| Schedule of derivatives measured at fair value and disclosed by balance sheet location |
| |
|
|
|
Assets |
|
|
Liabilities |
|
| Derivative Contracts Designated as |
|
|
|
December 31, |
|
|
December 31, |
|
| Hedging Instruments |
|
Balance Sheet Location |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| Fuel contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
$ |
2,583 |
|
|
$ |
19,220 |
|
|
$ |
1 |
|
|
$ |
2,406 |
|
| |
|
Other long-term assets |
|
|
197 |
|
|
|
19,854 |
|
|
|
29 |
|
|
|
3,469 |
|
| |
|
Accrued expenses and other liabilities |
|
|
1,173 |
|
|
|
— |
|
|
|
19,547 |
|
|
|
3,348 |
|
| |
|
Other long-term liabilities |
|
|
933 |
|
|
|
576 |
|
|
|
51,184 |
|
|
|
2,148 |
|
| Foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
5,285 |
|
|
|
52,300 |
|
|
|
1,497 |
|
|
|
730 |
|
| |
|
Other long-term assets |
|
|
3,514 |
|
|
|
85,081 |
|
|
|
— |
|
|
|
— |
|
| |
|
Accrued expenses and other liabilities |
|
|
112 |
|
|
|
— |
|
|
|
5,145 |
|
|
|
— |
|
| |
|
Other long-term liabilities |
|
|
2,874 |
|
|
|
— |
|
|
|
40,476 |
|
|
|
— |
|
| Interest rate contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prepaid expenses and other assets |
|
|
519 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
Other long-term assets |
|
|
27 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
Accrued expenses and other liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,020 |
|
| Total derivative contracts designated as hedging instruments |
|
|
|
$ |
17,217 |
|
|
$ |
177,031 |
|
|
$ |
117,879 |
|
|
$ |
13,121 |
|
|
| Schedule of gross and net amounts recognized within assets and liabilities |
| December 31, 2018 |
|
Gross
Amounts
|
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts
Not Offset
|
|
|
Net Amounts |
|
| Assets |
|
$ |
12,125 |
|
|
$ |
(1,527 |
) |
|
$ |
10,598 |
|
|
$ |
(6,872 |
) |
|
$ |
3,726 |
|
| Liabilities |
|
$ |
116,352 |
|
|
$ |
(5,092 |
) |
|
$ |
111,260 |
|
|
$ |
(35,718 |
) |
|
$ |
75,542 |
|
| December 31, 2017 |
|
Gross
Amounts
|
|
|
Gross
Amounts
Offset |
|
|
Total Net
Amounts |
|
|
Gross
Amounts
Not Offset
|
|
|
Net Amounts |
|
| Assets |
|
$ |
176,455 |
|
|
$ |
(6,605 |
) |
|
$ |
169,850 |
|
|
$ |
(127,924 |
) |
|
$ |
41,926 |
|
| Liabilities |
|
$ |
6,516 |
|
|
$ |
(576 |
) |
|
$ |
5,940 |
|
|
$ |
(1,020 |
) |
|
$ |
4,920 |
|
|
| Schedule of effects of derivatives designated as cash flow hedges |
The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) include the following (in thousands):
| Derivatives |
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
|
|
|
Location of Gain
(Loss) Reclassified
from Accumulated
Other Comprehensive
Income (Loss) into Income |
|
Amount of Gain (Loss)
Reclassified from Accumulated Other
Comprehensive Income (Loss) into Income
|
|
| |
|
Year Ended December 31, |
|
|
|
|
Year Ended December 31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Fuel contracts |
|
$ |
(52,949 |
) |
|
$ |
50,263 |
|
|
$ |
127,470 |
|
|
Fuel |
|
$ |
34,410 |
|
|
$ |
(29,721 |
) |
|
$ |
(88,442 |
) |
| Foreign currency contracts |
|
|
(108,911 |
) |
|
|
254,070 |
|
|
|
(124,058 |
) |
|
Depreciation and amortization |
|
|
(3,463 |
) |
|
|
(4,077 |
) |
|
|
(3,581 |
) |
| Interest rate contracts |
|
|
646 |
|
|
|
351 |
|
|
|
(1,701 |
) |
|
Interest expense, net |
|
|
(851 |
) |
|
|
(2,997 |
) |
|
|
(3,946 |
) |
| Total gain (loss) recognized in other comprehensive income |
|
$ |
(161,214 |
) |
|
$ |
304,684 |
|
|
$ |
1,711 |
|
|
|
|
$ |
30,096 |
|
|
$ |
(36,795 |
) |
|
$ |
(95,969 |
) |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
| |
|
Year Ended December 31, 2018 |
|
|
Year Ended December 31, 2017 |
|
| |
|
Fuel |
|
|
Depreciation
and
Amortization |
|
|
Interest
Expense, net |
|
|
Fuel |
|
|
Depreciation
and
Amortization |
|
|
Interest
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 |
|
$ |
392,685 |
|
|
$ |
561,060 |
|
|
$ |
270,404 |
|
|
$ |
361,032 |
|
|
$ |
509,957 |
|
|
$ |
267,804 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fuel contracts |
|
$ |
34,410 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(29,721 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Foreign currency contracts |
|
$ |
— |
|
|
$ |
(3,463 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(4,077 |
) |
|
$ |
— |
|
| Interest rate contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(851 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2,997 |
) |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
| |
|
Year Ended December 31, 2016 |
|
| |
|
Fuel |
|
|
Depreciation
and
Amortization |
|
|
Interest
Expense, net |
|
|
Other
(Income)
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 |
|
$ |
335,174 |
|
|
$ |
432,495 |
|
|
$ |
276,859 |
|
|
$ |
8,302 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of loss reclassified from accumulated other comprehensive income (loss) into income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fuel contracts |
|
$ |
(85,448 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Foreign currency contracts |
|
$ |
— |
|
|
$ |
(3,581 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Interest rate contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3,946 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fuel contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2,994 |
) |
|