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Financial Derivative Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 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 202427 %
Third quarter 20243 %
Fourth quarter 20245 %
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, 2024December 31, 2023
Fuel derivatives
Asset fair value recorded in prepaid expenses and other current assets (1)
$4 $4 
Longest remaining term (months)33
Hedged volume (barrels, in thousands)1,827 2,706 
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months$— $(3)
(1) Gross asset or liability of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.
Three Months Ended March 31,
20242023
Fuel derivatives
Hedge effectiveness gains (losses) recognized in aircraft fuel expense$(2)$1 
Hedge gains (losses) on derivatives recognized in comprehensive income$1 $(5)
Percentage of actual consumption economically hedged30 %9 %