XML 56 R35.htm IDEA: XBRL DOCUMENT
v3.19.2

Derivative Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Fair Value of Derivative Instrument Designated as Cash Flow Hedges | The fair values of derivative instruments designated as cash flow hedges as of June 30, 2019, 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) | ​ | $ | 4,766 |  | Accrued liabilities(a) | ​ | $ | (1,116)
​ |  | Other assets, net | ​ |  | 1,033 |  | Other long-term liabilities | ​ | ​ | (38,866)
Total derivatives designated as cash flow hedges | ​ | ​ | ​ | $ | 5,799 | ​ | ​ | ​ | $ | (39,982)
____________________ (a)Represents the estimated amount of the existing unrealized gains and losses, respectively, on interest rate swaps as of June 30, 2019 (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. The fair values of derivative instruments designated as cash flow hedges as of December 31, 2018, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives Designated as Cash | ​ | Derivative Assets | ​ | Derivative Liabilities
Flow Hedges |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate swaps |  | Prepaid expenses and other current assets(a) | ​ | $ | 10,737 |  | Other long-term liabilities | ​ | $ | (9,314)
​ |  | Other assets, net | ​ |  | 10,675 |  | ​ | ​ |  | ​
Total derivatives designated as cash flow hedges | ​ | ​ | ​ | $ | 21,412 | ​ | ​ | ​ | $ | (9,314)
Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (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 six months ended June 30, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Statement of | ​ | Amount of (Gain) or Loss Reclassified
Designated as Cash | ​ | Amount of Gain or (Loss) Recognized | ​ | Net Income | ​ | from AOCIL into Earnings,
Flow Hedges | ​ | as AOCIL on Derivatives, Net of Tax (a) | ​ | Classification | ​ | Net of Tax (b), (c)
​ | ​ | Three Months Ended | ​ | ​ | ​ | Three Months Ended
​ | ​ | June 30, | ​ | ​ | ​ | June 30,
​ |  | 2019 |  | 2018 |  | ​ |  | 2019 |  | 2018
Interest rate swaps | ​ | $ | (18,827) | ​ | $ | 2,349 | ​ | Interest expense | ​ | $ | (1,817) | ​ | $ | (936)
Fuel hedges | ​ |  | — | ​ |  | 1,541 |  | Cost of operations | ​ |  | — | ​ |  | (1,268)
Total | ​ | $ | (18,827) | ​ | $ | 3,890 | ​ | ​ | ​ | $ | (1,817) | ​ | $ | (2,204)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Statement of Net | ​ | Amount of (Gain) or Loss Reclassified
Designated as Cash | ​ | Amount of Gain or (Loss) Recognized | ​ | Income (Loss) | ​ | from AOCIL into Earnings,
Flow Hedges |  | as AOCIL on Derivatives, Net of Tax (a) | ​ | Classification | ​ | Net of Tax (b), (c)
​ | ​ | Six Months Ended | ​ | ​ | ​ | Six Months Ended
​ | ​ | June 30, | ​ | ​ | ​ | June 30,
​ |  | 2019 |  | 2018 |  | ​ |  | 2019 |  | 2018
Interest rate swaps | ​ | $ | (30,382) | ​ | $ | 11,000 | ​ | Interest expense | ​ | $ | (3,634) | ​ | $ | (1,376)
Fuel hedges | ​ |  | — | ​ |  | 2,004 |  | Cost of operations | ​ |  | — | ​ |  | (2,131)
Total | ​ | $ | (30,382) | ​ | $ | 13,004 | ​ | ​ | ​ | $ | (3,634) | ​ | $ | (3,507)
____________________ (a)In accordance with the derivatives and hedging guidance, 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, 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 did not offset exactly each reporting period, the Company assessed whether the fuel hedges were 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 June 30, 2019, the Company’s derivative instruments included 17 interest rate swap agreements as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Fixed |  | Variable |  | ​ |  | ​
​ | ​ | Notional | ​ | Interest | ​ | Interest Rate | ​ | ​ | ​ | ​
Date Entered | ​ | Amount | ​ | Rate Paid* | ​ | 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
June 2018 | ​ | $ | 200,000 |  | 2.925 | % | 1-month LIBOR |  | October 2020 |  | October 2025
June 2018 | ​ | $ | 200,000 |  | 2.925 | % | 1-month LIBOR |  | October 2020 |  | October 2025
December 2018 | ​ | $ | 200,000 |  | 2.850 | % | 1-month LIBOR |  | July 2022 |  | July 2027
____________________ * Plus applicable margin.

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + 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: |