Fair Value Measurements and Derivatives (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| 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 |
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
December 31, |
|
|
Balance Sheet Location |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Derivative Contracts Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term assets |
|
$ |
— |
|
$ |
277 |
|
$ |
— |
|
$ |
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
2,300 |
|
|
67,658 |
|
|
18,257 |
|
|
Other long-term liabilities |
|
|
— |
|
|
683 |
|
|
77,694 |
|
|
17,763 |
Foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
180 |
|
|
— |
|
|
— |
|
|
— |
|
|
Other long-term assets |
|
|
4,055 |
|
|
— |
|
|
— |
|
|
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
— |
|
|
30,151 |
|
|
33,475 |
|
|
Other long-term liabilities |
|
|
— |
|
|
169 |
|
|
167,517 |
|
|
118,500 |
Interest rate contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
— |
|
|
8,820 |
|
|
2,178 |
|
|
Other long-term liabilities |
|
|
— |
|
|
— |
|
|
3,009 |
|
|
1,861 |
Total derivatives designated as hedging instruments |
|
$ |
4,235 |
|
$ |
3,429 |
|
$ |
354,849 |
|
$ |
192,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Contracts Not Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
Accrued expenses and other liabilities |
|
$ |
— |
|
$ |
— |
|
$ |
8,194 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivatives not designated as hedging instruments |
|
$ |
— |
|
$ |
— |
|
$ |
8,194 |
|
$ |
— |
Total derivatives |
|
|
|
$ |
4,235 |
|
$ |
3,429 |
|
$ |
363,043 |
|
$ |
192,034 |
|
| Schedule of gross and net amounts recognized within assets and liabilities |
The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
Amounts |
|
Total Net |
|
Amounts |
|
|
|
June 30, 2020 |
|
Amounts |
|
Offset |
|
Amounts |
|
Not Offset |
|
Net Amounts |
Assets |
|
$ |
4,235 |
|
$ |
— |
|
$ |
4,235 |
|
$ |
(4,235) |
|
$ |
— |
Liabilities |
|
|
363,043 |
|
|
— |
|
|
363,043 |
|
|
(363,043) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
Amounts |
|
Total Net |
|
Amounts |
|
|
|
December 31, 2019 |
|
Amounts |
|
Offset |
|
Amounts |
|
Not Offset |
|
Net Amounts |
Assets |
|
$ |
277 |
|
$ |
— |
|
$ |
277 |
|
$ |
— |
|
$ |
277 |
Liabilities |
|
|
192,034 |
|
|
(3,152) |
|
|
188,882 |
|
|
(149,863) |
|
|
39,019 |
|
| 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) were as follows (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 |
|
|
Three Months |
|
Three Months |
|
|
|
Three Months |
|
Three Months |
|
|
Ended |
|
Ended |
|
|
|
Ended |
|
Ended |
|
|
June 30, 2020 |
|
June 30, 2019 |
|
|
|
June 30, 2020 |
|
June 30, 2019 |
Fuel contracts |
|
$ |
27,769 |
|
$ |
(16,577) |
|
Fuel |
|
$ |
(13,878) |
|
$ |
9,885 |
Fuel contracts |
|
|
— |
|
|
— |
|
Other income (expense), net |
|
|
(11,964) |
|
|
— |
Foreign currency contracts |
|
|
27,694 |
|
|
4,181 |
|
Depreciation and amortization |
|
|
(1,266) |
|
|
(703) |
Interest rate contracts |
|
|
(985) |
|
|
(4,793) |
|
Interest expense, net |
|
|
(1,674) |
|
|
92 |
Total gain (loss) recognized in other comprehensive income |
|
$ |
54,478 |
|
$ |
(17,189) |
|
|
|
$ |
(28,782) |
|
$ |
9,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2020 |
|
June 30, 2019 |
|
|
|
June 30, 2020 |
|
June 30, 2019 |
Fuel contracts |
|
$ |
(170,708) |
|
$ |
79,931 |
|
Fuel |
|
$ |
(20,095) |
|
$ |
17,403 |
Fuel contracts |
|
|
— |
|
|
— |
|
Other income (expense), net |
|
|
(26,284) |
|
|
— |
Foreign currency contracts |
|
|
(70,193) |
|
|
(76,097) |
|
Depreciation and amortization |
|
|
(2,395) |
|
|
(1,406) |
Interest rate contracts |
|
|
(10,481) |
|
|
(5,871) |
|
Interest expense, net |
|
|
(2,007) |
|
|
277 |
Total gain (loss) recognized in other comprehensive income |
|
$ |
(251,382) |
|
$ |
(2,037) |
|
|
|
$ |
(50,781) |
|
$ |
16,274 |
|
| Schedule of cash flow hedge accounting on the consolidated financial statements of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2020 |
|
June 30, 2019 |
|
|
|
June 30, 2020 |
|
June 30, 2019 |
Fuel contracts |
|
$ |
(170,708) |
|
$ |
79,931 |
|
Fuel |
|
$ |
(20,095) |
|
$ |
17,403 |
Fuel contracts |
|
|
— |
|
|
— |
|
Other income (expense), net |
|
|
(26,284) |
|
|
— |
Foreign currency contracts |
|
|
(70,193) |
|
|
(76,097) |
|
Depreciation and amortization |
|
|
(2,395) |
|
|
(1,406) |
Interest rate contracts |
|
|
(10,481) |
|
|
(5,871) |
|
Interest expense, net |
|
|
(2,007) |
|
|
277 |
Total gain (loss) recognized in other comprehensive income |
|
$ |
(251,382) |
|
$ |
(2,037) |
|
|
|
$ |
(50,781) |
|
$ |
16,274 |
|
| Schedule of effects of foreign currency contracts 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 |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
Location of Gain (Loss) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
Other income (expense), net |
|
$ |
3,646 |
|
$ |
— |
|
$ |
3,646 |
|
$ |
— |
|