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Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 and 2022 were as follows:
| Three months ended June 30,
(in millions) | 2023 |  | 2022
NET INCOME | $ | 683 |  |  | $ | 760 |
Unrealized loss on fuel derivative instruments, net of deferred taxes of ($42) and ($29) | (137) |  |  | (95) |
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $1 and $3 | 2 |  |  | 9 |
Other, net of deferred taxes of $4 and $— | (4) |  |  | — |
Total other comprehensive loss | $ | (139) |  |  | $ | (86) |
COMPREHENSIVE INCOME | $ | 544 |  |  | $ | 674 |
| Six months ended June 30,
(in millions) | 2023 |  | 2022
NET INCOME | $ | 524 |  |  | $ | 482 |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of ($86) and $122 | (284) |  |  | 403 |
Unrealized gain on interest rate derivative instruments, net of deferred taxes of $1 and $5 | 2 |  |  | 14 |
Other, net of deferred taxes of $4 and $— | (4) |  |  | — |
Total other comprehensive income (loss) | $ | (286) |  |  | $ | 417 |
COMPREHENSIVE INCOME | $ | 238 |  |  | $ | 899 |
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, 2023:
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax impact |  | Accumulated other comprehensive income (loss)
Balance at March 31, 2023 | $ | 114 |  |  | $ | (32) |  |  | $ | 170 |  |  |  |  | $ | (55) |  |  | $ | 197 |
Changes in fair value | (165) |  |  | 1 |  |  | — |  |  |  |  | 39 |  |  | (125) |
Reclassification to earnings | (14) |  |  | 2 |  |  | — |  |  |  |  | (2) |  |  | (14) |
Balance at June 30, 2023 | $ | (65) |  |  | $ | (29) |  |  | $ | 170 |  |  |  |  | $ | (18) |  |  | $ | 58 |
(in millions) | Fuel derivatives |  | Interest rate derivatives |  | Defined benefit plan items |  |  |  | Deferred tax impact |  | Accumulated other comprehensive income (loss)
Balance at December 31, 2022 | $ | 305 |  |  | $ | (32) |  |  | $ | 170 |  |  |  |  | $ | (99) |  |  | $ | 344 |
Changes in fair value | (328) |  |  | — |  |  | — |  |  |  |  | 76 |  |  | (252) |
Reclassification to earnings | (42) |  |  | 3 |  |  | — |  |  |  |  | 5 |  |  | (34) |
Balance at June 30, 2023 | $ | (65) |  |  | $ | (29) |  |  | $ | 170 |  |  |  |  | $ | (18) |  |  | $ | 58 |
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, 2023:
Three months ended June 30, 2023
(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 |  | $ | (14) |  |  | Fuel and oil expense
|  | (3) |  |  | Less: Tax expense
|  | $ | (11) |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 2 |  |  | Other operating expenses
|  | 1 |  |  | Less: Tax expense
|  | $ | 1 |  |  | Net of tax
Other |  | — |  |  | Other
|  | 4 |  |  | Less: Tax Expense
|  | $ | (4) |  |  | Net of tax
Total reclassifications for the period |  | $ | (14) |  |  | Net of tax
Six months ended June 30, 2023
(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 |  | $ | (42) |  |  | Fuel and oil expense
|  | (10) |  |  | Less: Tax expense
|  | $ | (32) |  |  | Net of tax
Unrealized loss on interest rate derivative instruments |  | $ | 3 |  |  | Other operating expenses
|  | 1 |  |  | Less: Tax expense
|  | $ | 2 |  |  | Net of tax
Other |  | — |  |  | Other
|  | 4 |  |  | Less: Tax Expense
|  | $ | (4) |  |  | Net of tax
Total reclassifications for the period |  | $ | (34) |  |  | Net of tax

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