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Derivatives and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of hedge positions Hedge Position as of December 31, 2017
(in millions)
Volume
Final Maturity Date
Hedge Derivatives Asset
Other Noncurrent Assets
Hedge Derivatives Liability
Other Noncurrent Liabilities
Hedge Derivatives, net
Designated as hedges
 
 
 
 
 
 
 
Foreign currency exchange contracts
23,512

Japanese yen
November 2019
1

1

(13
)
(6
)
(17
)
490

Canadian dollars
May 2020
Not designated as hedges
 
 
 
 
 
 
 
Fuel hedge contracts
249

gallons - crude oil and refined products
May 2019
638

8

(694
)
(18
)
(66
)
Total derivative contracts
 
 
$
639

$
9

$
(707
)
$
(24
)
$
(83
)



Hedge Position as of December 31, 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
 
 
 
 
 
 
 
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 and refined products
January 2018
360

—

(684
)
—

(324
)
Total derivative contracts
 
 
$
391

$
3

$
(688
)
$
(3
)
$
(297
)

(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 of our counterparty 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, 2017
 
 
 
 
 
Net derivative contracts
$
—

$
1

$
(68
)
$
(16
)
$
(83
)
December 31, 2016
 
 
 
 
 
Net derivative contracts
$
29

$
2

$
(326
)
$
(2
)
$
(297
)
Schedule of designated hedge gains (losses) Gains (losses) related to our designated hedge contracts during the years ended December 31, 2017, 2016 and 2015 are as follows:
 
Effective Portion Reclassified from AOCI to Earnings
 
Effective Portion Recognized in Other Comprehensive (Loss) Income
(in millions)
2017
2016
2015
 
2017
2016
2015
Foreign currency exchange contracts
10

37

198

 
(43
)
(68
)
(130
)