Delta Airlines 2014 Annual Report Download - page 77

Hedge Position as of
December 31, 2013
Offsetting Assets and Liabilities
We have master netting arrangements with all of our counterparties giving us the right of setoff. We have elected not to offset the fair value
positions recorded on our Consolidated Balance Sheets. The following table shows the potential net fair value positions had we elected to offset.
Designated Hedge Gains (Losses)
Gains (losses) related to our designated hedge contracts are as follows:
As of December 31, 2014 , we have recorded $174 million of net gains on cash flow hedge contracts in AOCI, which are scheduled to settle and be
reclassified into earnings within the next 12 months.
70
(in millions) Notional Balance
Final Maturity
Date
Hedge
Derivatives
Asset
Other
Noncurrent
Assets
Hedge
Derivatives
Liability
Other
Noncurrent
Liabilities
Hedge
Derivatives,
net
Designated as hedges
Interest rate contracts (cash
flow hedges)
$
477
U.S. dollars May 2019
$
—
$
—
$
(
17
)
$
(26
)
$
(43
)
Interest rate contract (fair value
hedge)
$
445
U.S. dollars August 2022
—
—
(
2
)
(22
)
(24
)
Foreign currency exchange
contracts
120,915
Japanese yen August 2016
157
100
—
—
257
438
Canadian dollars
Not designated as hedges
Fuel hedge contracts
5,318
gallons - crude oil, diesel
and jet fuel March 2015
428
29
(127
)
(16
)
314
Total derivative contracts
$
585
$
129
$
(146
)
$
(64
)
$
504
(in millions)
Hedge
Derivatives
Asset
Other
Noncurrent
Assets
Hedge
Derivatives
Liability
Other
Noncurrent
Liabilities Hedge Derivatives, Net
December 31, 2014
Net derivative contracts
$
29
$
49
$
(1,723
)
$
(137
)
$
(1,782
)
December 31, 2013
Net derivative contracts
$
456
$
116
$
(19
)
$
(49
)
$
504
Effective Portion Reclassified from AOCI to Earnings
Effective Portion Recognized in Other
Comprehensive Income (Loss)
Year Ended December 31,
(in millions) 2014 2013 2012
2014 2013 2012
Fuel hedge contracts
$
—
$
—
$
15
$
—
$
—
$
(
15
)
Interest rate contracts
(31
)
—
(
5
)
38
28
14
Foreign currency exchange contracts
158
135
(25
)
(34
)
133
212
Total designated
$
127
$
135
$
(15
)
$
4
$
161
$
211