Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

The Company’s derivatives were reported in its consolidated balance sheets as follows (in millions):


Classification	Balance Sheet Location	September 30, 2014		December 31, 2013
Derivatives designated as cash flow hedges
Assets:
Fuel contracts due within one year	Receivables	$	—	$	19
Fuel contracts with maturities greater than one year	Other assets: Other, net		—		6

Total assets		$	—	$	25

Liabilities:
Fuel contracts due within one year	Current liabilities: Other	$	66	$	—
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		16		—

Total liabilities		$	82	$	—

Derivatives not designated for hedge accounting
Assets:
Fuel contracts due within one year	Receivables	$	—	$	70
Fuel contracts with maturities greater than one year	Other assets: Other, net		1		9

Total assets		$	1	$	79

Liabilities:
Fuel contracts due within one year	Current liabilities: Other	$	27	$	—
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		6		—

Total liabilities		$	33	$	—

Total derivatives
Assets:
Fuel contracts due within one year	Receivables	$	—	$	89
Fuel contracts with maturities greater than one year	Other assets: Other, net		1		15

Total assets		$	1	$	104

Liabilities:
Fuel contracts due within one year	Current liabilities: Other	$	93	$	—
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		22		—

Total liabilities		$	115	$	—

Offsetting Assets and Liabilities

The following table shows the potential net fair value positions (including fuel derivatives and related collateral) had we elected to offset. The table reflects offset at the counterparty level (in millions):


	September 30, 2014			December 31, 2013
Receivables	$	—		$	89
Other assets: Other, net		—			15
Current liabilities: Other		(93	)		—
Other liabilities and deferred credits: Other		(21	)		—

Hedge derivatives assets (liabilities), net	$	(114	)	$	104

Schedule of Gains (Losses) on Derivative Instruments

The following tables present the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions):

Derivatives designated as cash flow hedges


	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)					Gain Reclassified from AOCI into Fuel Expense				Amount of Gain (Loss) Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Three Months Ended September 30,					Three Months Ended September 30,				Three Months Ended September 30,
	2014			2013		2014		2013		2014			2013
Fuel contracts	$	(120	)	$	44	$	—	$	14	$	(8	)	$	1

Derivatives designated as cash flow hedges


	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)					Loss Reclassified from AOCI into Fuel Expense						Amount of Loss Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Nine Months Ended September 30,					Nine Months Ended September 30,						Nine Months Ended September 30,
	2014			2013		2014			2013			2014			2013
Fuel contracts	$	(99	)	$	16	$	(4	)	$	(4	)	$	(4	)	$	—

Schedule of Derivative Instruments not Designated as Hedges Gains (Losses)

Derivatives not designated for hedge accounting


Fuel contracts
	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Amount of gain (loss) recognized in Nonoperating income (expense): Miscellaneous, net	$	(102	)	$	61	$	(103	)	$	30