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Financial Derivative Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes.
Aircraft fuel call option spread agreements
Second Quarter 202330.5 %
Third Quarter 202330.1 %
Fourth Quarter 202320.0 %
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):
March 31, 2023December 31, 2022
Fuel Derivatives
Asset fair value recorded in prepaid expense and other current assets$8 $3 
Longest remaining term (months)33
Hedged volume (barrels, in thousands)4,380 450
Estimated amount of existing losses expected to be reclassified into earnings in the next 12 months$4 $2 
Three Months Ended March 31,
20232022
Fuel Derivatives
Hedge effectiveness gains recognized in aircraft fuel expense$1 $— 
Hedge losses on derivatives recognized in comprehensive income$(5)$— 
Percentage of actual consumption economically hedged9 %— %