Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.19.2
Fair Value Measurements and Derivatives (Tables)
6 Months Ended
Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of derivatives measured at fair value and disclosed by balance sheet location

Assets

Liabilities

June 30, 

December 31, 

June 30, 

December 31, 

    

Balance Sheet Location

    

2019

    

2018

    

2019

    

2018

Derivative Contracts Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

11,395

$

2,583

$

5,692

$

1

Other long-term assets

 

10,085

 

197

 

3,189

 

29

Accrued expenses and other liabilities

 

 

1,173

 

7,154

 

19,547

Other long-term liabilities

 

1,211

 

933

 

13,196

 

51,184

Foreign currency contracts

Prepaid expenses and other assets

 

2,442

 

5,285

 

 

1,497

Other long-term assets

 

 

3,514

 

 

Accrued expenses and other liabilities

 

517

 

112

 

38,713

 

5,145

Other long-term liabilities

 

43

 

2,874

 

76,013

 

40,476

Interest rate contracts

Prepaid expenses and other assets

 

 

519

 

 

Other long-term assets

 

 

27

 

 

Accrued expenses and other liabilities

 

 

 

3,156

 

Other long-term liabilities

 

 

2,450

Total derivatives designated as hedging instruments

$

25,693

$

17,217

$

149,563

$

117,879

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

2,315

$

$

$

Total derivatives not designated as hedging instruments

$

2,315

$

$

$

Total derivatives

$

28,008

$

17,217

$

149,563

$

117,879

Schedule of gross and net amounts recognized within assets and liabilities

Gross 

Gross

Gross 

Amounts 

Total Net

Amounts 

June 30, 2019

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

$

26,237

$

(8,881)

$

17,356

$

(2,442)

$

14,914

Liabilities

140,682

(1,771)

138,911

(112,198)

26,713

Gross

Gross

Gross

Amounts

Total Net

Amounts

December 31, 2018

    

Amounts

    

Offset

    

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

Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss)

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

Three Months

Three Months

Three Months

Three Months

Ended

Ended

Ended

Ended

    

June 30, 2019

    

June 30, 2018

    

    

June 30, 2019

    

June 30, 2018

Fuel contracts

$

(16,577)

$

70,508

 

Fuel

$

9,885

$

7,904

Foreign currency contracts

 

4,181

 

(88,382)

 

Depreciation and amortization

 

(703)

 

(899)

Interest rate contracts

 

(4,793)

 

1,980

 

Interest expense, net

 

92

 

(282)

Total gain (loss) recognized in other comprehensive income

$

(17,189)

$

(15,894)

 

  

$

9,274

$

6,723

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

Six Months

Six Months

Six Months

Six Months

Ended

Ended

Ended

Ended

    

June 30, 2019

    

June 30, 2018

    

June 30, 2019

    

June 30, 2018

Fuel contracts

 

$

79,931

$

64,496

Fuel

 

$

17,403

$

11,429

Foreign currency contracts

 

 

(76,097)

 

(33,889)

Depreciation and amortization

 

 

(1,406)

 

(2,058)

Interest rate contracts

 

 

(5,871)

 

2,075

Interest expense, net

 

 

277

 

(863)

Total gain (loss) recognized in other comprehensive income

 

$

(2,037)

$

32,682

  

 

$

16,274

$

8,508

Schedule of cash flow hedge accounting on the consolidated financial statements of operations

Three Months Ended June 30, 2019

Three Months Ended June 30, 2018

Depreciation

Depreciation

and  

Interest 

and

Interest 

    

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

$

100,531

$

156,271

$

65,969

$

95,212

$

140,704

$

72,988

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

 

  

 

  

 

  

 

  

 

  

 

  

Fuel contracts

9,885

7,904

Foreign currency contracts

(703)

(899)

Interest rate contracts

92

(282)

Schedule of effects of derivatives designated as cash flow hedges

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

Six Months Ended June 30, 2019

Six Months Ended June 30, 2018

Depreciation 

Depreciation 

and 

Interest 

and 

Interest 

    

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

$

198,784

$

326,012

$

139,472

$

188,643

$

271,948

$

132,686

  

  

  

  

  

  

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

 

  

 

  

 

  

 

  

 

  

 

  

Fuel contracts

 

17,403

 

 

 

11,429

 

 

Foreign currency contracts

 

(1,406)

 

 

 

(2,058)

 

Interest rate contracts

 

 

 

277

 

 

 

(863)