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Financial Derivative Instruments and Risk Management (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of 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, 2024 related to our outstanding fuel hedging contracts that were designated as cash flow hedges for accounting purposes.
|  | Aircraft fuel call option spread agreements |
Fourth quarter 2024 |  | 20 | % |
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, 2024 |  | December 31, 2023
Fuel derivatives |  |  |  |
Asset fair value recorded in prepaid expenses and other current assets (1) |  | $ | — |  |  | $ | 4 |
Longest remaining term (months) |  | 3 |  | 3
Hedged volume (barrels, in thousands) |  | 1,000 |  |  | 2,706 |
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months |  | $ | (2) |  |  | $ | (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 September 30, |  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Fuel derivatives |  |  |  |  |  |  |  |  |
Hedge effectiveness gains (losses) recognized in aircraft fuel expense |  | $ | (3) |  |  | $ | 7 |  |  | $ | (7) |  |  | $ | 3 |  |
Hedge losses on derivatives recognized in comprehensive income (loss) |  | $ | 5 |  |  | $ | 21 |  |  | $ | 6 |  |  | $ | 10 |  |
Percentage of actual consumption economically hedged |  | 20 | % |  | 30 | % |  | 26 | % |  | 23 | % |

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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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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