NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The tables below present the components of the Company’s accumulated other comprehensive income (loss) (“AOCI”), net of tax (in millions):


UAL	Pension and Other Postretirement Unrecognized Actuarial Gains (Losses) and Prior Service Cost		Unrealized Gain (Loss) on Derivatives and Other Financial Instruments		Total
Balance at December 31, 2009	$	57	$	(22)	$	35
Derivative financial instruments:
Reclassification of losses into earnings		—		68		68
Change in fair value of derivatives		—		168		168
Change in fair value of other financial instruments		—		21		21
Employee benefit plans:
Reclassification of unrecognized net actuarial gains into earnings		(12)		—		(12)
Current year actuarial gains		107		—		107

Balance at December 31, 2010		152		235		387
Derivative financial instruments:
Reclassification of gains into earnings		—		(503)		(503)
Change in fair value of derivatives		—		163		163
Employee benefit plans:
Reclassification of unrecognized net actuarial gains into earnings		(24)		—		(24)
Current year actuarial losses		(440)		—		(440)

Balance at December 31, 2011		(312)		(105)		(417)
Derivative financial instruments:
Reclassification of losses into earnings		—		141		141
Change in fair value of derivatives		—		(51)		(51)
Change in fair value of other financial instruments		—		11		11
Employee benefit plans:
Reclassification of unrecognized net actuarial losses into earnings		17		—		17
Current year actuarial losses		(747)		—		(747)

Balance at December 31, 2012	$	(1,042)	$	(4)	$	(1,046)


United	Pension and Other Postretirement Unrecognized Actuarial Gains (Losses) and Prior Service Cost		Unrealized Gain (Loss) on Derivative Instruments and Other Financial Instruments		Total
Balance at December 31, 2009	$	57	$	(22)	$	35
Derivative financial instruments:
Reclassification of losses into earnings		—		84		84
Change in fair value of derivatives		—		101		101
Change in fair value of other financial instruments		—		19		19
Employee benefit plans:
Reclassification of unrecognized net actuarial gains into earnings		(12)		—		(12)
Current year actuarial losses		(136)		—		(136)

Balance at December 31, 2010		(91)		182		91
Derivative financial instruments:
Reclassification of gains into earnings		—		(417)		(417)
Change in fair value of derivatives		—		172		172
Change in fair value of other financial instruments		—		(3)		(3)
Employee benefit plans:
Reclassification of unrecognized net actuarial gains into earnings		(2)		—		(2)
Current year actuarial gains		31		—		31

Balance at December 31, 2011		(62)		(66)		(128)
Derivative financial instruments:
Reclassification of losses into earnings		—		76		76
Change in fair value of derivatives		—		(23)		(23)
Change in fair value of other financial instruments		—		7		7
Employee benefit plans:
Reclassification of unrecognized net actuarial gains into earnings		(5)		—		(5)
Current year actuarial losses		(159)		—		(159)

Balance at December 31, 2012	$	(226)	$	(6)	$	(232)


Continental - Predecessor Company	Pension and Other Postretirement Unrecognized Actuarial Gains (Losses) and Prior Service Cost		Unrealized Gain (Loss) on Derivatives and Other Financial Instruments		Income Tax Benefit (Expense)		Total
Balance at December 31, 2009	$	(1,275)	$	12	$	78	$	(1,185)
Derivative financial instruments:
Reclassification of losses into earnings		—		24		—		24
Change in fair value of derivatives		—		(13)		—		(13)
Employee benefit plans:
Reclassification of unrecognized net actuarial loss into earnings		62		—		—		62
Reclassification of prior service cost into earnings		23		—		—		23
Current year actuarial losses		(3)		—		—		(3)

Balance at September 30, 2010	$	(1,193)	$	23	$	78	$	(1,092)

Continental—Successor Company

Elimination of accumulated other comprehensive income in connection with the Merger	$	1,193	$	(23)	$	(78)	$	1,092

Balance at October 1, 2010		—		—		—		—

Derivative financial instruments:
Reclassification of gains into earnings		—		(16)		—		(16)
Change in fair value of derivatives		—		67		—		67
Change in fair value of other financial instruments		—		2		—		2
Current year actuarial gains		243		—		—		243
Income tax expense on other comprehensive income (a)		—		—		(6)		(6)

Balance at December 31, 2010		243		53		(6)		290

Derivative financial instruments:
Reclassification of gains into earnings		—		(86)		—		(86)
Change in fair value of derivatives		—		(9)		—		(9)
Change in fair value of other financial instruments		—		1		—		1
Employee benefit plans:
Reclassification of unrecognized net actuarial gains into earnings		(22)		—		—		(22	)
Current year actuarial losses		(471)		—		—		(471	)

Balance at December 31, 2011		(250)		(41)		(6)		(297)

Derivative financial instruments:
Reclassification of losses into earnings		—		65		—		65
Change in fair value of derivatives		—		(28)		—		(28)
Change in fair value of other financial instruments		—		5		—		5
Employee benefit plans:
Reclassification of unrecognized net actuarial losses into earnings		22		—		—		22
Current year actuarial losses		(588)		—		—		(588)

Balance at December 31, 2012	$	(816)	$	1	$	(6)	$	(821)

(a) Taxes on other comprehensive income did not impact Continental’s net deferred tax position due to an offsetting tax benefit on the loss from continuing operations as described in Note 8.