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Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2022
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, 2022 and 2021 were as follows:
| Three months ended June 30,
(in millions) | 2022 |  | 2021
NET INCOME | $ | 760 |  |  | $ | 348 |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of ($29) and $61 | (95) |  |  | 201 |
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of $3 and ($1) | 9 |  |  | (5) |
Total other comprehensive income (loss) | $ | (86) |  |  | $ | 196 |
COMPREHENSIVE INCOME | $ | 674 |  |  | $ | 544 |
| Six months ended June 30,
(in millions) | 2022 |  | 2021
NET INCOME | $ | 482 |  |  | $ | 463 |
Unrealized gain on fuel derivative instruments, net of deferred taxes of $122 and $92 | 403 |  |  | 301 |
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $5 and $1 | 14 |  |  | 6 |
Other, net of deferred taxes of $— and ($13) | — |  |  | (47) |
Total other comprehensive income | $ | 417 |  |  | $ | 260 |
COMPREHENSIVE INCOME | $ | 899 |  |  | $ | 723 |
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, 2022:
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax |  | Accumulated other comprehensive income
Balance at March 31, 2022 | $ | 1,141 |  |  | $ | (50) |  |  | $ | 66 |  |  |  |  | $ | (266) |  |  | $ | 891 |
Changes in fair value | 182 |  |  | 10 |  |  | — |  |  |  |  | (45) |  |  | 147 |
Reclassification to earnings | (306) |  |  | 2 |  |  | — |  |  |  | (a) | 71 |  |  | (233) |
Balance at June 30, 2022 | $ | 1,017 |  |  | $ | (38) |  |  | $ | 66 |  |  |  |  | $ | (240) |  |  | $ | 805 |
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax |  | Accumulated other comprehensive income
Balance at December 31, 2021 | $ | 492 |  |  | $ | (57) |  |  | $ | 66 |  |  |  |  | $ | (113) |  |  | $ | 388 |
Changes in fair value | 1,033 |  |  | 16 |  |  | — |  |  |  |  | (245) |  |  | 804 |
Reclassification to earnings | (508) |  |  | 3 |  |  | — |  |  |  | (a) | 118 |  |  | (387) |
Balance at June 30, 2022 | $ | 1,017 |  |  | $ | (38) |  |  | $ | 66 |  |  |  |  | $ | (240) |  |  | $ | 805 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table illustrates the significant amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2022:
Three months ended June 30, 2022
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components |  |
Unrealized gain on fuel derivative instruments |  | $ | (306) |  |  | Fuel and oil expense
|  | (71) |  |  | Less: Tax expense
|  | $ | (235) |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 2 |  |  | Other operating expenses
|  | — |  |  | Less: Tax expense
|  | $ | 2 |  |  | Net of tax
Total reclassifications for the period |  | $ | (233) |  |  | Net of tax
Six months ended June 30, 2022
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components |  |
Unrealized gain on fuel derivative instruments |  | $ | (508) |  |  | Fuel and oil expense
|  | (119) |  |  | Less: Tax expense
|  | $ | (389) |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 3 |  |  | Other operating expenses
|  | 1 |  |  | Less: Tax expense
|  | $ | 2 |  |  | Net of tax
Total reclassifications for the period |  | $ | (387) |  |  | Net of tax

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e526-108580 + Details
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