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Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 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 (loss) for the three and nine months ended September 30, 2022 and 2021 were as follows:
| Three months ended September 30,
(in millions) | 2022 |  | 2021
NET INCOME | $ | 277 |  |  | $ | 446 |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of ($153) and $39 | (504) |  |  | 129 |
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $— and $1 | 4 |  |  | 2 |
Total other comprehensive income (loss) | $ | (500) |  |  | $ | 131 |
COMPREHENSIVE INCOME (LOSS) | $ | (223) |  |  | $ | 577 |
| Nine months ended September 30,
(in millions) | 2022 |  | 2021
NET INCOME | $ | 759 |  |  | $ | 909 |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of ($31) and $131 | (101) |  |  | 430 |
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $5 and $2 | 18 |  |  | 8 |
Other, net of deferred taxes of $— and ($13) | — |  |  | (47) |
Total other comprehensive income (loss) | $ | (83) |  |  | $ | 391 |
COMPREHENSIVE INCOME | $ | 676 |  |  | $ | 1,300 |
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, 2022:
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax |  | Accumulated other comprehensive income
Balance at June 30, 2022 | $ | 1,017 |  |  | $ | (38) |  |  | $ | 66 |  |  |  |  | $ | (240) |  |  | $ | 805 |
Changes in fair value | (462) |  |  | 2 |  |  | — |  |  |  |  | 108 |  |  | (352) |
Reclassification to earnings | (195) |  |  | 2 |  |  | — |  |  |  | (a) | 45 |  |  | (148) |
Balance at September 30, 2022 | $ | 360 |  |  | $ | (34) |  |  | $ | 66 |  |  |  |  | $ | (87) |  |  | $ | 305 |
(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 | 571 |  |  | 18 |  |  | — |  |  |  |  | (137) |  |  | 452 |
Reclassification to earnings | (703) |  |  | 5 |  |  | — |  |  |  | (a) | 163 |  |  | (535) |
Balance at September 30, 2022 | $ | 360 |  |  | $ | (34) |  |  | $ | 66 |  |  |  |  | $ | (87) |  |  | $ | 305 |
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 nine months ended September 30, 2022:
Three months ended September 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 |  | $ | (195) |  |  | Fuel and oil expense
|  | (45) |  |  | Less: Tax expense
|  | $ | (150) |  |  | 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 |  | $ | (148) |  |  | Net of tax
Nine months ended September 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 |  | $ | (703) |  |  | Fuel and oil expense
|  | (164) |  |  | Less: Tax expense
|  | $ | (539) |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 5 |  |  | Other operating expenses
|  | 1 |  |  | Less: Tax expense
|  | $ | 4 |  |  | Net of tax
Total reclassifications for the period |  | $ | (535) |  |  | Net of tax

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