COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting, unrealized gains and losses on certain investments, and actuarial gains/losses arising from the Company’s postretirement benefit obligation. The differences between Net income (loss) and Comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 were as follows:

	Three months ended September 30,
(in millions)	2020		2019
NET INCOME (LOSS)	$	(1,157)	$	659
Unrealized gain (loss) on fuel derivative instruments, net of   deferred taxes of $5 and $(24)	14		(80)
Unrealized gain (loss) on interest rate derivative instruments, net of   deferred taxes of $— and $(5)	3		(15)
Other, net of deferred taxes of $3 and $—	11		2
Total other comprehensive income (loss)	$	28	$	(93)
COMPREHENSIVE INCOME (LOSS)	$	(1,129)	$	566

	Nine months ended September 30,
(in millions)	2020		2019
NET INCOME (LOSS)	$	(2,166)	$	1,787
Unrealized gain (loss) on fuel derivative instruments, net of   deferred taxes of $(6) and $(18)	(20)		(61)
Unrealized loss on interest rate derivative instruments, net of   deferred taxes of $(9) and $(13)	(29)		(40)
Other, net of deferred taxes of $2 and $4	8		18
Total other comprehensive loss	$	(41)	$	(83)
COMPREHENSIVE INCOME (LOSS)	$	(2,207)	$	1,704

A rollforward of the amounts included in AOCI is shown below for the three and nine months ended September 30, 2020:

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Other		Deferred tax		Accumulated other comprehensive income (loss)
Balance at June 30, 2020	$	(170)	$	(74)	$	20	$	55	$	39	$	(130)
Changes in fair value	(21)		3		—		14		1		(3)
Reclassification to earnings	40		—		—		—		(9)		31
Balance at September 30, 2020	$	(151)	$	(71)	$	20	$	69	$	31	$	(102)

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Other		Deferred tax		Accumulated other comprehensive income (loss)
Balance at December 31, 2019	$	(125)	$	(33)	$	20	$	59	$	18	$	(61)
Changes in fair value	(118)		(39)		—		10		34		(113)
Reclassification to earnings	92		1		—		—		(21)		72
Balance at September 30, 2020	$	(151)	$	(71)	$	20	$	69	$	31	$	(102)

The following tables illustrate the significant amounts reclassified out of each component of AOCI for the three and nine months ended September 30, 2020:

Three months ended September 30, 2020
(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
AOCI components
Unrealized loss on fuel derivative instruments	$	18	Fuel and oil expense
	22		Other (gains) losses, net
	9		Less: Tax expense
Total reclassifications for the period	$	31	Net of tax

Nine months ended September 30, 2020
(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
AOCI components
Unrealized loss on fuel derivative instruments	$	54	Fuel and oil expense
	38		Other (gains) losses, net
	21		Less: Tax expense
	$	71	Net of tax
Unrealized loss on interest rate derivative instruments	$	1	Interest expense
	—		Less: Tax expense
	$	1	Net of tax
Total reclassifications for the period	$	72	Net of tax