|
Fair Value Measurements and Derivatives (Tables)
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3 Months Ended |
|
Mar. 31, 2013
|
| Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location |
The following table sets
forth the fair value of our derivatives including the balance sheet
location (in thousands):
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Asset |
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Liability |
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Balance
Sheet location
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March 31,
2013
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December 31,
2012
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March 31,
2013
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December 31,
2012
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Fuel swaps designated as
hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Prepaid expenses and
other assets
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|
$ |
8,128 |
|
|
$ |
5,955 |
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|
$ |
301 |
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|
$ |
876 |
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|
|
|
|
|
|
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Other long-term
assets
|
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|
3,832 |
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|
3,969 |
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|
281 |
|
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|
388 |
|
|
|
|
|
|
|
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|
Accrued expenses and
other liabilities
|
|
|
— |
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|
|
188 |
|
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|
— |
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|
204 |
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|
|
|
|
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Other long-term
liabilities
|
|
|
— |
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|
391 |
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|
|
— |
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|
42 |
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Fuel collars designated
as hedging instruments
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|
|
|
|
|
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|
|
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Prepaid
expenses
and other
assets
|
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|
1,117 |
|
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|
1,615 |
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|
134 |
|
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|
530 |
|
|
|
|
|
|
|
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Other long-term
assets
|
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|
997 |
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|
|
— |
|
|
|
545 |
|
|
|
— |
|
|
|
|
|
|
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Accrued expenses and
other liabilities
|
|
|
— |
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|
|
51 |
|
|
|
— |
|
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|
69 |
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|
|
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Other long-term
liabilities
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|
— |
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|
1,908 |
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|
— |
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|
1,230 |
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Fuel options not
designated as hedging instruments
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|
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|
|
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Prepaid expenses and
other assets
|
|
|
— |
|
|
|
— |
|
|
|
134 |
|
|
|
304 |
|
|
|
|
|
|
|
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Other long-term
assets
|
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|
— |
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— |
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|
545 |
|
|
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— |
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|
|
|
|
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Other long-term
liabilities
|
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— |
|
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— |
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— |
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1,231 |
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Foreign currency options
designated as hedging instruments
|
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Accrued expenses and
other liabilities
|
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|
— |
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— |
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19,585 |
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|
20,267 |
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|
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Other long-term
liabilities
|
|
|
— |
|
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— |
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— |
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16,443 |
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Foreign currency forward
contracts designated as hedging instruments
|
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|
|
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|
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|
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Prepaid expenses and
other assets
|
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|
3,464 |
|
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|
11,685 |
|
|
|
— |
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— |
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Accrued expenses and
other liabilities
|
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|
574 |
|
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— |
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30,353 |
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|
— |
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Foreign currency forward
contracts not designated as hedging instruments
|
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Accrued expenses and
other liabilities
|
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|
354 |
|
|
|
— |
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|
334 |
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— |
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Foreign currency collar
designated as a hedging instrument
|
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Prepaid expenses and
other assets
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|
6,361 |
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|
— |
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|
1,931 |
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— |
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Other long-term
assets
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— |
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9,765 |
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— |
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|
1,613 |
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| Amounts Recognized Within Assets and Liabilities |
The
following
table discloses the amounts recognized within assets and
liabilities (in thousands):
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March 31,
2013
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|
Gross Amounts |
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Gross
Amounts
Offset
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Total
Net
Amounts
|
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|
Gross
Amounts Not
Offset
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|
Net Amounts |
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Assets
|
|
$ |
23,899 |
|
|
$ |
(3,871 |
) |
|
$ |
20,028 |
|
|
$ |
(3,464 |
) |
|
$ |
16,564 |
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Liabilities
|
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|
50,272 |
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(928 |
) |
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49,344 |
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(46,403 |
) |
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2,941 |
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December
31, 2012
|
|
Gross Amounts |
|
|
Gross
Amounts
Offset
|
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Total
Net
Amounts
|
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|
Gross
Amounts Not
Offset
|
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|
Net Amounts |
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|
Assets
|
|
$ |
32,989 |
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|
$ |
(3,711 |
) |
|
$ |
29,278 |
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$ |
(11,685 |
) |
|
$ |
17,593 |
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Liabilities
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|
39,486 |
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(2,538 |
) |
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36,948 |
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(36,710 |
) |
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|
238 |
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Fuel Swaps
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|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the fuel
swaps on the consolidated financial statements which were
designated as cash flow hedges were as follows (in
thousands):
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Three Months
Ended
March
31,
|
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| |
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2013 |
|
|
2012 |
|
|
Gain recognized in other
comprehensive income (loss) – effective portion
|
|
$ |
4,706 |
|
|
$ |
26,464 |
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|
Gain recognized in other
income (expense) – ineffective portion
|
|
|
221 |
|
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|
1,244 |
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|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
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|
(2,263 |
) |
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(9,239 |
) |
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|
Foreign Exchange Option
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the
foreign currency options on the consolidated financial statements
which were designated as cash flow hedges were as follows (in
thousands):
|
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|
|
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| |
|
Three Months Ended
March
31,
|
|
| |
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive income (loss) – effective portion
|
|
$ |
(4,012 |
) |
|
$ |
(4,842 |
) |
|
Loss recognized in other
income (expense) – ineffective portion
|
|
|
(298 |
) |
|
|
(269 |
) |
|
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Foreign Exchange Forward
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the
foreign currency forward contracts on the consolidated financial
statements which were designated as cash flow hedges were as
follows (in thousands):
|
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| |
|
Three Months Ended
March
31,
|
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| |
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive income (loss) – effective portion
|
|
$ |
(16,633 |
) |
|
$ |
— |
|
|
Gain recognized in other
income (expense) – ineffective portion
|
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|
68 |
|
|
|
— |
|
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|
Fuel Collars
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the fuel
collars on the consolidated financial statements which were
designated as cash flow hedges were as follows (in
thousands):
|
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|
|
|
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| |
|
Three Months Ended
March
31,
|
|
| |
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other comprehensive income (loss) – effective
portion
|
|
$ |
(35 |
) |
|
$ |
9,055 |
|
|
Gain recognized in other
income (expense) – ineffective portion
|
|
|
8 |
|
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|
682 |
|
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
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|
427 |
|
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|
(2,854 |
) |
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|
Fuel Options
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the fuel
options on the consolidated financial statements which were not
designated as hedging instruments were as follows (in
thousands):
|
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|
|
|
|
|
|
|
| |
|
Three Months Ended
March
31,
|
|
| |
|
2013 |
|
|
2012 |
|
|
Gain recognized in other
income (expense)
|
|
$ |
856 |
|
|
$ |
2,081 |
|
|
|
Foreign Currency Collar
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects of the
foreign currency collar on the consolidated financial statements
which was designated as a cash flow hedge was as follows (in
thousands):
|
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|
|
|
|
|
|
|
| |
|
Three Months Ended
March
31,
|
|
| |
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive income (loss) – effective portion
|
|
$ |
(3,722 |
) |
|
$ |
— |
|
|
|
Not Designated as Hedging Instrument | Foreign Exchange Forward
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
As of March 31,
2013, the effects of the foreign currency forward contracts on the
consolidated financial statements which were not designated as
hedging instruments were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
March
31,
|
|
| |
|
2013 |
|
|
2012 |
|
|
Gain recognized in other
income (expense)
|
|
$ |
20 |
|
|
$ |
— |
|
|