XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2018
Other Comprehensive Income (Loss) [Abstract]  
Other Comprehensive Income (Loss)

16.OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) includes changes in the fair value of interest rate swaps and fuel hedges that qualify for hedge accounting.  The components of other comprehensive income (loss) and related tax effects for the three and six months ended June 30, 2018 and 2017 are as follows: 



 

 

 

 

 

 

 

 

 

 

 



 

Three months ended June 30, 2018

 

 



 

Gross

 

Tax effect

 

Net of tax

 

 

Interest rate swap amounts reclassified into interest expense

 

$

 (1,273)

 

$

 337 

 

$

 (936)

 

 

Fuel hedge amounts reclassified into cost of operations

 

 

 (1,688)

 

 

 420 

 

 

 (1,268)

 

 

Changes in fair value of interest rate swaps

 

 

 3,196 

 

 

 (847)

 

 

 2,349 

 

 

Changes in fair value of fuel hedge

 

 

 2,045 

 

 

 (504)

 

 

 1,541 

 

 

Foreign currency translation adjustment

 

 

 (43,474)

 

 

-

 

 

 (43,474)

 

 



 

$

 (41,194)

 

$

 (594)

 

$

 (41,788)

 

 



 

 

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

 

 

 



 

Three months ended June 30, 2017

 

 



 

Gross

 

Tax effect

 

Net of tax

 

 

Interest rate swap amounts reclassified into interest expense

 

$

 760 

 

$

 (202)

 

$

 558 

 

 

Fuel hedge amounts reclassified into cost of operations

 

 

 1,012 

 

 

 (386)

 

 

 626 

 

 

Changes in fair value of interest rate swaps

 

 

 (2,904)

 

 

 (1,194)

 

 

 (4,098)

 

 

Changes in fair value of fuel hedges

 

 

 (1,164)

 

 

 444 

 

 

 (720)

 

 

Foreign currency translation adjustment

 

 

 53,193 

 

 

-

 

 

 53,193 

 

 



 

$

 50,897 

 

$

 (1,338)

 

$

 49,559 

 

 



 

 

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

 

 

 



 

Six months ended June 30, 2018

 

 



 

Gross

 

Tax effect

 

Net of tax

 

 

Interest rate swap amounts reclassified into interest expense

 

$

 (1,872)

 

$

 496 

 

$

 (1,376)

 

 

Fuel hedge amounts reclassified into cost of operations

 

 

 (2,837)

 

 

 706 

 

 

 (2,131)

 

 

Changes in fair value of interest rate swaps

 

 

 14,965 

 

 

 (3,965)

 

 

 11,000 

 

 

Changes in fair value of fuel hedge

 

 

 2,661 

 

 

 (657)

 

 

 2,004 

 

 

Foreign currency translation adjustment

 

 

 (102,804)

 

 

-

 

 

 (102,804)

 

 



 

$

 (89,887)

 

$

 (3,420)

 

$

 (93,307)

 

 



 

 

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

 

 

 



 

Six months ended June 30, 2017

 

 



 

Gross

 

Tax effect

 

Net of tax

 

 

Interest rate swap amounts reclassified into interest expense

 

$

 1,841 

 

$

 (488)

 

$

 1,353 

 

 

Fuel hedge amounts reclassified into cost of operations

 

 

 1,976 

 

 

 (754)

 

 

 1,222 

 

 

Changes in fair value of interest rate swaps

 

 

 (1,876)

 

 

 497 

 

 

 (1,379)

 

 

Changes in fair value of fuel hedges

 

 

 (4,389)

 

 

 1,675 

 

 

 (2,714)

 

 

Foreign currency translation adjustment

 

 

 70,627 

 

 

-

 

 

 70,627 

 

 



 

$

 68,179 

 

$

 930 

 

$

 69,109 

 

 



 

 

 

 

 

 

 

 

 

 

 



A rollforward of the amounts included in AOCIL, net of taxes, for the six months ended June 30, 2018 and 2017, is as follows: 



 

 

 

 

 

 

 

 

 

 

 

 



 

Fuel Hedges

 

Interest Rate Swaps

 

Foreign Currency Translation Adjustment

 

Accumulated Other Comprehensive Income (Loss)

Balance at December 31, 2017

 

$

 2,907 

 

$

 13,951 

 

$

 91,555 

 

$

 108,413 

Amounts reclassified into earnings

 

 

 (2,131)

 

 

 (1,376)

 

 

-

 

 

 (3,507)

Changes in fair value

 

 

 2,004 

 

 

 11,000 

 

 

-

 

 

 13,004 

Foreign currency translation adjustment

 

 

-

 

 

-

 

 

 (102,804)

 

 

 (102,804)

Balance at June 30, 2018

 

$

 2,780 

 

$

 23,575 

 

$

 (11,249)

 

$

 15,106 







 

 

 

 

 

 

 

 

 

 

 

 



 

Fuel Hedges

 

Interest Rate Swaps

 

Foreign Currency Translation Adjustment

 

Accumulated Other Comprehensive Income (Loss)

Balance at December 31, 2016

 

$

 (164)

 

$

 8,094 

 

$

 (50,931)

 

$

 (43,001)

Amounts reclassified into earnings

 

 

 1,222 

 

 

 1,353 

 

 

-

 

 

 2,575 

Changes in fair value

 

 

 (2,714)

 

 

 (1,379)

 

 

-

 

 

 (4,093)

Foreign currency translation adjustment

 

 

-

 

 

-

 

 

 70,627 

 

 

 70,627 

Balance at June 30, 2017

 

$

 (1,656)

 

$

 8,068 

 

$

 19,696 

 

$

 26,108 



See Note 12 for further discussion on the Company’s derivative instruments.