Financial Derivative Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Assets and Liabilities
The following tables present the fair value of derivative assets and liabilities that are designated and not designated as hedging instruments, as well as the location of the asset and liability balances within the condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014 (in thousands):
Derivatives designated as cash flow hedges
 
Consolidated
balance sheet location
 
Fair value of derivatives as of
 
March 31, 2015
 
December 31, 2014
 
 
 
 
(unaudited)
 
 
Fuel derivative instruments—Heating oil collars
 
Current liabilities
 
(9,296
)
 
(24,762
)
Fuel derivative instruments—Brent calls
 
Current liabilities
 
—

 
(84
)
Fuel derivative instruments—Heating oil swaps
 
Current liabilities
 
(524
)
 
—

Fuel derivative instruments—Jet fuel swaps
 
Current liabilities
 
(636
)
 
—

Total current assets (liabilities)
 
 
 
$
(10,456
)
 
$
(24,846
)
 
Derivatives not designated as cash flow hedges
 
Consolidated
balance sheet location 
 
Fair value of derivatives as of
 
March 31, 2015
 
December 31, 2014
 
 
 
 
(unaudited)
 
 
Fuel derivative instruments—Heating oil collars
 
Current liabilities
 
(2,472
)
 
(2,408
)
Fuel derivative instruments—Brent calls
 
Current liabilities
 
(181
)
 
134

Fuel derivative instruments—Heating oil swaps
 
Current liabilities
 
(91
)
 
—

Total current assets (liabilities)
 
 
 
$
(2,744
)
 
$
(2,274
)
Effects of Fuel Derivative Instruments in Condensed Consolidated Statements of Operations
The following table summarizes the effect of fuel derivative instruments in the condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands):
Derivatives accounted for as hedging
instruments under ASC 815
 
Consolidated financial 
statement location
 
Gains (losses) on derivative
contracts for the three months ended
 
 
 
 
March 31, 2015
 
March 31, 2014
 
 
 
 
(unaudited)
 
(unaudited)
Fuel derivative instruments
 
   Aircraft fuel expense
 
$
(15,215
)
 
$
(128
)
Total impact to the consolidated statements of operations
 
 
 
$
(15,215
)
 
$
(128
)
 
Derivatives not accounted for as hedging
instruments under ASC 815
 
Consolidated financial 
statement location  
 
Gains (losses) on derivative
contracts for the three months ended
 
 
 
 
March 31, 2015
 
March 31, 2014
 
 
 
 
(unaudited)
 
(unaudited)
Fuel derivative instruments
 
   Aircraft fuel expense
 
$
(447
)
 
$
(452
)
Total impact to the consolidated statements of operations
 
 
 
$
(447
)
 
$
(452
)
Effect of Fuel Derivative Instrument Designated as Cash Flow Hedges on Condensed Consolidated Statements of Operations
The effect of fuel derivative instruments designated as cash flow hedges and the underlying hedged items on the condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014, respectively, is summarized as follows (in thousands):
Fuel derivatives designated as cash flow hedges
 
Amount of gain (loss)
recognized in AOCI
on derivatives
(Effective portion)
 
Gain (loss) reclassified
from AOCI into
income (Fuel expense)
(Effective portion)
 
Amount of gain (loss)
recognized into
income (Ineffective
portion)
 
 
March 31, 2015
 
March 31, 2014
 
March 31, 2015
 
March 31, 2014
 
March 31, 2015
 
March 31, 2014
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
Fuel derivative instruments
 
$
(3,018
)
 
$
(2,745
)
 
$
(15,235
)
 
$
(17
)
 
$
20

 
$
(111
)
Notional Amounts of Outstanding Derivative Positions
The notional amounts of the Company’s outstanding fuel derivatives are summarized as follows (gallons in millions):
 
 
March 31, 2015
 
December 31, 2014
 
 
(unaudited)
 
 
Derivatives designated as hedging instruments:
 
 
 
 
Fuel derivative instruments—Heating oil collars
 
16

 
36

Fuel derivative instruments—Brent calls
 
0

 
16

Fuel derivative instruments—Heating oil swaps
 
7

 
0

Fuel derivative instruments—Jet fuel swaps
 
7

 
0

 
 
30

 
52

Derivatives not designated as hedging instruments:
 
 
 
 
Fuel derivative instruments—Heating oil collars
 
3

 
3

Fuel derivative instruments—Brent calls
 
24

 
13

Fuel derivative instruments—Heating oil swaps
 
3

 
0

Fuel derivative instruments—Jet fuel swaps
 
0

 
0

 
 
30

 
16

Total
 
60

 
68
Offsetting Assets
As of March 31, 2015 and December 31, 2014, information related to these offsetting arrangements was as follows (in thousands):
 
 
March 31, 2015 (unaudited)
 
 
Derivatives offset in consolidated balance sheet  
 
Derivatives eligible for offsetting  
 
 
Gross derivative
amounts
 
Gross derivative
amounts offset  in
consolidated
balance sheet  
 
Net amount
 
Gross derivative
amounts  
 
Gross derivative
amounts  eligible
for offsetting
 
Net amount
Fair value of assets
 
$
133

 
$
(133
)
 
$
—

 
$
133

 
$
(133
)
 
$
—

Fair value of liabilities
 
(13,333
)
 
133

 
(13,200
)
 
(13,333
)
 
133

 
(13,200
)
Margin call deposits
 
 
 
 
 
5,300

 
 
 
 
 
5,300

Total
 
 
 
 
 
$
(7,900
)
 
 
 
 
 
$
(7,900
)

 
 
December 31, 2014
 
 
Derivatives offset in consolidated balance sheet  
 
Derivatives eligible for offsetting  
 
 
Gross derivative
amounts  
 
Gross derivative
amounts offset  in
consolidated
balance sheet
 
Net amount  
 
Gross derivative
amounts
 
Gross derivative
amounts  eligible
for offsetting  
 
Net amount  
Fair value of assets
 
$
256

 
$
(256
)
 
$
0

 
$
256

 
$
(256
)
 
$
0

Fair value of liabilities
 
(27,376
)
 
256

 
(27,120
)
 
(27,376
)
 
256

 
(27,120
)
Margin call deposits
 
 
 
 
 
14,390

 
 
 
 
 
14,390

Total
 
 
 
 
 
(12,730
)
 
 
 
 
 
(12,730
)
Offsetting Liabilities
As of March 31, 2015 and December 31, 2014, information related to these offsetting arrangements was as follows (in thousands):
 
 
March 31, 2015 (unaudited)
 
 
Derivatives offset in consolidated balance sheet  
 
Derivatives eligible for offsetting  
 
 
Gross derivative
amounts
 
Gross derivative
amounts offset  in
consolidated
balance sheet  
 
Net amount
 
Gross derivative
amounts  
 
Gross derivative
amounts  eligible
for offsetting
 
Net amount
Fair value of assets
 
$
133

 
$
(133
)
 
$
—

 
$
133

 
$
(133
)
 
$
—

Fair value of liabilities
 
(13,333
)
 
133

 
(13,200
)
 
(13,333
)
 
133

 
(13,200
)
Margin call deposits
 
 
 
 
 
5,300

 
 
 
 
 
5,300

Total
 
 
 
 
 
$
(7,900
)
 
 
 
 
 
$
(7,900
)

 
 
December 31, 2014
 
 
Derivatives offset in consolidated balance sheet  
 
Derivatives eligible for offsetting  
 
 
Gross derivative
amounts  
 
Gross derivative
amounts offset  in
consolidated
balance sheet
 
Net amount  
 
Gross derivative
amounts
 
Gross derivative
amounts  eligible
for offsetting  
 
Net amount  
Fair value of assets
 
$
256

 
$
(256
)
 
$
0

 
$
256

 
$
(256
)
 
$
0

Fair value of liabilities
 
(27,376
)
 
256

 
(27,120
)
 
(27,376
)
 
256

 
(27,120
)
Margin call deposits
 
 
 
 
 
14,390

 
 
 
 
 
14,390

Total
 
 
 
 
 
(12,730
)
 
 
 
 
 
(12,730
)