Following is the consolidated statement of comprehensive income for Southwest Airlines for the year ended December 31, 2012:

Required
1. Which items were included in comprehensive income? If these items had been included on the income statement as part of net income, what would have been the effect?
2. Would the concept of comprehensive income help to explain to Southwest Airlines€™ stockholders the impact of all events that took place in 2012? Why or why not?

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Southwest Airlines Co. Consolidated Statement of Comprehensive Income (in millions) Year Ended December 31, 2012 2011 2010 NET INCOME $421 $178 $459 OTHER COMPREHENSIVE INCOME, NET OF TAX: Unrealized gain on fuel derivative instruments, net of deferred taxes of $74, $42, and $205 120 67 330 Unrealized loss on interest rate derivative instruments, net of deferred taxes of $0, ($20), and ($9) Other, net of deferred taxes of ($8), $1, and $1 (15) (1) (32) (14) $ 38 $105 $316 OTHER COMPREHENSIVE INCOME $526 $216 $775 COMPREHENSIVE INCOME