Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023 were as follows:

	Three months ended June 30,
(in millions)	2024		2023
NET INCOME	$	367	$	683
Unrealized loss on fuel derivative instruments, net of   deferred taxes of ($3) and ($42)	(10)		(137)
Other, net of deferred taxes of $— and $5	2		(2)
Total other comprehensive loss	$	(8)	$	(139)
COMPREHENSIVE INCOME	$	359	$	544

	Six months ended June 30,
(in millions)	2024	2023
NET INCOME	137	524
Unrealized gain (loss) on fuel derivative instruments, net of   deferred taxes of $3 and ($86)	7	(284)
Other, net of deferred taxes of $— and $5	4	(2)
Total other comprehensive income (loss)	11	(286)
COMPREHENSIVE INCOME	148	238

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, 2024:

(in millions)	Fuel derivatives		Defined benefit plan items		Other		Deferred tax impact		Accumulated other comprehensive income (loss)
Balance at March 31, 2024	$	(112)	$	149	$	(13)	$	(5)	$	19
Changes in fair value	(30)		—		—		7		(23)
Reclassification to earnings	17		—		2		(4)		15
Balance at June 30, 2024	$	(125)	$	149	$	(11)	$	(2)	$	11

(in millions)	Fuel derivatives		Defined benefit plan items		Other		Deferred tax impact		Accumulated other comprehensive income (loss)
Balance at December 31, 2023	$	(135)	$	149	$	(15)	$	1	$	—
Changes in fair value	(29)		—		—		7		(22)
Reclassification to earnings	39		—		4		(10)		33
Balance at June 30, 2024	$	(125)	$	149	$	(11)	$	(2)	$	11

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, 2024:

Three months ended June 30, 2024
(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components
Unrealized loss on fuel derivative instruments	$	17	Fuel and oil expense
	4		Less: Tax expense
	$	13	Net of tax
Other	$	2	Other operating expenses
	—		Less: Tax expense
	$	2	Net of tax
Total reclassifications for the period	$	15	Net of tax

Six months ended June 30, 2024
(in millions)	Amounts reclassified from AOCI		Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components
Unrealized loss on fuel derivative instruments	$	39	Fuel and oil expense
	10		Less: Tax expense
	$	29	Net of tax
Other	$	4	Other operating expenses
	—		Less: Tax expense
	$	4	Net of tax
Total reclassifications for the period	$	33	Net of tax