Fair Value Measurements and Derivatives (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Schedule of derivatives measured at fair value and disclosed by balance sheet location |
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance Sheet location |
|
March 31,
2017 |
|
|
December 31,
2016 |
|
|
March 31,
2017 |
|
|
December 31,
2016 |
|
| Fuel swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
$ |
11,630 |
|
|
$ |
20,288 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
Accrued expenses and other liabilities |
|
|
622 |
|
|
|
— |
|
|
|
45,690 |
|
|
|
44,271 |
|
| |
|
Other long-term liabilities |
|
|
7,827 |
|
|
|
13,237 |
|
|
|
42,130 |
|
|
|
38,608 |
|
| Foreign currency forward contracts designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term assets |
|
|
225 |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
54,086 |
|
|
|
61,788 |
|
| |
|
Other long-term liabilities |
|
|
— |
|
|
|
— |
|
|
|
78,247 |
|
|
|
88,920 |
|
| Interest rate swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
2,886 |
|
|
|
3,331 |
|
| |
|
Other long-term liabilities |
|
|
— |
|
|
|
— |
|
|
|
453 |
|
|
|
1,151 |
|
| Schedule of amounts recognized within assets and liabilities |
| March 31, 2017 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
11,855 |
|
|
$ |
— |
|
|
$ |
11,855 |
|
|
$ |
(225 |
) |
|
$ |
11,630 |
|
| Liabilities |
|
|
223,492 |
|
|
|
(8,449 |
) |
|
|
215,043 |
|
|
|
(135,672 |
) |
|
|
79,371 |
|
| December 31, 2016 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
20,302 |
|
|
$ |
— |
|
|
$ |
20,302 |
|
|
$ |
(14 |
) |
|
$ |
20,288 |
|
| Liabilities |
|
|
238,069 |
|
|
|
(13,237 |
) |
|
|
224,832 |
|
|
|
(155,190 |
) |
|
|
69,642 |
|
| Fuel Swaps | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Loss recognized in other comprehensive income – effective portion |
|
$ |
(26,203 |
) |
|
$ |
(9,506 |
) |
| Loss recognized in other income (expense), net – ineffective portion |
|
|
(370 |
) |
|
|
(5,227 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
8,003 |
|
|
|
31,137 |
|
| Fuel Swaps | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into other income (expense), net |
|
$ |
— |
|
|
$ |
1,529 |
|
|
| Fuel Collars | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
$ |
(91 |
) |
|
$ |
(91 |
) |
|
| Fuel Collars | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Gain recognized in other income (expense) |
|
$ |
— |
|
|
$ |
13,625 |
|
|
| Foreign Currency Options | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| 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 and dedesignated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Gain recognized in other comprehensive income – effective portion |
|
$ |
18,636 |
|
|
$ |
82,511 |
|
| Gain (loss) recognized in other income (expense), net – ineffective portion |
|
|
(50 |
) |
|
|
11 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
618 |
|
|
|
645 |
|
|
| Interest Rate Swap | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
284 |
|
|
$ |
(2,555 |
) |
| Gain recognized in other income (expense), net – ineffective portion |
|
|
— |
|
|
|
3 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net |
|
|
845 |
|
|
|
1,000 |
|