SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Dividends

During the three months ended June 30, 2016, the Company declared and paid cash dividends of $0.275 per share, or $34 million. During the six months ended June 30, 2016, the Company declared and paid cash dividends of $0.550 per share, or $68 million.

Common Stock Repurchase

In May 2014, the Board of Directors authorized a $650 million share repurchase program, which was completed in October 2015. In August 2015, the Board of Directors authorized a $1 billion share repurchase program. In the second quarter the Company paused the share repurchase program in advance of the pending acquisition of Virgin America.

Share repurchase activity (in millions, except share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
2015 Repurchase Program - $1 billion	873,396	$	67	—	$	—	2,594,809	$	193	—	$	—
2014 Repurchase Program - $650 million	—	$	—	2,480,807	$	160	—	$	—	4,061,554	$	262
Total	873,396	$	67	2,480,807	$	160	2,594,809	$	193	4,061,554	$	262

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive income (loss), net of tax (in millions):

	June 30, 2016			December 31, 2015
Marketable securities	$	9		$	(3	)
Employee benefit plans	(282		)	(288		)
Interest rate derivatives	(14		)	(12		)
Total	$	(287	)	$	(303	)