Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2015

Description of Derivative Instruments

The Company’s derivatives were reported in its consolidated balance sheets as follows (in millions):

Classification	Balance Sheet Location	June 30, 2015		December 31, 2014
Derivatives designated as cash flow hedges
Assets:
Fuel contracts due within one year	Receivables	$	23	$	—
Total assets		$	23	$	—
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	261	$	450
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		27
Total liabilities		$	261	$	477
Derivatives not designated for hedge accounting
Assets:
Fuel contracts due within one year	Receivables	$	9	$	6
Fuel contracts with maturities greater than one year	Other assets: Other, net		8		—
Total assets		$	17	$	6
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	140	$	244
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		2
Total liabilities		$	140	$	246
Total derivatives
Assets:
Fuel contracts due within one year	Receivables	$	32	$	6
Fuel contracts with maturities greater than one year	Other assets: Other, net		8		—
Total assets		$	40	$	6
Liabilities:
Fuel contracts due within one year	Fuel derivative instruments	$	401	$	694
Fuel contracts with maturities greater than one year	Other liabilities and deferred credits: Other		—		29
Total liabilities		$	401	$	723

Offsetting Liabilities

The following table shows the potential net fair value positions (including fuel derivatives and related collateral) had we elected to offset. The table reflects offset at the counterparty level (in millions):

	June 30, 2015			December 31, 2014
Fuel derivative instruments	$	(232	)	$	(209	)
Other liabilities and deferred credits: Other		—			(30	)
Hedge derivatives liabilities, net	$	(232	)	$	(239	)

Schedule of Losses on Derivative Instruments

The following tables present the impact of derivative instruments and their location within the Company’s unaudited statements of consolidated operations (in millions):

Derivatives designated as cash flow hedges

	Amount of Gain Recognized in AOCI on Derivatives (Effective Portion)				Loss Reclassified from AOCI into Fuel Expense						Amount of Gain Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Three Months Ended June 30,				Three Months Ended June 30,						Three Months Ended June 30,
	2015		2014		2015			2014			2015		2014
Fuel contracts	$	29	$	31	$	(118	)	$	(1	)	$	—	$	5

Derivatives designated as cash flow hedges

	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)					Loss Reclassified from AOCI into Fuel Expense						Amount of Gain Recognized in Nonoperating income (expense): Miscellaneous, net (Ineffective Portion)
	Six Months Ended June 30,					Six Months Ended June 30,						Six Months Ended June 30,
	2015			2014		2015			2014			2015		2014
Fuel contracts	$	(46	)	$	21	$	(279	)	$	(4	)	$	—	$	4

Schedule of Derivative Instruments not Designated as Hedges Losses

Derivatives not designated for hedge accounting

Fuel contracts

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015			2014
Amount of gain (loss) recognized in Nonoperating income (expense): Miscellaneous, net	$	41	$	39	$	(2	)	$	(1	)