Fair Value Measurements and Derivatives (Tables)
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9 Months Ended |
Sep. 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 | | | | | September 30, | | December 31, | | September 30, | | December 31, | | | Balance Sheet Location | | 2026 | | 2025 | | 2026 | | 2025 | Derivative Contracts Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 111,333 | | $ | — | | $ | — | | $ | — | | | Other long-term assets | | | 25,848 | | | — | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | 116 | | | — | | | 16,302 | | | Other long-term liabilities | | | — | | | — | | | — | | | 7,829 | Foreign currency contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | | — | | | 33,307 | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | 73,496 | | | 2,434 | Total derivatives designated as hedging instruments | | | | $ | 137,181 | | $ | 33,423 | | $ | 73,496 | | $ | 26,565 | | | | | | | | | | | | | | | | Derivative Contracts Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 10,884 | | $ | — | | $ | — | | $ | — | | | Other long-term assets | | | 1,285 | | | — | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | — | | | 1,024 | | | Other long-term liabilities | | | — | | | — | | | — | | | 114 | Foreign currency contracts | | | | | | | | | | | | | | | | | Accrued expenses and other liabilities | | | — | | | — | | | 7,986 | | | 594 | | | Other long-term liabilities | | | — | | | — | | | 119 | | | — | Debt conversion options | | | | | | | | | | | | | | | | | Exchangeable notes | | | — | | | — | | | 105,487 | | | 341,838 | Total derivatives not designated as hedging instruments | | | | $ | 12,169 | | $ | — | | $ | 113,592 | | $ | 343,570 | Total derivatives | | | | $ | 149,350 | | $ | 33,423 | | $ | 187,088 | | $ | 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 | | | | September 30, 2026 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 149,350 | | $ | — | | $ | 149,350 | | $ | (149,350) | | $ | — | Liabilities | | | 187,088 | | | — | | | 187,088 | | | (187,088) | | | — |
| | | | | | | | | | | | | | | | | | | | | 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 | | | September 30, 2026 | | September 30, 2025 | | | | September 30, 2026 | | September 30, 2025 | Fuel contracts | | $ | 152,759 | | $ | 10,681 | | Fuel | | $ | 47,477 | | $ | (4,575) | Fuel contracts | | | — | | | — | | Other income (expense), net | | | 5,378 | | | (114) | Foreign currency contracts | | | (39,808) | | | (10,638) | | Depreciation and amortization | | | (4,140) | | | (4,118) | Total gain (loss) recognized in other comprehensive income (loss) | | $ | 112,951 | | $ | 43 | | | | $ | 48,715 | | $ | (8,807) |
| | | | | | | | | | | | | | | | | | | | | | | 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) | | | Nine Months | | Nine Months | | | | Nine Months | | Nine Months | | | Ended | | Ended | | | | Ended | | Ended | | | September 30, 2026 | | September 30, 2025 | | | | September 30, 2026 | | September 30, 2025 | Fuel contracts | | $ | 283,532 | | $ | (5,915) | | Fuel | | $ | 86,178 | | $ | (10,432) | Fuel contracts | | | — | | | — | | Other income (expense), net | | | 11,179 | | | (1,135) | Foreign currency contracts | | | (114,635) | | | 58,859 | | Depreciation and amortization | | | (12,404) | | | (12,357) | Total gain (loss) recognized in other comprehensive income (loss) | | $ | 168,897 | | $ | 52,944 | | | | $ | 84,953 | | $ | (23,924) |
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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 September 30, 2026 | | Three Months Ended September 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 | | $ | 195,733 | | $ | 287,703 | | $ | 200,096 | | $ | 175,913 | | $ | 250,832 | | $ | (134,429) | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 47,477 | | | — | | | — | | | (4,575) | | | — | | | — | Foreign currency contracts | | | — | | | (4,140) | | | — | | | — | | | (4,118) | | | — | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | 5,378 | | | — | | | — | | | (114) |
| | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | Nine Months Ended September 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 | | $ | 584,043 | | $ | 819,624 | | $ | 341,472 | | $ | 508,304 | | $ | 725,889 | | $ | (56,972) | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 86,178 | | | — | | | — | | | (10,432) | | | — | | | — | Foreign currency contracts | | | — | | | (12,404) | | | — | | | — | | | (12,357) | | | — | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | 11,179 | | | — | | | — | | | (1,135) |
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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 | | Nine Months Ended | | | | September 30, | | September 30, | | Location of Gain (Loss) | | 2026 | | 2025 | | 2026 | | 2025 | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | Debt conversion options | Other income (expense), net | | $ | 169,195 | | $ | (147,429) | | $ | 236,351 | | $ | 110,958 |
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