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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information
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.