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Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 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 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) |
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 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.
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 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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