ACQUISITION OF VIRGIN AMERICA INC. (Tables)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Fair Value of Assets Acquired and Liabilities Assumed

Provisional fair values of the assets acquired and the liabilities assumed as of the acquisition date, December 14, 2016, as of March 31, 2017 and December 31, 2016 were as follows:

(in millions)	March 31, 2017			December 31, 2016
Cash and cash equivalents	$	645		$	645
Receivables	44			44
Prepaid expenses and other current assets	16			16
Property and equipment	561			560
Intangible assets	141			143
Goodwill	1,942			1,934
Other assets	84			84
Total assets	3,433			3,426
Accounts payable	22			22
Accrued wages, vacation and payroll taxes	50			51
Air traffic liabilities	172			172
Other accrued liabilities	198			196
Current portion of long-term debt	125			125
Long-term debt, net of current portion	360			360
Deferred income taxes	(308		)	(304		)
Deferred revenue	126			126
Other liabilities	92			82
Total liabilities	837			830
Total purchase price	$	2,596		$	2,596