|
Fair Value Measurements and Derivatives (Tables)
|
9 Months Ended |
12 Months Ended |
|
Sep. 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
|
|
September 30,
2013 |
|
|
December 31,
2012 |
|
|
September 30,
2013 |
|
|
December 31,
2012 |
|
|
Fuel swaps designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
$ |
4,421 |
|
|
$ |
5,955 |
|
|
$ |
484 |
|
|
$ |
876 |
|
|
|
Other long-term assets
|
|
|
2,201 |
|
|
|
3,969 |
|
|
|
1,890 |
|
|
|
388 |
|
|
|
Accrued expenses and other liabilities
|
|
|
669 |
|
|
|
188 |
|
|
|
938 |
|
|
|
204 |
|
|
|
Other long-term liabilities
|
|
|
189 |
|
|
|
391 |
|
|
|
180 |
|
|
|
42 |
|
|
|
|
|
|
Fuel collars designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
|
614 |
|
|
|
1,615 |
|
|
|
322 |
|
|
|
530 |
|
|
|
Accrued expenses and other liabilities
|
|
|
— |
|
|
|
51 |
|
|
|
— |
|
|
|
69 |
|
|
|
Other long-term liabilities
|
|
|
207 |
|
|
|
1,908 |
|
|
|
202 |
|
|
|
1,230 |
|
|
|
|
|
|
|
|
Fuel options not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
|
— |
|
|
|
— |
|
|
|
322 |
|
|
|
304 |
|
|
|
Other long-term liabilities
|
|
|
— |
|
|
|
— |
|
|
|
202 |
|
|
|
1,231 |
|
|
|
|
|
|
|
|
Foreign currency options designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities
|
|
|
— |
|
|
|
— |
|
|
|
18,756 |
|
|
|
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
|
|
|
10,425 |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
Other long-term assets
|
|
|
— |
|
|
|
9,765 |
|
|
|
— |
|
|
|
1,613 |
|
|
|
|
|
|
|
|
Interest rate swaps designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities
|
|
|
— |
|
|
|
— |
|
|
|
898 |
|
|
|
— |
|
|
|
Other long-term liabilities
|
|
|
— |
|
|
|
— |
|
|
|
2,233 |
|
|
|
— |
|
|
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
Gross Amounts |
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts Not
Offset |
|
|
Net Amounts |
|
|
Assets
|
|
$ |
17,661 |
|
|
$ |
(3,048 |
) |
|
$ |
14,613 |
|
|
$ |
— |
|
|
$ |
14,613 |
|
|
Liabilities
|
|
|
23,409 |
|
|
|
(1,065 |
) |
|
|
22,344 |
|
|
|
(21,887 |
) |
|
|
457 |
|
|
|
|
|
|
|
|
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 on the consolidated financial statements of the fuel
swaps which were designated as cash flow hedges were as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain recognized in other comprehensive loss – effective
portion
|
|
$ |
13,500 |
|
|
$ |
30,848 |
|
|
$ |
132 |
|
|
$ |
23,029 |
|
|
Gain (loss) recognized in other income (expense) –
ineffective portion
|
|
|
(83 |
) |
|
|
157 |
|
|
|
(182 |
) |
|
|
(473 |
) |
|
Amount reclassified from accumulated comprehensive income (loss)
into fuel expense
|
|
|
(2,081 |
) |
|
|
(1,600 |
) |
|
|
(5,080 |
) |
|
|
(13,932 |
) |
|
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 on the consolidated financial statements of the fuel
collars which were designated as cash flow hedges were as follows
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in other comprehensive loss –
effective portion
|
|
$ |
427 |
|
|
$ |
5,060 |
|
|
$ |
(1,108 |
) |
|
$ |
2,441 |
|
|
Gain (loss) recognized in other income (expense) –
ineffective portion
|
|
|
(51 |
) |
|
|
479 |
|
|
|
(29 |
) |
|
|
142 |
|
|
Amount reclassified from other comprehensive income (loss) into
fuel expense
|
|
|
332 |
|
|
|
(1,107 |
) |
|
|
1,150 |
|
|
|
(5,377 |
) |
|
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 Not Designated as Cash flow Hedges |
The effects on the consolidated financial statements of the fuel
options which were not designated as hedging instruments were as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain recognized in other income (expense)
|
|
$ |
430 |
|
|
$ |
1,143 |
|
|
$ |
1,011 |
|
|
$ |
2,858 |
|
|
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 on the consolidated financial statements of the foreign
currency options which were designated as cash flow hedges were as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended
September 30, |
|
|
Nine Months
Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in other comprehensive loss –
effective portion
|
|
$ |
1,179 |
|
|
$ |
(2,813 |
) |
|
$ |
(3,174 |
) |
|
$ |
(19,848 |
) |
|
Gain (loss) recognized in other income (expense) –
ineffective portion
|
|
|
13 |
|
|
|
(134 |
) |
|
|
(307 |
) |
|
|
(484 |
) |
|
Amount reclassified from accumulated comprehensive income (loss)
into depreciation and amortization expense
|
|
|
177 |
|
|
|
— |
|
|
|
294 |
|
|
|
— |
|
|
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 on the consolidated financial statements of the foreign
currency forward contracts which were designated as cash flow
hedges were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain (loss) recognized in other comprehensive loss –
effective portion
|
|
$ |
— |
|
|
$ |
2,609 |
|
|
$ |
(7,886 |
) |
|
$ |
4,332 |
|
|
Gain recognized in other income (expense) – ineffective
portion
|
|
|
— |
|
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
Amount reclassified from accumulated comprehensive income (loss)
into depreciation and amortization expense
|
|
|
(32 |
) |
|
|
— |
|
|
|
(52 |
) |
|
|
— |
|
|
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 on the consolidated financial statements of the foreign
currency collar which was designated as a cash flow hedge was as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain recognized in other comprehensive income – effective
portion
|
|
$ |
4,518 |
|
|
$ |
5,156 |
|
|
$ |
2,243 |
|
|
$ |
5,156 |
|
|
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 Not Designated as Cash flow Hedges |
As of September 30, 2013, the effects on the consolidated
financial statements of the foreign currency forward contracts
which were not designated as hedging instruments were as follows
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Gain recognized in other income (expense)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20 |
|
|
$ |
— |
|
|
|
|
Interest Rate Swap
|
|
|
| Effects of Derivatives Designated as Cash Flow Hedges |
The effects on the consolidated financial statements of the
interest rates swaps which were designated as cash flow hedges were
as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Loss recognized in other comprehensive loss – effective
portion
|
|
$ |
(2,826 |
) |
|
$ |
— |
|
|
$ |
(2,826 |
) |
|
$ |
— |
|
|
Loss recognized in other income (expense) – ineffective
portion
|
|
|
(334 |
) |
|
|
— |
|
|
|
(334 |
) |
|
|
— |
|
|
Amount reclassified from other comprehensive income (loss) into
interest expense, net
|
|
|
65 |
|
|
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|