Current report filing

Fair Value Measurements and Derivatives (Tables)

v3.20.2
Fair Value Measurements and Derivatives (Tables)
12 Months Ended
Dec. 31, 2019
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)