ACQUISITION OF HAWAIIAN HOLDINGS, INC. (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

Fair values of the assets acquired and the liabilities assumed as of the acquisition date, September 18, 2024, and finalized as of September 30, 2025, are as follows:

(in millions)	September 30, 2025
Cash and cash equivalents	$	286
Restricted cash	27
Marketable securities	674
Receivables	110
Inventories and supplies	75
Prepaid expenses and other	77
Property and equipment	1,947
Operating lease assets	228
Intangible assets	799
Goodwill	780
Other noncurrent assets	97
Total assets	5,100
Accounts payable	57
Air traffic liability	513
Other accrued liabilities	331
Deferred revenue - current	229
Current portion of operating lease liabilities	65
Current portion of long-term debt and finance leases	144
Long-Term Debt, net of current portion	1,932
Long-term operating lease liabilities, net of current portion	234
Deferred income taxes	89
Deferred revenue - noncurrent	308
Obligations for pension and post-retirement medical benefits	153
Other liabilities	68
Total liabilities	4,123
Total purchase price	$	977

Business Combination, Pro Forma Information

The pro forma information includes adjustments for merger-related costs of $381 million assumed to have been incurred on January 1, 2023.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025 Pro Forma		2024 Pro Forma		2025 Pro Forma		2024 Pro Forma
Revenue	$	3,766	$	3,739	$	10,607	$	10,245
Net income	116		234		188		137