SOUTHWEST AIRLINES CO
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
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13. Accumulated Other Comprehensive Income
- ACCUMULATED OTHER COMPREHENSIVE INCOME
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 2023 and 2022:
| (in millions) | Fuel derivatives | Interest rate derivatives | Defined benefit plan items | Deferred tax impact | Accumulated othercomprehensive income |
|---|---|---|---|---|---|
| Balance at December 31, 2021 | $492 | $(57) | $66 | $(113) | $388 |
| Changes in fair value | 645 | 18 | 106 | (179) | 590 |
| Reclassification to earnings | (832) | 7 | (2) | 193 | (634) |
| Balance at December 31, 2022 | $305 | $(32) | $170 | $(99) | $344 |
| Changes in fair value | (312) | 10 | (11) | 73 | (240) |
| Reclassification to earnings | (128) | 7 | (10) | 27 | (104) |
| Balance at December 31, 2023 | $(135) | $(15) | $149 | $1 | $— |
The following table illustrates the significant amounts reclassified out of each component of AOCI for the year ended December 31, 2023:
| Year ended December 31, 2023 | ||
|---|---|---|
| (in millions) | Amounts reclassified from AOCI | Affected line item in the Consolidated Statement of Income |
| AOCI components | ||
| Unrealized (gain) on fuel derivative instruments | $(128) | Fuel and oil expense |
| (29) | Less: Tax expense | |
| $(99) | Net of tax | |
| Unrealized loss on interest rate derivative instruments | 7 | Other operating expenses |
| 1 | Less: Tax expense | |
| $6 | Net of tax | |
| Unrealized (gain) on defined benefit plan | $(10) | Other (gains) losses, net |
| $(3) | Less: Tax expense | |
| $(7) | Net of tax | |
| Other | $— | Other |
| 4 | Less: Tax expense | |
| $(4) | Net of tax | |
| Total reclassifications for the period | $(104) | Net of tax |
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