Fair Value Measurements and Derivatives (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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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 |
The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands):
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Assets |
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Liabilities |
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March 31, |
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December 31, |
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March 31, |
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December 31, |
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Balance Sheet Location |
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2025 |
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2024 |
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2025 |
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2024 |
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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$ |
3,153 |
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$ |
1,576 |
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$ |
1,483 |
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$ |
1,798 |
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Other long-term assets |
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6,171 |
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650 |
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72 |
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208 |
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Accrued expenses and other liabilities |
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1,419 |
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488 |
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11,472 |
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12,955 |
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Other long-term liabilities |
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873 |
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648 |
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1,203 |
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2,030 |
Foreign currency contracts |
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Prepaid expenses and other assets |
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709 |
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— |
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— |
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— |
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Other long-term assets |
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720 |
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— |
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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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— |
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1,567 |
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Other long-term liabilities |
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— |
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— |
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271 |
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17,427 |
Total derivatives designated as hedging instruments |
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$ |
13,045 |
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$ |
3,362 |
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$ |
14,501 |
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$ |
35,985 |
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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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$ |
239 |
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$ |
234 |
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$ |
— |
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$ |
— |
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Accrued expenses and other liabilities |
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89 |
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— |
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1,025 |
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390 |
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Other long-term liabilities |
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— |
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— |
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— |
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35 |
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Total derivatives not designated as hedging instruments |
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$ |
328 |
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$ |
234 |
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$ |
1,025 |
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$ |
425 |
Total derivatives |
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$ |
13,373 |
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$ |
3,596 |
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$ |
15,526 |
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$ |
36,410 |
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| Schedule of gross and net amounts recognized within assets and liabilities |
The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands):
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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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March 31, 2025 |
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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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$ |
10,992 |
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$ |
(1,555) |
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$ |
9,437 |
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$ |
(1,429) |
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$ |
8,008 |
Liabilities |
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13,971 |
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(2,381) |
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11,590 |
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(271) |
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11,319 |
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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, 2024 |
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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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$ |
2,460 |
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$ |
(2,006) |
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$ |
454 |
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$ |
— |
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$ |
454 |
Liabilities |
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34,404 |
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(1,136) |
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33,268 |
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(18,994) |
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14,274 |
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| Schedule of effects of cash flow hedge accounting on accumulated other comprehensive income (loss) |
The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands):
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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 Income |
Derivatives |
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Comprehensive Loss |
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Income (Expense) |
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(Loss) into Income (Expense) |
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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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March 31, 2025 |
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March 31, 2024 |
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March 31, 2025 |
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March 31, 2024 |
Fuel contracts |
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$ |
10,672 |
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$ |
47,253 |
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Fuel |
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$ |
290 |
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$ |
6,577 |
Fuel contracts |
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— |
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— |
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Other income (expense), net |
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(244) |
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875 |
Foreign currency contracts |
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20,153 |
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— |
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Depreciation and amortization |
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(4,119) |
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(4,119) |
Total gain (loss) recognized in other comprehensive loss |
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$ |
30,825 |
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$ |
47,253 |
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$ |
(4,073) |
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$ |
3,333 |
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| Schedule of effects 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):
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Three Months Ended March 31, 2025 |
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Three Months Ended March 31, 2024 |
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Depreciation |
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Depreciation |
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and |
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Other Income |
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and |
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Other Income |
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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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$ |
175,014 |
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$ |
231,297 |
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$ |
(24,505) |
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$ |
197,734 |
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$ |
222,929 |
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$ |
18,137 |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) |
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Fuel contracts |
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290 |
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— |
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— |
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6,577 |
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— |
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— |
Foreign currency contracts |
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— |
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(4,119) |
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— |
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— |
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(4,119) |
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— |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring |
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Fuel contracts |
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— |
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— |
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(244) |
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— |
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— |
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875 |
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