SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Dividends

During the three months ended September 30, 2016, the Company declared and paid cash dividends of $0.275 per share, or $34 million. During the nine months ended September 30, 2016, the Company declared and paid cash dividends of $0.825 per share, or $102 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, which was paused in the second quarter of 2016 in anticipation of the pending acquisition of Virgin America.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
2015 Repurchase Program - $1 billion	—	$	—	—	$	—	2,594,809	$	193	—	$	—
2014 Repurchase Program - $650 million	—	—		1,588,251	119		—	—		5,649,805	381
Total	—	$	—	1,588,251	$	119	2,594,809	$	193	5,649,805	$	381

Accumulated Other Comprehensive Loss

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

	September 30, 2016			December 31, 2015
Marketable securities	$	7		$	(3	)
Employee benefit plans	(278		)	(288		)
Interest rate derivatives	(13		)	(12		)
Total	$	(284	)	$	(303	)