Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.21.2
Fair Value Measurements and Derivatives (Tables)
9 Months Ended
Sep. 30, 2021
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

September 30, 

December 31, 

September 30, 

December 31, 

    

Balance Sheet Location

    

2021

    

2020

    

2021

    

2020

Derivative Contracts Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

20,852

$

$

$

Other long-term assets

22,324

Accrued expenses and other liabilities

 

 

 

 

35,973

Other long-term liabilities

 

 

 

 

28,947

Foreign currency contracts

Prepaid expenses and other assets

 

819

 

5,779

 

 

Other long-term assets

 

10,898

 

43,250

 

 

Accrued expenses and other liabilities

 

 

 

90,954

 

14,778

Other long-term liabilities

 

2,410

 

6,821

 

56,775

 

44,938

Interest rate contracts

Accrued expenses and other liabilities

 

 

 

1,281

 

6,776

Other long-term liabilities

 

 

452

Total derivatives designated as hedging instruments

$

57,303

$

55,850

$

149,010

$

131,864

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

12,283

$

$

$

Other long-term assets

1,873

Accrued expenses and other liabilities

546

6,732

Other long-term liabilities

3,534

Total derivatives not designated as hedging instruments

$

14,156

$

546

$

$

10,266

Total derivatives

$

71,459

$

56,396

$

149,010

$

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 

September 30, 2021

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

$

69,049

$

$

69,049

$

(69,049)

$

Liabilities

149,010

(2,410)

146,600

(137,482)

9,118

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

    

September 30, 2021

    

September 30, 2020

    

    

September 30, 2021

    

September 30, 2020

Fuel contracts

$

19,202

$

(10,958)

 

Fuel

$

(10,278)

$

(15,091)

Fuel contracts

Other income (expense), net

(65)

(17,434)

Foreign currency contracts

 

(64,306)

 

98,539

 

Depreciation and amortization

 

(1,267)

 

(1,267)

Interest rate contracts

 

(30)

 

129

 

Interest expense, net

 

(1,338)

 

(2,280)

Total gain (loss) recognized in other comprehensive loss

$

(45,134)

$

87,710

 

  

$

(12,948)

$

(36,072)

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)

Nine Months

Nine Months

Nine Months

Nine Months

Ended

Ended

Ended

Ended

    

September 30, 2021

    

September 30, 2020

    

September 30, 2021

    

September 30, 2020

Fuel contracts

 

$

68,708

$

(181,666)

Fuel

 

$

(27,101)

$

(35,186)

Fuel contracts

Other income (expense), net

(11,793)

(43,718)

Foreign currency contracts

 

 

(142,466)

 

28,346

Depreciation and amortization

 

 

(3,800)

 

(3,662)

Interest rate contracts

 

 

261

 

(10,352)

Interest expense, net

 

 

(5,634)

 

(4,287)

Total gain (loss) recognized in other comprehensive loss

 

$

(73,497)

$

(163,672)

  

 

$

(48,328)

$

(86,853)

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 September 30, 2021

Three Months Ended September 30, 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

$

79,238

$

173,289

$

161,205

$

4,720

$

48,224

$

177,488

$

139,664

$

(23,680)

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

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Fuel contracts

(10,278)

(15,091)

Foreign currency contracts

(1,267)

(1,267)

Interest rate contracts

(1,338)

(2,280)

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

(65)

(17,434)

Amount of gain recognized in income as a result of failing effectiveness tests

Fuel contracts

5,507

Nine Months Ended September 30, 2021

Nine Months Ended September 30, 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

$

175,931

$

517,867

$

1,122,905

$

57,464

$

222,240

$

554,937

$

323,108

$

(32,275)

  

  

  

  

  

  

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

 

  

 

  

 

  

 

 

  

 

  

 

  

 

  

Fuel contracts

 

(27,101)

 

 

 

 

(35,186)

 

 

Foreign currency contracts

 

(3,800)

 

 

 

 

(3,662)

 

Interest rate contracts

 

 

 

(5,634)

 

 

 

 

(4,287)

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

(11,793)

(43,718)

Amount of gain recognized in income as a result of failing effectiveness tests

Fuel contracts

5,507

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):

Amount of Gain (Loss) Recognized in Income

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

Location of Gain (Loss)

    

2021

    

2020

    

2021

    

2020

Derivatives not designated as hedging instruments

 

  

 

  

 

  

 

  

Fuel contracts

Other income (expense), net

$

7,398

$

(17)

$

57,505

$

3,629