Fair Value Measurements and Derivatives (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
Liabilities |
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
December 31, |
|
|
Balance Sheet Location |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Derivative Contracts Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
$ |
100,943 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Other long-term assets |
|
|
24,129 |
|
|
— |
|
|
— |
|
|
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
116 |
|
|
— |
|
|
16,302 |
|
|
Other long-term liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
7,829 |
Foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
19,087 |
|
|
33,307 |
|
|
— |
|
|
— |
|
|
Other long-term assets |
|
|
2,562 |
|
|
— |
|
|
601 |
|
|
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
— |
|
|
18,837 |
|
|
2,434 |
|
|
Other long-term liabilities |
|
|
— |
|
|
— |
|
|
5,348 |
|
|
— |
Total derivatives designated as hedging instruments |
|
$ |
146,721 |
|
$ |
33,423 |
|
$ |
24,786 |
|
$ |
26,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Contracts Not Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
$ |
4,410 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Other long-term assets |
|
|
112 |
|
|
— |
|
|
— |
|
|
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
1,024 |
|
|
Other long-term liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
114 |
Foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
— |
|
|
4,127 |
|
|
594 |
Total derivatives not designated as hedging instruments |
|
$ |
4,522 |
|
$ |
— |
|
$ |
4,127 |
|
$ |
1,732 |
Total derivatives |
|
|
|
$ |
151,243 |
|
$ |
33,423 |
|
$ |
28,913 |
|
$ |
28,297 |
|
| 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 |
|
|
|
March 31, 2026 |
|
Amounts |
|
Offset |
|
Amounts |
|
Not Offset |
|
Net Amounts |
Assets |
|
$ |
151,243 |
|
$ |
(601) |
|
$ |
150,642 |
|
$ |
(150,380) |
|
$ |
262 |
Liabilities |
|
|
28,312 |
|
|
— |
|
|
28,312 |
|
|
(28,312) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| 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 Income |
Derivatives |
|
Comprehensive Loss |
|
Income (Expense) |
|
(Loss) into Income (Expense) |
|
|
Three Months |
|
Three Months |
|
|
|
Three Months |
|
Three Months |
|
|
Ended |
|
Ended |
|
|
|
Ended |
|
Ended |
|
|
March 31, 2026 |
|
March 31, 2025 |
|
|
|
March 31, 2026 |
|
March 31, 2025 |
Fuel contracts |
|
$ |
162,316 |
|
$ |
10,672 |
|
Fuel |
|
$ |
5,007 |
|
$ |
290 |
Fuel contracts |
|
|
— |
|
|
— |
|
Other income (expense), net |
|
|
705 |
|
|
(244) |
Foreign currency contracts |
|
|
(37,177) |
|
|
20,153 |
|
Depreciation and amortization |
|
|
(4,123) |
|
|
(4,119) |
Total gain (loss) recognized in other comprehensive income (loss) |
|
$ |
125,139 |
|
$ |
30,825 |
|
|
|
$ |
1,589 |
|
$ |
(4,073) |
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
Three Months Ended March 31, 2025 |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
and |
|
Other Income |
|
|
|
|
and |
|
Other Income |
|
|
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 |
|
$ |
168,926 |
|
$ |
260,716 |
|
$ |
40,703 |
|
$ |
175,014 |
|
$ |
231,297 |
|
$ |
(24,505) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
5,007 |
|
|
— |
|
|
— |
|
|
290 |
|
|
— |
|
|
— |
Foreign currency contracts |
|
|
— |
|
|
(4,123) |
|
|
— |
|
|
— |
|
|
(4,119) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
— |
|
|
705 |
|
|
— |
|
|
— |
|
|
(244) |
|