Fair Value Measurements and Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
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| 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):
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Assets |
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Liabilities |
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June 30, |
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December 31, |
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June 30, |
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December 31, |
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Balance Sheet Location |
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2026 |
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2025 |
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2026 |
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2025 |
Derivative Contracts Designated as Hedging Instruments |
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Fuel contracts |
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Prepaid expenses and other assets |
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$ |
43,032 |
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$ |
— |
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$ |
716 |
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$ |
— |
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Other long-term assets |
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9,088 |
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— |
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1,385 |
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— |
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Accrued expenses and other liabilities |
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— |
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116 |
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— |
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16,302 |
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Other long-term liabilities |
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1,789 |
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— |
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2,527 |
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7,829 |
Foreign currency contracts |
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Prepaid expenses and other assets |
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8,292 |
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33,307 |
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— |
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— |
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Accrued expenses and other liabilities |
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— |
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— |
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36,642 |
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2,434 |
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Other long-term liabilities |
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— |
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— |
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11,270 |
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— |
Total derivatives designated as hedging instruments |
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$ |
62,201 |
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$ |
33,423 |
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$ |
52,540 |
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$ |
26,565 |
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Derivative Contracts Not Designated as Hedging Instruments |
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Fuel contracts |
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Prepaid expenses and other assets |
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$ |
3,531 |
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$ |
— |
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$ |
— |
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$ |
— |
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Other long-term assets |
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46 |
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— |
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— |
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— |
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Accrued expenses and other liabilities |
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— |
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— |
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— |
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1,024 |
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Other long-term liabilities |
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22 |
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— |
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— |
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114 |
Foreign currency contracts |
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Other long-term assets |
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292 |
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— |
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— |
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— |
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Accrued expenses and other liabilities |
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— |
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— |
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8,574 |
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594 |
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Other long-term liabilities |
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— |
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— |
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312 |
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— |
Total derivatives not designated as hedging instruments |
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$ |
3,891 |
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$ |
— |
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$ |
8,886 |
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$ |
1,732 |
Total derivatives |
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$ |
66,092 |
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$ |
33,423 |
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$ |
61,426 |
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$ |
28,297 |
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| Schedule of gross and net amounts recognized within assets and liabilities |
The gross and net amounts recognized within assets and liabilities include the following (in thousands):
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Gross |
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Gross |
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Gross |
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Amounts |
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Total Net |
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Amounts |
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June 30, 2026 |
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Amounts |
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Offset |
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Amounts |
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Not Offset |
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Net Amounts |
Assets |
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$ |
64,281 |
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$ |
(2,101) |
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$ |
62,180 |
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$ |
(8,584) |
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$ |
53,596 |
Liabilities |
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59,325 |
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(1,811) |
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57,514 |
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(56,798) |
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716 |
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Gross |
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Gross |
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Gross |
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Amounts |
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Total Net |
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Amounts |
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December 31, 2025 |
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Amounts |
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Offset |
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Amounts |
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Not Offset |
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Net Amounts |
Assets |
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$ |
33,307 |
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$ |
— |
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$ |
33,307 |
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$ |
(33,307) |
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$ |
— |
Liabilities |
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28,297 |
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(116) |
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28,181 |
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(3,028) |
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25,153 |
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| 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) include the following (in thousands):
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Location of Gain |
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(Loss) Reclassified |
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from Accumulated |
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Amount of Gain (Loss) Reclassified |
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Amount of Gain (Loss) |
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Other Comprehensive |
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from Accumulated Other |
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Recognized in Other |
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Income (Loss) into |
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Comprehensive Income |
Derivatives |
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Comprehensive Loss |
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Income (Expense) |
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(Loss) into Income (Expense) |
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Three Months |
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Three Months |
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Three Months |
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Three Months |
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Ended |
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Ended |
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Ended |
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Ended |
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June 30, 2026 |
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June 30, 2025 |
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June 30, 2026 |
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June 30, 2025 |
Fuel contracts |
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$ |
(31,543) |
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$ |
(27,268) |
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Fuel |
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$ |
33,694 |
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$ |
(6,147) |
Fuel contracts |
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— |
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— |
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Other income (expense), net |
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5,096 |
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(777) |
Foreign currency contracts |
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(37,650) |
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49,344 |
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Depreciation and amortization |
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(4,141) |
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(4,120) |
Total gain (loss) recognized in other comprehensive income (loss) |
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$ |
(69,193) |
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$ |
22,076 |
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$ |
34,649 |
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$ |
(11,044) |
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Location of Gain |
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(Loss) Reclassified |
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from Accumulated |
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Amount of Gain (Loss) Reclassified |
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Amount of Gain (Loss) |
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Other Comprehensive |
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from Accumulated Other |
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Recognized in Other |
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Income (Loss) into |
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Comprehensive Income |
Derivatives |
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Comprehensive Loss |
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Income (Expense) |
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(Loss) into Income (Expense) |
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Six Months |
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Six Months |
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Six Months |
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Six Months |
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Ended |
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Ended |
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Ended |
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Ended |
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June 30, 2026 |
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June 30, 2025 |
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June 30, 2026 |
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June 30, 2025 |
Fuel contracts |
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$ |
130,773 |
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$ |
(16,596) |
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Fuel |
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$ |
38,701 |
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$ |
(5,857) |
Fuel contracts |
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— |
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— |
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Other income (expense), net |
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5,801 |
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(1,021) |
Foreign currency contracts |
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(74,827) |
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69,497 |
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Depreciation and amortization |
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(8,264) |
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(8,239) |
Total gain (loss) recognized in other comprehensive income (loss) |
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$ |
55,946 |
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$ |
52,901 |
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$ |
36,238 |
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$ |
(15,117) |
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| 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):
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Three Months Ended June 30, 2026 |
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Three Months Ended June 30, 2025 |
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Depreciation |
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Depreciation |
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and |
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Other Income |
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and |
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Other Income |
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Fuel |
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Amortization |
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(Expense), net |
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Fuel |
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Amortization |
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(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 |
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$ |
219,384 |
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$ |
271,205 |
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$ |
33,517 |
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$ |
157,377 |
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$ |
243,760 |
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$ |
(156,425) |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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Fuel contracts |
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33,694 |
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— |
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— |
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(6,147) |
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— |
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— |
Foreign currency contracts |
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— |
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(4,141) |
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— |
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— |
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(4,120) |
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— |
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Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring |
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Fuel contracts |
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— |
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— |
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5,096 |
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— |
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— |
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(777) |
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Six Months Ended June 30, 2026 |
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Six Months Ended June 30, 2025 |
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Depreciation |
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Depreciation |
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and |
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Other Income |
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and |
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Other Income |
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Fuel |
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Amortization |
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(Expense), net |
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Fuel |
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Amortization |
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(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 |
|
$ |
388,310 |
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$ |
531,921 |
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$ |
74,220 |
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$ |
332,391 |
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$ |
475,057 |
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$ |
(180,930) |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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Fuel contracts |
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|
38,701 |
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— |
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— |
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(5,857) |
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— |
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— |
Foreign currency contracts |
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— |
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(8,264) |
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— |
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— |
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(8,239) |
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— |
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Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring |
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Fuel contracts |
|
|
— |
|
|
— |
|
|
5,801 |
|
|
— |
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|
— |
|
|
(1,021) |
|