Fair Value Measurements and Derivatives (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| 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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September 30, |
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December 31, |
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September 30, |
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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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Accrued expenses and other liabilities |
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$ |
299 |
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$ |
4,309 |
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$ |
25,394 |
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$ |
11,247 |
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Other long-term liabilities |
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475 |
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137 |
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9,827 |
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8,932 |
Total derivatives designated as hedging instruments |
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$ |
774 |
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$ |
4,446 |
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$ |
35,221 |
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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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Accrued expenses and other liabilities |
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$ |
— |
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$ |
141 |
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$ |
458 |
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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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$ |
458 |
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$ |
1,311 |
Total derivatives |
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$ |
774 |
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$ |
4,587 |
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$ |
35,679 |
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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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September 30, 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 |
Liabilities |
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$ |
35,679 |
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$ |
(774) |
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$ |
34,905 |
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$ |
— |
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$ |
34,905 |
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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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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
Fuel contracts |
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$ |
(56,615) |
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$ |
74,710 |
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Fuel |
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$ |
1,440 |
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$ |
9,540 |
Fuel contracts |
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— |
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— |
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Other income (expense), net |
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49 |
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417 |
Foreign currency contracts |
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537 |
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(16,825) |
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Depreciation and amortization |
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(4,119) |
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(3,394) |
Total gain (loss) recognized in other comprehensive loss |
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$ |
(56,078) |
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$ |
57,885 |
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$ |
(2,630) |
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$ |
6,563 |
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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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Nine Months |
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Nine Months |
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Nine Months |
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Nine 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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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
Fuel contracts |
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$ |
(8,327) |
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$ |
33,640 |
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Fuel |
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$ |
14,855 |
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$ |
22,709 |
Fuel contracts |
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— |
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— |
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Other income (expense), net |
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1,356 |
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74 |
Foreign currency contracts |
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659 |
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1,193 |
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Depreciation and amortization |
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(12,358) |
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(8,893) |
Total gain (loss) recognized in other comprehensive loss |
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$ |
(7,668) |
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$ |
34,833 |
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$ |
3,853 |
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$ |
13,890 |
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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 September 30, 2024 |
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Three Months Ended September 30, 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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$ |
164,934 |
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$ |
218,428 |
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$ |
(34,146) |
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$ |
170,893 |
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$ |
204,608 |
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$ |
12,060 |
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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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1,440 |
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— |
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— |
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9,540 |
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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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(3,394) |
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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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49 |
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— |
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— |
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417 |
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Nine Months Ended September 30, 2024 |
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Nine Months Ended September 30, 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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$ |
537,632 |
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$ |
663,762 |
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$ |
(14,113) |
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$ |
530,003 |
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$ |
596,513 |
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$ |
(4,938) |
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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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14,855 |
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— |
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— |
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22,709 |
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— |
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— |
Foreign currency contracts |
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— |
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(12,358) |
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— |
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— |
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(8,893) |
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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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1,356 |
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— |
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— |
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74 |
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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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Amount of Gain (Loss) Recognized in Income |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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Location of Gain (Loss) |
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2024 |
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2023 |
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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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$ |
(401) |
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$ |
1,369 |
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$ |
1,785 |
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$ |
522 |
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