Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements as of September 30, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents	$	307,500	$	300,337	$	7,163	$	—
Short-term investments
Corporate debt securities	201,198		—		201,198		—
U.S. government and agency securities	190,908		—		190,908		—
Other fixed income securities	50,000		—		50,000		—
Total short-term investments	442,106		—		442,106		—
Fuel derivative contracts	39		—		39		—
Foreign currency derivatives	265		—		265		—
Total assets measured at fair value	$	749,910	$	300,337	$	449,573	$	—
Foreign currency derivatives	712		—		712		—
Total liabilities measured at fair value	$	712	$	—	$	712	$	—

	Fair Value Measurements as of December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents	$	216,491	$	205,943	$	10,548	$	—
Short-term investments
Corporate debt securities	100,713		—		100,713		—
U.S. government and agency securities	75,481		—		75,481		—
Other fixed income securities	69,405		—		69,405		—
Total short-term investments	245,599		—		245,599		—
Fuel derivative contracts	5,878		—		5,878		—
Foreign currency derivatives	4,424		—		4,424		—
Total assets measured at fair value	$	472,392	$	205,943	$	266,449	$	—
Foreign currency derivatives	593		—		593		—
Total liabilities measured at fair value	$	593	$	—	$	593	$	—

Schedule of debt (excluding obligations under capital leases) measured at fair value

The table below presents the Company’s debt measured at fair value: 

Fair Value of Debt
September 30, 2020										December 31, 2019
Carrying		Fair Value								Carrying		Fair Value
Amount		Total		Level 1		Level 2		Level 3		Amount		Total		Level 1		Level 2		Level 3
(in thousands)
$	1,172,399	$	1,022,314	$	—	$	—	$	1,022,314	$	610,397	$	605,286	$	—	$	—	$	605,286