Fair Value Measurements and Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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
		March 31,		December 31,		March 31,		December 31,
	Balance Sheet Location	2024		2023		2024		2023
Derivative Contracts Designated as Hedging Instruments
Fuel contracts
	Prepaid expenses and other assets	$	22,725	$	—	$	109	$	—
	Other long-term assets		2,839		—		410		—
	Accrued expenses and other liabilities		—		4,309		—		11,247
	Other long-term liabilities		—		137		—		8,932
Total derivatives designated as hedging instruments		$	25,564	$	4,446	$	519	$	20,179
Derivative Contracts Not Designated as Hedging Instruments
Fuel contracts
	Prepaid expenses and other assets	$	—	$	—	$	45	$	—
	Accrued expenses and other liabilities		—		141		—		1,031
	Other long-term liabilities		—		—		—		280
Debt conversion options
	Current portion of exchangeable notes		—		—		77,587		71,710
	Exchangeable notes		—		—		283,577		285,868
Total derivatives not designated as hedging instruments		$	—	$	141	$	361,209	$	358,889
Total derivatives		$	25,564	$	4,587	$	361,728	$	379,068

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
March 31, 2024	Amounts		Offset		Amounts		Not Offset		Net Amounts
Assets	$	25,564	$	(564)	$	25,000	$	—	$	25,000
Liabilities		361,164		—		361,164		(361,164)		—

			Gross				Gross
	Gross		Amounts		Total Net		Amounts
December 31, 2023	Amounts		Offset		Amounts		Not Offset		Net Amounts
Liabilities	$	379,068	$	(4,587)	$	374,481	$	(357,578)	$	16,903

Schedule of cash flow hedges included in accumulated other comprehensive income

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
	March 31, 2024		March 31, 2023			March 31, 2024		March 31, 2023
Fuel contracts	$	47,253	$	(29,015)	Fuel	$	6,577	$	12,597
Fuel contracts		—		—	Other income (expense), net		875		(37)
Foreign currency contracts		—		10,540	Depreciation and amortization		(4,119)		(2,686)
Total gain (loss) recognized in other comprehensive loss	$	47,253	$	(18,475)		$	3,333	$	9,874

Schedule of effects of derivatives designated as cash flow hedges

The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):

	Three Months Ended March 31, 2024						Three Months Ended March 31, 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	$	197,734	$	222,929	$	14,551	$	194,868	$	194,790	$	(18,571)
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense)
Fuel contracts		6,577		—		—		12,597		—		—
Foreign currency contracts		—		(4,119)		—		—		(2,686)		—
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		—		—		875		—		—		(37)

Schedule of effects of derivatives not designated as cash flow hedges

The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands):

		Three Months Ended
		March 31,
	Location of Gain (Loss)	2024		2023
Derivatives not designated as hedging instruments
Fuel contracts	Other income (expense), net	$	2,199	$	(596)
Debt conversion options	Other income (expense), net		(3,586)		(9,615)