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Financial Derivative Instruments and Risk Management (Tables)

12 Months Ended

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.