SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Dividends

During the three months ended March 31, 2017, the Company declared and paid cash dividends of $0.30 per share, or $37 million.

Common Stock Repurchase

In August 2015, the Board of Directors authorized a $1 billion share repurchase program. As of March 31, 2017, the Company repurchased 4,112,086 shares for $313 million under this program. The program was paused in the second quarter of 2016 in anticipation of the acquisition of Virgin America. No shares were repurchased during the three months ended March 31, 2017. Subsequent to March 31, 2017, the Company resumed the share repurchase program and repurchased 129,040 shares for $11 million through April 28, 2017.

Accumulated Other Comprehensive Loss

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

	March 31, 2017			December 31, 2016
Marketable securities	$	(1	)	$	(3	)
Employee benefit plans	(295		)	(299		)
Interest rate derivatives	(3		)	(3		)
Total	$	(299	)	$	(305	)

Earnings Per Share ("EPS")

Diluted EPS is calculated by dividing net income by the average number of common shares outstanding plus the number of additional common shares that would have been outstanding assuming the exercise of in-the-money stock options and restricted stock units, using the treasury-stock method. For the three months ended March 31, 2017 and 2016, anti-dilutive shares excluded from the calculation of EPS were not material.