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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2021
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 June 30, 2021

 

 

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

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

$

4,802

 

 

$

-

 

 

$

4,802

 

 

$

-

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Description

 

At December 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

 

$

1,739

 

 

$

-

 

 

$

1,739

 

 

$

-

 

Schedule of Fair Value of Fuel Hedge Contracts Balance Sheet Location

The fair value of the fuel hedge contracts outstanding as of June 30, 2021 and December 31, 2020 is as follows:

 

 

 

 

 

Fair Value at

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

Balance Sheet Location

 

2021

 

 

2020

 

Asset derivatives:

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

Prepaid expenses and other current assets

 

$

4,802

 

 

$

1,739

 

Changes in Components of Accumulated Other Comprehensive Income (Loss)

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of derivative (gains) losses to earnings—net of tax

 

 

(1,878

)

 

 

2,490

 

 

 

(3,404

)

 

 

3,828

 

Change in fair value of derivatives—net of tax

 

 

2,282

 

 

 

950

 

 

 

5,694

 

 

 

(7,514

)

Net change in cash flow derivative hedges—net of tax

 

$

404

 

 

$

3,440

 

 

$

2,290

 

 

$

(3,686

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

June 30,

 

 

 

Statement of Operations Location

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel hedge contracts

 

Costs of contract revenues

 

$

(2,513

)

 

$

3,340

 

 

 

(4,554

)

 

 

5,132

 

 

 

Income tax (provision) benefit

 

 

(635

)

 

 

850

 

 

 

(1,150

)

 

 

1,304

 

 

 

 

 

$

(1,878

)

 

$

2,490

 

 

$

(3,404

)

 

$

3,828