Fair Value Measurements and Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| 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 | | | | | June 30, | | December 31, | | June 30, | | December 31, | | | Balance Sheet Location | | 2025 | | 2024 | | 2025 | | 2024 | Derivative Contracts Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 3 | | $ | 1,576 | | $ | — | | $ | 1,798 | | | Other long-term assets | | | 223 | | | 650 | | | — | | | 208 | | | Accrued expenses and other liabilities | | | 1,099 | | | 488 | | | 15,041 | | | 12,955 | | | Other long-term liabilities | | | 1,003 | | | 648 | | | 5,747 | | | 2,030 | Foreign currency contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | | 6,235 | | | — | | | — | | | — | | | Other long-term assets | | | 44,268 | | | — | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | — | | | 1,567 | | | Other long-term liabilities | | | — | | | — | | | — | | | 17,427 | Total derivatives designated as hedging instruments | | | | $ | 52,831 | | $ | 3,362 | | $ | 20,788 | | $ | 35,985 | | | | | | | | | | | | | | | | Derivative Contracts Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | — | | $ | 234 | | $ | 1 | | $ | — | | | Other long-term assets | | | 3 | | | — | | | — | | | — | | | Accrued expenses and other liabilities | | | 382 | | | — | | | 2,031 | | | 390 | | | Other long-term liabilities | | | 34 | | | — | | | 70 | | | 35 | Debt conversion options | | | | | | | | | | | | | | | | | Current portion of exchangeable notes | | | — | | | — | | | 10,057 | | | 192,942 | | | Exchangeable notes | | | — | | | — | | | 166,854 | | | 190,022 | Total derivatives not designated as hedging instruments | | | | $ | 419 | | $ | 234 | | $ | 179,013 | | $ | 383,389 | Total derivatives | | | | $ | 53,250 | | $ | 3,596 | | $ | 199,801 | | $ | 419,374 |
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| 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 | | | | June 30, 2025 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 50,732 | | $ | (1) | | $ | 50,731 | | $ | (50,503) | | $ | 228 | Liabilities | | | 199,800 | | | (2,518) | | | 197,282 | | | (176,911) | | | 20,371 |
| | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | December 31, 2024 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 2,460 | | $ | (2,006) | | $ | 454 | | $ | — | | $ | 454 | Liabilities | | | 417,368 | | | (1,136) | | | 416,232 | | | (401,958) | | | 14,274 |
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| Schedule of effects of cash flow hedge accounting on accumulated other comprehensive income (loss) |
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 | | | June 30, 2025 | | June 30, 2024 | | | | June 30, 2025 | | June 30, 2024 | Fuel contracts | | $ | (27,268) | | $ | 1,035 | | Fuel | | $ | (6,147) | | $ | 6,838 | Fuel contracts | | | — | | | — | | Other income (expense), net | | | (777) | | | 432 | Foreign currency contracts | | | 49,344 | | | 122 | | Depreciation and amortization | | | (4,120) | | | (4,120) | Total gain (loss) recognized in other comprehensive loss | | $ | 22,076 | | $ | 1,157 | | | | $ | (11,044) | | $ | 3,150 |
| | | | | | | | | | | | | | | | | | | | | | | 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) | | | Six Months | | Six Months | | | | Six Months | | Six Months | | | Ended | | Ended | | | | Ended | | Ended | | | June 30, 2025 | | June 30, 2024 | | | | June 30, 2025 | | June 30, 2024 | Fuel contracts | | $ | (16,596) | | $ | 48,288 | | Fuel | | $ | (5,857) | | $ | 13,415 | Fuel contracts | | | — | | | — | | Other income (expense), net | | | (1,021) | | | 1,307 | Foreign currency contracts | | | 69,497 | | | 122 | | Depreciation and amortization | | | (8,239) | | | (8,239) | Total gain (loss) recognized in other comprehensive loss | | $ | 52,901 | | $ | 48,410 | | | | $ | (15,117) | | $ | 6,483 |
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| Schedule of effects of cash flow hedge accounting on the consolidated financial statements of operations |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Three Months Ended June 30, 2024 | | | | | | 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 | | $ | 157,377 | | $ | 243,760 | | $ | (167,729) | | $ | 174,964 | | $ | 222,405 | | $ | 151,323 | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) | | | | | | | | | | | | | | | | | | | Fuel contracts | | | (6,147) | | | — | | | — | | | 6,838 | | | — | | | — | Foreign currency contracts | | | — | | | (4,120) | | | — | | | — | | | (4,120) | | | — | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | (777) | | | — | | | — | | | 432 |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Six Months Ended June 30, 2024 | | | | | | 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 | | $ | 332,391 | | $ | 475,057 | | $ | 77,457 | | $ | 372,698 | | $ | 445,334 | | $ | 165,874 | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) | | | | | | | | | | | | | | | | | | | Fuel contracts | | | (5,857) | | | — | | | — | | | 13,415 | | | — | | | — | Foreign currency contracts | | | — | | | (8,239) | | | — | | | — | | | (8,239) | | | — | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | (1,021) | | | — | | | — | | | 1,307 |
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| 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): | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in Income | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | Location of Gain (Loss) | | 2025 | | 2024 | | 2025 | | 2024 | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | Debt conversion options | Other income (expense), net | | | (11,304) | | | 149,427 | | | 258,387 | | | 145,841 |
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