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Financial Derivative Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Percentage fuel covered under derivative contracts
The following table illustrates the approximate hedge percentages of our projected 2020 fuel usage by quarter as of December 31, 2019, related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes.
 
 
Jet fuel call option spread agreements
 
Total
First Quarter 2020
 
20
%
 
20
%
Second Quarter 2020
 
19
%
 
19
%
Third Quarter 2020
 
—
%
 
—
%
Fourth Quarter 2020
 
—
%
 
—
%
Derivative instrument in statement of financial position and financial performance
The table below reflects quantitative information related to our derivative instruments and where these amounts are recorded in our financial statements (dollar amounts in millions):
 
 
As of December 31,
 
 
2019
 
2018
Fuel derivatives
 
 
 
 
Asset fair value recorded in prepaid expenses and other(1)
 
$
8

 
$
—

Longest remaining term (months)
 
6

 
6

Hedged volume (barrels, in thousands)
 
2,112

 
756

Estimated amount of existing (gains) losses expected to be reclassified into earnings in the next 12 months
 
$
(2
)
 
$
4

 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Fuel derivatives
 
 
 
 
 
 
Hedge effectiveness (gains) losses recognized in aircraft fuel expense
 
$
5

 
$
2

 
$
(15
)
Hedge (gains) losses on derivatives recognized in comprehensive income
 
$
(1
)
 
$
6

 
$
6

Percentage of actual consumption economically hedged
 
6
%
 
4
%
 
10
%
(1)
Gross asset of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.