Derivatives and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of hedge positions
Hedge Position as of December 31, 2019
(in millions)VolumeFinal Maturity DatePrepaid Expenses and OtherOther Noncurrent AssetsOther Accrued LiabilitiesOther Noncurrent LiabilitiesHedge Derivatives, net
Designated as hedges
Interest rate contracts (fair value hedges)1,872U.S. dollars  April 2028$12  $53  $(4) $—  $61  
Not designated as hedges
Foreign currency exchange contract397Euros  December 20209  —  —  —  9  
Foreign currency exchange contract177,045South Korean won  April 20231  —  —  (4) (3) 
Fuel hedge contracts243gallons - crude oil and refined products  July 202016  —  (15) —  1  
Total derivative contracts  $38  $53  $(19) $(4) $68  
Hedge Position as of December 31, 2018
(in millions)VolumeFinal Maturity DatePrepaid Expenses and OtherOther Noncurrent AssetsOther Accrued LiabilitiesOther Noncurrent LiabilitiesHedge Derivatives, net
Designated as hedges
Interest rate contracts (fair value hedges)1,893U.S. dollars  April 2028$—  $8  $(7) $—  $1  
Foreign currency exchange contracts6,934Japanese yen  November 20191  —  —  —  1  
Not designated as hedges
Foreign currency exchange contract397Euros  December 202013  —  —  (17) (4) 
Fuel hedge contracts219gallons - crude oil and refined products  December 201930  —  (15) —  15  
Total derivative contracts$44  $8  $(22) $(17) $13  
Schedule of balance sheet location of hedged items in fair value hedges
Balance Sheet Location of Hedged Item in Fair Value Hedges
Carrying Amount of Hedge InstrumentsCumulative Amount of Fair Value Hedge Adjustments
(in millions)December 31, 2019December 31, 2018December 31, 2019December 31, 2018
Current maturities of debt and finance leases$(19) $(11) $8  $7  
Debt and finance leases(1,783) (1,870) 53  (8) 
Schedule of offsetting assets The following table shows the net fair value of our counterparty positions had we elected to offset.
(in millions)Prepaid Expenses and OtherOther Noncurrent AssetsOther Accrued LiabilitiesOther Noncurrent LiabilitiesHedge Derivatives, Net
December 31, 2019
Net derivative contracts$24  $53  $(5) $(4) $68  
December 31, 2018
Net derivative contracts$35  $—  $(13) $(9) $13  
Schedule of offsetting liabilities The following table shows the net fair value of our counterparty positions had we elected to offset.
(in millions)Prepaid Expenses and OtherOther Noncurrent AssetsOther Accrued LiabilitiesOther Noncurrent LiabilitiesHedge Derivatives, Net
December 31, 2019
Net derivative contracts$24  $53  $(5) $(4) $68  
December 31, 2018
Net derivative contracts$35  $—  $(13) $(9) $13  
Schedule of designated hedge gains (losses)
Designated Hedge Gains (Losses)

Gains (losses) related to our designated hedge contracts during the years ended December 31, 2019, 2018 and 2017 are as follows:
Gain (Loss) Reclassified from AOCI to EarningsGain (Loss) Recognized in Other Comprehensive Income (Loss)
(in millions)201920182017201920182017
Foreign currency exchange contracts (1)
$1  $(3) $10  $—  $1  $(43) 
(1)Earnings on our designated foreign currency exchange contracts are recorded in passenger revenue in the income statement. These hedge contracts settled during the year ended December 31, 2019.

Not Designated Hedge Gains (Losses)

Gains (losses) related to our foreign currency exchange and fuel contracts are as follows:

Location of Gain (Loss) Recognized in IncomeGain (Loss) Recognized in Income
Year Ended December 31,
(in millions)201920182017
Foreign currency exchange contractsGain/(loss) on investments, net$10  $(4) $—  
Fuel hedge contractsAircraft fuel and related taxes(41) 52  (81) 
Total$(31) $48  $(81)