Fair Value Measurements and Derivatives (Tables)
|
6 Months Ended |
Jun. 30, 2016 |
|---|
| Schedule of derivatives measured at fair value and disclosed by balance sheet location |
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance Sheet location |
|
June 30,
2016 |
|
|
December 31,
2015 |
|
|
June 30,
2016 |
|
|
December 31,
2015 |
|
| Fuel swaps designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
$ |
15,972 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
Other long-term assets |
|
|
7,084 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
82,672 |
|
|
|
128,740 |
|
| |
|
Other long-term liabilities |
|
|
7,340 |
|
|
|
— |
|
|
|
79,646 |
|
|
|
132,494 |
|
| Fuel swaps not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
1,801 |
|
|
|
— |
|
| Foreign currency forward contracts designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
6,135 |
|
|
|
— |
|
|
|
3,414 |
|
|
|
— |
|
| |
|
Other long-term assets |
|
|
2,577 |
|
|
|
3,446 |
|
|
|
386 |
|
|
|
1,370 |
|
| |
|
Accrued expenses and other liabilities |
|
|
731 |
|
|
|
— |
|
|
|
13,514 |
|
|
|
8,737 |
|
| |
|
Other long-term liabilities |
|
|
1,814 |
|
|
|
551 |
|
|
|
20,165 |
|
|
|
24,181 |
|
| Foreign currency collar not designated as a hedging instrument |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,993 |
|
| Interest rate swaps designated as hedging
instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
4,328 |
|
|
|
4,079 |
|
| |
|
Other long-term liabilities |
|
|
— |
|
|
|
— |
|
|
|
3,973 |
|
|
|
3,395 |
|
|
| Schedule of amounts recognized within assets and liabilities |
| June 30, 2016 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
31,768 |
|
|
$ |
(3,800 |
) |
|
$ |
27,968 |
|
|
$ |
(2,715 |
) |
|
$ |
25,253 |
|
| Liabilities |
|
|
206,099 |
|
|
|
(9,885 |
) |
|
|
196,214 |
|
|
|
(30,707 |
) |
|
|
165,507 |
|
| December 31, 2015 |
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
| Assets |
|
$ |
3,446 |
|
|
$ |
(1,370 |
) |
|
$ |
2,076 |
|
|
$ |
(2,043 |
) |
|
$ |
33 |
|
| Liabilities |
|
|
344,619 |
|
|
|
(551 |
) |
|
|
344,068 |
|
|
|
(336,645 |
) |
|
|
7,423 |
|
|
| Fuel Swaps |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain recognized in other comprehensive income – effective portion |
|
$ |
85,808 |
|
|
$ |
34,133 |
|
|
$ |
76,302 |
|
|
$ |
31,332 |
|
| Loss recognized in other expense – ineffective portion |
|
|
(3,524 |
) |
|
|
(3,194 |
) |
|
|
(8,751 |
) |
|
|
(9,245 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
|
20,440 |
|
|
|
15,297 |
|
|
|
51,577 |
|
|
|
35,833 |
|
|
| Fuel Swaps | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Loss recognized in other expense |
|
$ |
(92 |
) |
|
$ |
— |
|
|
$ |
(92 |
) |
|
$ |
— |
|
| Amount reclassified from accumulated other comprehensive income (loss) into other expense |
|
|
1,465 |
|
|
|
10,000 |
|
|
|
2,994 |
|
|
|
10,000 |
|
|
| Fuel Collars | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into fuel expense |
|
$ |
— |
|
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
248 |
|
|
| Foreign Currency Options | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
$ |
330 |
|
|
$ |
330 |
|
|
$ |
660 |
|
|
$ |
660 |
|
|
| Foreign Currency Forward Contracts | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other comprehensive income – effective portion |
|
$ |
(79,900 |
) |
|
$ |
36,928 |
|
|
$ |
2,611 |
|
|
$ |
(60,447 |
) |
| Gain (loss) recognized in other expense – ineffective portion |
|
|
(2 |
) |
|
|
8 |
|
|
|
9 |
|
|
|
(7 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
|
656 |
|
|
|
(63 |
) |
|
|
1,301 |
|
|
|
(127 |
) |
|
| Foreign Currency Forward Contracts | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other expense |
|
$ |
(6,133 |
) |
|
$ |
99 |
|
|
$ |
(6,133 |
) |
|
$ |
99 |
|
|
| Foreign Currency Collar | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense |
|
$ |
(91 |
) |
|
$ |
(91 |
) |
|
$ |
(182 |
) |
|
$ |
(182 |
) |
|
| Foreign Currency Collar | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Gain (loss) recognized in other expense |
|
$ |
(3,313 |
) |
|
$ |
9,350 |
|
|
$ |
10,312 |
|
|
$ |
(19,603 |
) |
|
| Interest Rate Swap | Designated as Hedging Instrument |
|
| Schedule of effects of derivatives designated and dedesignated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Loss recognized in other comprehensive income – effective portion |
|
$ |
(901 |
) |
|
$ |
(570 |
) |
|
$ |
(3,456 |
) |
|
$ |
(4,159 |
) |
| Gain (loss) recognized in other expense – ineffective portion |
|
|
— |
|
|
|
(5 |
) |
|
|
3 |
|
|
|
(12 |
) |
| Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net |
|
|
981 |
|
|
|
1,081 |
|
|
|
1,981 |
|
|
|
2,018 |
|
|
| Interest Rate Swap | Not Designated as Hedging Instrument |
|
| Schedule of effects of derivatives not designated as cash flow hedges |
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Loss recognized in other expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|