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Financial Derivative Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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,
|  | 2020 |  | 2019
Fuel derivatives |  |  |  |
Asset fair value recorded in prepaid expenses and other(1) |  | $ | — |  |  | $ | 8 |
Longest remaining term (months) |  | 0 |  | 6
Hedged volume (barrels, in thousands) |  | — |  |  | 2,112 |
Estimated amount of existing (gains) losses expected to be reclassified into earnings in the next 12 months |  | $ | — |  |  | $ | (2) |
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Fuel derivatives |  |  |  |  |  |
Hedge effectiveness (gains) losses recognized in aircraft fuel expense |  | $ | 7 |  |  | $ | 5 |  |  | $ | 2 |
Losses on derivatives resulting from the discontinuance of hedge accounting recognized in interest income and other |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Hedge (gains) losses on derivatives recognized in comprehensive income |  | $ | 11 |  |  | $ | (1) |  |  | $ | 6 |
Percentage of actual consumption economically hedged |  | 25 | % |  | 6 | % |  | 4 | %
(1)Gross asset of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.

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- 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=121590274&loc=SL5624163-113959 + Details
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