Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.22.0.1
Fair Value Measurements and Derivatives (Tables)
12 Months Ended
Dec. 31, 2021
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

    

2021

    

2020

    

2021

    

2020

Derivative Contracts Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

29,349

$

$

$

Other long-term assets

19,554

Accrued expenses and other liabilities

 

 

 

 

35,973

Other long-term liabilities

 

 

 

 

28,947

Foreign currency contracts

Prepaid expenses and other assets

 

4,898

 

5,779

 

 

Other long-term assets

 

 

43,250

 

 

Accrued expenses and other liabilities

 

 

 

98,592

 

14,778

Other long-term liabilities

 

 

6,821

 

73,496

 

44,938

Interest rate contracts

Accrued expenses and other liabilities

 

 

 

469

 

6,776

Other long-term liabilities

 

 

452

Total derivatives designated as hedging instruments

$

53,801

$

55,850

$

172,557

$

131,864

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

10,836

$

$

$

Other long-term assets

3,476

Accrued expenses and other liabilities

546

6,732

Other long-term liabilities

3,534

Total derivatives not designated as hedging instruments

$

14,312

$

546

$

$

10,266

Total derivatives

$

68,113

$

56,396

$

172,557

$

142,130

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, 2021

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

$

68,113

$

$

68,113

$

(68,113)

$

Liabilities

172,557

172,557

(172,557)

Gross

Gross

Gross

Amounts

Total Net

Amounts

December 31, 2020

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

$

49,029

$

$

49,029

$

(49,029)

$

Liabilities

142,130

(7,367)

134,763

(57,351)

77,412

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, 

2021

2020

2019

2021

2020

2019

Fuel contracts

 

$

74,434

$

(157,669)

$

46,154

Fuel

 

$

(41,080)

$

(45,488)

$

14,093

Fuel contracts

Other income (expense), net

(12,002)

(49,653)

Foreign currency contracts

 

 

(185,067)

 

116,496

 

(163,197)

Depreciation and amortization

 

 

(5,067)

 

(4,929)

 

(3,062)

Interest rate contracts

 

 

254

 

(10,469)

 

(5,972)

Interest expense, net

 

 

(6,868)

 

(6,600)

 

(2,133)

Total gain (loss) recognized in other comprehensive income

 

$

(110,379)

$

(51,642)

$

(123,015)

  

 

$

(65,017)

$

(106,670)

$

8,898

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, 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)

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

Year Ended December 31, 2020

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

$

264,712

$

717,840

$

482,313

$

(33,599)

  

  

  

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

  

 

  

 

  

Fuel contracts

(45,488)

 

 

Foreign currency contracts

 

(4,929)

 

Interest rate contracts

 

 

(6,600)

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

(49,653)

Amount of gain recognized in income as a result of failing effectiveness tests

Fuel contracts

5,507

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

Year Ended December 31, 2019

    

    

Depreciation 

    

and

Interest 

    

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

$

409,602

$

646,188

$

272,867

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

 

  

 

  

 

  

 

Fuel contracts

14,093

 

Foreign currency contracts

(3,062)

 

Interest rate contracts

(2,133)

 

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)

    

2021

    

2020

    

2019

Derivatives not designated as hedging instruments

Fuel contracts

Other income (expense), net

$

65,507

$

20,932

$