Fair Value Measurements and Derivatives (Tables)
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9 Months Ended |
Sep. 30, 2020 |
|---|
| 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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September 30, |
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December 31, |
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September 30, |
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December 31, |
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Balance Sheet Location |
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2020 |
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2019 |
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2020 |
|
2019 |
Derivative Contracts Designated as Hedging Instruments |
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Fuel contracts |
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Other long-term assets |
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$ |
— |
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$ |
277 |
|
$ |
— |
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$ |
— |
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|
Accrued expenses and other liabilities |
|
|
— |
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|
2,300 |
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|
55,937 |
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|
18,257 |
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Other long-term liabilities |
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|
— |
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|
683 |
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64,509 |
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17,763 |
Foreign currency contracts |
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|
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|
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Prepaid expenses and other assets |
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1,522 |
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— |
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— |
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— |
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Other long-term assets |
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|
24,799 |
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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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|
17,868 |
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|
33,475 |
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Other long-term liabilities |
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|
2,088 |
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|
169 |
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|
102,522 |
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|
118,500 |
Interest rate contracts |
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Accrued expenses and other liabilities |
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— |
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— |
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8,188 |
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|
2,178 |
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Other long-term liabilities |
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— |
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— |
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1,233 |
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|
1,861 |
Total derivatives designated as hedging instruments |
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$ |
28,409 |
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$ |
3,429 |
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$ |
250,257 |
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$ |
192,034 |
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Derivative Contracts Not Designated as Hedging Instruments |
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Fuel contracts |
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Accrued expenses and other liabilities |
|
$ |
10 |
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$ |
— |
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$ |
16,265 |
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$ |
— |
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Other long-term liabilities |
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— |
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— |
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12 |
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— |
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Total derivatives not designated as hedging instruments |
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$ |
10 |
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$ |
— |
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$ |
16,277 |
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$ |
— |
Total derivatives |
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$ |
28,419 |
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$ |
3,429 |
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$ |
266,534 |
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$ |
192,034 |
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| 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):
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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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September 30, 2020 |
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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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$ |
26,321 |
|
$ |
— |
|
$ |
26,321 |
|
$ |
(26,321) |
|
$ |
— |
Liabilities |
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266,534 |
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(2,098) |
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264,436 |
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(111,114) |
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153,322 |
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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, 2019 |
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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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$ |
277 |
|
$ |
— |
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$ |
277 |
|
$ |
— |
|
$ |
277 |
Liabilities |
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192,034 |
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(3,152) |
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188,882 |
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(149,863) |
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39,019 |
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| 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):
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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 |
|
from Accumulated Other |
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Recognized in Other |
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Income (Loss) into |
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Comprehensive |
Derivatives |
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Comprehensive Income |
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Income |
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Income (Loss) into Income |
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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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September 30, 2020 |
|
September 30, 2019 |
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September 30, 2020 |
|
September 30, 2019 |
Fuel contracts |
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$ |
(10,958) |
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$ |
(65,726) |
|
Fuel |
|
$ |
(15,091) |
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$ |
1,657 |
Fuel contracts |
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— |
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|
— |
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Other income (expense), net |
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(17,434) |
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— |
Foreign currency contracts |
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98,539 |
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(142,627) |
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Depreciation and amortization |
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(1,267) |
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(703) |
Interest rate contracts |
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129 |
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(1,158) |
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Interest expense, net |
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(2,280) |
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(506) |
Total gain (loss) recognized in other comprehensive income |
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$ |
87,710 |
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$ |
(209,511) |
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$ |
(36,072) |
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$ |
448 |
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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 |
Derivatives |
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Comprehensive Income |
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Income |
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Income (Loss) into Income |
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Nine Months |
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Nine Months |
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Nine Months |
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Nine 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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September 30, 2020 |
|
September 30, 2019 |
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|
|
September 30, 2020 |
|
September 30, 2019 |
Fuel contracts |
|
$ |
(181,666) |
|
$ |
14,205 |
|
Fuel |
|
$ |
(35,186) |
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$ |
19,060 |
Fuel contracts |
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|
— |
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|
— |
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Other income (expense), net |
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(43,718) |
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|
— |
Foreign currency contracts |
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28,346 |
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|
(218,724) |
|
Depreciation and amortization |
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|
(3,662) |
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|
(2,108) |
Interest rate contracts |
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(10,352) |
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(7,029) |
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Interest expense, net |
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(4,287) |
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|
(230) |
Total gain (loss) recognized in other comprehensive income |
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$ |
(163,672) |
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$ |
(211,548) |
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|
$ |
(86,853) |
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$ |
16,722 |
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 September 30, 2020 |
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Three Months Ended September 30, 2019 |
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Depreciation |
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Depreciation |
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and |
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Interest |
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Other Income |
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and |
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Interest |
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Fuel |
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Amortization |
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Expense, net |
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(Expense), net |
|
Fuel |
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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 |
|
$ |
48,224 |
|
$ |
177,488 |
|
$ |
139,664 |
|
$ |
(23,680) |
|
$ |
98,943 |
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$ |
156,215 |
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$ |
60,188 |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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|
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Fuel contracts |
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|
(15,091) |
|
|
— |
|
|
— |
|
|
— |
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|
1,657 |
|
|
— |
|
|
— |
Foreign currency contracts |
|
|
— |
|
|
(1,267) |
|
|
— |
|
|
— |
|
|
— |
|
|
(703) |
|
|
— |
Interest rate contracts |
|
|
— |
|
|
— |
|
|
(2,280) |
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|
— |
|
|
— |
|
|
— |
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|
(506) |
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|
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|
|
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|
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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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|
|
|
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|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
(17,434) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
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Amount of gain recognized in income as a result of failing effectiveness tests |
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|
|
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|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
5,507 |
|
|
— |
|
|
— |
|
|
— |
|
|
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|
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|
|
|
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|
|
|
|
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Nine Months Ended September 30, 2020 |
|
Nine Months Ended September 30, 2019 |
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|
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|
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Depreciation |
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|
|
|
|
|
|
|
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Depreciation |
|
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|
|
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|
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and |
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Interest |
|
Other Income |
|
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and |
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Interest |
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|
Fuel |
|
Amortization |
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Expense, net |
|
(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 |
|
$ |
222,240 |
|
$ |
554,937 |
|
$ |
323,108 |
|
$ |
(32,275) |
|
$ |
297,727 |
|
$ |
482,227 |
|
$ |
199,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
(35,186) |
|
|
— |
|
|
— |
|
|
— |
|
|
19,060 |
|
|
— |
|
|
— |
Foreign currency contracts |
|
|
— |
|
|
(3,662) |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,108) |
|
|
— |
Interest rate contracts |
|
|
— |
|
|
— |
|
|
(4,287) |
|
|
— |
|
|
— |
|
|
— |
|
|
(230) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
(43,718) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of gain recognized in income as a result of failing effectiveness tests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
5,507 |
|
|
— |
|
|
— |
|
|
— |
|
| Schedule of cash flow hedge accounting on the consolidated financial statements of operations |
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|
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|
|
|
|
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 |
Derivatives |
|
Comprehensive Income |
|
Income |
|
Income (Loss) into Income |
|
|
Nine Months |
|
Nine Months |
|
|
|
Nine Months |
|
Nine Months |
|
|
Ended |
|
Ended |
|
|
|
Ended |
|
Ended |
|
|
September 30, 2020 |
|
September 30, 2019 |
|
|
|
September 30, 2020 |
|
September 30, 2019 |
Fuel contracts |
|
$ |
(181,666) |
|
$ |
14,205 |
|
Fuel |
|
$ |
(35,186) |
|
$ |
19,060 |
Fuel contracts |
|
|
— |
|
|
— |
|
Other income (expense), net |
|
|
(43,718) |
|
|
— |
Foreign currency contracts |
|
|
28,346 |
|
|
(218,724) |
|
Depreciation and amortization |
|
|
(3,662) |
|
|
(2,108) |
Interest rate contracts |
|
|
(10,352) |
|
|
(7,029) |
|
Interest expense, net |
|
|
(4,287) |
|
|
(230) |
Total gain (loss) recognized in other comprehensive income |
|
$ |
(163,672) |
|
$ |
(211,548) |
|
|
|
$ |
(86,853) |
|
$ |
16,722 |
|
| Schedule of effects of foreign currency contracts 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) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
Other income (expense), net |
|
$ |
(17) |
|
$ |
— |
|
$ |
3,629 |
|
$ |
— |
|