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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarterly results of operations for the years ended December 31, 2019 and 2018 are summarized below (in millions, except per share amounts):
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2019 |  |  |  |  |  |  |  |
Operating revenues |  | $ | 1,871 |  |  | $ | 2,105 |  |  | $ | 2,086 |  |  | $ | 2,031 |
Operating income(1)(2) |  | 76 |  |  | 250 |  |  | 247 |  |  | 227 |
Net income(1)(2) |  | 42 |  |  | 179 |  |  | 187 |  |  | 161 |
Basic earnings per share |  | $ | 0.14 |  |  | $ | 0.60 |  |  | $ | 0.63 |  |  | $ | 0.56 |
Diluted earnings per share(1)(2) |  | $ | 0.14 |  |  | $ | 0.59 |  |  | $ | 0.63 |  |  | $ | 0.56 |
2018 |  |  |  |  |  |  |  |
Operating revenues |  | $ | 1,754 |  |  | $ | 1,928 |  |  | $ | 2,008 |  |  | $ | 1,968 |
Operating income(3) |  | 125 |  |  | (152 | ) |  | 78 |  |  | 216 |
Net income(3)(4) |  | 90 |  |  | (121 | ) |  | 50 |  |  | 170 |
Basic earnings per share |  | $ | 0.28 |  |  | $ | (0.39 | ) |  | $ | 0.16 |  |  | $ | 0.55 |
Diluted earnings per share(3)(4) |  | $ | 0.28 |  |  | $ | (0.39 | ) |  | $ | 0.16 |  |  | $ | 0.55 |
(1) Our 2019 reported results include special items related to the Embraer E190 fleet transition and the ratification of our pilots' collective bargaining agreement. We recorded special items of $12 million or ($0.02) per diluted share in the first quarter and $2 million or ($0.01) per diluted share in the second quarter of 2019. See Note 18 to our consolidated financial statements for details. (2) During the third quarter of 2019, we recorded a gain of $15 million, or $0.04 per diluted share, on one of our equity method investments related to its fair value measurement upon the closing of a subsequent financing round. (3) Our 2018 reported results include special items related to the Embraer E190 fleet transition and the ratification of our pilots' collective bargaining agreement. We recorded special items of $319 million or ($0.76) per diluted share in the second quarter, $112 million or ($0.27) per diluted share in the third quarter, and $4 million or ($0.01) per diluted shares in the fourth quarter of 2018. See Note 18 to our consolidated financial statements for details. (4) Our 2018 reported results include tax benefits related to the enactment of the Tax Cuts and Jobs Act. We recorded benefits of $7 million or $0.02 per diluted share in the first quarter, $4 million or $0.01 per diluted share in the third quarter, and $17 million or $0.06 per diluted share in the fourth quarter of 2018. The sum of the quarterly results may not equal the annual amount reported due to immaterial rounding differences. The sum of the quarterly earnings per share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based on respective weighted average common shares outstanding and other dilutive potential common shares.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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