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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Hedge Position Hedge Position as of September 30, 2016
(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)
349

U.S. dollars
August 2022
$
3

$
5

$
—

$
—

$
8

Foreign currency exchange contracts
60,509

Japanese yen
February 2019
10

2

(44
)
(32
)
(64
)
396

Canadian dollars
Not designated as hedges
 
 
 
 
 
 
 
 
Fuel hedge contracts (1)
179

gallons - crude oil, diesel and jet fuel
December 2017
483

39

(680
)
(113
)
(271
)
Total derivative contracts
 
 
$
496

$
46

$
(724
)
$
(145
)
$
(327
)
(1) 
As discussed above, we have early settled $455 million of our airline segment's 2016 hedge positions and entered into hedges designed to offset and effectively terminate our 2017 airline segment hedge positions. The dollar amounts shown above primarily represent the offsetting derivatives that were used to neutralize the 2016 and 2017 airline segment hedge portfolio.


Hedge Position as of December 31, 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

$
—

$
—

$
(7
)
$
(3
)
Foreign currency exchange contracts
46,920

Japanese yen
July 2018
76

20

(1
)
(1
)
94

395

Canadian dollars
Not designated as hedges
 
 
 
 
 
 
 
 
Fuel hedge contracts
887

gallons - crude oil, diesel and jet fuel
November 2017
1,907

4

(2,580
)
(3
)
(672
)
Total derivative contracts
 
 
$
1,987

$
24

$
(2,581
)
$
(11
)
$
(581
)

Offsetting Assets and Liabilities

We have master netting arrangements with our counterparties giving us the right to offset hedge assets and liabilities. However, 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 by counterparty had we elected to offset.
(in millions)
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, net
September 30, 2016
 
 
 
 
 
Net derivative contracts
$
10

$
7

$
(238
)
$
(106
)
$
(327
)
December 31, 2015
 
 
 
 
 
Net derivative contracts
$
143

$
21

$
(737
)
$
(8
)
$
(581
)
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)
2016
2015
 
2016
2015
Three Months Ended September 30,
 
 
 
 
 
Foreign currency exchange contracts
$
(2
)
$
69

 
$
(2
)
$
(53
)
Nine Months Ended September 30,
 
 
 
 
 
Foreign currency exchange contracts
$
34

$
161

 
$
(147
)
$
(105
)