Fair Value Measurements and Derivatives (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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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2019 |
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2018 |
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2019 |
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2018 |
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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$ |
— |
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$ |
2,583 |
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$ |
— |
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$ |
1 |
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Other long-term assets |
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277 |
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197 |
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— |
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29 |
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Accrued expenses and other liabilities |
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2,300 |
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1,173 |
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18,257 |
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19,547 |
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Other long-term liabilities |
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683 |
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933 |
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17,763 |
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51,184 |
Foreign currency contracts |
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Prepaid expenses and other assets |
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— |
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5,285 |
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— |
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1,497 |
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Other long-term assets |
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— |
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3,514 |
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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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112 |
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33,475 |
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5,145 |
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Other long-term liabilities |
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169 |
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2,874 |
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118,500 |
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40,476 |
Interest rate contracts |
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Prepaid expenses and other assets |
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— |
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519 |
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— |
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— |
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Other long-term assets |
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— |
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27 |
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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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— |
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2,178 |
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— |
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Other long-term liabilities |
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— |
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— |
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1,861 |
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— |
Total derivatives designated as hedging instruments |
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$ |
3,429 |
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$ |
17,217 |
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$ |
192,034 |
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$ |
117,879 |
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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, 2019 |
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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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$ |
277 |
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$ |
— |
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$ |
277 |
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$ |
— |
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$ |
277 |
Liabilities |
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192,034 |
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(3,152) |
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188,882 |
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(149,863) |
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39,019 |
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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, 2018 |
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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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$ |
12,125 |
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$ |
(1,527) |
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$ |
10,598 |
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$ |
(6,872) |
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$ |
3,726 |
Liabilities |
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116,352 |
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(5,092) |
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111,260 |
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(35,718) |
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75,542 |
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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 |
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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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2019 |
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2018 |
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2017 |
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2019 |
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2018 |
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2017 |
Fuel contracts |
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$ |
46,154 |
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$ |
(52,949) |
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$ |
50,263 |
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Fuel |
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$ |
14,093 |
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$ |
34,410 |
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$ |
(29,721) |
Foreign currency contracts |
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(163,197) |
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(108,911) |
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254,070 |
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Depreciation and amortization |
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(3,062) |
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(3,463) |
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(4,077) |
Interest rate contracts |
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(5,972) |
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646 |
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351 |
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Interest expense, net |
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(2,133) |
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(851) |
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(2,997) |
Total gain (loss) recognized in other comprehensive income |
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$ |
(123,015) |
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$ |
(161,214) |
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$ |
304,684 |
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$ |
8,898 |
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$ |
30,096 |
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$ |
(36,795) |
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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, 2019 |
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Year Ended December 31, 2018 |
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Depreciation |
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Depreciation |
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and |
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Interest |
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and |
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Interest |
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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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$ |
409,602 |
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$ |
646,188 |
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$ |
272,867 |
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$ |
392,685 |
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$ |
561,060 |
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$ |
270,404 |
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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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14,093 |
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— |
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— |
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34,410 |
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— |
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— |
Foreign currency contracts |
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— |
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(3,062) |
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— |
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— |
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(3,463) |
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— |
Interest rate contracts |
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— |
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— |
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(2,133) |
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— |
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— |
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(851) |
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, 2017 |
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Depreciation |
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and |
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Interest |
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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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$ |
361,032 |
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$ |
509,957 |
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$ |
267,804 |
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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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(29,721) |
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— |
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— |
Foreign currency contracts |
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— |
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(4,077) |
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— |
Interest rate contracts |
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— |
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— |
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(2,997) |
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