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Financial Derivative Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instrument in statement of financial position and financial performance
The following table illustrates the approximate hedged percentages of our projected fuel usage by quarter as of September 30, 2022 related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes. As of September 30, 2022 there were no fuel hedge contracts beyond December 31, 2022.
Aircraft fuel call option spread agreementsTotal
Fourth Quarter 202227 %27 %
                    
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):
September 30, 2022December 31, 2021
Fuel Derivatives
Asset fair value recorded in prepaid expense and other current assets1$3 $— 
Longest remaining term (months)30
Hedged volume (barrels, in thousands)1,379 — 
Estimated amount of existing losses expected to be reclassified into earnings in the next 12 months$— — 
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Fuel Derivatives
Hedge effectiveness gains (losses) recognized in aircraft fuel expense$— $— $— $— 
Hedge gains (losses) on derivatives recognized in comprehensive income$(3)$— $(3)$— 
Percentage of actual consumption economically hedged— — — —