Fair Value Measurements and Derivatives (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
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 includes the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
Liabilities |
|
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
Balance Sheet Location |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Derivative Contracts Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
$ |
— |
|
$ |
2,583 |
|
$ |
— |
|
$ |
1 |
|
|
Other long-term assets |
|
|
277 |
|
|
197 |
|
|
— |
|
|
29 |
|
|
Accrued expenses and other liabilities |
|
|
2,300 |
|
|
1,173 |
|
|
18,257 |
|
|
19,547 |
|
|
Other long-term liabilities |
|
|
683 |
|
|
933 |
|
|
17,763 |
|
|
51,184 |
Foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
— |
|
|
5,285 |
|
|
— |
|
|
1,497 |
|
|
Other long-term assets |
|
|
— |
|
|
3,514 |
|
|
— |
|
|
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
112 |
|
|
33,475 |
|
|
5,145 |
|
|
Other long-term liabilities |
|
|
169 |
|
|
2,874 |
|
|
118,500 |
|
|
40,476 |
Interest rate contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
— |
|
|
519 |
|
|
— |
|
|
— |
|
|
Other long-term assets |
|
|
— |
|
|
27 |
|
|
— |
|
|
— |
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
— |
|
|
2,178 |
|
|
— |
|
|
Other long-term liabilities |
|
|
— |
|
|
— |
|
|
1,861 |
|
|
— |
Total derivatives designated as hedging instruments |
|
$ |
3,429 |
|
$ |
17,217 |
|
$ |
192,034 |
|
$ |
117,879 |
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
Amounts |
|
Total Net |
|
Amounts |
|
|
|
December 31, 2019 |
|
Amounts |
|
Offset |
|
Amounts |
|
Not Offset |
|
Net Amounts |
Assets |
|
$ |
277 |
|
$ |
— |
|
$ |
277 |
|
$ |
— |
|
$ |
277 |
Liabilities |
|
|
192,034 |
|
|
(3,152) |
|
|
188,882 |
|
|
(149,863) |
|
|
39,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
Amounts |
|
Total Net |
|
Amounts |
|
|
|
December 31, 2018 |
|
Amounts |
|
Offset |
|
Amounts |
|
Not Offset |
|
Net Amounts |
Assets |
|
$ |
12,125 |
|
$ |
(1,527) |
|
$ |
10,598 |
|
$ |
(6,872) |
|
$ |
3,726 |
Liabilities |
|
|
116,352 |
|
|
(5,092) |
|
|
111,260 |
|
|
(35,718) |
|
|
75,542 |
|
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) include the following (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 |
Derivatives |
|
Comprehensive Income |
|
Income |
|
Income (Loss) into Income |
|
|
Year Ended December 31, |
|
|
|
Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
|
|
|
2019 |
|
2018 |
|
2017 |
Fuel contracts |
|
$ |
46,154 |
|
$ |
(52,949) |
|
$ |
50,263 |
|
Fuel |
|
$ |
14,093 |
|
$ |
34,410 |
|
$ |
(29,721) |
Foreign currency contracts |
|
|
(163,197) |
|
|
(108,911) |
|
|
254,070 |
|
Depreciation and amortization |
|
|
(3,062) |
|
|
(3,463) |
|
|
(4,077) |
Interest rate contracts |
|
|
(5,972) |
|
|
646 |
|
|
351 |
|
Interest expense, net |
|
|
(2,133) |
|
|
(851) |
|
|
(2,997) |
Total gain (loss) recognized in other comprehensive income |
|
$ |
(123,015) |
|
$ |
(161,214) |
|
$ |
304,684 |
|
|
|
$ |
8,898 |
|
$ |
30,096 |
|
$ |
(36,795) |
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
Year Ended December 31, 2018 |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
and |
|
Interest |
|
|
|
|
and |
|
Interest |
|
|
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 |
|
$ |
409,602 |
|
$ |
646,188 |
|
$ |
272,867 |
|
$ |
392,685 |
|
$ |
561,060 |
|
$ |
270,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
14,093 |
|
|
— |
|
|
— |
|
|
34,410 |
|
|
— |
|
|
— |
Foreign currency contracts |
|
|
— |
|
|
(3,062) |
|
|
— |
|
|
— |
|
|
(3,463) |
|
|
— |
Interest rate contracts |
|
|
— |
|
|
— |
|
|
(2,133) |
|
|
— |
|
|
— |
|
|
(851) |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
and |
|
Interest |
|
|
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 |
|
$ |
361,032 |
|
$ |
509,957 |
|
$ |
267,804 |
|
|
|
|
|
|
|
|
|
|
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
|
|
|
|
|
|
|
|
|
Fuel contracts |
|
|
(29,721) |
|
|
— |
|
|
— |
Foreign currency contracts |
|
|
— |
|
|
(4,077) |
|
|
— |
Interest rate contracts |
|
|
— |
|
|
— |
|
|
(2,997) |
|