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ACQUISITION OF VIRGIN AMERICA, INC. (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Schedule of Fair Value of Consideration Transferred | The fair value of consideration transferred on the closing date includes the value of the cash consideration and accelerated and vested equity awards attributable to pre-acquisition service. The purchase price is as follows (in millions, except per-share stock price):
| December 14, 2016 |
Number of shares of Virgin America common stock issued and outstanding | 44.645 |
Multiplied by cash consideration for each share of common stock per the merger agreement | $ | 57.00 |
Cash consideration paid for common stock issued and outstanding | 2,545 |
Accelerated and vested equity awards attributable to pre-acquisition service | 51 |
Total Purchase Price | $ | 2,596 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Provisional fair value of the assets acquired and the liabilities assumed as of the acquisition date, December 14, 2016, (in millions) are as follows:
| December 14, 2016
Cash and cash equivalents | $ | 645 |
Receivables | 44 |
Prepaid expenses and other current assets | 16 |
Property and equipment | 560 |
Intangible assets | 143 |
Goodwill | 1,934 |
Other assets | 84 |
Total assets | 3,426 |
Accounts payable | 22 |
Accrued wages, vacation and payroll taxes | 51 |
Air traffic liabilities | 172 |
Other accrued liabilities | 196 |
Current portion of long-term debt | 125 |
Long-term debt, net of current portion | 360 |
Deferred income taxes | (304 | )
Deferred revenue | 126 |
Other liabilities | 82 |
Total liabilities | 830 |
Total purchase price | $ | 2,596 |
Business Acquisition, Pro Forma Information | Accordingly, the unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015.
(in millions, except per share amounts) |  | Years Ended December 31,
|  | 2016 |  | 2015
Revenue |  | $ | 7,511 |  |  | $ | 7,111 |
Net Income |  | 1,008 |  |  | 914 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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