Fair Value Measurements and Derivatives (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Schedule of derivatives measured at fair value and disclosed by balance sheet location |
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance Sheet location |
|
September 30,
2016 |
|
|
December 31,
2015 |
|
|
September 30,
2016 |
|
|
December 31,
2015 |
|
| Fuel swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
$ |
13,740 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
Other long-term assets |
|
|
3,462 |
|
|
|
— |
|
|
|
145 |
|
|
|
— |
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
73,923 |
|
|
|
128,740 |
|
| |
|
Other long-term liabilities |
|
|
7,167 |
|
|
|
— |
|
|
|
65,529 |
|
|
|
132,494 |
|
| Foreign currency forward contracts designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
10,153 |
|
|
|
— |
|
|
|
1,381 |
|
|
|
— |
|
| |
|
Other long-term assets |
|
|
14,980 |
|
|
|
3,446 |
|
|
|
2,363 |
|
|
|
1,370 |
|
| |
|
Accrued expenses and other liabilities |
|
|
1,065 |
|
|
|
— |
|
|
|
8,930 |
|
|
|
8,737 |
|
| |
|
Other long-term liabilities |
|
|
1,567 |
|
|
|
551 |
|
|
|
4,943 |
|
|
|
24,181 |
|
| Foreign currency collar not designated as a hedging instrument |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,993 |
|
| Interest rate swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
3,858 |
|
|
|
4,079 |
|
| |
|
Other long-term liabilities |
|
|
— |
|
|
|
— |
|
|
|
2,594 |
|
|
|
3,395 |
|
|
| Schedule of amounts recognized within assets and liabilities |
| September 30, 2016 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
42,335 |
|
|
$ |
(3,889 |
) |
|
$ |
38,446 |
|
|
$ |
(11,179 |
) |
|
$ |
27,267 |
|
| Liabilities |
|
|
159,777 |
|
|
|
(9,799 |
) |
|
|
149,978 |
|
|
|
(10,802 |
) |
|
|
139,176 |
|
| 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 | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other comprehensive income (loss) – effective portion |
|
$ |
(157 |
) |
|
$ |
(101,056 |
) |
|
$ |
76,145 |
|
|
$ |
(69,724 |
) |
| Loss recognized in other expense – ineffective portion |
|
|
(2,602 |
) |
|
|
(1,580 |
) |
|
|
(11,353 |
) |
|
|
(10,825 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
16,427 |
|
|
|
11,670 |
|
|
|
68,004 |
|
|
|
47,503 |
|
|
| Fuel Swaps | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Loss recognized in other expense |
|
$ |
(179 |
) |
|
$ |
(4,716 |
) |
|
$ |
(271 |
) |
|
$ |
(4,716 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into other expense |
|
|
— |
|
|
|
— |
|
|
|
2,994 |
|
|
|
10,000 |
|
|
| Fuel Collars | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
248 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Currency Options | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
$ |
330 |
|
|
$ |
330 |
|
|
$ |
990 |
|
|
$ |
990 |
|
|
| Foreign Currency Forward Contracts | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other comprehensive income (loss) – effective portion |
|
$ |
36,390 |
|
|
$ |
(1,519 |
) |
|
$ |
39,001 |
|
|
$ |
(61,966 |
) |
| Loss recognized in other expense – ineffective portion |
|
|
(190 |
) |
|
|
(3 |
) |
|
|
(181 |
) |
|
|
(10 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
665 |
|
|
|
(64 |
) |
|
|
1,966 |
|
|
|
(191 |
) |
|
| Foreign Currency Forward Contracts | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other expense |
|
$ |
— |
|
|
$ |
585 |
|
|
$ |
(6,133 |
) |
|
$ |
684 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Currency Collar | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
$ |
(91 |
) |
|
$ |
(91 |
) |
|
$ |
(273 |
) |
|
$ |
(273 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Currency Collar | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other expense |
|
$ |
— |
|
|
$ |
955 |
|
|
$ |
10,312 |
|
|
$ |
(18,648 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate Swap | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other comprehensive income (loss)– effective portion |
|
$ |
818 |
|
|
$ |
(2,652 |
) |
|
$ |
(2,638 |
) |
|
$ |
(6,811 |
) |
| Gain (loss) recognized in other expense – ineffective portion |
|
|
— |
|
|
|
(9 |
) |
|
|
3 |
|
|
|
(21 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net |
|
|
996 |
|
|
|
1,287 |
|
|
|
2,977 |
|
|
|
3,305 |
|
|
| Interest Rate Swap | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Loss recognized in other expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|