ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2023

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

ACCUMULATED OTHER COMPREHENSIVE INCOME

ACCUMULATED OTHER COMPREHENSIVE INCOME

Comprehensive income includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting 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 2023 and 2022:

(in millions)	Fuel derivatives		Interest rate derivatives		Defined benefit plan items		Deferred tax impact		Accumulated other comprehensive income
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
Changes in fair value	(312)		10		(11)		73		(240)
Reclassification to earnings	(128)		7		(10)		27		(104)
Balance at December 31, 2023	$	(135)	$	(15)	$	149	$	1	$	—

The following table illustrates the significant amounts reclassified out of each component of AOCI for the year ended December 31, 2023:

Year ended December 31, 2023
(in millions)	Amounts reclassified from AOCI		Affected line item in the Consolidated Statement of Income
AOCI components
Unrealized (gain) on fuel derivative instruments	$	(128)	Fuel and oil expense
	(29)		Less: Tax expense
	$	(99)	Net of tax
Unrealized loss on interest rate derivative instruments	7		Other operating expenses
	1		Less: Tax expense
	$	6	Net of tax
Unrealized (gain) on defined benefit plan	$	(10)	Other (gains) losses, net
	$	(3)	Less: Tax expense
	$	(7)	Net of tax
Other	$	—	Other
	4		Less: Tax expense
	$	(4)	Net of tax
Total reclassifications for the period	$	(104)	Net of tax