Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements and Derivatives (Tables)

v3.25.3
Fair Value Measurements and Derivatives (Tables)
9 Months Ended
Sep. 30, 2025
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

    

2025

    

2024

    

2025

    

2024

Derivative Contracts Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

165

​

$

1,576

​

$

22

​

$

1,798

​

​

Other long-term assets

​

​

966

​

​

650

​

​

366

​

​

208

​

​

Accrued expenses and other liabilities

​

​

1,287

​

​

488

​

​

5,380

​

​

12,955

​

​

Other long-term liabilities

​

 

383

​

 

648

​

 

2,059

​

 

2,030

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

 

6,057

​

 

—

​

 

—

​

 

—

​

​

Other long-term assets

​

 

35,539

​

 

—

​

 

—

​

 

—

​

​

Accrued expenses and other liabilities

​

 

—

​

 

—

​

 

635

​

 

1,567

​

​

Other long-term liabilities

​

 

—

​

 

—

​

 

—

​

 

17,427

Total derivatives designated as hedging instruments

​

$

44,397

​

$

3,362

​

$

8,462

​

$

35,985

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Contracts Not Designated as Hedging Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fuel contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prepaid expenses and other assets

​

$

94

​

$

234

​

$

62

​

$

—

​

​

Other long-term assets

​

​

20

​

​

—

​

​

—

​

​

—

​

​

Accrued expenses and other liabilities

​

​

542

​

​

—

​

​

954

​

​

390

​

​

Other long-term liabilities

​

​

—

​

 

—

​

 

59

​

 

35

Foreign currency contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued expenses and other liabilities

​

​

—

​

​

—

​

​

103

​

​

—

Total derivatives not designated as hedging instruments

​

$

656

​

$

234

​

$

1,178

​

$

425

Total derivatives

​

​

​

$

45,053

​

$

3,596

​

$

9,640

​

$

36,410

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, 2025

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

42,841

​

$

(450)

​

$

42,391

​

$

(41,596)

​

$

795

Liabilities

​

​

9,190

​

​

(2,212)

​

​

6,978

​

​

(738)

​

​

6,240

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

Gross

​

​

​

​

​

Gross

​

Amounts

​

Total Net

​

Amounts

​

​

​

December 31, 2024

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

​

$

2,460

​

$

(2,006)

​

$

454

​

$

—

​

$

454

Liabilities

​

​

34,404

​

​

(1,136)

​

​

33,268

​

​

(18,994)

​

​

14,274

Schedule of effects 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, 2025

    

September 30, 2024

    

​

    

September 30, 2025

    

September 30, 2024

Fuel contracts

​

$

10,681

​

$

(56,615)

 

Fuel

​

$

(4,575)

​

$

1,440

Fuel contracts

​

​

—

​

​

—

​

Other income (expense), net

​

​

(114)

​

​

49

Foreign currency contracts

​

 

(10,638)

​

 

537

 

Depreciation and amortization

​

 

(4,118)

​

 

(4,119)

Total gain (loss) recognized in other comprehensive loss

​

$

43

​

$

(56,078)

 

  

​

$

(8,807)

​

$

(2,630)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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, 2025

    

September 30, 2024

​

​

    

September 30, 2025

    

September 30, 2024

Fuel contracts

 

$

(5,915)

​

$

(8,327)

​

Fuel

 

$

(10,432)

​

$

14,855

Fuel contracts

​

​

—

​

​

—

​

Other income (expense), net

​

​

(1,135)

​

​

1,356

Foreign currency contracts

 

 

58,859

​

 

659

​

Depreciation and amortization

 

 

(12,357)

​

 

(12,358)

Total gain (loss) recognized in other comprehensive loss

 

$

52,944

​

$

(7,668)

​

  

 

$

(23,924)

​

$

3,853

Schedule of effects 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, 2025

​

Three Months Ended September 30, 2024

​

    

​

​

    

Depreciation 

    

​

​

    

​

​

    

Depreciation 

    

​

​

​

​

​

​

​

and 

​

Other Income

​

​

​

​

and 

​

Other Income

​

​

Fuel

​

Amortization

​

(Expense), net

​

Fuel

​

Amortization

​

(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

​

$

175,913

​

$

250,832

​

$

13,003

​

$

164,934

​

$

218,428

​

$

(34,146)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Fuel contracts

​

​

(4,575)

​

​

—

​

​

—

​

​

1,440

​

​

—

​

​

—

Foreign currency contracts

​

​

—

​

​

(4,118)

​

​

—

​

​

—

​

​

(4,119)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

—

​

​

—

​

​

(114)

​

​

—

​

​

—

​

​

49

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

Nine Months Ended September 30, 2024

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

Depreciation 

​

​

​

​

​

​

​

​

and 

​

Other Income

​

​

​

​

and 

​

Other Income

​

    

Fuel

    

Amortization

    

 (Expense), net

    

Fuel

    

Amortization

    

 (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

​

$

508,304

​

$

725,889

​

$

(167,927)

​

$

537,632

​

$

663,762

​

$

(14,113)

​

​

​

  

​

​

  

​

​

​

​

​

  

​

​

  

​

​

​

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

 

​

  

 

​

  

 

​

​

 

​

  

 

​

  

​

 

  

Fuel contracts

 

​

(10,432)

 

​

—

 

​

—

 

​

14,855

 

​

—

​

​

—

Foreign currency contracts

 

​

—

​

​

(12,357)

 

​

—

 

​

—

 

​

(12,358)

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

—

​

​

—

​

​

(1,135)

​

​

—

​

​

—

​

​

1,356