Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.10.0.1
Fair Value Measurements and Derivatives (Tables)
12 Months Ended
Dec. 31, 2018
Schedule of derivatives measured at fair value and disclosed by balance sheet location
        Assets     Liabilities  
Derivative Contracts Designated as       December 31,     December 31,  
Hedging Instruments   Balance Sheet Location   2018     2017     2018     2017  
Fuel contracts                                    
    Prepaid expenses and other assets   $ 2,583     $ 19,220     $ 1     $ 2,406  
    Other long-term assets     197       19,854       29       3,469  
    Accrued expenses and other liabilities     1,173             19,547       3,348  
    Other long-term liabilities     933       576       51,184       2,148  
Foreign currency contracts                                    
    Prepaid expenses and other assets     5,285       52,300       1,497       730  
    Other long-term assets     3,514       85,081              
    Accrued expenses and other liabilities     112             5,145        
    Other long-term liabilities     2,874             40,476        
Interest rate contracts                                    
    Prepaid expenses and other assets     519                    
    Other long-term assets     27                    
    Accrued expenses and other liabilities                       1,020  
Total derivative contracts designated as hedging instruments       $ 17,217     $ 177,031     $ 117,879     $ 13,121  
Schedule of gross and net amounts recognized within assets and liabilities
December 31, 2018  

Gross 

Amounts

    Gross
Amounts
Offset
    Total Net
Amounts
   

Gross
Amounts 

Not Offset

    Net Amounts  
Assets   $ 12,125     $ (1,527 )   $ 10,598     $ (6,872 )   $ 3,726  
Liabilities   $ 116,352     $ (5,092 )   $ 111,260     $ (35,718 )   $ 75,542  

  

December 31, 2017  

Gross 

Amounts

    Gross
Amounts
Offset
    Total Net
Amounts
   

Gross
Amounts 

Not Offset

    Net Amounts  
Assets   $ 176,455     $ (6,605 )   $ 169,850     $ (127,924 )   $ 41,926  
Liabilities   $ 6,516     $ (576 )   $ 5,940     $ (1,020 )   $ 4,920  
Schedule of effects of derivatives designated as cash flow hedges

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

 
Derivatives  

Amount of Gain (Loss)

Recognized in Other

Comprehensive Income

    Location of Gain
(Loss) Reclassified
from Accumulated
Other Comprehensive
Income (Loss) into Income
 

Amount of Gain (Loss)

Reclassified from Accumulated Other
Comprehensive Income (Loss) into Income

 
    Year Ended December 31,         Year Ended December 31,  
    2018     2017     2016         2018     2017     2016  
Fuel contracts   $ (52,949 )   $ 50,263     $ 127,470     Fuel   $ 34,410     $ (29,721 )   $ (88,442 )
Foreign currency contracts     (108,911 )     254,070       (124,058 )   Depreciation and amortization     (3,463 )     (4,077 )     (3,581 )
Interest rate contracts     646       351       (1,701 )   Interest expense, net     (851 )     (2,997 )     (3,946 )
Total gain (loss) recognized in other comprehensive income   $ (161,214 )   $ 304,684     $ 1,711         $ 30,096     $ (36,795 )   $ (95,969 )

 

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

 

    Year Ended December 31, 2018     Year Ended December 31, 2017  
    Fuel     Depreciation 
and 
Amortization
    Interest 
Expense, net
    Fuel     Depreciation 
and 
Amortization
    Interest 
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   $ 392,685     $ 561,060     $ 270,404     $ 361,032     $ 509,957     $ 267,804  
                                                 
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income                                                
Fuel contracts   $ 34,410     $     $     $ (29,721 )   $     $  
Foreign currency contracts   $     $ (3,463 )   $     $     $ (4,077 )   $  
Interest rate contracts   $     $     $ (851 )   $     $     $ (2,997 )

 

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

 

    Year Ended December 31, 2016  
    Fuel     Depreciation 
and 
Amortization
    Interest 
Expense, net
    Other
(Income)
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   $ 335,174     $ 432,495     $ 276,859     $ 8,302  
                                 
Amount of loss reclassified from accumulated other comprehensive income (loss) into income                                
Fuel contracts   $ (85,448 )   $     $     $  
Foreign currency contracts   $     $ (3,581 )   $     $  
Interest rate contracts   $     $     $ (3,946 )   $  
                                 
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   $     $     $     $ (2,994 )
Schedule of effects of foreign currency contracts not designated as hedging instruments
    Year Ended December 31,  
    2018     2017     2016  
Gain recognized in other income (expense), net   $     $     $ 4,179