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Financial Derivative Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instrument in statement of financial position and financial performance | 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):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |
Fuel derivatives |  |  |  |  |
Asset fair value recorded in prepaid expenses and other current assets (1) |  | $ | — |  |  | $ | 4 |  |
Longest remaining term (months) |  | — |  |  | 3 |
Hedged volume (barrels, in thousands) |  | — |  |  | 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.
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Fuel derivatives |  |  |  |  |  |
Hedge effectiveness gains (losses) recognized in aircraft fuel expense |  | $ | (10) |  |  | $ | 7 |  |  | $ | (7) |
Hedge (gains) losses on derivatives recognized in comprehensive income (loss) |  | 6 |  |  | (1) |  |  | 3 |
Percentage of actual consumption economically hedged |  | 24 | % |  | 25 | % |  | 7 | %

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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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