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Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2025

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) 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. During second quarter 2025, the Company terminated its remaining portfolio of fuel hedging contracts, which were scheduled to settle through 2027, to effectively close its fuel hedging portfolio. See Note 3. The differences between Net income and Comprehensive income for the three and six months ended June 30, 2025 and 2024 were as follows:

			Three months ended June 30,
(in millions)			2025						2024
NET INCOME			$	213					$	367
Unrealized loss on fuel derivative instruments, net of   deferred taxes of ($4) and ($3)			(12)						(10)
Other, net of deferred taxes of $1 and $—			1						2
Total other comprehensive loss			$	(11)					$	(8)
COMPREHENSIVE INCOME			$	202					$	359

			Six months ended June 30,
(in millions)			2025						2024
NET INCOME			$	64					$	137
Unrealized gain (loss) on fuel derivative instruments, net of   deferred taxes of ($4) and $3			(12)						7
Other, net of deferred taxes of $1 and $—			2						4
Total other comprehensive income (loss)			$	(10)					$	11
COMPREHENSIVE INCOME			$	54					$	148

A rollforward of the amounts included in AOCI, net of taxes, is shown below for the three and six months ended June 30, 2025:

(in millions)			Fuel derivatives												Defined benefit plan items						Other						Deferred tax impact						Accumulated other comprehensive income (loss)
Balance at March 31, 2025			$	(193)											$	167					$	(6)					$	8					$	(24)
Changes in fair value			(52)												—						—						12						(40)
Reclassification to earnings			36												—						2						(9)						29
Balance at June 30, 2025			$	(209)											$	167					$	(4)					$	11					$	(35)

(in millions)			Fuel derivatives						Defined benefit plan items						Other												Deferred tax impact						Accumulated other comprehensive income (loss)
Balance at December 31, 2024			$	(193)					$	167					$	(7)											$	8					$	(25)
Changes in fair value			(90)						—						—												21						(69)
Reclassification to earnings			74						—						3												(18)						59
Balance at June 30, 2025			$	(209)					$	167					$	(4)											$	11					$	(35)

The following tables illustrate the significant amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2025:

Three months ended June 30, 2025
(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						$	36					Fuel and oil expense
						9						Less: Tax expense
						$	27					Net of tax
Other						$	2					Other operating expenses
						—						Less: Tax expense
						$	2					Net of tax
Total reclassifications for the period						$	29					Net of tax

Six months ended June 30, 2025
(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						$	74					Fuel and oil expense
						17						Less: Tax expense
						$	57					Net of tax
Other						$	3					Other operating expenses
						1						Less: Tax expense
						$	2					Net of tax
Total reclassifications for the period						$	59					Net of tax

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- References

No definition available.

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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/1943274/2147477250/944-220-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/1943274/2147478524/942-220-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

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