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Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Components of Comprehensive Income (Loss) | The differences between Net income (loss) and Comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 were as follows:
| Three months ended June 30,
(in millions) | 2021 |  | 2020
NET INCOME (LOSS) | $ | 348 |  |  | $ | (915) |
Unrealized gain on fuel derivative instruments, net of deferred taxes of $61 and $9 | 201 |  |  | 30 |
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of ($1) and $— | (5) |  |  | 1 |
Other, net of deferred taxes of $— and $8 | — |  |  | 25 |
Total other comprehensive income | $ | 196 |  |  | $ | 56 |
COMPREHENSIVE INCOME (LOSS) | $ | 544 |  |  | $ | (859) |
| Six months ended June 30,
(in millions) | 2021 |  | 2020
NET INCOME (LOSS) | $ | 463 |  |  | $ | (1,009) |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $92 and ($10) | 301 |  |  | (35) |
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of $1 and ($10) | 6 |  |  | (31) |
Other, net of deferred taxes of ($13) and ($1) | (47) |  |  | (3) |
Total other comprehensive income (loss) | $ | 260 |  |  | $ | (69) |
COMPREHENSIVE INCOME (LOSS) | $ | 723 |  |  | $ | (1,078) |
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, 2021:
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax |  | Accumulated other comprehensive income (loss)
Balance at March 31, 2021 | $ | 12 |  |  | $ | (53) |  |  | $ | (43) |  |  |  |  | $ | 24 |  |  | $ | (60) |
Changes in fair value | 250 |  |  | (7) |  |  | — |  |  |  |  | (57) |  |  | 186 |
Reclassification to earnings | 12 |  |  | 1 |  |  | — |  |  |  |  | (3) |  |  | 10 |
Balance at June 30, 2021 | $ | 274 |  |  | $ | (59) |  |  | $ | (43) |  |  |  |  | $ | (36) |  |  | $ | 136 |
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  | Other |  | Deferred tax |  | 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 (See Note 1) | — |  |  | — |  |  | — |  |  | (31) |  |  | 12 |  |  | (19) |
Changes in fair value | 359 |  |  | 5 |  |  | — |  |  | — |  |  | (85) |  |  | 279 |
Reclassification to earnings | 34 |  |  | 2 |  |  | — |  |  | (60) |  | (a) | 5 |  |  | (19) |
Balance at June 30, 2021 | $ | 274 |  |  | $ | (59) |  |  | $ | (43) |  |  | $ | — |  |  | $ | (36) |  |  | $ | 136 |
(a) Investment gains related to prior periods that were reclassified from AOCI into Other (gains) losses, net. See Note 1.
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, 2021:
Three months ended June 30, 2021
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
AOCI components |  |
Unrealized loss on fuel derivative instruments |  | $ | 12 |  |  | Fuel and oil expense
|  | 3 |  |  | Less: Tax expense
|  | $ | 9 |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 1 |  |  | Other operating expenses
|  | — |  |  | Less: Tax expense
|  | $ | 1 |  |  | Net of tax
Total reclassifications for the period |  | $ | 10 |  |  | Net of tax
Six months ended June 30, 2021
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
AOCI components |  |
Unrealized loss on fuel derivative instruments |  | $ | 28 |  |  | Fuel and oil expense
|  | 6 |  |  | Other (gains) losses, net
|  | 8 |  |  | Less: Tax expense
|  | $ | 26 |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 2 |  |  | Interest expense
|  | — |  |  | Less: Tax expense
|  | $ | 2 |  |  | Net of tax
Unrealized gain on deferred compensation plan investment (See Note 1) |  | $ | (60) |  |  | Other (gains) losses, net
|  | (13) |  |  | Less: Tax expense
|  | $ | (47) |  |  | Net of tax
Total reclassifications for the period |  | $ | (19) |  |  | Net of tax

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