Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.24.0.1
Fair Value Measurements and Derivatives (Tables)
12 Months Ended
Dec. 31, 2023
Schedule of derivatives measured at fair value and disclosed by balance sheet location

The derivatives measured at fair value and the respective location in the consolidated balance sheets includes the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

Liabilities

​

​

​

​

December 31, 

​

December 31, 

​

December 31, 

​

December 31, 

​

    

Balance Sheet Location

    

2023

    

2022

    

2023

    

2022

Derivative Contracts Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

—

​

$

53,224

​

$

—

​

$

7,137

​

​

Other long-term assets

​

​

—

​

​

3,869

​

​

—

​

​

655

​

​

Accrued expenses and other liabilities

​

 

4,309

​

 

—

​

 

11,247

​

 

—

​

​

Other long-term liabilities

​

 

137

​

 

—

​

 

8,932

​

 

—

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

 

—

​

 

3,617

​

 

—

​

 

—

​

​

Accrued expenses and other liabilities

​

 

—

​

 

4,386

​

 

—

​

 

177,746

Total derivatives designated as hedging instruments

​

$

4,446

​

$

65,096

​

$

20,179

​

$

185,538

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Not Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

Prepaid expenses and other assets

​

$

—

​

$

84

​

$

—

​

$

348

​

​

Other long-term assets

​

​

—

​

​

—

​

​

—

​

​

191

​

​

Accrued expenses and other liabilities

​

​

141

​

​

—

​

​

1,031

​

​

—

​

​

Other long-term liabilities

​

​

—

​

​

—

​

​

280

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total derivatives not designated as hedging instruments

​

$

141

​

$

84

​

$

1,311

​

$

539

Total derivatives

​

​

​

$

4,587

​

$

65,180

​

$

21,490

​

$

186,077

Schedule of gross and net amounts recognized within assets and liabilities

The gross and net amounts recognized within assets and liabilities include the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross 

​

​

​

​

Gross

​

​

​

​

​

Gross 

​

Amounts 

​

Total Net

​

Amounts 

​

​

​

December 31, 2023

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Liabilities

​

​

21,490

​

​

(4,587)

​

​

16,903

​

​

—

​

​

16,903

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

Gross

​

​

​

​

​

Gross

​

Amounts

​

Total Net

​

Amounts

​

​

​

December 31, 2022

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

60,794

​

$

(8,331)

​

$

52,463

​

$

(3,617)

​

$

48,846

Liabilities

​

​

177,746

​

​

(4,386)

​

​

173,360

​

​

(146,381)

​

​

26,979

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

The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) include the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

Year Ended December 31, 

​

​

​

Year Ended December 31, 

​

​

2023

​

2022

​

2021

​

​

​

2023

​

2022

​

2021

Fuel contracts

 

$

(15,144)

​

$

106,994

​

$

74,434

​

Fuel

 

$

39,138

​

$

104,250

​

$

(41,080)

Fuel contracts

​

​

—

​

​

—

​

​

—

​

Other income (expense), net

​

​

(146)

​

​

(293)

​

​

(12,002)

Foreign currency contracts

 

 

13,371

​

 

(211,011)

​

 

(185,067)

​

Depreciation and amortization

 

 

(12,819)

​

 

(7,052)

​

 

(5,067)

Interest rate contracts

 

 

—

​

 

—

​

 

254

​

Interest expense, net

 

 

—

​

 

(40)

​

 

(6,868)

Total gain (loss) recognized in other comprehensive income

 

$

(1,773)

​

$

(104,017)

​

$

(110,379)

​

  

 

$

26,173

​

$

96,865

​

$

(65,017)

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

The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

​

​

​

​

and 

​

Interest 

​

Other Income

​

    

Fuel

    

Amortization

    

Expense, net

​

 (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

​

$

716,833

​

$

808,568

​

$

727,531

​

$

(40,204)

​

​

​

  

​

​

  

​

​

  

​

​

​

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

 

​

  

 

​

  

 

​

  

​

​

​

Fuel contracts

 

​

39,138

 

​

—

 

​

—

​

​

—

Foreign currency contracts

 

​

—

​

​

(12,819)

 

​

—

​

​

—

Interest rate contracts

 

​

—

 

​

—

 

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

—

​

​

—

​

​

—

​

​

(146)

​

​

The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

​

​

​

​

and 

​

Interest 

​

Other Income

​

​

Fuel

    

Amortization

    

Expense, net

​

 (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

​

$

686,825

​

$

749,326

​

$

801,512

​

$

76,566

​

​

​

  

​

​

  

​

​

  

​

​

​

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

​

​

  

 

​

  

 

​

  

​

​

​

Fuel contracts

​

​

104,250

 

​

—

 

​

—

​

​

—

Foreign currency contracts

​

​

—

 

​

(7,052)

 

​

—

​

​

—

Interest rate contracts

​

​

—

 

​

—

 

​

(40)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

—

​

​

—

​

​

—

​

​

(293)

​

The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2021

​

    

​

​

    

Depreciation 

    

​

​

​

​

​

​

​

​

​

​

and

​

Interest 

​

Other Income

​

    

Fuel

    

 Amortization

    

Expense, net

    

 (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

​

$

301,852

​

$

700,845

​

$

2,072,925

​

$

123,953

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

  

​

 

  

​

 

  

 

​

​

Fuel contracts

​

​

(41,080)

​

​

—

​

​

—

 

​

—

Foreign currency contracts

​

​

—

​

​

(5,067)

​

​

—

 

​

—

Interest rate contracts

​

​

—

​

​

—

​

​

(6,868)

 

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

—

​

​

—

​

​

—

​

​

(12,002)

Not Designated as Hedging Instrument  
Schedule of effects of derivatives not designated as hedging instruments

The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of Gain (Loss) Recognized in Income

​

​

​

Year Ended December 31, 

​

Location of Gain (Loss)

    

2023

    

2022

    

2021

Derivatives not designated as hedging instruments

​

​

​

​

​

​

​

​

​

​

Fuel contracts

Other income (expense), net

​

$

(1,663)

​

$

33,850

​

$

65,507

Foreign exchange contracts

Other income (expense), net

​

​

(1,554)

​

​

(15,055)

​

​

(77)