ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2024

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income 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. A rollforward of the amounts included in AOCI, net of taxes, is shown below for 2024 and 2023:

(in millions)	Fuel derivatives		Defined benefit plan items		Other		Deferred tax impact		Accumulated other comprehensive income (loss)
Balance at December 31, 2022	$	305	$	170	$	(32)	$	(99)	$	344
Changes in fair value	(312)		(11)		10		73		(240)
Reclassification to earnings	(128)		(10)		7		27		(104)
Balance at December 31, 2023	$	(135)	$	149	$	(15)	$	1	$	—
Changes in fair value	(130)		25		—		25		(80)
Reclassification to earnings	72		(7)		8		(18)		55
Balance at December 31, 2024	$	(193)	$	167	$	(7)	$	8	$	(25)

The following table illustrates the significant amounts reclassified out of each component of AOCI for the year ended December 31, 2024:

Year ended December 31, 2024
(in millions)	Amounts reclassified from AOCI		Affected line item in the Consolidated Statement of Income
AOCI components
Unrealized loss on fuel derivative instruments	$	72	Fuel and oil expense
	17		Less: Tax expense
	$	55	Net of tax
Unrealized (gain) on defined benefit plan	$	(7)	Other (gains) losses, net
	(2)		Less: Tax expense
	$	(5)	Net of tax
Other	8		Other operating expenses
	3		Less: Tax expense
	$	5	Net of tax
Total reclassifications for the period	$	55	Net of tax