|
Fair Value Measurements and Derivatives (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Derivatives measured at fair value and disclosed by balance sheet location |
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance Sheet location |
|
June 30,
2014 |
|
|
December 31,
2013 |
|
|
June 30,
2014 |
|
|
December 31,
2013 |
|
| Fuel swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
$ |
7,020 |
|
|
$ |
5,024 |
|
|
$ |
184 |
|
|
$ |
666 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term assets |
|
|
4,351 |
|
|
|
6,869 |
|
|
|
41 |
|
|
|
9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term liabilities |
|
|
14 |
|
|
|
— |
|
|
|
26 |
|
|
|
— |
|
| Fuel collars designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
65 |
|
|
|
452 |
|
|
|
9 |
|
|
|
195 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fuel options not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
195 |
|
| Foreign currency options designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance Sheet location |
|
June 30,
2014 |
|
|
December 31,
2013 |
|
|
June 30,
2014 |
|
|
December 31,
2013 |
|
|
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,815 |
|
| Foreign currency forward contracts designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
2,624 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term assets |
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,582 |
|
| Foreign currency collar designated as a hedging instrument |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
12,502 |
|
|
|
— |
|
|
|
— |
|
| Interest rate swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
3,201 |
|
|
|
1,707 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term liabilities |
|
|
— |
|
|
|
— |
|
|
|
3,581 |
|
|
|
1,374 |
|
|
| Amounts recognized within assets and liabilities |
| June 30, 2014 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
11,524 |
|
|
$ |
(243 |
) |
|
$ |
11,281 |
|
|
$ |
(88 |
) |
|
$ |
11,193 |
|
| Liabilities |
|
|
6,808 |
|
|
|
(14 |
) |
|
|
6,794 |
|
|
|
(6,782 |
) |
|
|
12 |
|
| December 31, 2013 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
27,471 |
|
|
$ |
(1,065 |
) |
|
$ |
26,406 |
|
|
$ |
(15,126 |
) |
|
$ |
11,280 |
|
| Liabilities |
|
|
19,478 |
|
|
|
— |
|
|
|
19,478 |
|
|
|
(19,478 |
) |
|
|
— |
|
|
Fuel Swaps
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income (loss) – effective portion |
|
$ |
11,610 |
|
|
$ |
(18,074 |
) |
|
$ |
1,839 |
|
|
$ |
(13,368 |
) |
| Gain (loss) recognized in other income (expense) – ineffective portion |
|
|
451 |
|
|
|
(320 |
) |
|
|
35 |
|
|
|
(99 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
(1,218 |
) |
|
|
(736 |
) |
|
|
(1,923 |
) |
|
|
(2,999 |
) |
|
|
Fuel Collars
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income (loss) – effective portion |
|
$ |
15 |
|
|
$ |
(1,500 |
) |
|
$ |
(309 |
) |
|
$ |
(1,535 |
) |
| Gain (loss) recognized in other income (expense) – ineffective portion |
|
|
(1 |
) |
|
|
14 |
|
|
|
107 |
|
|
|
22 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
371 |
|
|
|
391 |
|
|
|
741 |
|
|
|
818 |
|
|
|
Fuel Options | Not Designated as Hedging Instrument
|
|
| Effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other income (expense) |
|
$ |
101 |
|
|
$ |
(275 |
) |
|
$ |
186 |
|
|
$ |
581 |
|
|
Foreign Exchange Forward
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income (loss) – effective portion |
|
$ |
88 |
|
|
$ |
8,747 |
|
|
$ |
(988 |
) |
|
$ |
(7,886 |
) |
| Gain (loss) recognized in other income (expense) – ineffective portion |
|
|
— |
|
|
|
(2 |
) |
|
|
(1 |
) |
|
|
66 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
(64 |
) |
|
|
(20 |
) |
|
|
(117 |
) |
|
|
(20 |
) |
|
|
Foreign Exchange Forward | Not Designated as Hedging Instrument
|
|
| Effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain recognized in other income (expense) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20 |
|
|
|
Foreign Exchange Option
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Loss recognized in other comprehensive income (loss) – effective portion |
|
$ |
— |
|
|
$ |
(341 |
) |
|
$ |
(1,157 |
) |
|
$ |
(4,353 |
) |
| Loss recognized in other income (expense) – ineffective portion |
|
|
— |
|
|
|
(22 |
) |
|
|
(241 |
) |
|
|
(320 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
329 |
|
|
|
117 |
|
|
|
608 |
|
|
|
117 |
|
|
|
Foreign Currency Collar
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income (loss)– effective portion |
|
$ |
— |
|
|
$ |
1,447 |
|
|
$ |
(1,588 |
) |
|
$ |
(2,275 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
(91 |
) |
|
|
— |
|
|
|
(151 |
) |
|
|
— |
|
|
|
Interest Rate Swap
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Loss recognized in other comprehensive income (loss) – effective portion |
|
$ |
(2,916 |
) |
|
$ |
— |
|
|
$ |
(4,356 |
) |
|
$ |
— |
|
| Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net |
|
|
526 |
|
|
|
— |
|
|
|
848 |
|
|
|
— |
|
|