Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.19.3
Fair Value Measurements and Derivatives (Tables)
9 Months Ended
Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of derivatives measured at fair value and disclosed by balance sheet location

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

Liabilities

​

​

​

​

September 30, 

​

December 31, 

​

September 30, 

​

December 31, 

​

    

Balance Sheet Location

    

2019

    

2018

    

2019

    

2018

Derivative Contracts Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

50

​

$

2,583

​

$

346

​

$

1

​

​

Other long-term assets

​

 

53

​

 

197

​

 

—

​

 

29

​

​

Accrued expenses and other liabilities

​

 

17

​

 

1,173

​

 

35,439

​

 

19,547

​

​

Other long-term liabilities

​

 

261

​

 

933

​

 

36,233

​

 

51,184

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

 

—

​

 

5,285

​

 

—

​

 

1,497

​

​

Other long-term assets

​

 

—

​

 

3,514

​

 

—

​

 

—

​

​

Accrued expenses and other liabilities

​

 

—

​

 

112

​

 

97,524

​

 

5,145

​

​

Other long-term liabilities

​

 

—

​

 

2,874

​

 

156,339

​

 

40,476

Interest rate contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

 

—

​

 

519

​

 

—

​

 

—

​

​

Other long-term assets

​

 

—

​

 

27

​

 

—

​

 

—

​

​

Accrued expenses and other liabilities

​

 

—

​

 

—

​

 

2,984

​

 

—

​

​

Other long-term liabilities

​

​

—

​

 

—

​

 

3,284

​

​

—

Total derivatives designated as hedging instruments

​

$

381

​

$

17,217

​

$

332,149

​

$

117,879

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Not Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

Prepaid expenses and other assets

​

$

667

​

$

—

​

$

—

​

$

—

​

​

Accrued expenses and other liabilities

​

​

495

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total derivatives not designated as hedging instruments

​

$

1,162

​

$

—

​

$

—

​

$

—

Total derivatives

​

​

​

$

1,543

​

$

17,217

​

$

332,149

​

$

117,879

Schedule of gross and net amounts recognized within assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross 

​

​

​

​

Gross

​

​

​

​

​

Gross 

​

Amounts 

​

Total Net

​

Amounts 

​

​

​

September 30, 2019

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

770

​

$

(346)

​

$

424

​

$

—

​

$

424

Liabilities

​

​

331,803

​

​

(773)

​

​

331,030

​

​

(260,131)

​

​

70,899

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

Gross

​

​

​

​

​

Gross

​

Amounts

​

Total Net

​

Amounts

​

​

​

December 31, 2018

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

12,125

​

$

(1,527)

​

$

10,598

​

$

(6,872)

​

$

3,726

Liabilities

​

​

116,352

​

​

(5,092)

​

​

111,260

​

​

(35,718)

​

​

75,542

Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Location of Gain

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) Reclassified

​

​

​

​

​

​

​

​

​

​

​

​

​

​

from Accumulated

​

Amount of Gain (Loss) Reclassified

​

​

Amount of Gain (Loss)

​

Other Comprehensive

​

from Accumulated Other

​

​

Recognized in Other

​

Income (Loss) into

​

Comprehensive

Derivatives

    

Comprehensive Income

    

Income

    

Income (Loss) into Income

​

​

Three Months

​

Three Months

​

​

​

Three Months

​

Three Months

​

​

Ended

​

Ended

​

​

​

Ended

​

Ended

​

    

September 30, 2019

    

September 30, 2018

    

​

    

September 30, 2019

    

September 30, 2018

Fuel contracts

​

$

(65,726)

​

$

24,439

 

Fuel

​

$

1,657

​

$

11,595

Foreign currency contracts

​

 

(142,627)

​

 

(10,062)

 

Depreciation and amortization

​

 

(703)

​

 

(703)

Interest rate contracts

​

 

(1,158)

​

 

988

 

Interest expense, net

​

 

(506)

​

 

(186)

Total gain (loss) recognized in other comprehensive income

​

$

(209,511)

​

$

15,365

 

  

​

$

448

​

$

10,706

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Location of Gain

    

​

​

    

​

​

​

​

​

​

​

​

​

​

(Loss) Reclassified

​

​

​

​

​

​

​

​

​

​

​

​

​

​

from Accumulated

​

Amount of Gain (Loss) Reclassified

​

​

Amount of Gain (Loss)

​

Other Comprehensive

​

from Accumulated Other

​

​

Recognized in Other

​

Income (Loss) into

​

Comprehensive

Derivatives

    

Comprehensive Income

    

Income

    

Income (Loss) into Income

​

​

Nine Months

​

Nine Months

​

​

​

Nine Months

​

Nine Months

​

​

Ended

​

Ended

​

​

​

Ended

​

Ended

​

    

September 30, 2019

    

September 30, 2018

​

​

    

September 30, 2019

    

September 30, 2018

Fuel contracts

 

$

14,205

​

$

88,935

​

Fuel

 

$

19,060

​

$

23,024

Foreign currency contracts

 

 

(218,724)

​

 

(43,951)

​

Depreciation and amortization

 

 

(2,108)

​

 

(2,761)

Interest rate contracts

 

 

(7,029)

​

 

3,063

​

Interest expense, net

 

 

(230)

​

 

(1,049)

Total gain (loss) recognized in other comprehensive income

 

$

(211,548)

​

$

48,047

​

  

 

$

16,722

​

$

19,214

Schedule of cash flow hedge accounting on the consolidated financial statements of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2019

​

Three Months Ended September 30, 2018

​

​

​

​

​

Depreciation

​

​

​

​

​

​

​

Depreciation

​

​

​

​

​

​

​

​

and  

​

Interest 

​

​

​

​

and

​

Interest 

​

    

Fuel

    

Amortization

    

 Expense, net

    

Fuel

    

Amortization

    

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

​

$

98,943

​

$

156,215

​

$

60,188

​

$

99,643

​

$

143,700

​

$

69,540

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Fuel contracts

​

​

1,657

​

​

—

​

​

—

​

​

11,595

​

​

—

​

​

—

Foreign currency contracts

​

​

—

​

​

(703)

​

​

—

​

​

—

​

​

(703)

​

​

—

Interest rate contracts

​

​

—

​

​

—

​

​

(506)

​

​

—

​

​

—

​

​

(186)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2019

​

Nine Months Ended September 30, 2018

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

​

and 

​

Interest 

​

​

​

​

and 

​

Interest 

​

    

Fuel

    

Amortization

    

Expense, net

    

Fuel

    

Amortization

    

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

​

$

297,727

​

$

482,227

​

$

199,660

​

$

288,286

​

$

415,648

​

$

202,226

​

​

​

  

​

​

  

​

​

  

​

​

  

​

​

  

​

​

  

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Fuel contracts

 

​

19,060

 

​

—

 

​

—

 

​

23,024

 

​

—

 

​

—

Foreign currency contracts

 

​

—

​

​

(2,108)

 

​

—

 

​

—

 

​

(2,761)

 

​

—

Interest rate contracts

 

​

—

 

​

—

 

​

(230)

 

​

—

 

​

—

 

​

(1,049)