|
Fair Value Measurements and Derivatives (Tables)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2013
|
Dec. 31, 2012
|
| Derivatives Measured at Fair Value and Balance Sheet Location |
The following
table sets forth the fair value of our derivatives including the
balance sheet location (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Asset |
|
|
Liability |
|
| |
|
Balance
Sheet location
|
|
June 30,
2013 |
|
|
December 31,
2012 |
|
|
June 30,
2013 |
|
|
December 31,
2012 |
|
|
Fuel swaps designated as
hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
$ |
515 |
|
|
$ |
5,955 |
|
|
$ |
426 |
|
|
$ |
876 |
|
|
|
Other long-term
assets
|
|
|
— |
|
|
|
3,969 |
|
|
|
— |
|
|
|
388 |
|
|
|
Accrued expenses and other
liabilities
|
|
|
1,514 |
|
|
|
188 |
|
|
|
4,548 |
|
|
|
204 |
|
|
|
Other long-term
liabilities
|
|
|
589 |
|
|
|
391 |
|
|
|
5,075 |
|
|
|
42 |
|
|
|
|
|
|
Fuel collars designated as
hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
111 |
|
|
|
1,615 |
|
|
|
30 |
|
|
|
530 |
|
|
|
Accrued expenses and other
liabilities
|
|
|
385 |
|
|
|
51 |
|
|
|
391 |
|
|
|
69 |
|
|
|
Other long-term
liabilities
|
|
|
406 |
|
|
|
1,908 |
|
|
|
533 |
|
|
|
1,230 |
|
|
|
|
|
|
|
Fuel options not designated
as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
— |
|
|
|
— |
|
|
|
30 |
|
|
|
304 |
|
|
|
Accrued expenses and other
liabilities
|
|
|
— |
|
|
|
— |
|
|
|
391 |
|
|
|
— |
|
|
|
Other long-term
liabilities
|
|
|
— |
|
|
|
— |
|
|
|
533 |
|
|
|
1,231 |
|
|
|
|
|
|
|
Foreign currency options
designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other
liabilities
|
|
|
— |
|
|
|
— |
|
|
|
19,949 |
|
|
|
20,267 |
|
|
|
Other long-term
liabilities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,443 |
|
|
|
|
|
|
|
|
Foreign currency forward
contracts designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
— |
|
|
|
11,685 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
Foreign currency collar
designated as a hedging instrument
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
6,886 |
|
|
|
— |
|
|
|
1,009 |
|
|
|
— |
|
|
|
Other long-term
assets
|
|
|
— |
|
|
|
9,765 |
|
|
|
— |
|
|
|
1,613 |
|
|
The following
table sets forth our derivatives measured at fair value and
discloses the balance sheet location (in thousands):
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
Fuel swaps designated as
hedging instruments:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
$ |
5,079 |
|
|
$ |
5,484 |
|
|
Other long-term
assets
|
|
|
3,581 |
|
|
|
— |
|
|
Accrued expenses and other
liabilities
|
|
|
(16 |
) |
|
|
— |
|
|
Other long-term
liabilities
|
|
|
349 |
|
|
|
(440 |
) |
|
Fuel collars designated as
hedging instruments:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
1,085 |
|
|
|
4,377 |
|
|
Other long-term
assets
|
|
|
— |
|
|
|
740 |
|
|
Accrued expenses and other
liabilities
|
|
|
(18 |
) |
|
|
— |
|
|
Other long-term
liabilities
|
|
|
678 |
|
|
|
— |
|
|
Fuel options not designated
as hedging instruments:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
(304 |
) |
|
|
— |
|
|
Accrued
expenses and other liabilities
|
|
|
— |
|
|
|
(1,278
|
)
|
|
Other long-term
liabilities
|
|
|
(1,231 |
) |
|
|
(1,670 |
) |
|
Foreign currency options
designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other
liabilities
|
|
|
(20,267 |
) |
|
|
— |
|
|
Other long-term
liabilities
|
|
|
(16,443 |
) |
|
|
(15,927 |
) |
|
Foreign currency forward
contracts designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
assets
|
|
|
11,685 |
|
|
|
— |
|
|
Foreign currency collar
designated as a hedging instrument:
|
|
|
|
|
|
|
|
|
|
Other long-term
assets
|
|
|
8,152 |
|
|
|
— |
|
|
| Amounts Recognized Within Assets and Liabilities |
The following
table discloses the amounts recognized within assets and
liabilities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2013
|
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
|
Assets
|
|
$ |
7,512 |
|
|
$ |
(1,495 |
) |
|
$ |
6,017 |
|
|
$ |
— |
|
|
$ |
6,017 |
|
|
Liabilities
|
|
|
31,420 |
|
|
|
(2,894 |
) |
|
|
28,526 |
|
|
|
(19,949 |
) |
|
|
8,577 |
|
|
|
|
|
|
|
|
December 31,
2012
|
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
|
Assets
|
|
$ |
32,989 |
|
|
$ |
(3,711 |
) |
|
$ |
29,278 |
|
|
$ |
(11,685 |
) |
|
$ |
17,593 |
|
|
Liabilities
|
|
|
39,486 |
|
|
|
(2,538 |
) |
|
|
36,948 |
|
|
|
(36,710 |
) |
|
|
238 |
|
|
|
|
Fuel Swaps
|
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive loss— effective portion
|
|
$ |
(18,074 |
) |
|
$ |
(34,283 |
) |
|
$ |
(13,368 |
) |
|
$ |
(7,819 |
) |
|
Loss recognized in other
income (expense)— ineffective portion
|
|
|
(320 |
) |
|
|
(1,843 |
) |
|
|
(99 |
) |
|
|
(599 |
) |
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
|
|
(736 |
) |
|
|
(3,093 |
) |
|
|
(2,999 |
) |
|
|
(12,332 |
) |
|
The effects of
the fuel swaps on the consolidated financial statements, which were
designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Gain recognized in other
comprehensive income (loss)—effective portion
|
|
$ |
18,906 |
|
|
$ |
29,928 |
|
|
$ |
5,851 |
|
|
Gain (loss) recognized in
other income (expense)—ineffective portion
|
|
|
(509 |
) |
|
|
457 |
|
|
|
140 |
|
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
|
|
(14,448 |
) |
|
|
(36,686 |
) |
|
|
(3,065 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,949 |
|
|
$ |
(6,301 |
) |
|
$ |
2,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive loss— effective portion
|
|
$ |
(1,500 |
) |
|
$ |
(11,674 |
) |
|
$ |
(1,535 |
) |
|
$ |
(2,619 |
) |
|
Gain (loss) recognized in
other income (expense)— ineffective portion
|
|
|
14 |
|
|
|
(1,019 |
) |
|
|
22 |
|
|
|
(337 |
) |
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
|
|
391 |
|
|
|
(1,416 |
) |
|
|
818 |
|
|
|
(4,270 |
) |
|
The effects of
the fuel collars on the consolidated financial statements, which
were designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Gain (loss) recognized in
other comprehensive income (loss)—effective
portion
|
|
$ |
592 |
|
|
$ |
(147 |
) |
|
$ |
— |
|
|
Gain (loss) recognized in
other income (expense)—ineffective portion
|
|
|
165 |
|
|
|
(302 |
) |
|
|
— |
|
|
Amount reclassified from
accumulated other comprehensive income (loss) into fuel
expense
|
|
|
(1,954 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,197 |
) |
|
$ |
(449 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other income (expense)
|
|
$ |
(275 |
) |
|
$ |
(366 |
) |
|
$ |
581 |
|
|
$ |
1,715 |
|
|
The effects of
the fuel options on the consolidated financial statements, which
were not designated as hedging instruments were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Gain recognized in other
income (expense)
|
|
$ |
3,218 |
|
|
$ |
2,422 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other
comprehensive loss— effective portion
|
|
$ |
(341 |
) |
|
$ |
(12,193 |
) |
|
$ |
(4,353 |
) |
|
$ |
(17,035 |
) |
|
Loss recognized in other
income (expense)— ineffective portion
|
|
|
(22 |
) |
|
|
(81 |
) |
|
|
(320 |
) |
|
|
(350 |
) |
|
Amount reclassified from
accumulated other comprehensive income (loss) into depreciation
expense
|
|
|
117 |
|
|
|
— |
|
|
|
117 |
|
|
|
— |
|
|
The effects of
the foreign currency options on the consolidated financial
statements, which were designated as cash flow hedges were as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Loss recognized in other
comprehensive income (loss)—effective portion
|
|
$ |
(19,428 |
) |
|
$ |
(14,583 |
) |
|
$ |
(1,125 |
) |
|
Gain (loss) recognized in
other income (expense)—ineffective portion
|
|
|
(864 |
) |
|
|
(239 |
) |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(20,292 |
) |
|
$ |
(14,822 |
) |
|
$ |
(1,105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other comprehensive loss— effective portion
|
|
$ |
8,747 |
|
|
$ |
1,723 |
|
|
$ |
(7,886 |
) |
|
$ |
1,723 |
|
|
Gain (loss) recognized in
other income (expense)— ineffective portion
|
|
|
(2 |
) |
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
Amount reclassified from
accumulated other comprehensive income (loss) into depreciation
expense
|
|
|
(20 |
) |
|
|
— |
|
|
|
(20 |
) |
|
|
— |
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Gain recognized in other
comprehensive income (loss)—effective portion
|
|
$ |
11,685 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Loss recognized in other
income (expense)—ineffective portion
|
|
|
— |
|
|
|
— |
|
|
|
(33,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,685 |
|
|
$ |
— |
|
|
$ |
(33,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in
other comprehensive loss— effective portion
|
|
$ |
1,447 |
|
|
$ |
— |
|
|
$ |
(2,275 |
) |
|
$ |
— |
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Gain recognized in other
comprehensive income (loss)—effective portion
|
|
$ |
8,152 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Forward Contract
|
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
As of
June 30, 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
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain recognized in other
income (expense)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20 |
|
|
$ |
— |
|
|
|