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Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 and 2023 were as follows:
| Three months ended June 30,
(in millions) | 2024 |  | 2023
NET INCOME | $ | 367 |  |  | $ | 683 |
Unrealized loss on fuel derivative instruments, net of deferred taxes of ($3) and ($42) | (10) |  |  | (137) |
Other, net of deferred taxes of $— and $5 | 2 |  |  | (2) |
Total other comprehensive loss | $ | (8) |  |  | $ | (139) |
COMPREHENSIVE INCOME | $ | 359 |  |  | $ | 544 |
| Six months ended June 30,
(in millions) | 2024 |  | 2023
NET INCOME | 137 |  |  | 524 |
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $3 and ($86) | 7 |  |  | (284) |
Other, net of deferred taxes of $— and $5 | 4 |  |  | (2) |
Total other comprehensive income (loss) | 11 |  |  | (286) |
COMPREHENSIVE INCOME | 148 |  |  | 238 |
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, 2024:
(in millions) | Fuel derivatives |  |  |  | Defined benefit plan items |  | Other |  | Deferred tax impact |  | Accumulated other comprehensive income (loss)
Balance at March 31, 2024 | $ | (112) |  |  |  |  | $ | 149 |  |  | $ | (13) |  |  | $ | (5) |  |  | $ | 19 |
Changes in fair value | (30) |  |  |  |  | — |  |  | — |  |  | 7 |  |  | (23) |
Reclassification to earnings | 17 |  |  |  |  | — |  |  | 2 |  |  | (4) |  |  | 15 |
Balance at June 30, 2024 | $ | (125) |  |  |  |  | $ | 149 |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | 11 |
(in millions) | Fuel derivatives |  |  |  | Defined benefit plan items |  | Other |  | Deferred tax impact |  | Accumulated other comprehensive income (loss)
Balance at December 31, 2023 | $ | (135) |  |  |  |  | $ | 149 |  |  | $ | (15) |  |  | $ | 1 |  |  | $ | — |
Changes in fair value | (29) |  |  |  |  | — |  |  | — |  |  | 7 |  |  | (22) |
Reclassification to earnings | 39 |  |  |  |  | — |  |  | 4 |  |  | (10) |  |  | 33 |
Balance at June 30, 2024 | $ | (125) |  |  |  |  | $ | 149 |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | 11 |
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, 2024:
Three months ended June 30, 2024
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components |  |
Unrealized loss on fuel derivative instruments |  | $ | 17 |  |  | Fuel and oil expense
|  | 4 |  |  | Less: Tax expense
|  | $ | 13 |  |  | Net of tax
Other |  | $ | 2 |  |  | Other operating expenses
|  | — |  |  | Less: Tax expense
|  | $ | 2 |  |  | Net of tax
Total reclassifications for the period |  | $ | 15 |  |  | Net of tax
Six months ended June 30, 2024
(in millions) |  | Amounts reclassified from AOCI |  | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income
AOCI components |  |
Unrealized loss on fuel derivative instruments |  | $ | 39 |  |  | Fuel and oil expense
|  | 10 |  |  | Less: Tax expense
|  | $ | 29 |  |  | Net of tax
Other |  | $ | 4 |  |  | Other operating expenses
|  | — |  |  | Less: Tax expense
|  | $ | 4 |  |  | Net of tax
Total reclassifications for the period |  | $ | 33 |  |  | Net of tax

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20 + 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 -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1 + Details
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