Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets and Liabilities Measured at Fair Value |
The following table presents the Company’s assets and liabilities that are measured at fair value and the related hierarchy levels as of December 31, 2014: | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | December 31, 2014 | | Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | Assets: | | | | | | | | Mortgage-backed securities | $ | 810 |
| | $ | — |
| | $ | 810 |
| | $ | — |
| Asset-backed securities | 1,165 |
| | — |
| | 1,165 |
| | — |
| Municipal bonds | 554 |
| | — |
| | 554 |
| | — |
| Equity securities | 16,411 |
| | 16,411 |
| | — |
| | — |
| Total available-for-sale securities | $ | 18,940 |
| | $ | 16,411 |
| | $ | 2,529 |
| | $ | — |
| Executive deferred compensation plan trust (a) | $ | 5,927 |
| | $ | 5,927 |
| | $ | — |
| | $ | — |
| Fuel price derivatives – unleaded fuel (b) | $ | 29,120 |
| | $ | — |
| | $ | 29,120 |
| | $ | — |
| Fuel price derivatives – diesel (b) | 11,849 |
| | — |
| | — |
| | 11,849 |
| Total fuel price derivatives | $ | 40,969 |
| | $ | — |
| | $ | 29,120 |
| | $ | 11,849 |
|
| | (a) | The fair value of these instruments is recorded in Other assets. |
| | (b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. |
The following table presents the Company’s assets that are measured at fair value and the related hierarchy levels as of September 30, 2015: | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | September 30, 2015 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | Assets: | | | | | | | | Mortgage-backed securities | $ | 656 |
| | $ | — |
| | $ | 656 |
| | $ | — |
| Asset-backed securities | 892 |
| | — |
| | 892 |
| | — |
| Municipal bonds | 423 |
| | — |
| | 423 |
| | — |
| Equity securities | 16,767 |
| | 16,767 |
| | — |
| | — |
| Total available-for-sale securities | $ | 18,738 |
| | $ | 16,767 |
| | $ | 1,971 |
| | $ | — |
| Executive deferred compensation plan trust (a) | $ | 5,446 |
| | $ | 5,446 |
| | $ | — |
| | $ | — |
| Fuel price derivatives – unleaded fuel (b) | $ | 8,972 |
| | $ | — |
| | $ | 8,972 |
| | $ | — |
| Fuel price derivatives – diesel (b) | 4,445 |
| | — |
| | — |
| | 4,445 |
| Total fuel price derivatives | $ | 13,417 |
|
| $ | — |
|
| $ | 8,972 |
|
| $ | 4,445 |
| Foreign currency swaps (c) | $ | 15 |
| | $ | — |
| | $ | 15 |
| | $ | — |
| Liabilities: | | | | | | | | Foreign currency swaps (d) | $ | 115 |
| | — |
| | $ | 115 |
| | — |
|
| | (a) | The fair value of these instruments is recorded in Other assets. |
| | (b) | The balance sheet presentation combines unleaded fuel and diesel fuel positions. |
| | (c) | The fair value of these instruments is recorded in Accounts receivable. |
| | (d) | The fair value of these instruments is recorded in Accounts payable. |
|
| Reconciliation of Beginning and Ending Balances for Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs |
The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended: | | | | | | | | | | | | September 30, 2015 | | September 30, 2014 | | | Fuel Price
Derivatives –
Diesel | | Fuel Price
Derivatives –
Diesel | Beginning balance | | $ | 6,078 |
| | $ | (1,925 | ) | Total gains and (losses) – realized/unrealized | | | | | Included in earnings (a) | | (1,633 | ) | | 4,211 |
| Included in other comprehensive income | | — |
| | — |
| Purchases, issuances and settlements | | — |
| | — |
| Transfers (in)/out of Level 3 | | — |
| | — |
| Ending balance | | $ | 4,445 |
| | $ | 2,286 |
|
(a)Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the three months ended September 30, 2015 and 2014, are reported in net realized and unrealized gain on fuel price derivative instruments on the unaudited condensed consolidated statements of income. The following table presents a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended: | | | | | | | | | | | | | | | | | September 30, 2015 | | September 30, 2014 | | | Fuel Price
Derivatives –
Diesel | | Fuel Price
Derivatives –
Diesel | Beginning balance | | $ | 11,848 |
| | $ | (2,142 | ) | Total gains and (losses) – realized/unrealized | | | | | Included in earnings (a) | | (7,403 | ) | | 4,428 |
| Included in other comprehensive income | | — |
| | — |
| Purchases, issuances and settlements | | — |
| | — |
| Transfers (in)/out of Level 3 | | — |
| | — |
| Ending balance | | $ | 4,445 |
| | $ | 2,286 |
|
(a)Gains and losses (realized and unrealized) associated with fuel price derivatives, included in earnings for the nine months ended September 30, 2015 and 2014, are reported in net realized and unrealized gain on fuel price derivative instruments on the unaudited condensed consolidated statements of income. |
| Quantitative Information About Level Three Fair Value Measurements |
The significant unobservable inputs used in the fair value measurement of the Company’s diesel fuel price derivative instruments designated as Level 3 as of September 30, 2015, are as follows: | | | | | | | | | | | | Fair Value | | Valuation
Technique | | Unobservable Input | | Range
$ per gallon | Fuel price derivatives – diesel | $ | 4,445 |
| | Option model | | Future retail price of diesel fuel after September 30, 2015 | | $3.72 – 3.85 |
|