Fair Value Measurements and Derivatives (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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 includes the following (in thousands):
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Assets |
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Liabilities |
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December 31, |
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December 31, |
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December 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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$ |
1,576 |
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$ |
— |
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$ |
1,798 |
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$ |
— |
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Other long-term assets |
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650 |
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— |
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208 |
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— |
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Accrued expenses and other liabilities |
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488 |
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4,309 |
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12,955 |
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11,247 |
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Other long-term liabilities |
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648 |
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|
137 |
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2,030 |
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8,932 |
Foreign currency contracts |
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Accrued expenses and other liabilities |
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— |
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— |
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1,567 |
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— |
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Other long-term liabilities |
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— |
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— |
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17,427 |
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— |
Total derivatives designated as hedging instruments |
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$ |
3,362 |
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$ |
4,446 |
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$ |
35,985 |
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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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$ |
234 |
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$ |
— |
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$ |
— |
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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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|
390 |
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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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35 |
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280 |
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Total derivatives not designated as hedging instruments |
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$ |
234 |
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$ |
141 |
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$ |
425 |
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$ |
1,311 |
Total derivatives |
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$ |
3,596 |
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$ |
4,587 |
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$ |
36,410 |
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$ |
21,490 |
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Schedule of gross and net amounts recognized within assets and liabilities |
The gross and net amounts recognized within assets and liabilities include the following (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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December 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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$ |
2,460 |
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$ |
(2,006) |
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$ |
454 |
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$ |
— |
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$ |
454 |
Liabilities |
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34,404 |
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(1,136) |
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33,268 |
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(18,994) |
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14,274 |
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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) include the following (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 |
Derivatives |
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Comprehensive Income (Loss) |
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Income |
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Income (Loss) into Income |
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Year Ended December 31, |
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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2024 |
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2023 |
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2022 |
Fuel contracts |
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$ |
9,482 |
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$ |
(15,144) |
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$ |
106,994 |
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Fuel |
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$ |
12,321 |
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$ |
39,138 |
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$ |
104,250 |
Fuel contracts |
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— |
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— |
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— |
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Other income (expense), net |
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(766) |
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(146) |
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(293) |
Foreign currency contracts |
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(20,124) |
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13,371 |
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(211,011) |
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Depreciation and amortization |
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(16,478) |
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(12,819) |
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(7,052) |
Interest rate contracts |
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— |
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— |
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— |
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Interest expense, net |
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— |
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— |
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(40) |
Total gain (loss) recognized in other comprehensive income (loss) |
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$ |
(10,642) |
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$ |
(1,773) |
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$ |
(104,017) |
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$ |
(4,923) |
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$ |
26,173 |
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$ |
96,865 |
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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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Year Ended December 31, 2024 |
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Depreciation |
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and |
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Interest |
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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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(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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$ |
698,050 |
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$ |
890,242 |
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$ |
747,223 |
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$ |
54,224 |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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Fuel contracts |
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12,321 |
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— |
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— |
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— |
Foreign currency contracts |
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— |
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(16,478) |
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— |
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— |
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Amount of loss reclassified from accumulated other comprehensive income (loss) into income 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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— |
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(766) |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
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Year Ended December 31, 2023 |
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Depreciation |
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and |
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Interest |
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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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(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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$ |
716,833 |
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$ |
808,568 |
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$ |
727,531 |
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$ |
(40,204) |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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Fuel contracts |
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39,138 |
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— |
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— |
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— |
Foreign currency contracts |
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— |
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(12,819) |
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— |
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— |
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Amount of loss reclassified from accumulated other comprehensive income (loss) into income 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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— |
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(146) |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
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Year Ended December 31, 2022 |
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Depreciation |
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and |
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Interest |
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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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(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 |
|
$ |
686,825 |
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$ |
749,326 |
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$ |
801,512 |
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$ |
76,566 |
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Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
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|
|
|
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|
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Fuel contracts |
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104,250 |
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|
— |
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|
— |
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— |
Foreign currency contracts |
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|
— |
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(7,052) |
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|
— |
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|
— |
Interest rate contracts |
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|
— |
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|
— |
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(40) |
|
|
— |
|
|
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|
|
|
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Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring |
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|
|
|
|
|
|
|
|
|
|
|
Fuel contracts |
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|
— |
|
|
— |
|
|
— |
|
|
(293) |
|
Not Designated as Hedging Instrument [Member] |
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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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Year Ended December 31, |
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Location of Gain (Loss) |
|
2024 |
|
2023 |
|
2022 |
Derivatives not designated as hedging instruments |
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|
|
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|
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|
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|
|
Fuel contracts |
Other income (expense), net |
|
$ |
1,845 |
|
$ |
(1,663) |
|
$ |
33,850 |
Foreign exchange contracts |
Other income (expense), net |
|
|
(917) |
|
|
(1,554) |
|
|
(15,055) |
|