Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table summarizes our unaudited results of operations on a quarterly basis. The quarterly earnings (loss) per share amounts for a year will not add to the earnings per share for that year due to the weighting of shares used in calculating per share data.

	Three Months Ended,
(in millions, except per share data)	March 31		June 30		September 30		December 31
2014
Operating revenue	$	8,916	$	10,621	$	11,178	$	9,647
Operating income (loss)	620		1,579		835		(828		)
Net income (loss)	213		801		357		(712		)
Basic earnings (loss) per share	$	0.25	$	0.95	$	0.43	$	(0.86	)
Diluted earnings (loss) per share	$	0.25	$	0.94	$	0.42	$	(0.86	)
2013
Operating revenue	$	8,500	$	9,707	$	10,490	$	9,076
Operating income	222		914		1,563		701
Net income	7		685		1,369		8,479
Basic earnings per share	$	0.01	$	0.81	$	1.61	$	10.02
Diluted earnings per share	$	0.01	$	0.80	$	1.59	$	9.89

The following special items are included in the results above:

	Three Months Ended,
(in millions)	March 31			June 30			September 30			December 31
2014
MTM adjustments	$	(34	)	$	1		$	(347	)	$	(1,966	)
Restructuring and other	(49		)	(30		)	(570		)	(67		)
Loss on extinguishment of debt	(18		)	(111		)	(134		)	(5		)
Virgin Atlantic MTM adjustments	(8		)	—			(7		)	(119		)
Total loss	$	(109	)	$	(140	)	$	(1,058	)	$	(2,157	)
2013
Restructuring and other	$	(102	)	$	(34	)	$	(128	)	$	(160	)
MTM adjustments	24			(125		)	285			92
Release of tax valuation allowance	—			—			—			7,989
Total (loss) income	$	(78	)	$	(159	)	$	157		$	7,921