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Fair Value Measurements and Derivative Instruments - Recurring (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016
--- | --- | ---
Assets: |  |  |
Derivative financial instruments |  | $ 23,537 | $ 0
Liabilities: |  |  |
Derivative financial instruments |  | 221,101 | 346,887
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets: |  |  |
Derivative financial instruments | [1],[2] | 0 | 0
Investments | [2],[3] | 3,120 | 3,576
Total Assets | [2] | 3,120 | 3,576
Liabilities: |  |  |
Derivative financial instruments | [2],[4] | 0 | 0
Total Liabilities | [2] | 0 | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |
Assets: |  |  |
Derivative financial instruments | [1],[5] | 68,693 | 19,397
Investments | [3],[5] | 0 | 0
Total Assets | [5] | 68,693 | 19,397
Liabilities: |  |  |
Derivative financial instruments | [4],[5] | 266,257 | 373,497
Total Liabilities | [5] | 266,257 | 373,497
Fair Value, Measurements, Recurring | Level 3 |  |  |
Assets: |  |  |
Derivative financial instruments | [1],[6] | 0 | 0
Investments | [3],[6] | 0 | 0
Total Assets | [6] | 0 | 0
Liabilities: |  |  |
Derivative financial instruments | [4],[6] | 0 | 0
Total Liabilities | [6] | 0 | 0
Total | Fair Value, Measurements, Recurring |  |  |
Assets: |  |  |
Derivative financial instruments | [1] | 68,693 | 19,397
Investments | [3] | 3,120 | 3,576
Total Assets |  | 71,813 | 22,973
Liabilities: |  |  |
Derivative financial instruments | [4] | 266,257 | 373,497
Total Liabilities |  | $ 266,257 | $ 373,497
[1] | Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Please 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.
[3] | Consists of exchange-traded equity securities and mutual funds reported within Other assets in our consolidated balance sheets.
[4] | Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Please refer to the “Fair Value of Derivative Instruments” table for breakdown by instrument type.
[5] | 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, cross currency 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. Fair value for foreign currency collar options is determined by using standard option pricing models with inputs based on the options’ contract terms, such as exercise price and maturity, and readily available public market data, such as foreign exchange curves, foreign exchange volatility levels and discount rates. All derivative instrument fair values take into account the creditworthiness of the counterparty and the Company.
[6] | Inputs that are unobservable. The Company did not use any Level 3 inputs as of June 30, 2017 and December 31, 2016.

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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13495-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51825145&loc=SL20226008-175313 + Details
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