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Financial Derivative Instruments and Risk Management (Tables)
 9 Months Ended
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 202420 %
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, 2024December 31, 2023
Fuel derivatives
Asset fair value recorded in prepaid expenses and other current assets (1)
$— $4 
Longest remaining term (months)33
Hedged volume (barrels, in thousands)1,000 2,706 
Estimated amount of existing gains (losses) expected to be reclassified into earnings in the next 12 months$(2)$(3)
(1) Gross asset or liability of each contract prior to consideration of offsetting positions with each counterparty and prior to impact of collateral paid.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Fuel derivatives
Hedge effectiveness gains (losses) recognized in aircraft fuel expense$(3)$7 $(7)$3 
Hedge losses on derivatives recognized in comprehensive income (loss)$5 $21 $6 $10 
Percentage of actual consumption economically hedged20 %30 %26 %23 %