Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 were as follows:

	Three months ended June 30,
(in millions)	2023		2022
NET INCOME	$	683	$	760
Unrealized loss on fuel derivative instruments, net of   deferred taxes of ($42) and ($29)	(137)		(95)
Unrealized gain on interest rate derivative instruments, net of   deferred taxes of $1 and $3	2		9
Other, net of deferred taxes of $4 and $—	(4)		—
Total other comprehensive loss	$	(139)	$	(86)
COMPREHENSIVE INCOME	$	544	$	674

	Six months ended June 30,
(in millions)	2023		2022
NET INCOME	$	524	$	482
Unrealized gain (loss) on fuel derivative instruments, net of   deferred taxes of ($86) and $122	(284)		403
Unrealized gain on interest rate derivative instruments, net of   deferred taxes of $1 and $5	2		14
Other, net of deferred taxes of $4 and $—	(4)		—
Total other comprehensive income (loss)	$	(286)	$	417
COMPREHENSIVE INCOME	$	238	$	899

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, 2023:

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Deferred tax impact		Accumulated other comprehensive income (loss)
Balance at March 31, 2023	$	114	$	(32)	$	170	$	(55)	$	197
Changes in fair value	(165)		1		—		39		(125)
Reclassification to earnings	(14)		2		—		(2)		(14)
Balance at June 30, 2023	$	(65)	$	(29)	$	170	$	(18)	$	58

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Deferred tax impact		Accumulated other comprehensive income (loss)
Balance at December 31, 2022	$	305	$	(32)	$	170	$	(99)	$	344
Changes in fair value	(328)		—		—		76		(252)
Reclassification to earnings	(42)		3		—		5		(34)
Balance at June 30, 2023	$	(65)	$	(29)	$	170	$	(18)	$	58

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following tables illustrate the significant amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2023:

Three months ended June 30, 2023
(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	$	(14)	Fuel and oil expense
	(3)		Less: Tax expense
	$	(11)	Net of tax
Unrealized loss on interest rate derivative instruments	$	2	Other operating expenses
	1		Less: Tax expense
	$	1	Net of tax
Other	—		Other
	4		Less: Tax Expense
	$	(4)	Net of tax
Total reclassifications for the period	$	(14)	Net of tax

Six months ended June 30, 2023
(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	$	(42)	Fuel and oil expense
	(10)		Less: Tax expense
	$	(32)	Net of tax
Unrealized loss on interest rate derivative instruments	$	3	Other operating expenses
	1		Less: Tax expense
	$	2	Net of tax
Other	—		Other
	4		Less: Tax Expense
	$	(4)	Net of tax
Total reclassifications for the period	$	(34)	Net of tax