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Risk Management and Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract] 
Gains (losses) related to fuel hedge contracts
Gains (losses) recorded on the Condensed Consolidated Financial Statements related to our hedge contracts, including those previously designated as accounting hedges, are as follows:
 
Effective Portion Recognized in Other Comprehensive Income (Loss)
 
Effective Portion Reclassified from Accumulated Other Comprehensive Loss to Earnings
 
Ineffective Portion Recognized in Other (Expense) Income
(in millions)
2011
2010
 
2011
2010
 
2011
2010
Three Months Ended September 30
 
 
 
 
 
 
 
 
Fuel hedge contracts(1)
$
(70
)
$
165

 
$
68

$
(66
)
 
$
—

$
12

Interest rate contracts(2)
(51
)
(16
)
 
—

(1
)
 
—

—

Foreign currency exchange contracts(3)
(22
)
(25
)
 
(31
)
(12
)
 
—

—

Total designated
$
(143
)
$
124

 
$
37

$
(79
)
 
$
—

$
12

Nine Months Ended September 30
 
 
 
 
 
 
 
 
Fuel hedge contracts(1)
$
(136
)
$
(61
)
 
$
202

$
(92
)
 
$
(10
)
$
(25
)
Interest rate contracts(2)
(44
)
(55
)
 
—

(1
)
 
—

—

Foreign currency exchange contracts(3)
4

(33
)
 
(53
)
(21
)
 
—

—

Total designated
$
(176
)
$
(149
)
 
$
149

$
(114
)
 
$
(10
)
$
(25
)

(1) 
Gains (losses) on fuel hedge contracts reclassified from accumulated other comprehensive loss are recorded in aircraft fuel and related taxes. For the three and nine months ended September 30, 2011, we recorded mark-to-market losses of $179 million and $99 million, respectively, related to contracts that were not designated as hedges in aircraft fuel and related taxes.
(2) 
Gains (losses) on interest rate contracts reclassified from accumulated other comprehensive loss are recorded in interest expense.
(3) 
Gains (losses) on foreign currency exchange contracts reclassified from accumulated other comprehensive loss are recorded in passenger revenue.
Estimated fair value asset (liability) position of hedge contracts
The following table reflects the fair value asset (liability) positions of our hedge contracts:
  
(in millions, unless otherwise stated)
Notional Balance
Maturity Date
Prepaid Expenses
and Other Assets
Other Noncurrent Assets
Other Accrued Liabilities
Other Noncurrent Liabilities
Hedge Margin Receivable (Payable), net
As of September 30, 2011:
 
 
 
 
 
 
 
Designated as hedges
 
 
 
 
 
 
 
Interest rate contracts
$1,014
December 2012 -
May 2019
$
—

$
—

$
(59
)
$
(60
)
 
Foreign currency exchange contracts
137.3 billion Japanese yen; 370 million Canadian dollars
October 2011 - April 2014
11

11

(63
)
(51
)
 
Total designated
 
 
11

11

(122
)
(111
)
 
Not designated as hedges
 
 
 
 
 
 
 
Fuel hedge contracts
1.9 billion gallons - heating oil, crude oil and jet fuel
October 2011 -
December 2012
97

—

(213
)
(3
)
 
Total derivative instruments
 
 
$
108

$
11

$
(335
)
$
(114
)
$
27

As of December 31, 2010:
 
 
 
 
 
 
 
Designated as hedges
 
 
 
 
 
 
 
Fuel hedge contracts
1.5 billion gallons - crude oil
January 2011 -
February 2012
$
328

$
24

$
—

$
—

 
Interest rate contracts
$1,143
August 2011 -
May 2019
—

—

(35
)
(39
)
 
Foreign currency exchange contracts
141.1 billion Japanese yen; 233 million Canadian dollars
January 2011 -
November 2013
—

—

(60
)
(36
)
 
Total designated
 
 
328

24

(95
)
(75
)
 
Not designated as hedges
 
 
 
 
 
 
 
Fuel hedge contracts
192 million gallons - crude oil and crude oil products
January 2011 -
December 2011
27

14

(19
)
(8
)
 
Total derivative instruments
 
 
$
355

$
38

$
(114
)
$
(83
)
$
(119
)