COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2022

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

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 months ended March 31, 2022 and 2021 were as follows:


	Three months ended March 31,
(in millions)	2022		2021
NET INCOME (LOSS)	$	(278)	$	116
Unrealized gain on fuel derivative instruments, net of deferred taxes of $151 and $30	498		101
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $2 and $3	5		10
Other, net of deferred taxes of $— and ($13)	—		(47)
Total other comprehensive income	$	503	$	64
COMPREHENSIVE INCOME	$	225	$	180

A rollforward of the amounts included in AOCI, net of taxes, is shown below for the three months ended March 31, 2022:


(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Deferred tax		Accumulated other comprehensive income
Balance at December 31, 2021	$	492	$	(57)	$	66	$	(113)	$	388
Changes in fair value	852		5		—		(199)		658
Reclassification to earnings	(203)		2		—		46		(155)
Balance at March 31, 2022	$	1,141	$	(50)	$	66	$	(266)	$	891

The following table illustrates the significant amounts reclassified out of each component of AOCI for the three months ended March 31, 2022:


Three months ended March 31, 2022

(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
AOCI components
Unrealized gain on fuel derivative instruments	$	(203)	Fuel and oil expense

	(47)		Less: Tax expense
	$	(156)	Net of tax
Unrealized loss on interest rate derivative instruments	$	2	Interest expense
	1		Less: Tax expense
	$	1	Net of tax




Total reclassifications for the period	$	(155)	Net of tax