Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

v3.24.1.u1
Fair Value Measurements and Derivatives (Tables)
3 Months Ended
Mar. 31, 2024
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 include the following (in thousands):

Assets

Liabilities

March 31, 

December 31, 

March 31, 

December 31, 

    

Balance Sheet Location

    

2024

    

2023

    

2024

    

2023

Derivative Contracts Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

22,725

$

$

109

$

Other long-term assets

2,839

410

Accrued expenses and other liabilities

 

 

4,309

 

 

11,247

Other long-term liabilities

 

 

137

 

 

8,932

Total derivatives designated as hedging instruments

$

25,564

$

4,446

$

519

$

20,179

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts

Prepaid expenses and other assets

$

$

$

45

$

Accrued expenses and other liabilities

 

141

1,031

Other long-term liabilities

 

 

 

280

Total derivatives not designated as hedging instruments

$

$

141

$

45

$

1,311

Total derivatives

$

25,564

$

4,587

$

564

$

21,490

Schedule of gross and net amounts recognized within assets and liabilities

The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands):

Gross 

Gross

Gross 

Amounts 

Total Net

Amounts 

March 31, 2024

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Assets

$

25,564

$

(564)

$

25,000

$

$

25,000

Gross

Gross

Gross

Amounts

Total Net

Amounts

December 31, 2023

    

Amounts

    

Offset

    

Amounts

    

Not Offset

    

Net Amounts

Liabilities

$

21,490

$

(4,587)

$

16,903

$

$

16,903

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) were as follows (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 Income

Derivatives

    

Comprehensive Loss

    

Income (Expense)

    

(Loss) into Income (Expense)

Three Months

Three Months

Three Months

Three Months

Ended

Ended

Ended

Ended

    

March 31, 2024

    

March 31, 2023

    

March 31, 2024

    

March 31, 2023

Fuel contracts

 

$

47,253

$

(29,015)

Fuel

 

$

6,577

$

12,597

Fuel contracts

Other income (expense), net

875

(37)

Foreign currency contracts

 

 

 

10,540

Depreciation and amortization

 

 

(4,119)

 

(2,686)

Total gain (loss) recognized in other comprehensive loss

 

$

47,253

$

(18,475)

  

 

$

3,333

$

9,874

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):

Three Months Ended March 31, 2024

Three Months Ended March 31, 2023

Depreciation 

Depreciation 

and 

Other Income

and 

Other Income

    

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

$

197,734

$

222,929

$

18,137

$

194,868

$

194,790

$

(8,955)

  

  

  

  

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense)

 

  

 

  

 

 

  

 

  

 

  

Fuel contracts

 

6,577

 

 

 

12,597

 

Foreign currency contracts

 

(4,119)

 

 

 

(2,686)

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring

Fuel contracts

875

(37)

Schedule of effects of derivatives not designated as hedging instruments

The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands):

Three Months Ended

March 31, 

Location of Gain (Loss)

    

2024

    

2023

Derivatives not designated as hedging instruments

 

  

 

  

Fuel contracts

Other income (expense), net

$

2,199

$

(596)