Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2022

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

Components of Comprehensive Income (Loss)

The differences between Net income and Comprehensive income for the three and six months ended June 30, 2022 and 2021 were as follows:

	Three months ended June 30,
(in millions)	2022		2021
NET INCOME	$	760	$	348
Unrealized gain (loss) on fuel derivative instruments, net of   deferred taxes of ($29) and $61	(95)		201
Unrealized gain (loss) on interest rate derivative instruments, net of   deferred taxes of $3 and ($1)	9		(5)
Total other comprehensive income (loss)	$	(86)	$	196
COMPREHENSIVE INCOME	$	674	$	544

	Six months ended June 30,
(in millions)	2022		2021
NET INCOME	$	482	$	463
Unrealized gain on fuel derivative instruments, net of   deferred taxes of $122 and $92	403		301
Unrealized gain on interest rate derivative instruments, net of   deferred taxes of $5 and $1	14		6
Other, net of deferred taxes of $— and ($13)	—		(47)
Total other comprehensive income	$	417	$	260
COMPREHENSIVE INCOME	$	899	$	723

Rollforward of the Amounts Included in AOCI, Net of Taxes

A rollforward of the amounts included in AOCI, net of taxes, is shown below for the three and six months ended June 30, 2022:

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items			Deferred tax		Accumulated other comprehensive income
Balance at March 31, 2022	$	1,141	$	(50)	$	66		$	(266)	$	891
Changes in fair value	182		10		—			(45)		147
Reclassification to earnings	(306)		2		—		(a)	71		(233)
Balance at June 30, 2022	$	1,017	$	(38)	$	66		$	(240)	$	805

(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	1,033		16		—			(245)		804
Reclassification to earnings	(508)		3		—		(a)	118		(387)
Balance at June 30, 2022	$	1,017	$	(38)	$	66		$	(240)	$	805

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following table illustrates the significant amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2022:

Three months ended June 30, 2022
(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components
Unrealized gain on fuel derivative instruments	$	(306)	Fuel and oil expense
	(71)		Less: Tax expense
	$	(235)	Net of tax
Unrealized loss on interest rate derivative instruments	$	2	Other operating expenses
	—		Less: Tax expense
	$	2	Net of tax
Total reclassifications for the period	$	(233)	Net of tax

Six months ended June 30, 2022
(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components
Unrealized gain on fuel derivative instruments	$	(508)	Fuel and oil expense
	(119)		Less: Tax expense
	$	(389)	Net of tax
Unrealized loss on interest rate derivative instruments	$	3	Other operating expenses
	1		Less: Tax expense
	$	2	Net of tax
Total reclassifications for the period	$	(387)	Net of tax