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Derivatives and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Hedge Position as of December 31, 2014
(in millions)
Notional Balance
Final Maturity Date
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, net
Designated as hedges
 
 
 
 
 
 
 
 
Interest rate contracts (fair value hedges)
$
416

U.S. dollars
August 2022
5

—

—

(12
)
(7
)
Foreign currency exchange contracts
77,576

Japanese yen
October 2017
25

49

(1
)
—

73

511

Canadian dollars
Not designated as hedges
 
 
 
 
 
 
 
 
Fuel hedge contracts
8,604

gallons - crude oil, diesel and jet fuel
December 2016
1,048

3

(2,771
)
(128
)
(1,848
)
Total derivative contracts
 
 
$
1,078

$
52

$
(2,772
)
$
(140
)
$
(1,782
)

Hedge Position as of December 31, 2013
(in millions)
Notional Balance
Final Maturity Date
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, net
Designated as hedges
 
 
 
 
 
 
 
 
Interest rate contracts (cash flow hedges)
$
477

U.S. dollars
May 2019
$
—

$
—

$
(17
)
$
(26
)
$
(43
)
Interest rate contract (fair value hedge)
$
445

U.S. dollars
August 2022
—

—

(2
)
(22
)
(24
)
Foreign currency exchange contracts
120,915

Japanese yen
August 2016
157

100

—

—

257

438

Canadian dollars
 
 
 
 
Not designated as hedges
 
 
 
 
 
 
 
 
Fuel hedge contracts
5,318

gallons - crude oil, diesel and jet fuel
March 2015
428

29

(127
)
(16
)
314

Total derivative contracts
 
 
$
585

$
129

$
(146
)
$
(64
)
$
504



Offsetting Assets and Liabilities

We have master netting arrangements with all of our counterparties giving us the right of setoff. We have elected not to offset the fair value positions recorded on our Consolidated Balance Sheets. The following table shows the potential net fair value positions had we elected to offset.
(in millions)
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, Net
December 31, 2014
 
 
 
 
 
Net derivative contracts
$
29

$
49

$
(1,723
)
$
(137
)
$
(1,782
)
December 31, 2013
 
 
 
 
 
Net derivative contracts
$
456

$
116

$
(19
)
$
(49
)
$
504
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Gains (losses) related to our designated hedge contracts are as follows:
 
Effective Portion Reclassified from AOCI to Earnings
 
Effective Portion Recognized in Other Comprehensive Income (Loss)
 
Year Ended December 31,
(in millions)
2014
2013
2012
 
2014
2013
2012
Fuel hedge contracts
$
—

$
—

$
15

 
$
—

$
—

$
(15
)
Interest rate contracts
(31
)
—

(5
)
 
38

28

14

Foreign currency exchange contracts
158

135

(25
)
 
(34
)
133

212

Total designated
$
127

$
135

$
(15
)
 
$
4

$
161

$
211