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COMPREHENSIVE INCOME (LOSS) | 9 Months Ended
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Sep. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
COMPREHENSIVE INCOME (LOSS) | 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. The differences between Net income (loss) and Comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020 were as follows:
| Three months ended September 30,
(in millions) | 2021 |  | 2020
NET INCOME (LOSS) | $ | 446 |  |  | $ | (1,157) |
Unrealized gain on fuel derivative instruments, net of deferred taxes of $39 and $5 | 129 |  |  | 14 |
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $1 and $— | 2 |  |  | 3 |
Other, net of deferred taxes of $— and $3 | — |  |  | 11 |
Total other comprehensive income | $ | 131 |  |  | $ | 28 |
COMPREHENSIVE INCOME (LOSS) | $ | 577 |  |  | $ | (1,129) |
| Nine months ended September 30,
(in millions) | 2021 |  | 2020
NET INCOME (LOSS) | $ | 909 |  |  | $ | (2,166) |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $131 and ($6) | 430 |  |  | (20) |
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of $2 and ($9) | 8 |  |  | (29) |
Other, net of deferred taxes of ($13) and $2 | (47) |  |  | 8 |
Total other comprehensive income (loss) | $ | 391 |  |  | $ | (41) |
COMPREHENSIVE INCOME (LOSS) | $ | 1,300 |  |  | $ | (2,207) |
A rollforward of the amounts included in AOCI, net of taxes, is shown below for the three and nine months ended September 30, 2021:
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax |  | Accumulated other comprehensive income
Balance at June 30, 2021 | $ | 274 |  |  | $ | (59) |  |  | $ | (43) |  |  |  |  | $ | (36) |  |  | $ | 136 |
Changes in fair value | 166 |  |  | 2 |  |  | — |  |  |  |  | (39) |  |  | 129 |
Reclassification to earnings | 2 |  |  | 1 |  |  | — |  |  |  |  | (1) |  |  | 2 |
Balance at September 30, 2021 | $ | 442 |  |  | $ | (56) |  |  | $ | (43) |  |  |  |  | $ | (76) |  |  | $ | 267 |
(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 | 525 |  |  | 6 |  |  | — |  |  | — |  |  | (124) |  |  | 407 |
Reclassification to earnings | 36 |  |  | 4 |  |  | — |  |  | (60) |  | (a) | 4 |  |  | (16) |
Balance at September 30, 2021 | $ | 442 |  |  | $ | (56) |  |  | $ | (43) |  |  | $ | — |  |  | $ | (76) |  |  | $ | 267 |
(a) Investment gains related to prior periods that were reclassified from AOCI into Other (gains) losses, net. See Note 1. The following tables illustrate the significant amounts reclassified out of each component of AOCI for the three and nine months ended September 30, 2021:
Three months ended September 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 |  | $ | 2 |  |  | Fuel and oil expense
|  | 1 |  |  | Less: Tax expense
|  | $ | 1 |  |  | 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 |  | $ | 2 |  |  | Net of tax
Nine months ended September 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 |  | $ | 30 |  |  | Fuel and oil expense
|  | 6 |  |  | Other (gains) losses, net
|  | 8 |  |  | Less: Tax expense
|  | $ | 28 |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 4 |  |  | Interest expense
|  | 1 |  |  | Less: Tax expense
|  | $ | 3 |  |  | 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 |  | $ | (16) |  |  | Net of tax

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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