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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Instruments and Nonfinancial Assets and Liabilities Measured at the Reporting Date The fair values of these financial instruments are summarized as follows:

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

At March 31, 2020

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

$

8,695

 

 

$

 

 

$

8,695

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

At December 31, 2019

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

$

849

 

 

$

 

 

$

849

 

 

$

 

Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location

The fair value of the fuel hedge contracts outstanding as of March 31, 2020 and December 31, 2019 is as follows:

 

 

 

 

 

Fair Value at

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

Balance Sheet Location

 

2020

 

 

2019

 

Asset derivatives:

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

Prepaid expenses and other current assets

 

$

 

 

$

849

 

 

 

 

 

 

 

 

 

 

 

 

Liability derivatives:

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

Accrued expenses

 

$

8,695

 

 

$

 

Changes in Components of Accumulated Other Comprehensive Income

Changes in the components of the accumulated balances of other comprehensive income are as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Derivatives:

 

 

 

 

 

 

 

 

Reclassification of derivative losses to earnings—net of tax

 

 

1,338

 

 

 

891

 

Change in fair value of derivatives—net of tax

 

 

(8,464

)

 

 

1,849

 

Total other comprehensive income (loss)

 

$

(7,126

)

 

$

2,740

 

 

 

 

 

 

 

 

 

 

Adjustments Reclassified from Accumulated Balances Other Comprehensive Income (Loss) to Earnings

 

Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows:

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Statement of Operations Location

 

2020

 

 

2019

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

Costs of contract revenues

 

$

1,792

 

 

$

1,207

 

 

 

Income tax benefit

 

 

454

 

 

 

316

 

 

 

 

 

$

1,338

 

 

$

891