XML 70 R51.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measurements and Derivative Instruments - Recurring (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Level 1    
Assets:    
Derivative financial instruments [1],[2] $ 0 $ 0
Total Assets [2] 0 0
Liabilities:    
Derivative financial instruments [1],[2] 0 0
Total Liabilities [2] 0 0
Level 2    
Assets:    
Derivative financial instruments [1],[3] 217,881 203,802
Total Assets [3] 217,881 203,802
Liabilities:    
Derivative financial instruments [1],[3] 172,948 135,608
Total Liabilities [3] 172,948 135,608
Level 3    
Assets:    
Derivative financial instruments [1],[4] 0 0
Total Assets [4] 0 0
Liabilities:    
Derivative financial instruments [1],[4] 0 0
Total Liabilities [4] 0 0
Total    
Assets:    
Derivative financial instruments [1] 217,881 203,802
Total Assets 217,881 203,802
Liabilities:    
Derivative financial instruments [1] 172,948 135,608
Total Liabilities $ 172,948 $ 135,608
[1] Consists of foreign currency forward contracts, interest rate and fuel swaps. Refer to the "Fair Value of Derivative Instruments" table for breakdown by instrument type.
[2] Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. No Level 1 inputs were used in fair value measurements of other financial instruments as of September 30, 2023 and December 31, 2022.
[3] Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For foreign currency forward contracts, interest rate swaps and fuel swaps, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms, such as maturity, as well as other inputs, such as foreign exchange rates and curves, fuel types, fuel curves and interest rate yield curves. Derivative instrument fair values take into account the creditworthiness of the counterparty and the Company.
[4] Inputs that are unobservable. No Level 3 inputs were used in fair value measurements of other financial instruments as of September 30, 2023 and December 31, 2022.