|
Fair Value Measurements and Derivatives (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location |
The following table sets
forth the fair value of our derivatives including the balance sheet
location (in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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|
Asset |
|
|
Liability |
|
| |
|
Balance
Sheet location
|
|
June 30,
2013 |
|
|
December 31,
2012 |
|
|
June 30,
2013 |
|
|
December 31,
2012 |
|
|
Fuel swaps designated as
hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
$ |
515 |
|
|
$ |
5,955 |
|
|
$ |
426 |
|
|
$ |
876 |
|
|
|
|
|
|
|
|
|
Other long-term
assets
|
|
|
— |
|
|
|
3,969 |
|
|
|
— |
|
|
|
388 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other
liabilities
|
|
|
1,514 |
|
|
|
188 |
|
|
|
4,548 |
|
|
|
204 |
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
|
|
589 |
|
|
|
391 |
|
|
|
5,075 |
|
|
|
42 |
|
|
Fuel collars designated as
hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
111 |
|
|
|
1,615 |
|
|
|
30 |
|
|
|
530 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other
liabilities
|
|
|
385 |
|
|
|
51 |
|
|
|
391 |
|
|
|
69 |
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
|
|
406 |
|
|
|
1,908 |
|
|
|
533 |
|
|
|
1,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance
Sheet location
|
|
June 30,
2013 |
|
|
December 31,
2012 |
|
|
June 30,
2013 |
|
|
December 31,
2012 |
|
|
Fuel options not designated
as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
—
|
|
|
|
—
|
|
|
|
30 |
|
|
|
304 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other
liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
391 |
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
533 |
|
|
|
1,231 |
|
|
Foreign currency options
designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other
liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
19,949 |
|
|
|
20,267 |
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,443 |
|
|
Foreign currency forward
contracts designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
—
|
|
|
|
11,685 |
|
|
|
—
|
|
|
|
—
|
|
|
Foreign currency collar
designated as a hedging instrument
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
6,886 |
|
|
|
—
|
|
|
|
1,009 |
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Other long-term
assets
|
|
|
—
|
|
|
|
9,765 |
|
|
|
—
|
|
|
|
1,613 |
|
|
| Amounts Recognized Within Assets and Liabilities |
The following table
discloses the amounts recognized within assets and liabilities (in
thousands):
|
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|
June 30, 2013
|
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
|
Assets
|
|
$ |
7,512 |
|
|
$ |
(1,495 |
) |
|
$ |
6,017 |
|
|
$ |
—
|
|
|
$ |
6,017 |
|
|
Liabilities
|
|
|
31,420 |
|
|
|
(2,894 |
) |
|
|
28,526 |
|
|
|
(19,949 |
) |
|
|
8,577 |
|
|
|
|
|
|
|
|
December 31,
2012
|
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
|
Assets
|
|
$ |
32,989 |
|
|
$ |
(3,711 |
) |
|
$ |
29,278 |
|
|
$ |
(11,685 |
) |
|
$ |
17,593 |
|
|
Liabilities
|
|
|
39,486 |
|
|
|
(2,538 |
) |
|
|
36,948 |
|
|
|
(36,710 |
) |
|
|
238 |
|
|
|
Fuel Swaps
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the fuel
swaps on the consolidated financial statements which were
designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive loss – effective portion
|
|
$ |
(18,074 |
) |
|
$ |
(34,283 |
) |
|
$ |
(13,368 |
) |
|
$ |
(7,819 |
) |
|
Loss recognized in other
income (expense) – ineffective portion
|
|
|
(320 |
) |
|
|
(1,843 |
) |
|
|
(99 |
) |
|
|
(599 |
) |
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
|
|
(736 |
) |
|
|
(3,093 |
) |
|
|
(2,999 |
) |
|
|
(12,332 |
) |
|
|
Fuel Collars
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the fuel
collars on the consolidated financial statements which were
designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive loss – effective portion
|
|
$ |
(1,500 |
) |
|
$ |
(11,674 |
) |
|
$ |
(1,535 |
) |
|
$ |
(2,619 |
) |
|
Gain (loss) recognized in
other income (expense) – ineffective portion
|
|
|
14 |
|
|
|
(1,019 |
) |
|
|
22 |
|
|
|
(337 |
) |
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
|
|
391 |
|
|
|
(1,416 |
) |
|
|
818 |
|
|
|
(4,270 |
) |
|
|
Fuel Options
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the fuel
options on the consolidated financial statements which were not
designated as hedging instruments were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other income (expense)
|
|
$ |
(275 |
) |
|
$ |
(366 |
) |
|
$ |
581 |
|
|
$ |
1,715 |
|
|
|
Foreign Exchange Option
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the foreign
currency options on the consolidated financial statements which
were designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive loss – effective portion
|
|
$ |
(341 |
) |
|
$ |
(12,193 |
) |
|
$ |
(4,353 |
) |
|
$ |
(17,035 |
) |
|
Loss recognized in other
income (expense) – ineffective portion
|
|
|
(22 |
) |
|
|
(81 |
) |
|
|
(320 |
) |
|
|
(350 |
) |
|
Amount reclassified from
accumulated other comprehensive income (loss) into depreciation
expense
|
|
|
117 |
|
|
|
—
|
|
|
|
117 |
|
|
|
—
|
|
|
|
Foreign Exchange Forward
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the foreign
currency forward contracts on the consolidated financial statements
which were designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other comprehensive loss – effective portion
|
|
$ |
8,747 |
|
|
$ |
1,723 |
|
|
$ |
(7,886 |
) |
|
$ |
1,723 |
|
|
Gain (loss) recognized in
other income (expense) – ineffective portion
|
|
|
(2 |
) |
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
Amount reclassified from
accumulated other comprehensive income (loss) into depreciation
expense
|
|
|
(20 |
) |
|
|
— |
|
|
|
(20 |
) |
|
|
— |
|
|
|
Foreign Currency Forward Contract
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
As of June 30, 2013,
the effects of the foreign currency forward contracts on the
consolidated financial statements which were not designated as
hedging instruments were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain recognized in other
income (expense)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20 |
|
|
$ |
— |
|
|
|
Foreign Currency Collar
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the foreign
currency collar on the consolidated financial statements which was
designated as a cash flow hedge was as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other comprehensive loss – effective portion
|
|
$ |
1,447 |
|
|
$ |
— |
|
|
$ |
(2,275 |
) |
|
$ |
— |
|
|