|
Fair Value Measurements and Derivatives (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Derivatives measured at fair value and disclosed by balance sheet location |
| |
|
|
|
Asset |
|
|
Liability |
|
|
|
Balance Sheet location |
|
September 30,
2014 |
|
|
December 31,
2013 |
|
|
September 30,
2014 |
|
|
December 31,
2013 |
|
| Fuel swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
$ |
— |
|
|
$ |
5,024 |
|
|
$ |
— |
|
|
$ |
666 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term assets |
|
|
— |
|
|
|
6,869 |
|
|
|
— |
|
|
|
9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
17 |
|
|
|
— |
|
|
|
10,506 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term liabilities |
|
|
32 |
|
|
|
— |
|
|
|
5,608 |
|
|
|
— |
|
| Fuel collars designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
452 |
|
|
|
68 |
|
|
|
195 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fuel options not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
195 |
|
| Foreign currency options designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,815 |
|
| Foreign currency forward contracts designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
2,624 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,582 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term liabilities |
|
|
166 |
|
|
|
— |
|
|
|
11,277 |
|
|
|
— |
|
| 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 |
|
|
— |
|
|
|
— |
|
|
|
3,459 |
|
|
|
1,707 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Other long-term liabilities |
|
|
— |
|
|
|
— |
|
|
|
1,388 |
|
|
|
1,374 |
|
|
| Amounts recognized within assets and liabilities |
| September 30, 2014 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Liabilities |
|
$ |
32,374 |
|
|
$ |
(215 |
) |
|
$ |
32,159 |
|
|
$ |
(4,847 |
) |
|
$ |
27,312 |
|
| 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
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
(27,777 |
) |
|
$ |
13,500 |
|
|
$ |
(25,938 |
) |
|
$ |
132 |
|
| Loss recognized in other income (expense) – ineffective portion |
|
|
(51 |
) |
|
|
(83 |
) |
|
|
(16 |
) |
|
|
(182 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
578 |
|
|
|
(2,081 |
) |
|
|
(1,345 |
) |
|
|
(5,080 |
) |
|
|
Fuel Collars
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
(127 |
) |
|
$ |
427 |
|
|
$ |
(436 |
) |
|
$ |
(1,108 |
) |
| Gain (loss) recognized in other income (expense) – ineffective portion |
|
|
4 |
|
|
|
(51 |
) |
|
|
111 |
|
|
|
(29 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
370 |
|
|
|
332 |
|
|
|
1,111 |
|
|
|
1,150 |
|
|
|
Fuel Options | Not Designated as Hedging Instrument
|
|
| Effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other income (expense) |
|
$ |
(59 |
) |
|
$ |
430 |
|
|
$ |
127 |
|
|
$ |
1,011 |
|
|
|
Foreign Exchange Forward
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Loss recognized in other comprehensive income – effective portion |
|
$ |
(11,199 |
) |
|
$ |
— |
|
|
$ |
(12,187 |
) |
|
$ |
(7,886 |
) |
| Gain (loss) recognized in other income (expense) – ineffective portion |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
66 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
(63 |
) |
|
|
(32 |
) |
|
|
(180 |
) |
|
|
(52 |
) |
|
|
Foreign Exchange Forward | Not Designated as Hedging Instrument
|
|
| Effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 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
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
— |
|
|
$ |
1,179 |
|
|
$ |
(1,157 |
) |
|
$ |
(3,174 |
) |
| Gain (1oss) recognized in other income (expense) – ineffective portion |
|
|
— |
|
|
|
13 |
|
|
|
(241 |
) |
|
|
(307 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
330 |
|
|
|
177 |
|
|
|
938 |
|
|
|
294 |
|
|
|
Foreign Currency Collar
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
— |
|
|
$ |
4,518 |
|
|
$ |
(1,588 |
) |
|
$ |
2,243 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
(91 |
) |
|
|
— |
|
|
|
(242 |
) |
|
|
— |
|
|
|
Interest Rate Swap
|
|
| Effects of derivatives designated as cash flow hedges |
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
1,302 |
|
|
$ |
(2,826 |
) |
|
$ |
(3,054 |
) |
|
$ |
(2,826 |
) |
| Loss recognized in other income (expense) - ineffective portion |
|
|
— |
|
|
|
(334 |
) |
|
|
— |
|
|
|
(334 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net |
|
|
695 |
|
|
|
65 |
|
|
|
1,543 |
|
|
|
65 |
|
|