Fair Value Measurements and Derivatives (Tables)
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3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
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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):
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Assets |
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Liabilities |
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March 31, |
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December 31, |
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March 31, |
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December 31, |
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Balance Sheet Location |
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2024 |
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2023 |
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2024 |
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2023 |
Derivative Contracts Designated as Hedging Instruments |
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Fuel contracts |
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Prepaid expenses and other assets |
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$ |
22,725 |
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$ |
— |
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$ |
109 |
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$ |
— |
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Other long-term assets |
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2,839 |
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— |
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410 |
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— |
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Accrued expenses and other liabilities |
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— |
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4,309 |
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— |
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11,247 |
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Other long-term liabilities |
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— |
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137 |
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— |
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8,932 |
Total derivatives designated as hedging instruments |
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$ |
25,564 |
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$ |
4,446 |
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$ |
519 |
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$ |
20,179 |
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Derivative Contracts Not Designated as Hedging Instruments |
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Fuel contracts |
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Prepaid expenses and other assets |
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$ |
— |
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$ |
— |
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$ |
45 |
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$ |
— |
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Accrued expenses and other liabilities |
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— |
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141 |
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— |
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1,031 |
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Other long-term liabilities |
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— |
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— |
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— |
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280 |
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Total derivatives not designated as hedging instruments |
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$ |
— |
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$ |
141 |
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$ |
45 |
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$ |
1,311 |
Total derivatives |
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$ |
25,564 |
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$ |
4,587 |
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$ |
564 |
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$ |
21,490 |
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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):
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Gross |
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Gross |
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Gross |
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Amounts |
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Total Net |
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Amounts |
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March 31, 2024 |
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Amounts |
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Offset |
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Amounts |
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Not Offset |
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Net Amounts |
Assets |
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$ |
25,564 |
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$ |
(564) |
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$ |
25,000 |
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$ |
— |
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$ |
25,000 |
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Gross |
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Gross |
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Gross |
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Amounts |
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Total Net |
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Amounts |
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December 31, 2023 |
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Amounts |
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Offset |
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Amounts |
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Not Offset |
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Net Amounts |
Liabilities |
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$ |
21,490 |
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$ |
(4,587) |
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$ |
16,903 |
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$ |
— |
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$ |
16,903 |
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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):
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Location of Gain |
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(Loss) Reclassified |
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from Accumulated |
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Amount of Gain (Loss) Reclassified |
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Amount of Gain (Loss) |
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Other Comprehensive |
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from Accumulated Other |
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Recognized in Other |
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Income (Loss) into |
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Comprehensive Income |
Derivatives |
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Comprehensive Loss |
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Income (Expense) |
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(Loss) into Income (Expense) |
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Three Months |
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Three Months |
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Three Months |
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Three Months |
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Ended |
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Ended |
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Ended |
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Ended |
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March 31, 2024 |
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March 31, 2023 |
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March 31, 2024 |
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March 31, 2023 |
Fuel contracts |
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$ |
47,253 |
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$ |
(29,015) |
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Fuel |
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$ |
6,577 |
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$ |
12,597 |
Fuel contracts |
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— |
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— |
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Other income (expense), net |
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875 |
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(37) |
Foreign currency contracts |
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— |
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10,540 |
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Depreciation and amortization |
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(4,119) |
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(2,686) |
Total gain (loss) recognized in other comprehensive loss |
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$ |
47,253 |
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$ |
(18,475) |
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$ |
3,333 |
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$ |
9,874 |
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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):
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Three Months Ended March 31, 2024 |
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Three Months Ended March 31, 2023 |
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Depreciation |
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Depreciation |
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and |
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Other Income |
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and |
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Other Income |
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Fuel |
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Amortization |
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(Expense), net |
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Fuel |
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Amortization |
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(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 |
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$ |
197,734 |
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$ |
222,929 |
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$ |
18,137 |
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$ |
194,868 |
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$ |
194,790 |
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$ |
(8,955) |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) |
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Fuel contracts |
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6,577 |
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— |
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— |
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12,597 |
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— |
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— |
Foreign currency contracts |
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— |
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(4,119) |
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— |
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— |
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(2,686) |
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— |
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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 |
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Fuel contracts |
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— |
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— |
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875 |
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— |
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— |
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(37) |
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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):
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Three Months Ended |
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March 31, |
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Location of Gain (Loss) |
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2024 |
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2023 |
Derivatives not designated as hedging instruments |
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Fuel contracts |
Other income (expense), net |
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$ |
2,199 |
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$ |
(596) |
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