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Derivatives and Risk Management (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of hedge positions Hedge Position as of June 30, 2018
(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 contracts (fair value hedges)
1,908

U.S. dollars
April 2028
$
4

$
—

$
(7
)
$
(21
)
$
(24
)
Foreign currency exchange contracts
15,285

Japanese yen
November 2019
—

—

(1
)
—

(1
)
Not designated as hedges
 
 
 
 
 
 
 
 
Foreign currency exchange contract
375

Euros
December 2020
10

—

—

(4
)
6

Fuel hedge contracts
334

gallons - crude oil and refined products
December 2019
70

12

(98
)
(16
)
(32
)
Total derivative contracts
 
 
$
84

$
12

$
(106
)
$
(41
)
$
(51
)

Hedge Position as of December 31, 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
 
 
 
 
 
 
 
 
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
)

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
June 30, 2018
 
 
 
 
 
Net derivative contracts
$
22

$
9

$
(54
)
$
(28
)
$
(51
)
December 31, 2017
 
 
 
 
 
Net derivative contracts
$
—

$
1

$
(68
)
$
(16
)
$
(83
)
Schedule of designated hedge gains (losses) Gains (losses) related to our foreign currency exchange contracts are as follows:
 
Effective Portion Reclassified from AOCI to Earnings
 
Effective Portion Recognized in Other Comprehensive Income
(in millions)
2018
2017
 
2018
2017
Three Months Ended June 30,
 
 
 
 
 
Foreign currency exchange contracts
$
(2
)
$
4

 
$
9

$
(8
)
Six Months Ended June 30,
 
 
 
 
 
Foreign currency exchange contracts
$
3

$
11

 
$
—

$
(33
)