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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Hedge Position
Hedge Position as of September 30, 2015
(in millions)
Volume
Final Maturity Date
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, net
Designated as hedges
 
 
 
 
 
 
 
 
Interest rate contract (fair value hedge)
384

U.S. dollars
August 2022
$
4

$
—

$
—

$
(3
)
$
1

Foreign currency exchange contracts
57,545

Japanese yen
July
2018
67

26

—

(1
)
92

427

Canadian dollars
Not designated as hedges
 
 
 
 
 
 
 
 
Fuel hedge contracts
921

gallons - crude oil, diesel and jet fuel
January 2017
1,515

358

(2,194
)
(514
)
(835
)
Total derivative contracts
 
 
$
1,586

$
384

$
(2,194
)
$
(518
)
$
(742
)

Hedge Position as of December 31, 2014
(in millions)
Volume
Final Maturity Date
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, net
Designated as hedges
 
 
 
 
 
 
 
 
Interest rate contract (fair value hedge)
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
3,286

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
)


Offsetting Assets and Liabilities

We have master netting arrangements with 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 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
September 30, 2015
 
 
 
 
 
Net derivative contracts
$
191

$
29

$
(799
)
$
(163
)
$
(742
)
December 31, 2014
 
 
 
 
 
Net derivative contracts
$
29

$
49

$
(1,723
)
$
(137
)
$
(1,782
)
Schedule of Designated Hedge Gains (Losses)
Designated Hedge Gains (Losses)

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
(in millions)
2015
2014
 
2015
2014
Three Months Ended September 30,
 
 
 
 
 
Interest rate contract
$
—

$
(12
)
 
$
—

$
15

Foreign currency exchange contracts
69

47

 
(53
)
38

Total designated
$
69

$
35


$
(53
)
$
53

Nine Months Ended September 30,
 
 
 
 
 
Interest rate contract
$
—

$
(31
)
 
$
—

$
38

Foreign currency exchange contracts
161

118

 
(105
)
(73
)
Total designated
$
161

$
87


$
(105
)
$
(35
)