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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarterly results of operations for the years ended December 31, 2020 and 2019 are summarized below (in millions, except per share amounts):
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2020 |  |  |  |  |  |  |  |
Operating revenues |  | $ | 1,588 |  |  | $ | 215 |  |  | $ | 492 |  |  | $ | 661 |
Operating (loss)(1) |  | (334) |  |  | (410) |  |  | (516) |  |  | (454) |
Net (loss)(1) |  | (268) |  |  | (320) |  |  | (393) |  |  | (373) |
(Loss) per share(1) |  | $ | (0.97) |  |  | $ | (1.18) |  |  | $ | (1.44) |  |  | $ | (1.31) |
2019 |  |  |  |  |  |  |  |
Operating revenues |  | $ | 1,871 |  |  | $ | 2,105 |  |  | $ | 2,086 |  |  | $ | 2,031 |
Operating income(2) |  | 76 |  |  | 250 |  |  | 247 |  |  | 227 |
Net income(2)(3) |  | 42 |  |  | 179 |  |  | 187 |  |  | 161 |
Basic earnings per share |  | $ | 0.14 |  |  | $ | 0.60 |  |  | $ | 0.63 |  |  | $ | 0.56 |
Diluted earnings per share(2)(3) |  | $ | 0.14 |  |  | $ | 0.59 |  |  | $ | 0.63 |  |  | $ | 0.56 |
(1) Our 2020 results include the effects of various special items. We record special items of $202 million, or ($0.55) per share in the first quarter of 2020, $(304) million, or $0.84 per share in the second quarter of 2020, $(112) million, or $0.31 per share in the third quarter of 2020, and $(69) million, or $0.19 per share in the fourth quarter of 2020. See Note 18 to our consolidated financial statements for details. (2) 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 2 019. See Note 18 to our consolidated financial statements for details. (3) 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. 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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