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CASE 3 • JETBLUE AIRWAYS CORPORATION — 2009 29

EXHIBIT 3 JetBlue Airways Corporation: Consolidated Balance Sheets (in millions, except
share data)

December 31,
2008 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 561 $ 190
Investment securities 10 644
Receivables, less allowance (2008-$5; 2007-$2) 86 92
Inventories, less allowance (2008-$4; 2007-$2) 80 26
Restricted cash 78 —
Prepaid expenses and other 91 111
Deferred income taxes 106 53
Total current assets 962 1,116

PROPERTY AND EQUIPMENT
Flight equipment 3,832 3,547
Predelivery deposits for flight equipment 163 238
3,995 3,785
Less accumulated deprecjation 406 336
Other property and equipment 487 475
3,589 3,449
Less accumulated depreciation 134 130
353 345
Assets constructed for others 533 452
Less accumulated depreciation 5 —
528 452
Total property and equipment 4,470 4,246

OTHER ASSETS
Investment securities 244 —
Purchased technology, less accumulated amortization (2008-$61; 2007-$48) 8 21
Restricted cash 69 53
Other 270 162
Total other assets 591 236
TOTAL ASSETS $ 6,023 $ 5,598

December 31,
2008 2007

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 144 $ 140
Air traffic liability 445 426
Accrued salaries, wages and benefits 107 110
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