Fair Value Measurements and Derivatives (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
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| 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 include the following (in thousands): | | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | | | | September 30, | | December 31, | | September 30, | | December 31, | | | Balance Sheet Location | | 2024 | | 2023 | | 2024 | | 2023 | Derivative Contracts Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Accrued expenses and other liabilities | | $ | 299 | | $ | 4,309 | | $ | 25,394 | | $ | 11,247 | | | Other long-term liabilities | | | 475 | | | 137 | | | 9,827 | | | 8,932 | Total derivatives designated as hedging instruments | | $ | 774 | | $ | 4,446 | | $ | 35,221 | | $ | 20,179 | | | | | | | | | | | | | | | | Derivative Contracts Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Accrued expenses and other liabilities | | $ | — | | $ | 141 | | $ | 458 | | $ | 1,031 | | | Other long-term liabilities | | | — | | | — | | | — | | | 280 | | | | | | | | | | | | | | | | Total derivatives not designated as hedging instruments | | $ | — | | $ | 141 | | $ | 458 | | $ | 1,311 | Total derivatives | | | | $ | 774 | | $ | 4,587 | | $ | 35,679 | | $ | 21,490 |
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| Schedule of gross and net amounts recognized within assets and liabilities |
The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): | | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | September 30, 2024 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Liabilities | | $ | 35,679 | | $ | (774) | | $ | 34,905 | | $ | — | | $ | 34,905 |
| | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | December 31, 2023 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Liabilities | | $ | 21,490 | | $ | (4,587) | | $ | 16,903 | | $ | — | | $ | 16,903 |
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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) were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Location of Gain | | | | | | | | | | | | | | | (Loss) Reclassified | | | | | | | | | | | | | | | from Accumulated | | Amount of Gain (Loss) Reclassified | | | Amount of Gain (Loss) | | Other Comprehensive | | from Accumulated Other | | | Recognized in Other | | Income (Loss) into | | Comprehensive Income | Derivatives | | Comprehensive Loss | | Income (Expense) | | (Loss) into Income (Expense) | | | Three Months | | Three Months | | | | Three Months | | Three Months | | | Ended | | Ended | | | | Ended | | Ended | | | September 30, 2024 | | September 30, 2023 | | | | September 30, 2024 | | September 30, 2023 | Fuel contracts | | $ | (56,615) | | $ | 74,710 | | Fuel | | $ | 1,440 | | $ | 9,540 | Fuel contracts | | | — | | | — | | Other income (expense), net | | | 49 | | | 417 | Foreign currency contracts | | | 537 | | | (16,825) | | Depreciation and amortization | | | (4,119) | | | (3,394) | Total gain (loss) recognized in other comprehensive loss | | $ | (56,078) | | $ | 57,885 | | | | $ | (2,630) | | $ | 6,563 |
| | | | | | | | | | | | | | | | | | | | | | | Location of Gain | | | | | | | | | | | | | | | (Loss) Reclassified | | | | | | | | | | | | | | | from Accumulated | | Amount of Gain (Loss) Reclassified | | | Amount of Gain (Loss) | | Other Comprehensive | | from Accumulated Other | | | Recognized in Other | | Income (Loss) into | | Comprehensive Income | Derivatives | | Comprehensive Loss | | Income (Expense) | | (Loss) into Income (Expense) | | | Nine Months | | Nine Months | | | | Nine Months | | Nine Months | | | Ended | | Ended | | | | Ended | | Ended | | | September 30, 2024 | | September 30, 2023 | | | | September 30, 2024 | | September 30, 2023 | Fuel contracts | | $ | (8,327) | | $ | 33,640 | | Fuel | | $ | 14,855 | | $ | 22,709 | Fuel contracts | | | — | | | — | | Other income (expense), net | | | 1,356 | | | 74 | Foreign currency contracts | | | 659 | | | 1,193 | | Depreciation and amortization | | | (12,358) | | | (8,893) | Total gain (loss) recognized in other comprehensive loss | | $ | (7,668) | | $ | 34,833 | | | | $ | 3,853 | | $ | 13,890 |
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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): | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | | | | | Depreciation | | | | | | | | Depreciation | | | | | | | | | and | | Other Income | | | | | and | | Other Income | | | Fuel | | Amortization | | (Expense), net | | Fuel | | Amortization | | (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 | | $ | 164,934 | | $ | 218,428 | | $ | (34,146) | | $ | 170,893 | | $ | 204,608 | | $ | 12,060 | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 1,440 | | | — | | | — | | | 9,540 | | | — | | | — | Foreign currency contracts | | | — | | | (4,119) | | | — | | | — | | | (3,394) | | | — | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring | | | | | | | | | | | | | | | | | | | Fuel contracts | | | — | | | — | | | 49 | | | — | | | — | | | 417 |
| | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | | | | | Depreciation | | | | | | | | Depreciation | | | | | | | | | and | | Other Income | | | | | and | | Other Income | | | Fuel | | Amortization | | (Expense), net | | Fuel | | Amortization | | (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 | | $ | 537,632 | | $ | 663,762 | | $ | (14,113) | | $ | 530,003 | | $ | 596,513 | | $ | (4,938) | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 14,855 | | | — | | | — | | | 22,709 | | | — | | | — | Foreign currency contracts | | | — | | | (12,358) | | | — | | | — | | | (8,893) | | | — | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring | | | | | | | | | | | | | | | | | | | Fuel contracts | | | — | | | — | | | 1,356 | | | — | | | — | | | 74 |
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| Schedule of effects of derivatives not designated as hedging instruments |
The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in Income | | | | Three Months Ended | | Nine Months Ended | | | | September 30, | | September 30, | | Location of Gain (Loss) | | 2024 | | 2023 | | 2024 | | 2023 | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | Fuel contracts | Other income (expense), net | | $ | (401) | | $ | 1,369 | | $ | 1,785 | | $ | 522 |
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