Hedge Position as of September 30, 2017 | | | | | | | | | | | | | | | | | | | | | (in millions) | Volume | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, net | Designated as hedges | | | | | | | | | Interest rate contract (fair value hedge) | 320 |
| U.S. dollars | August 2022 | $ | — |
| $ | — |
| $ | — |
| $ | (4 | ) | $ | (4 | ) | Foreign currency exchange contracts | 29,396 |
| Japanese yen | November 2019 | 3 |
| 1 |
| (17 | ) | (9 | ) | (22 | ) | 563 |
| Canadian dollars | May 2020 | Not designated as hedges | | | | | | | | | Fuel hedge contracts (1) | 288 |
| gallons - crude oil, diesel and jet fuel | December 2018 | 210 |
| 3 |
| (335 | ) | (17 | ) | (139 | ) | Total derivative contracts | | | $ | 213 |
| $ | 4 |
| $ | (352 | ) | $ | (30 | ) | $ | (165 | ) |
| | (1) | As discussed above, during 2016, we entered into fuel hedges designed to offset and effectively neutralize our 2017 airline segment hedge positions. The dollar amounts shown above primarily represent the offsetting derivatives that were used to neutralize the 2017 airline segment hedge portfolio. |
Hedge Position as of December 31, 2016 | | | | | | | | | | | | | | | | | | | | | (in millions) | Volume | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, net | Designated as hedges | | | | | | | | | Interest rate contract (fair value hedge) | 349 |
| U.S. dollars | August 2022 | $ | 2 |
| $ | 4 |
| $ | — |
| $ | — |
| $ | 6 |
| Foreign currency exchange contracts | 54,853 |
| Japanese yen | February 2019 | 31 |
| 3 |
| (4 | ) | (3 | ) | 27 |
| 335 |
| Canadian dollars | January 2019 | Not designated as hedges | | | | | | | | | Fuel hedge contracts (1) | 197 |
| gallons - crude oil, diesel and jet fuel | January 2018 | 360 |
| — |
| (684 | ) | — |
| (324 | ) | Total derivative contracts | | | $ | 393 |
| $ | 7 |
| $ | (688 | ) | $ | (3 | ) | $ | (291 | ) |
| | (1) | As discussed above, we early settled $455 million of our airline segment's 2016 fuel hedge positions and entered into hedges designed to offset and effectively neutralize 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. |
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) | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, net | September 30, 2017 | | | | | | Net derivative contracts | $ | 1 |
| $ | — |
| $ | (140 | ) | $ | (26 | ) | $ | (165 | ) | December 31, 2016 | | | | | | Net derivative contracts | $ | 31 |
| $ | 6 |
| $ | (326 | ) | $ | (2 | ) | $ | (291 | ) |
|