Fair Value Measurements and Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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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 | | 2026 | | 2025 | | 2026 | | 2025 | Derivative Contracts Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 43,032 | | $ | — | | $ | 716 | | $ | — | | | Other long-term assets | | | 9,088 | | | — | | | 1,385 | | | — | | | Accrued expenses and other liabilities | | | — | | | 116 | | | — | | | 16,302 | | | Other long-term liabilities | | | 1,789 | | | — | | | 2,527 | | | 7,829 | Foreign currency contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | | 8,292 | | | 33,307 | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | 36,642 | | | 2,434 | | | Other long-term liabilities | | | — | | | — | | | 11,270 | | | — | Total derivatives designated as hedging instruments | | | | $ | 62,201 | | $ | 33,423 | | $ | 52,540 | | $ | 26,565 | | | | | | | | | | | | | | | | Derivative Contracts Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 3,531 | | $ | — | | $ | — | | $ | — | | | Other long-term assets | | | 46 | | | — | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | — | | | 1,024 | | | Other long-term liabilities | | | 22 | | | — | | | — | | | 114 | Foreign currency contracts | | | | | | | | | | | | | | | | | Other long-term assets | | | 292 | | | — | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | 8,574 | | | 594 | | | Other long-term liabilities | | | — | | | — | | | 312 | | | — | Debt conversion options | | | | | | | | | | | | | | | | | Current portion of exchangeable notes | | | — | | | — | | | 1,416 | | | — | | | Exchangeable notes | | | — | | | — | | | 273,266 | | | 341,838 | Total derivatives not designated as hedging instruments | | | | $ | 3,891 | | $ | — | | $ | 283,568 | | $ | 343,570 | Total derivatives | | | | $ | 66,092 | | $ | 33,423 | | $ | 336,108 | | $ | 370,135 |
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| Schedule of gross and net amounts recognized within assets and liabilities |
The gross and net amounts recognized within assets and liabilities include the following (in thousands): | | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | June 30, 2026 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 64,281 | | $ | (2,101) | | $ | 62,180 | | $ | (8,584) | | $ | 53,596 | Liabilities | | | 334,007 | | | (1,811) | | | 332,196 | | | (331,480) | | | 716 |
| | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | December 31, 2025 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 33,307 | | $ | — | | $ | 33,307 | | $ | (33,307) | | $ | — | Liabilities | | | 370,135 | | | (116) | | | 370,019 | | | (344,866) | | | 25,153 |
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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) include the following (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, 2026 | | June 30, 2025 | | | | June 30, 2026 | | June 30, 2025 | Fuel contracts | | $ | (31,543) | | $ | (27,268) | | Fuel | | $ | 33,694 | | $ | (6,147) | Fuel contracts | | | — | | | — | | Other income (expense), net | | | 5,096 | | | (777) | Foreign currency contracts | | | (37,650) | | | 49,344 | | Depreciation and amortization | | | (4,141) | | | (4,120) | Total gain (loss) recognized in other comprehensive income (loss) | | $ | (69,193) | | $ | 22,076 | | | | $ | 34,649 | | $ | (11,044) |
| | | | | | | | | | | | | | | | | | | | | | | 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, 2026 | | June 30, 2025 | | | | June 30, 2026 | | June 30, 2025 | Fuel contracts | | $ | 130,773 | | $ | (16,596) | | Fuel | | $ | 38,701 | | $ | (5,857) | Fuel contracts | | | — | | | — | | Other income (expense), net | | | 5,801 | | | (1,021) | Foreign currency contracts | | | (74,827) | | | 69,497 | | Depreciation and amortization | | | (8,264) | | | (8,239) | Total gain (loss) recognized in other comprehensive income (loss) | | $ | 55,946 | | $ | 52,901 | | | | $ | 36,238 | | $ | (15,117) |
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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, 2026 | | Three Months Ended June 30, 2025 | | | | | | 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 | | $ | 219,384 | | $ | 271,205 | | $ | (24,843) | | $ | 157,377 | | $ | 243,760 | | $ | (167,729) | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 33,694 | | | — | | | — | | | (6,147) | | | — | | | — | Foreign currency contracts | | | — | | | (4,141) | | | — | | | — | | | (4,120) | | | — | | | | | | | | | | | | | | | | | | | | Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring | | | | | | | | | | | | | | | | | | | Fuel contracts | | | — | | | — | | | 5,096 | | | — | | | — | | | (777) |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Six Months Ended June 30, 2025 | | | | | | 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 | | $ | 388,310 | | $ | 531,921 | | $ | 141,376 | | $ | 332,391 | | $ | 475,057 | | $ | 77,457 | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 38,701 | | | — | | | — | | | (5,857) | | | — | | | — | Foreign currency contracts | | | — | | | (8,264) | | | — | | | — | | | (8,239) | | | — | | | | | | | | | | | | | | | | | | | | Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring | | | | | | | | | | | | | | | | | | | Fuel contracts | | | — | | | — | | | 5,801 | | | — | | | — | | | (1,021) |
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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) | | 2026 | | 2025 | | 2026 | | 2025 | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | Debt conversion options | Other income (expense), net | | | (58,361) | | | (11,304) | | $ | 67,156 | | $ | 258,387 |
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