Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

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
2015
Operating revenue	$	9,388	$	10,707	$	11,107	$	9,502
Operating income	1,398		2,474		2,213		1,717
Net income	746		1,485		1,315		980
Basic earnings per share	$	0.91	$	1.85	$	1.67	$	1.26
Diluted earnings per share	$	0.90	$	1.83	$	1.65	$	1.25
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	)

Special Items

	Three Months Ended,
(in millions)	March 31			June 30			September 30			December 31
2015
MTM adjustments and settlements	$	589		$	720		$	(99	)	$	91
Restructuring and other	(10		)	(25		)	—			—
Virgin Atlantic MTM adjustments	13			31			(13		)	(5		)
Total income (loss)	$	592		$	726		$	(112	)	$	86
2014
MTM adjustments and settlements	$	(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	)