XML 45 R32.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivative Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2017
Fair Value of Derivative Instrument Designated as Cash Flow Hedges | ﻿ The fair values of derivative instruments designated as cash flow hedges as of September 30, 2017, were as follows:
﻿ |  |  |  |  |  |  |  |
Derivatives Designated as Cash |  | Asset Derivatives |  | Liability Derivatives
Flow Hedges |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
﻿Interest rate swaps |  | Prepaid expenses and other current assets(a) | $ | 2,748 |  | Accrued liabilities(a) | $ | (1,857)
﻿ |  | Other assets, net |  | 11,721 |  | Other long-term liabilities |  | (1,616)
﻿ |  |  |  |  |  |  |  |
﻿Fuel hedges |  | Prepaid expenses and other current assets(b) |  | 1,317 |  | Accrued liabilities(b) |  | (729)
﻿ |  | Other assets, net |  | 241 |  |  |  |
﻿Total derivatives designated as cash flow hedges |  |  | $ | 16,027 |  |  | $ | (4,202)
____________________
| (a) Represents the estimated amount of the existing unrealized gains and losses, respectively, on interest rate swaps as of September 30, 2017 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.
(b)Represents the estimated amount of the existing unrealized gains and losses, respectively, on fuel hedges as of September 30, 2017 (based on the forward DOE diesel fuel index curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in diesel fuel prices. ﻿ The fair values of derivative instruments designated as cash flow hedges as of December 31, 2016, were as follows:
﻿ |  |  |  |  |  |  |  |
Derivatives Designated as Cash |  | Asset Derivatives |  | Liability Derivatives
Flow Hedges |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
﻿Interest rate swaps |  | Prepaid expenses and other current assets | $ | 127 |  | Accrued liabilities | $ | (3,260)
﻿ |  | Other assets, net |  | 13,822 |  | Other long-term liabilities |  | (2,350)
﻿ |  |  |  |  |  |  |  |
﻿Fuel hedges |  | Prepaid expenses and other current assets |  | 1,343 |  | Accrued liabilities |  | (3,258)
﻿ |  | Other assets, net |  | 1,651 |  |  |  |
﻿Total derivatives designated as cash flow hedges |  |  | $ | 16,943 |  |  | $ | (8,868)
﻿ |  |  |  |  |  |  |  |
﻿
Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income and Accumulated Other Comprehensive Loss | The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three and nine months ended September 30, 2017 and 2016:
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  | Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax (Effective Portion)(a) |  | Statement of Net Income Classification |  | Amount of (Gain) or Loss Reclassified from AOCIL into Earnings, Net of Tax (Effective Portion) (b),(c)
﻿ |  | Three Months Ended September 30, |  |  |  | Three Months Ended September 30,
﻿ |  | 2017 |  | 2016 |  |  |  | 2017 |  | 2016
﻿Interest rate swaps |  | $ | (361) |  | $ | 2,598 |  | Interest expense |  | $ | 376 |  | $ | 1,234
﻿Fuel hedges |  |  | 1,680 |  |  | 630 |  | Cost of operations |  |  | 487 |  |  | 830
﻿Total |  | $ | 1,319 |  | $ | 3,228 |  |  |  | $ | 863 |  | $ | 2,064
﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives Designated as Cash Flow Hedges |  | Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax (Effective Portion)(a) |  | Statement of Net Income Classification |  | Amount of (Gain) or Loss Reclassified from AOCIL into Earnings, Net of Tax (Effective Portion) (b),(c)
﻿ |  | Nine Months Ended September 30, |  |  |  | Nine Months Ended September 30,
﻿ |  | 2017 |  | 2016 |  |  |  | 2017 |  | 2016
﻿Interest rate swaps |  | $ | 224 |  | $ | (3,896) |  | Interest expense |  | $ | 1,729 |  | $ | 3,338
﻿Fuel hedges |  |  | (1,030) |  |  | 841 |  | Cost of operations |  |  | 1,704 |  |  | 2,855
﻿Total |  | $ | (806) |  | $ | (3,055) |  |  |  | $ | 3,433 |  | $ | 6,193
___________________ (a)In accordance with the derivatives and hedging guidance, the effective portions of the changes in fair values of interest rate swaps and fuel hedges have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, no ineffectiveness is recognized on these swaps and, therefore, all unrealized changes in fair value are recorded in AOCIL. Because changes in the actual price of diesel fuel and changes in the DOE index price do not offset exactly each reporting period, the Company assesses whether the fuel hedges are highly effective using the cumulative dollar offset approach. (b)Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. (c)Amounts reclassified from AOCIL into earnings related to realized gains and losses on the fuel hedges are recognized when settlement payments or receipts occur related to the hedge contracts, which correspond to when the underlying fuel is consumed.
Interest Rate Swap [Member] |
Company's Derivative Instruments | At September 30, 2017, the Company’s derivative instruments included 14 interest rate swap agreements as follows:
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ Date Entered |  | Notional Amount |  | Fixed Interest Rate Paid* |  | Variable Interest Rate Received |  | Effective Date |  | Expiration Date
﻿April 2014 |  | $ | 100,000 |  | 1.800% |  |  | 1-month LIBOR |  | July 2014 |  | July 2019
﻿May 2014 |  | $ | 50,000 |  | 2.344% |  |  | 1-month LIBOR |  | October 2015 |  | October 2020
﻿May 2014 |  | $ | 25,000 |  | 2.326% |  |  | 1-month LIBOR |  | October 2015 |  | October 2020
﻿May 2014 |  | $ | 50,000 |  | 2.350% |  |  | 1-month LIBOR |  | October 2015 |  | October 2020
﻿May 2014 |  | $ | 50,000 |  | 2.350% |  |  | 1-month LIBOR |  | October 2015 |  | October 2020
﻿April 2016 |  | $ | 100,000 |  | 1.000% |  |  | 1-month LIBOR |  | February 2017 |  | February 2020
﻿June 2016 |  | $ | 75,000 |  | 0.850% |  |  | 1-month LIBOR |  | February 2017 |  | February 2020
﻿June 2016 |  | $ | 150,000 |  | 0.950% |  |  | 1-month LIBOR |  | January 2018 |  | January 2021
﻿June 2016 |  | $ | 150,000 |  | 0.950% |  |  | 1-month LIBOR |  | January 2018 |  | January 2021
﻿July 2016 |  | $ | 50,000 |  | 0.900% |  |  | 1-month LIBOR |  | January 2018 |  | January 2021
﻿July 2016 |  | $ | 50,000 |  | 0.890% |  |  | 1-month LIBOR |  | January 2018 |  | January 2021
﻿August 2017 |  | $ | 100,000 |  | 1.900% |  |  | 1-month LIBOR |  | July 2019 |  | July 2022
﻿August 2017 |  | $ | 200,000 |  | 2.200% |  |  | 1-month LIBOR |  | October 2020 |  | October 2025
﻿August 2017 |  | $ | 150,000 |  | 1.950% |  |  | 1-month LIBOR |  | February 2020 |  | February 2023
____________________ * Plus applicable margin.
Fuel [Member] | Commodity Contract [Member] |
Company's Derivative Instruments | At September 30, 2017, the Company’s derivative instruments included four fuel hedge agreements as follows:
﻿ |  |  |  |  |  |  |  |  |  |
Date Entered |  | Notional Amount (in gallons per month) |  | Diesel Rate Paid Fixed (per gallon) |  | Diesel Rate Received Variable |  | Effective Date |  | Expiration Date
﻿May 2015 |  | 300,000 |  | $3.2800 |  | DOE Diesel Fuel Index* |  | January 2016 |  | December 2017
﻿May 2015 |  | 200,000 |  | $3.2750 |  | DOE Diesel Fuel Index* |  | January 2016 |  | December 2017
﻿July 2016 |  | 500,000 |  | $2.4988 |  | DOE Diesel Fuel Index* |  | January 2017 |  | December 2017
﻿July 2016 |  | 1,000,000 |  | $2.6345 |  | DOE Diesel Fuel Index* |  | January 2018 |  | December 2018
____________________ * If the national U.S. on-highway average price for a gallon of diesel fuel (“average price”), as published by the U.S. Department of Energy (“DOE”), exceeds the contract price per gallon, the Company receives the difference between the average price and the contract price (multiplied by the notional number of gallons) from the counterparty. If the average price is less than the contract price per gallon, the Company pays the difference to the counterparty. ﻿

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_EnergyAxis=us-gaap_FuelMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_CommodityContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |