Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.21.1
Fair Value Measurements and Derivatives (Tables)
3 Months Ended
Mar. 31, 2021
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

​

​

​

​

March 31, 

​

December 31, 

​

March 31, 

​

December 31, 

​

    

Balance Sheet Location

    

2021

    

2020

    

2021

    

2020

Derivative Contracts Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

165

​

$

—

​

$

242

​

$

—

​

​

Other long-term assets

​

​

1,286

​

​

—

​

​

463

​

​

—

​

​

Accrued expenses and other liabilities

​

 

192

​

 

—

​

 

528

​

 

35,973

​

​

Other long-term liabilities

​

 

1,976

​

 

—

​

 

3,867

​

 

28,947

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

 

1,394

​

 

5,779

​

 

—

​

 

—

​

​

Other long-term assets

​

 

21,331

​

 

43,250

​

 

—

​

 

—

​

​

Accrued expenses and other liabilities

​

 

—

​

 

—

​

 

18,431

​

 

14,778

​

​

Other long-term liabilities

​

 

1,808

​

 

6,821

​

 

104,333

​

 

44,938

Interest rate contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued expenses and other liabilities

​

 

—

​

 

—

​

 

4,621

​

 

6,776

​

​

Other long-term liabilities

​

​

—

​

 

—

​

 

—

​

​

452

Total derivatives designated as hedging instruments

​

$

28,152

​

$

55,850

​

$

132,485

​

$

131,864

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Not Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

599

​

$

—

​

$

—

​

$

—

​

​

Other long-term assets

​

​

240

​

​

​

​

​

390

​

​

​

​

​

Accrued expenses and other liabilities

​

​

4,550

​

​

546

​

​

16,968

​

​

6,732

​

​

Other long-term liabilities

​

​

35

​

​

—

​

​

15

​

​

3,534

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total derivatives not designated as hedging instruments

​

$

5,424

​

$

546

​

$

17,373

​

$

10,266

Total derivatives

​

​

​

$

33,576

​

$

56,396

​

$

149,858

​

$

142,130

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 

​

​

​

March 31, 2021

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

25,015

​

$

(1,095)

​

$

23,920

​

$

(22,725)

​

$

1,195

Liabilities

​

​

148,763

​

​

(8,561)

​

​

140,202

​

​

(114,324)

​

​

25,878

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

Gross

​

​

​

​

​

Gross

​

Amounts

​

Total Net

​

Amounts

​

​

​

December 31, 2020

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

49,029

​

$

—

​

$

49,029

​

$

(49,029)

​

$

—

Liabilities

​

​

142,130

​

​

(7,367)

​

​

134,763

​

​

(57,351)

​

​

77,412

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 Income

Derivatives

    

Comprehensive Loss

    

Income (Expense)

    

(Loss) into Income (Expense)

​

​

Three Months

​

Three Months

​

​

​

Three Months

​

Three Months

​

​

Ended

​

Ended

​

​

​

Ended

​

Ended

​

    

March 31, 2021

    

March 31, 2020

    

​

    

March 31, 2021

    

March 31, 2020

Fuel contracts

​

$

24,050

​

$

(198,477)

 

Fuel

​

$

(8,171)

​

$

(6,217)

Fuel contracts

​

​

—

​

​

—

​

Other income (expense), net

​

​

(10,190)

​

​

(14,320)

Foreign currency contracts

​

 

(97,441)

​

 

(97,887)

 

Depreciation and amortization

​

 

(1,267)

​

 

(1,129)

Interest rate contracts

​

 

354

​

 

(9,496)

 

Interest expense, net

​

 

(2,210)

​

 

(333)

Total gain (loss) recognized in other comprehensive loss

​

$

(73,037)

​

$

(305,860)

 

  

​

$

(21,838)

​

$

(21,999)

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

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2021

​

Three Months Ended March 31, 2020

​

​

​

​

​

Depreciation

​

​

​

​

​

​

​

​

​

​

Depreciation

​

​

​

​

​

​

​

​

​

​

​

and  

​

Interest 

​

Other Income

​

​

​

​

and

​

Interest 

​

Other Income

​

    

Fuel

    

Amortization

    

 Expense, net

    

 (Expense), net

    

Fuel

    

Amortization

    

Expense, net

    

 (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

​

$

42,603

​

$

170,316

​

$

824,441

​

$

27,243

​

$

125,024

​

$

198,197

​

$

68,907

​

$

5,823

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Fuel contracts

​

​

(8,171)

​

​

—

​

​

—

​

​

—

​

​

(6,217)

​

​

—

​

​

—

​

​

—

Foreign currency contracts

​

​

—

​

​

(1,267)

​

​

—

​

​

—

​

​

—

​

​

(1,129)

​

​

—

​

​

—

Interest rate contracts

​

​

—

​

​

—

​

​

(2,210)

​

​

—

​

​

—

​

​

—

​

​

(333)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

—

​

​

—

​

​

—

​

​

(10,190)

​

​

—

​

​

—

​

​

—

​

​

(14,320)

Derivatives not Designated as Hedging Instruments  
Schedule of effects of derivatives 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

Location of Gain (Loss)

​

2021

    

2020

Derivatives not designated as hedging instruments

​

​

 

  

​

 

  

Fuel contracts

Other income (expense), net

​

$

32,172

​

$

—