Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)

Note 15. Comprehensive Income (Loss)

Comprehensive Income (loss), which primarily includes net income (loss), unrealized gains on derivative instruments and the effect of foreign currency translation (loss) gain, is disclosed in the Consolidated Statements of Operations and Comprehensive Income (Loss). Unrealized gains on marketable securities of $3 million ($2 million, net of tax) were included in other comprehensive income prior to our adoption of ASU 2016-01 on January 1, 2018. Subsequent to the adoption, these unrealized gains were reclassified to retained earnings. Additionally, stranded tax effects of approximately $4 million resulting from the corporate income tax rate change in U.S. Tax Reform were reclassified upon our adoption of ASU 2018-02 on January 1, 2018. The income tax effects remaining in AOCI will be released into earnings as the related pre-tax amounts are reclassified to earnings.

During the year December 31, 2019, we terminated our $650 million interest rate swap and received $12 million from the counterparty. The fair value of the terminated portion of the interest rate swap of $12 million was recorded within accumulated other comprehensive income on the Consolidated Statements of Financial Position and is being amortized into interest expense over the original term of the agreement. The remaining unamortized balance at December 31, 2019 is approximately $8 million.

The following tables summarize the activity in accumulated other comprehensive income, net of the related tax effects.

				Unrealized
				Gains on		Foreign
		Unrealized		Available		Currency
	Gains (Losses) on			-for-Sale		Translation
(In millions)		Derivatives		Securities		(Loss) Gain		Total
Balance as of December 31, 2017		$	16	$	2	$	(12)	$	5
Reclassification of unrealized gain/loss on equity securities			—		(2)		—		(2)
Reclassification of tax rate change			3		1		—		4
As revised, January 1, 2018		$	19	$	—	$	(12)	$	7
Other comprehensive income before reclassifications:
Pre-tax amount			4		—		(3)		1
Tax provision			1		—		—		1
After-tax amount			3		—		(3)		—
Amounts reclassified from accumulated Other Comprehensive Income (Loss)(1)			(3)		—		—		(3)
Net current period other comprehensive loss			1		—		(3)		(3)
Balance as of December 31, 2018		$	20	$	—	$	(15)	$	5
Other comprehensive income before reclassifications:
Pre-tax amount			(7)		—		10		3
Tax provision			5		—		—		5
After-tax amount			(2)		—		10		8
Amounts reclassified from accumulated Other Comprehensive Income (Loss)(1)			(4)		—		—		(4)
Net current period other comprehensive income			(6)		—		10		4
Balance as of December 31, 2019		$	13	$	—	$	(5)	$	9

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(1)Amounts are net of tax. See reclassifications out of accumulated other comprehensive income below for further details.

Reclassifications out of accumulated other comprehensive income included the following components for the periods indicated.

	Amounts Reclassified from Accumulated
	Other Comprehensive Income
	As of December 31,
(In millions)	2019		2018		2017
Gains (losses) on derivatives:
Fuel swap contracts	$	—	$	3	$	3
Interest rate swap contracts		5		1		(8)
Net losses on derivatives		5		4		(6)
Impact of income taxes		—		(1)		2
Total reclassifications for the period	$	4	$	3	$	(4)