Financial Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of realized and unrealized gains and losses recorded as nonoperating income (expense)

The following table reflects the amount of realized and unrealized gains and losses recorded as nonoperating income (expense) in the Company's unaudited Consolidated Statements of Operations.

	Three months ended March 31,
Fuel derivative contracts	2020			2019
	(in thousands)
Losses realized at settlement	$	(3,086	)	$	(2,844	)
Reversal of prior period unrealized amounts	2,488			8,181
Unrealized losses that will settle in future periods	(5,854		)	(4,767		)
Gains (losses) on fuel derivatives recorded as nonoperating income (expense)	$	(6,452	)	$	570

Schedule of fair value of the asset and liability derivatives and net derivative position recorded

The following tables present the gross fair value of asset and liability derivatives that are designated as hedging instruments under ASC 815 and derivatives that are not designated as hedging instruments under ASC 815, as well as the net derivative positions and location of the asset and liability balances within the Company's unaudited Consolidated Balance Sheets.

Derivative position as of March 31, 2020 

	Balance Sheet Location	Notional Amount	Final Maturity Date	Gross fair value of assets	Gross fair value of (liabilities)		Net derivative position
		(in thousands)		(in thousands)
Derivatives designated as hedges
Foreign currency derivatives	Prepaid expenses and other	13,581,500 Japanese Yen 28,291 Australian Dollars	March 2021	3,689	(384	)	3,305
	Long-term prepayments and other	5,021,900 Japanese Yen 5,628 Australian Dollars	February 2022	1,055	(104	)	951
Derivatives not designated as hedges
Foreign currency derivatives	Prepaid expenses and other	4,446,350 Japanese Yen 3,601 Australian Dollars	June 2020	888	(99	)	789
Fuel derivative contracts	Prepaid expenses and other	92,316 gallons	March 2021	520	—		520

Derivative position as of December 31, 2019

	Balance Sheet Location	Notional Amount	Final Maturity Date	Gross fair value of assets	Gross fair value of (liabilities)		Net derivative position
		(in thousands)		(in thousands)
Derivatives designated as hedges
Foreign currency derivatives	Prepaid expenses and other	19,270,650 Japanese Yen 44,468 Australian Dollars	December 2020	3,787	(358	)	3,429
	Long-term prepayments and other	5,487,250 Japanese Yen 8,429 Australian Dollars	December 2021	618	(193	)	425
Derivatives not designated as hedges
Foreign currency derivatives	Other accrued liabilities	694,050 Japanese Yen 2,438 Australian Dollars	March 2020	19	(42	)	(23	)
Fuel derivative contracts	Prepaid expenses and other	97,986 gallons	December 2020	5,878	—		5,878

Schedule of realized and unrealized gains and losses of derivatives designated as cash flow hedges

The following table reflects the impact of cash flow hedges designated for hedge accounting treatment and their location within the Company's unaudited Consolidated Statements of Comprehensive Income. 

	Gain recognized in AOCI on derivatives						Gain reclassified from AOCI into income
	Three months ended March 31,						Three months ended March 31,
	2020			2019			2020			2019
	(in thousands)
Foreign currency derivatives	$	(1,571	)	$	(3,106	)	$	(3,900	)	$	(1,587	)