Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.4.0.3
Fair Value Measurements and Derivatives (Tables)
3 Months Ended
Mar. 31, 2016
Schedule of derivatives measured at fair value and disclosed by balance sheet location

 

        Asset     Liability  
    Balance Sheet location   March 31,
2016
    December 31,
2015
    March 31,
2016
    December 31,
2015
 
Fuel swaps designated as hedging instruments                                    
    Prepaid expenses and other assets   $ 6,283     $     $ 256     $  
    Other long-term assets     3,534             43        
    Accrued expenses and other liabilities                 117,016       128,740  
    Other long-term liabilities     1,241             132,656       132,494  
Fuel swaps not designated as hedging instruments                                    
    Prepaid expenses and other assets     16                    
    Accrued expenses and other liabilities                 1,545        
Foreign currency forward contracts designated as hedging instruments                                    
    Prepaid expenses and other assets     671                    
    Other long-term assets     59,812       3,446       2,953       1,370  
    Accrued expenses and other liabilities                 138       8,737  
    Other long-term liabilities     1,397       551                         5,390       24,181  
Foreign currency collar not designated as a hedging instrument                                    
    Accrued expenses and other liabilities                 29,368       42,993  
Interest rate swaps designated as hedging instruments                                    
    Accrued expenses and other liabilities                 3,882       4,079  
    Other long-term liabilities                 4,490       3,395  

 

Schedule of amounts recognized within assets and liabilities

 

March 31, 2016   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
Assets   $ 70,316     $ (3,252 )   $ 67,064     $ (49,147 )   $ 17,917  
Liabilities     294,485       (2,638 )     291,847       (39,761 )     252,086  

 

December 31, 2015   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
Assets   $ 3,446     $ (1,370 )   $ 2,076     $ (2,043 )   $ 33  
Liabilities     344,619       (551 )     344,068       (336,645 )     7,423  

  

Fuel Swaps  
Schedule of effects of derivatives designated as cash flow hedges

 

    Three Months Ended
March 31,
 
    2016     2015  
Loss recognized in other comprehensive income (loss) – effective portion   $ (9,506 )   $ (2,801 )
Loss recognized in other income (expense) – ineffective portion     (5,227 )     (6,051 )
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense     31,137       20,536  

 

Fuel Swaps | Designated as Hedging Instrument  
Schedule of effects of derivatives designated as cash flow hedges
 
    Three Months Ended
March 31,
 
    2016     2015  
Amount reclassified from accumulated other comprehensive income (loss) into other income (expense)   $ 1,529     $  
Fuel Collars | Designated as Hedging Instrument  
Schedule of effects of derivatives designated as cash flow hedges

    Three Months Ended
March 31,
 
    2016     2015  
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense   $     $ 238  

 

Foreign Currency Options | Designated as Hedging Instrument  
Schedule of effects of derivatives designated as cash flow hedges
 
    Three Months Ended
March 31,
 
    2016     2015  
Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense   $ 330     $ 330  

 

Foreign Currency Forward Contracts | Designated as Hedging Instrument  
Schedule of effects of derivatives designated as cash flow hedges
 
    Three Months Ended
March 31,
 
    2016     2015  
Gain (loss) recognized in other comprehensive income (loss) – effective portion   $ 82,511     $ (97,375 )
Gain (loss) recognized in other income (expense) – ineffective portion     11       (15 )
Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense     645       (64 )

 

Foreign Currency Collar | Designated as Hedging Instrument  
Schedule of effects of derivatives designated as cash flow hedges
 
    Three Months Ended
March 31,
 
    2016     2015  
Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense   $ (91 )   $ (91 )

 

Foreign Currency Collar | Not Designated as Hedging Instrument  
Schedule of effects of derivatives not designated as cash flow hedges

 

    Three Months Ended
March 31,
 
    2016     2015  
Gain (loss) recognized in other income (expense)   $ 13,625     $ (28,953 )

 

Interest Rate Swap | Designated as Hedging Instrument  
Schedule of effects of derivatives designated as cash flow hedges
 
    Three Months Ended
March 31,
 
    2016     2015  
Loss recognized in other comprehensive income (loss) – effective portion   $ (2,555 )   $ (3,589 )
Gain (loss) recognized in other income (expense) – ineffective portion     3       (7 )
Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net     1,000       937  
 
Interest Rate Swap | Not Designated as Hedging Instrument  
Schedule of effects of derivatives not designated as cash flow hedges

 

    Three Months Ended
March 31,
 
    2016     2015  
Loss recognized in other income (expense)   $     $ (2 )