Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements and Derivatives (Tables)

v2.4.1.9
Fair Value Measurements and Derivatives (Tables)
12 Months Ended
Dec. 31, 2014
Schedule of derivatives measured at fair value
        Asset     Liability  
  Balance Sheet location   December 31,
2014
    December 31,
2013
    December 31,
2014
    December 31,
2013
 
Fuel swaps designated as hedging instruments                                    
    Prepaid expenses and other assets   $     $ 5,024     $     $ 666  
                                     
    Other long-term assets           6,869             9  
                                     
    Accrued expenses and other liabilities                 111,304        
                                     
    Other long-term liabilities     190             77,250        
Fuel collars designated as hedging instruments                                    
    Prepaid expenses and other assets           452             195  
Fuel options not designated as hedging instruments                                    
    Prepaid expenses and other assets                       195  
Foreign currency options designated as hedging instruments                                    
    Accrued expenses and other liabilities                       9,815  
Foreign currency forward contracts designated as hedging instruments                                    
    Prepaid expenses and other assets           2,624              
                                     
    Accrued expenses and other liabilities                 29,498       6,582  

 

        Asset     Liability  
  Balance Sheet location   December 31,
2014
    December 31,
2013
    December 31,
2014
    December 31,
2013
 
    Other long-term liabilities                 118        
Foreign currency collar designated as a hedging instrument                                    
    Prepaid expenses and other assets           12,502              
Foreign currency collar not designated as a hedging instrument                                    
    Other long-term assets                 16,744        
Interest rate swaps designated as hedging instruments                                    
    Accrued expenses and other liabilities                 5,736       1,707  
                                     
    Other long-term liabilities                 3,104       1,374  
Interest rate swap not designated as hedging instruments                                    
    Accrued expenses and other liabilities                 3,823        
Schedule of gross and net amounts recognized within assets and liabilities
December 31, 2014   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
                                         
Liabilities   $ 247,577     $ (190 )   $ 247,387     $ (59,023 )   $ 188,364  

 

December 31, 2013   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
                               
Assets   $ 27,471     $ (1,065 )   $ 26,406     $ (15,126 )   $ 11,280  
Liabilities     19,478             19,478       (19,478 )      
Fuel Swaps  
Schedule of effects of derivatives designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Gain (loss) recognized in other comprehensive income (loss) – effective portion   $ (198,595 )   $ 8,532     $ 18,906  
Loss recognized in other income (expense) – ineffective portion     (5,753 )     (345 )     (509 )
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense     8,388       (6,250 )     (14,448 )
Foreign Currency Options  
Schedule of effects of derivatives designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Loss recognized in other comprehensive income (loss) – effective portion   $ (1,157 )   $ (3,304 )   $ (19,428 )
Loss recognized in other income (expense) – ineffective portion     (241 )     (97 )     (864 )
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense     1,269       470        
Foreign currency forward contracts  
Schedule of effects of derivatives designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Gain (loss) recognized in other comprehensive income (loss) – effective portion   $ (30,686 )   $ (2,983 )   $ 11,685  

 

Gain (loss) recognized in other income (expense) – ineffective portion     (7 )     67        
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense     (243 )     (84 )      
Fuel Collars  
Schedule of effects of derivatives designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Gain (loss) recognized in other comprehensive income (loss) – effective portion   $ (1,024 )   $ (1,152 )   $ 592  
Gain (loss) recognized in other income (expense) – ineffective portion     (292 )     (26 )     165  
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense     1,888       1,547       (1,954 )
Foreign currency collar  
Schedule of effects of derivatives designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Gain (loss) recognized in other comprehensive income (loss) – effective portion   $ (1,588 )   $ 4,350     $ 8,152  
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense     (333 )            
Interest rates swaps  
Schedule of effects of derivatives designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Loss recognized in other comprehensive income (loss) – effective portion   $ (5,386 )   $ (3,196 )   $  
Amount reclassified from other comprehensive income (loss) into interest expense, net     2,385       189        
Not Designated as Hedging Instrument | Fuel Options  
Schedule of effects of derivatives not designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Gain (loss) recognized in other income (expense)   $ (864 )   $ 1,340     $ 3,218  
Not Designated as Hedging Instrument | Foreign currency forward contracts  
Schedule of effects of derivatives not designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Gain recognized in other income (expense)   $     $ 20     $  
Not Designated as Hedging Instrument | Foreign currency collar  
Schedule of effects of derivatives not designated as cash flow hedges

 

    Year Ended December 31,  
    2014     2013     2012  
Loss recognized in other income (expense)   $ (6,980 )   $     $  
Not Designated as Hedging Instrument | Interest rates swaps  
Schedule of effects of derivatives not designated as cash flow hedges
    Year Ended December 31,  
    2014     2013     2012  
Loss recognized in other income (expense)   $ (3 )   $     $