Consolidated Balance Sheets

	Year Ended December 31,
		2005		2004
Assets	(In millions, except share data)
Current Assets
Cash and Cash Equivalents	$	6	$	19
Investment Securities		478		431
Receivables, less allowance (2005-$1; 2004-$1)		94		37
Inventories, less allowance (2005-$1; 2004-$1)		21		10
Prepaid expenses and other		36		17
Total current assets		635		514
Property and Equipment
Flight Equipment		2,567		1,835
Predelivery deposits for flight equipment		298		263
		2,865		2,098
Less accumulated depreciation		180		109
		2,685		1,989
Other Property and Equipment		352		176
Less Accumulated Depreciation		59		35
		293		141
Total property and equipment		2,978		2,130
Other Assets
Purchased technology, less accumulated amortization (2005-$25; 2004-$14)		43		54
Assets constructed for others		30		7
Other		206		92
Total other assets		279		153
Total Assets	$	3,892	$	2,797

	Year Ended December 31,
		2005		2004
Liabilities and Stockholder's Equity	(In millions, except share data)
Current Liabilities
Accounts Payable	$	99	$	71
Air traffic liability		243		174
Accrued salaries, wages and benefits		58		56
Other accrued liabilities		53		38
Short-term borrowings		65		44
Current maturities of long-term debt		158		105
Total current liabilities		676		488
LONG-TERM DEBT		2,103		1,396
DEFERRED TAXES AND OTHER LIABILITIES
Deferred income taxes		116		121
Other		86		38
		202		159
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value; 25,000,000 shares authorized, none issued		--		--
Common stock, $.01 par value; 500,000,000 shares authorized, 172,621,972 and 156,354,898 shares issued and outstanding in 2005 and 2004, respectively		2		1
Additional paid-in capital		764		581
Retained earnings		145		165
Unearned compensation		--		(6	)
Accumulated other comprehensive income		--		13
Total stockholders' equity		911		754
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,892	$	2,797