ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2022

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER 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. A rollforward of the amounts included in AOCI, net of taxes, is shown below for 2022 and 2021:

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Other		Deferred tax impact		Accumulated other comprehensive income (loss)
Balance at December 31, 2020	$	(119)	$	(66)	$	(43)	$	91	$	32	$	(105)
Cumulative effect of adopting ASU 2016-01 as of January 1, 2018	—		—		—		(31)		11		(20)
Changes in fair value	601		3		109		—		(166)		547
Reclassification to earnings	10		6		—		(60)		10		(34)
Balance at December 31, 2021	$	492	$	(57)	$	66	$	—	$	(113)	$	388
Changes in fair value	645		18		106		—		(179)		590
Reclassification to earnings	(832)		7		(2)		—		193		(634)
Balance at December 31, 2022	$	305	$	(32)	$	170	$	—	$	(99)	$	344

The following table illustrates the significant amounts reclassified out of each component of AOCI for the year ended December 31, 2022:

Year ended December 31, 2022
(in millions)	Amounts reclassified from AOCI		Affected line item in the Consolidated Statement of Income (Loss)
AOCI components
Unrealized (gain) on fuel derivative instruments	$	(832)	Fuel and oil expense
	—		Other (gains) losses, net
	(195)		Less: Tax expense
	$	(637)	Net of tax
Unrealized loss on interest rate derivative instruments	7		Other operating expenses
	2		Less: Tax expense
	$	5	Net of tax
Unrealized (gain) on defined benefit plan	$	(2)	Other (gains) losses, net
	—		Less: Tax expense
	$	(2)	Net of tax
Total reclassifications for the period	$	(634)	Net of tax