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Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
COMPREHENSIVE INCOME (LOSS) | COMPREHENSIVE INCOME Comprehensive income includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting and actuarial gains/losses arising from the Company’s postretirement benefit obligation. 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 |
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 |
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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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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