Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements and Derivatives (Tables)

v3.25.4
Fair Value Measurements and Derivatives (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of derivatives measured at fair value and disclosed by balance sheet location

Derivatives measured at fair value and the respective locations in the consolidated balance sheets includes the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

Liabilities

​

​

​

​

December 31, 

​

December 31, 

​

December 31, 

​

December 31, 

​

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Derivative Contracts Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

—

​

$

1,576

​

$

—

​

$

1,798

​

​

Other long-term assets

​

​

—

​

​

650

​

​

—

​

​

208

​

​

Accrued expenses and other liabilities

​

 

116

​

 

488

​

 

16,302

​

 

12,955

​

​

Other long-term liabilities

​

 

—

​

 

648

​

 

7,829

​

 

2,030

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

 

33,307

​

 

—

​

 

—

​

 

—

​

​

Accrued expenses and other liabilities

​

 

—

​

 

—

​

 

2,434

​

 

1,567

​

​

Other long-term liabilities

​

 

—

​

 

—

​

 

—

​

 

17,427

Total derivatives designated as hedging instruments

​

$

33,423

​

$

3,362

​

$

26,565

​

$

35,985

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Not Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

—

​

$

234

​

$

—

​

$

—

​

​

Accrued expenses and other liabilities

​

​

—

​

​

—

​

​

1,024

​

​

390

​

​

Other long-term liabilities

​

​

—

​

​

—

​

​

114

​

​

35

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued expenses and other liabilities

​

​

—

​

​

—

​

​

594

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total derivatives not designated as hedging instruments

​

$

—

​

$

234

​

$

1,732

​

$

425

Total derivatives

​

​

​

$

33,423

​

$

3,596

​

$

28,297

​

$

36,410

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, 2025

  ​ ​ ​

Amounts

  ​ ​ ​

Offset

  ​ ​ ​

Amounts

  ​ ​ ​

Not Offset

  ​ ​ ​

Net Amounts

Assets

​

$

33,307

​

$

—

​

$

33,307

​

$

(33,307)

​

$

—

Liabilities

​

​

28,297

​

​

(116)

​

​

28,181

​

​

(3,028)

​

​

25,153

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

Gross

​

​

​

​

​

Gross

​

Amounts

​

Total Net

​

Amounts

​

​

​

December 31, 2024

  ​ ​ ​

Amounts

  ​ ​ ​

Offset

  ​ ​ ​

Amounts

  ​ ​ ​

Not Offset

  ​ ​ ​

Net Amounts

Assets

​

$

2,460

​

$

(2,006)

​

$

454

​

$

—

​

$

454

Liabilities

​

​

34,404

​

​

(1,136)

​

​

33,268

​

​

(18,994)

​

​

14,274

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) 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 (Loss)

  ​ ​ ​

Income

  ​ ​ ​

Income (Loss) into Income

​

​

Year Ended December 31, 

​

​

​

Year Ended December 31, 

​

​

2025

​

2024

​

2023

​

​

​

2025

​

2024

​

2023

Fuel contracts

 

$

(29,823)

​

$

9,482

​

$

(15,144)

​

Fuel

 

$

(15,531)

​

$

12,321

​

$

39,138

Fuel contracts

​

​

—

​

​

—

​

​

—

​

Other income (expense), net

​

​

(1,402)

​

​

(766)

​

​

(146)

Foreign currency contracts

 

 

53,055

​

 

(20,124)

​

 

13,371

​

Depreciation and amortization

 

 

(16,475)

​

 

(16,478)

​

 

(12,819)

Total gain (loss) recognized in other comprehensive income (loss)

 

$

23,232

​

$

(10,642)

​

$

(1,773)

​

  ​

 

$

(33,408)

​

$

(4,923)

​

$

26,173

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2025

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

​

and 

​

Other Income

​

  ​ ​ ​

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

​

$

675,887

​

$

1,078,755

​

$

(178,641)

​

​

​

  ​

​

​

  ​

​

​

​

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

 

​

  ​

 

​

  ​

 

​

​

Fuel contracts

 

​

(15,531)

 

​

—

 

​

—

Foreign currency contracts

 

​

—

​

​

(16,475)

 

​

—

​

​

​

​

​

​

​

​

​

​

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

​

​

—

​

​

—

​

​

(1,402)

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

​

and 

​

Other Income

​

​

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

​

$

698,050

​

$

890,242

​

$

54,224

​

​

​

  ​

​

​

  ​

​

​

​

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

​

​

  ​

 

​

  ​

 

​

​

Fuel contracts

​

​

12,321

 

​

—

 

​

—

Foreign currency contracts

​

​

—

 

​

(16,478)

 

​

—

​

​

​

​

​

​

​

​

​

​

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

​

​

—

​

​

—

​

​

(766)

​

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

​

Other Income

​

  ​ ​ ​

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

​

$

716,833

​

$

808,568

​

$

(40,204)

​

​

​

​

​

​

​

​

​

​

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

​

 

  ​

​

 

  ​

​

​

​

Fuel contracts

​

​

39,138

​

​

—

​

​

—

Foreign currency contracts

​

​

—

​

​

(12,819)

​

​

—

​

​

​

​

​

​

​

​

​

​

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)