Financial Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
Fuel derivative contracts	2020		2019		2020		2019
	(in thousands)
Losses realized at settlement	$	(2,062)	$	(3,399)	$	(7,899)	$	(9,294)
Reversal of prior period unrealized amounts	3,287		4,936		2,488		8,181
Unrealized losses that will settle in future periods	(1,522)		(6,090)		(1,522)		(6,090)
Losses on fuel derivatives recorded as Nonoperating Expense	$	(297)	$	(4,553)	$	(6,933)	$	(7,203)

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 September 30, 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 not designated as hedges
Foreign currency derivatives	Other accrued liabilities	4,068,800 Japanese Yen 7,553 Australian Dollars	August 2021	235	(625)	(390)
	Other liabilities and deferred credits	1,430,750 Japanese Yen	February 2022	30	(87)	(57)
Fuel derivative contracts	Prepaid expenses and other	27,972 gallons	March 2021	39	—	39

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) loss recognized in AOCI on derivatives				(Gain) loss reclassified from AOCI into income
	Three months ended September 30,				Three months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Foreign currency derivatives	$	1,262	$	(3,881)	$	418	$	(1,095)

	(Gain) loss recognized in AOCI on derivatives				(Gain) loss reclassified from AOCI into income
	Nine months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(in thousands)
Foreign currency derivatives	$	3,131	$	(3,904)	$	(7,020)	$	(4,431)