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Six Months |
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Ended |
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Ended |
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Ended |
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Ended |
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June 30, 2019 |
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June 30, 2018 |
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June 30, 2019 |
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June 30, 2018 |
Fuel contracts |
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$ |
79,931 |
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$ |
64,496 |
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Fuel |
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$ |
17,403 |
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$ |
11,429 |
Foreign currency contracts |
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(76,097) |
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(33,889) |
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Depreciation and amortization |
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(1,406) |
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(2,058) |
Interest rate contracts |
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(5,871) |
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2,075 |
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Interest expense, net |
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277 |
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(863) |
Total gain (loss) recognized in other comprehensive income |
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$ |
(2,037) |
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$ |
32,682 |
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$ |
16,274 |
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$ |
8,508 |
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| Schedule of cash flow hedge accounting on the consolidated financial statements of operations |
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Three Months Ended June 30, 2019 |
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Three Months Ended June 30, 2018 |
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Depreciation |
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Depreciation |
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and |
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Interest |
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and |
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Interest |
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Fuel |
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Amortization |
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Expense, net |
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Fuel |
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Amortization |
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Expense, net |
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded |
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$ |
100,531 |
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$ |
156,271 |
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$ |
65,969 |
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$ |
95,212 |
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$ |
140,704 |
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$ |
72,988 |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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Fuel contracts |
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9,885 |
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— |
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— |
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7,904 |
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— |
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— |
Foreign currency contracts |
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— |
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(703) |
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— |
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— |
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(899) |
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— |
Interest rate contracts |
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— |
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— |
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92 |
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— |
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— |
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(282) |
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| Schedule of effects of derivatives designated as cash flow hedges |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
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Six Months Ended June 30, 2019 |
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Six Months Ended June 30, 2018 |
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Depreciation |
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Depreciation |
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and |
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Interest |
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and |
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Interest |
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Fuel |
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Amortization |
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Expense, net |
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Fuel |
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Amortization |
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Expense, net |
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded |
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$ |
198,784 |
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$ |
326,012 |
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$ |
139,472 |
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$ |
188,643 |
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$ |
271,948 |
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$ |
132,686 |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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Fuel contracts |
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17,403 |
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— |
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— |
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11,429 |
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— |
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— |
Foreign currency contracts |
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— |
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(1,406) |
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— |
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— |
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(2,058) |
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— |
Interest rate contracts |
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|
— |
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— |
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|
277 |
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— |
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— |
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(863) |
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