FORT WORTH, Texas, April 24, 2014 /PRNewswire/ -- American
Airlines Group Inc. (NASDAQ: AAL) today reported its first quarter
2014 results.
- First quarter 2014 net profit was a record $480 million. This represents a $777 million improvement versus the company's
combined first quarter 2013 net loss of $297
million.
- Excluding net special credits, the company reported a record
first quarter net profit of $402
million. This represents a $340
million year-over-year improvement versus the company's
combined net profit of $62 million
excluding net special charges in the first quarter 2013.
- First quarter 2014 pretax margin excluding net special
credits was 4.1 percent, a 3.6 point year-over-year
improvement.
- The company ended the quarter with $10.6 billion in total cash and short-term
investments. Since the close of the merger, the company has used
more than $542 million of cash to
reduce its diluted shares outstanding by approximately 20
million.
For the first quarter 2014, American Airlines Group reported a
record GAAP net profit of $480 million. This compares to a net
loss of $341 million in the first
quarter 2013. The company's GAAP results for the first quarter 2013
reflect AMR Corporation prior to the merger.
The company believes it is more meaningful to compare
year-over-year results for American Airlines and US Airways on a
combined basis, which is a non-GAAP formulation that combines the
results for AMR Corporation and US Airways Group. Therefore, it
includes the results of US Airways Group for the full period. See
the accompanying notes in the Financial Tables section of this
press release for further explanation of this presentation,
including a reconciliation of GAAP to non-GAAP financial
information.
First quarter 2014 net profit excluding net special credits was
a record $402 million. This compares
to a combined non-GAAP net profit of $62
million excluding net special charges for the same period in
2013. Excluding net special credits, first quarter 2014 diluted
earnings per share was $0.54.
"We are very pleased to report a record profit in our first full
quarter as a merged company," said Doug
Parker, CEO of American Airlines Group. "Our team of
dedicated professionals did an excellent job of taking care of our
customers despite particularly difficult weather conditions
throughout the quarter. We are excited for the future and expect
our synergies to build as we continue to integrate our
operations."
Merger Integration
Since closing the merger on Dec. 9,
2013, the company has made significant progress in
integrating American Airlines and US Airways. Key
accomplishments:
- Launched the world's largest codeshare, offering customers
improved access to the company's global network by allowing them to
book flights on both airlines' networks
- Provided reciprocal benefits for airport lounge and frequent
flyer elite members, including priority check-in, waiving fees for
checked bags, complimentary access to preferred seats, priority
security lines, early boarding and priority baggage delivery
- Enabled AAdvantage® and Dividend Miles®
members to earn and redeem miles when traveling across either
airline's network
- Joined operations at 58 airports, including Phoenix and Miami hubs
- Moved US Airways into the oneworld alliance on
March 31 and to the trans-Atlantic
joint venture with American, British Airways, Iberia and Finnair on
April 3
- Aligned award travel options, checked baggage policies and
inflight services for First and Business Class customers
- Announced Sabre as the new Passenger Services System for the
combined company
- Closed the sale of the slot divestitures required by the U.S.
Department of Justice at Ronald Reagan Washington National Airport
(DCA). In total, the company received $381
million in cash from the DCA sales and the sale of slots at
New York's LaGuardia (LGA)
Airport, which closed in the fourth quarter 2013.
Revenue and Cost Comparisons
On a combined basis, total revenues in the first quarter were a
record $10 billion, up 5.6 percent
versus the first quarter 2013 on a 2.0 percent increase in total
available seat miles (ASMs). Driven by a record yield of
17.03 cents, up 3.2 percent
year-over-year, combined consolidated passenger revenue per ASM
(PRASM) was also a record for the first quarter at 13.67 cents, up 2.9 percent versus the first
quarter 2013.
Total combined operating expenses in the first quarter
were $9.3 billion, down 0.3 percent over first quarter 2013.
Combined first quarter mainline cost per available seat mile (CASM)
was 13.50 cents, down 2.7 percent on a 2.7 percent increase in
mainline ASMs versus first quarter 2013. This cost improvement was
largely due to a 4.8 percent decrease in year-over-year mainline
fuel prices. Excluding special charges, fuel and profit sharing,
mainline CASM was up 4.0 percent compared to the first quarter
2013, at 8.96 cents. Regional CASM
excluding special charges and fuel was 16.62 cents, up 5.0
percent on a 3.2 percent decrease in regional ASMs versus first
quarter 2013.
Liquidity
As of March 31, 2014, American had approximately $10.6
billion in total cash and short-term investments, of
which $947 million was restricted. The company also has an
undrawn revolving credit facility of $1.0
billion. Approximately $750
million of the company's unrestricted cash balance was held
in Venezuelan bolivars, valued at the weighted average applicable
exchange rate of 6.32 bolivars to the
dollar. This includes approximately $94
million valued at 4.3
bolivars, approximately $611
million valued at 6.3 bolivars
and approximately $45 million valued
at 10.7 bolivars, with the rate
depending on the date the company submitted its repatriation
request to the Venezuelan government.
In the first quarter of 2014, the Venezuelan government
announced that a newly-implemented system (SICAD I) will determine
the exchange rate (which fluctuates as determined by weekly
auctions and at March 31, 2014 was
10.7 bolivars to the dollar) for
repatriation of cash proceeds from ticket sales after January 1, 2014, and introduced new procedures
for approval of repatriation of local currency. The company is
continuing to work with Venezuelan authorities regarding the timing
and exchange rate applicable to the repatriation of funds held in
local currency. The company is monitoring this situation closely
and continues to evaluate its holdings of Venezuelan bolivars for
potential impairment.
Since the merger, the company paid $542
million in tax withholdings for employees in lieu of issuing
shares of common stock as compensation as permitted under the Plan
of Reorganization, thereby reducing the number of shares expected
to be issued under the Plan by approximately 20 million.
Additionally, the company has elected to utilize the cash
settlement feature for the remaining $22
million principal amount of US Airways Group 7.25%
convertible notes due May 15, 2014,
which will further reduce diluted shares by approximately 4 million
shares.
Special Items
In the first quarter, the company recognized a combined total of
$78 million in net special credits,
including:
- $137 million in net special
credits consisting primarily of the gain on the sale of slots at
Reagan National Airport offset in part by integration and
merger-related expenses
- $47 million in non-operating
special charges due primarily to non-cash interest accretion on
bankruptcy settlement obligations
- $8 million in non-cash deferred
income tax provision related to certain indefinite-lived intangible
assets
- $4 million in regional
non-operating charges
Additional Integration Related
Developments
- Distributed $11 million to
employees for baggage handling and on-time performance in the month
of January; this distribution of $100
per employee is part of the company's Triple Play program which
measures on-time arrivals and baggage performance as reported in
the DOT's Air Travel Consumer Report (ATCR)
- Conducted first joint Captain Leadership Training with newly
promoted captains from both airlines
- On April 9, Piedmont flight
attendants ratified a new five-year Collective Bargaining
Agreement
- Opened a new Admirals Club lounge at the company's Philadelphia (PHL) hub
Fleet/Network Developments
- As part of its plan to modernize its fleet by replacing older
aircraft with newer, more fuel-efficient aircraft, the company
inducted 12 new Airbus A321T aircraft into service between
New York's John F. Kennedy International Airport (JFK) and
Los Angeles International Airport
(LAX), and JFK and San Francisco
International Airport (SFO). American is now the only U.S. carrier
to offer three classes of service between these key markets.
The company also took delivery of one Airbus A330-200 aircraft,
five Boeing 737-800 aircraft and one Boeing 777-300 aircraft during
the first quarter.
- Revealed new Boeing 767-300 and 777-200ER cabin retrofits,
which feature lie-flat seats with direct aisle access in Business
Class
- In April 2014, the company
exercised its option to purchase (and thus terminated its existing
lease financing arrangements) for 62 Airbus A320 family aircraft
scheduled to be delivered between first quarter 2015 and third
quarter 2017. In connection with this decision, the company also
exercised its right to convert firm orders for 30 Airbus A320
family NEO aircraft (scheduled to be delivered in 2021 and 2022) to
options to acquire such aircraft.
Community Relations Developments
- Raised and contributed $750,000
to the Cystic Fibrosis Foundation through the company's 29th Annual
Celebrity Ski event in Vail,
Colo.
- Completed 230 employee volunteer events and distributed more
than $500,000 in grants in the
communities American serves
- Raised more than $55,000 in
employee contributions for the American Airlines and American Eagle
Family Fund and the US Airways Education Foundation through the
online auction of a trip to Toulouse,
France, to take delivery of a new Airbus A330 aircraft
- Provided travel to 42 children and their families for critical
surgeries through the company's Kids in Need program. Nearly 18
million frequent flyers donated more than 48 million miles to the
program, which supports the mission of 40 children's organizations
and makes travel possible for children in need.
- Transported and worked with more than 60 assistance dogs in
partnership with Assistance Dogs International (ADI) through
employees who volunteer with the company's Puppies in Flight
program
Conference Call / Webcast Details
The company will conduct a live audio webcast of its
earnings call today at 10:30 a.m. CDT, which will be available
to the public on a listen-only basis at aa.com/investorrelations.
An archive of the webcast will be available on the website
through May 24, 2014.
Investor Guidance
Investor guidance will be available at aa.com/investorrelations
immediately following the 10:30 a.m. CDT conference call.
The company will provide guidance on a combined basis related to
cost per available seat mile (CASM) excluding special items and
fuel, fuel prices, other revenues and estimated interest
expense/income on the Presentations/Updates section of its Investor
Relations website. This update will also include information
regarding capacity guidance, fleet plans and estimated capital
spending for 2014.
About American Airlines Group
American Airlines Group (NASDAQ: AAL) is the holding company for
American Airlines and US Airways. Together with wholly owned and
third-party regional carriers operating as American Eagle and US
Airways Express, the airlines operate an average of nearly 6,700
flights per day to 339 destinations in 54 countries from its hubs
in Charlotte, Chicago, Dallas/Fort
Worth, Los Angeles,
Miami, New York, Philadelphia, Phoenix and Washington, D.C. American's AAdvantage and US
Airways Dividend Miles programs allow members to earn and redeem
miles for travel and everyday purchases as well as flight upgrades,
vacation packages, car rentals, hotel stays and other retail
products. American is a founding member of the oneworld
alliance, whose members and members-elect serve nearly 1,000
destinations with 14,250 daily flights to 150 countries. Connect
with American on Twitter @AmericanAir or
Facebook.com/AmericanAirlines and follow US Airways on Twitter
@USAirways and on Facebook.com/USAirways.
Cautionary Statement Regarding Forward-Looking Statements and
Information
This document includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be identified by words such as
"may," "will," "expect," "intend," "anticipate," "believe,"
"estimate," "plan," "project," "could," "should," "would,"
"continue," "seek," "target," "guidance," "outlook," "if current
trends continue," "optimistic," "forecast" and other similar words.
Such statements include, but are not limited to, statements about
future financial and operating results, our plans, objectives,
estimates, expectations and intentions, and other statements that
are not historical facts. These forward-looking statements are
based on the current objectives, beliefs and expectations of the
Company, and they are subject to significant risks and
uncertainties that may cause actual results and financial position
and timing of certain events to differ materially from the
information in the forward-looking statements. The following
factors, among others, could cause actual results and financial
position and timing of certain events to differ materially from
those described in the forward-looking statements: significant
operating losses in the future; downturns in economic conditions
that adversely affect the Company's business; the impact of
continued periods of high volatility in fuel costs, increased fuel
prices and significant disruptions in the supply of aircraft fuel;
competitive practices in the industry, including the impact of low
cost carriers, airline alliances and industry consolidation; the
challenges and costs of integrating operations and realizing
anticipated synergies and other benefits of the merger transaction
with US Airways Group, Inc.; the Company's substantial indebtedness
and other obligations and the effect they could have on the
Company's business and liquidity; an inability to obtain sufficient
financing or other capital to operate successfully and in
accordance with the Company's current business plan; increased
costs of financing, a reduction in the availability of financing
and fluctuations in interest rates; the effect the Company's high
level of fixed obligations may have on its ability to fund general
corporate requirements, obtain additional financing and respond to
competitive developments and adverse economic and industry
conditions; the Company's significant pension and other
post-employment benefit funding obligations; the impact of any
failure to comply with the covenants contained in financing
arrangements; provisions in credit card processing and other
commercial agreements that may materially reduce the Company's
liquidity; the limitations of the Company's historical consolidated
financial information, which is not directly comparable to its
financial information for prior or future periods; the impact of
union disputes, employee strikes and other labor-related
disruptions; any inability to maintain labor costs at competitive
levels; interruptions or disruptions in service at one or more of
the Company's hub airports; any inability to obtain and maintain
adequate facilities, infrastructure and slots to operate the
Company's flight schedule and expand or change its route network;
the Company's reliance on third-party regional operators or
third-party service providers that have the ability to affect the
Company's revenue and the public's perception about its services;
any inability to effectively manage the costs, rights and
functionality of third-party distribution channels on which the
Company relies; extensive government regulation, which may result
in increases in the Company's costs, disruptions to the Company's
operations, limits on the Company's operating flexibility,
reductions in the demand for air travel, and competitive
disadvantages; the impact of the heavy taxation to which the
airline industry is subject; changes to the Company's business
model that may not successfully increase revenues and may cause
operational difficulties or decreased demand; the loss of key
personnel or inability to attract and retain additional qualified
personnel; the impact of conflicts overseas, terrorist attacks and
ongoing security concerns; the global scope of the Company's
business and any associated economic and political instability or
adverse effects of events, circumstances or government actions
beyond its control, including the impact of foreign currency
exchange rate fluctuations and limitations on the repatriation of
cash held in foreign countries; the impact of environmental
regulation; the Company's reliance on technology and automated
systems and the impact of any failure of these technologies or
systems; challenges in integrating the Company's computer,
communications and other technology systems; costs of ongoing data
security compliance requirements and the impact of any significant
data security breach; losses and adverse publicity stemming from
any accident involving any of the Company's aircraft or the
aircraft of its regional or codeshare operators; delays in
scheduled aircraft deliveries, or other loss of anticipated fleet
capacity, and failure of new aircraft to perform as expected; the
Company's dependence on a limited number of suppliers for aircraft,
aircraft engines and parts; the impact of changing economic and
other conditions beyond the Company's control, including global
events that affect travel behavior such as an outbreak of a
contagious disease, and volatility and fluctuations in the
Company's results of operations due to seasonality; the effect of a
higher than normal number of pilot retirements and a potential
shortage of pilots; the impact of possible future increases in
insurance costs or reductions in available insurance coverage; the
effect of several lawsuits that were filed in connection with the
merger transaction with US Airways Group, Inc. and remain pending;
an inability to use NOL carryforwards; any impairment in the amount
of goodwill the Company recorded as a result of the application of
the acquisition method of accounting and an inability to realize
the full value of the Company's and American Airlines' respective
intangible or long-lived assets and any material impairment charges
that would be recorded as a result; price volatility of the
Company's common stock; delay or prevention of stockholders'
ability to change the composition of the Company's board of
directors and the effect this may have on takeover attempts that
some of the Company's stockholders might consider beneficial; the
effect of provisions of the Company's Certificate of Incorporation
and Bylaws that limit foreign owners' ability to vote and own its
equity interests, including its common stock, its preferred stock
and convertible notes; the effect of limitations in the Company's
Certificate of Incorporation on acquisitions and dispositions of
its common stock designed to protect its NOL carryforwards and
certain other tax attributes, which may limit the liquidity of its
common stock; and other economic, business, competitive, and/or
regulatory factors affecting the Company's business, including
those set forth in the Company's filings with the SEC, especially
in the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's annual reports on Form 10-K and quarterly reports on Form
10-Q, current reports on Form 8-K and other SEC filings. Any
forward-looking statements speak only as of the date hereof or as
of the dates indicated in the statements. The Company does not
assume any obligation to publicly update or supplement any
forward-looking statement to reflect actual results, changes in
assumptions or changes in other factors affecting these
forward-looking statements except as required by law.
American Airlines
Group Inc. (Formerly AMR Corporation)
|
GAAP Results
- Consolidated Statements of Operations
|
Reflects AAG
Standalone Results for Period Prior to Merger Close
|
(In millions,
except share and per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
3 Months Ended
March 31,
|
|
Percent
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
(A)
|
|
|
Operating
revenues:
|
|
|
|
|
|
Mainline passenger
|
$
7,258
|
|
$
4,614
|
|
57.3
|
Regional passenger
|
1,407
|
|
679
|
|
nm
|
Cargo
|
206
|
|
156
|
|
32.2
|
Other
|
1,124
|
|
649
|
|
73.3
|
Total operating revenues
|
9,995
|
|
6,098
|
|
63.9
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Aircraft fuel and related taxes
|
2,711
|
|
1,934
|
|
40.2
|
Salaries, wages and benefits
|
2,119
|
|
1,267
|
|
67.3
|
Regional expenses:
|
|
|
|
|
|
Fuel
|
500
|
|
265
|
|
88.5
|
Other
|
1,094
|
|
515
|
|
nm
|
Maintenance, materials and repairs
|
485
|
|
326
|
|
48.8
|
Other rent and landing fees
|
424
|
|
288
|
|
47.6
|
Aircraft rent
|
320
|
|
165
|
|
93.8
|
Selling expenses
|
401
|
|
290
|
|
38.4
|
Depreciation and amortization
|
307
|
|
204
|
|
50.4
|
Special items, net
|
(137)
|
|
71
|
|
nm
|
Other
|
1,041
|
|
702
|
|
48.3
|
Total operating expenses
|
9,265
|
|
6,027
|
|
53.7
|
|
|
|
|
|
|
Operating income
|
730
|
|
71
|
|
nm
|
|
|
|
|
|
|
Nonoperating income
(expense):
|
|
|
|
|
|
Interest income
|
7
|
|
4
|
|
60.4
|
Interest expense, net
|
(243)
|
|
(254)
|
|
(4.2)
|
Other, net
|
(1)
|
|
(24)
|
|
(94.9)
|
Total nonoperating expense, net
|
(237)
|
|
(274)
|
|
(13.3)
|
|
|
|
|
|
|
Income (loss) before
reorganization items, net
|
493
|
|
(203)
|
|
nm
|
Reorganization items,
net
|
-
|
|
(160)
|
|
nm
|
Income (loss) before
income taxes
|
493
|
|
(363)
|
|
nm
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
13
|
|
(22)
|
|
nm
|
|
|
|
|
|
|
Net income (loss)
|
$
480
|
|
$
(341)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share (B):
|
|
|
|
|
|
Basic
|
$
0.66
|
|
$
(1.37)
|
|
|
Diluted
|
$
0.65
|
|
$
(1.37)
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding (in thousands) (B):
|
|
|
|
|
|
Basic
|
723,971
|
|
249,491
|
|
|
Diluted
|
741,335
|
|
249,491
|
|
|
|
|
|
|
|
|
Note: Percent
change may not recalculate due to rounding.
|
|
|
|
|
|
|
(A) American
Airlines Group Inc. (formerly AMR Corporation) is a holding company
and its principal, wholly owned subsidiaries are American Airlines,
Inc. ("American") and, effective December 9, 2013 (the "effective
date"), US Airways Group, Inc. ("US Airways Group"). US Airways
Group became a subsidiary of AMR Corporation ("AMR") as a result of
a merger transaction. Also in connection with the merger, AMR
changed its name to American Airlines Group Inc. ("AAG" or the
"Company"). Therefore, the results for the three months ended March
31, 2013 do not include the results for US Airways Group. This
impacts the comparability of AAG's financial statements under GAAP
to the 2014 period. Refer to the AAG combined financial statements
for an alternative, non-GAAP presentation.
|
|
|
|
|
|
|
(B) Pursuant
to the Company's Fourth Amended Joint Chapter 11 Plan of
Reorganization (the "Plan") and Merger Agreement, holders of AMR
common stock formerly traded under the symbol "AAMRQ" received
shares of AAG common stock principally over the 120-day
distribution period following the effective date. In accordance
with GAAP, the first quarter 2013 weighted average shares and loss
per share calculation have been adjusted to retrospectively reflect
these distributions which were made at the rate of approximately
0.7441 shares of AAG common stock per share of AAMRQ. Former
holders of AAMRQ shares as of the effective date may in the future
receive additional distributions of AAG common stock dependent upon
the ultimate distribution of shares of AAG common stock to holders
of disputed claims. Thus, the shares and related earnings per share
calculation prior to the effective date may change in the future to
reflect additional retrospective adjustments for future AAG common
stock distributions to former holders of AAMRQ
shares.
|
American Airlines
Group Inc. (Formerly AMR Corporation)
|
Non-GAAP
Combined Consolidated Statements of Operations
|
Reflects
Combined Consolidated Results for AAG and US Airways Group,
Inc.
|
(In millions,
except share and per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended March
31, 2013
|
|
|
|
|
3 Months Ended March
31, 2014
|
|
American Airlines
Group
|
|
US Airways
Group
|
|
Combined
|
|
Percent
Change
|
|
|
(A)
|
|
|
|
|
|
(B)
|
|
(C)
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
Mainline passenger
|
|
$
7,258
|
|
$
4,614
|
|
$
2,197
|
|
$
6,811
|
|
6.6
|
Regional passenger
|
|
1,407
|
|
679
|
|
763
|
|
1,442
|
|
(2.4)
|
Cargo
|
|
206
|
|
156
|
|
41
|
|
197
|
|
4.9
|
Other
|
|
1,124
|
|
649
|
|
369
|
|
1,018
|
|
10.4
|
Total operating revenues
|
|
9,995
|
|
6,098
|
|
3,370
|
|
9,468
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes
|
|
2,711
|
|
1,934
|
|
861
|
|
2,795
|
|
(3.0)
|
Salaries, wages and benefits
|
|
2,119
|
|
1,267
|
|
614
|
|
1,881
|
|
12.7
|
Regional expenses:
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
500
|
|
265
|
|
271
|
|
536
|
|
(6.7)
|
Other
|
|
1,094
|
|
515
|
|
561
|
|
1,076
|
|
1.7
|
Maintenance, materials and repairs
|
|
485
|
|
326
|
|
175
|
|
501
|
|
(3.2)
|
Other rent and landing fees
|
|
424
|
|
288
|
|
135
|
|
423
|
|
0.4
|
Aircraft rent
|
|
320
|
|
165
|
|
154
|
|
319
|
|
0.3
|
Selling expenses
|
|
401
|
|
290
|
|
112
|
|
402
|
|
(0.2)
|
Depreciation and amortization
|
|
307
|
|
204
|
|
71
|
|
275
|
|
11.8
|
Special items, net
|
|
(137)
|
|
71
|
|
39
|
|
110
|
|
nm
|
Other
|
|
1,041
|
|
702
|
|
275
|
|
977
|
|
6.5
|
Total operating expenses
|
|
9,265
|
|
6,027
|
|
3,268
|
|
9,295
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
730
|
|
71
|
|
102
|
|
173
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
7
|
|
4
|
|
-
|
|
4
|
|
44.3
|
Interest expense, net
|
|
(243)
|
|
(254)
|
|
(84)
|
|
(338)
|
|
(28.1)
|
Other, net
|
|
(1)
|
|
(24)
|
|
26
|
|
2
|
|
nm
|
Total nonoperating expense, net
|
|
(237)
|
|
(274)
|
|
(58)
|
|
(332)
|
|
(28.3)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
reorganization items, net
|
|
493
|
|
(203)
|
|
44
|
|
(159)
|
|
nm
|
Reorganization items,
net
|
|
-
|
|
(160)
|
|
-
|
|
(160)
|
|
nm
|
Income (loss) before
income taxes
|
|
493
|
|
(363)
|
|
44
|
|
(319)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
13
|
|
(22)
|
|
-
|
|
(22)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
480
|
|
$
(341)
|
|
$
44
|
|
$
(297)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent
change may not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
(A) Reflects
GAAP financial results for American Airlines Group Inc. American
Airlines Group Inc. (formerly AMR Corporation) is a holding company
and its principal, wholly owned subsidiaries are American Airlines,
Inc. ("American") and, effective December 9, 2013 (the "effective
date"), US Airways Group, Inc. ("US Airways Group"). US Airways
Group became a subsidiary of AMR Corporation ("AMR") as a result of
a merger transaction. Also in connection with the merger, AMR
changed its name to American Airlines Group Inc. ("AAG" or the
"Company"). Therefore, the results for the three months ended March
31, 2014 include the results for US Airways Group.
|
|
|
|
|
|
|
|
|
|
|
|
(B) Under
GAAP, AAG does not include in its financial results the results of
US Airways Group prior to closing of the merger. This impacts the
comparability of AAG's financial statements under GAAP to the 2014
period. This table presents the first quarter results for 2013 on a
"combined basis." Combined basis means the Company combines the
financial results of AAG on a stand alone basis with the results of
US Airways Group. Management believes this presentation provides a
more meaningful quarter over quarter comparison. Please see GAAP to
non-GAAP reconciliations.
|
|
(C) Percent
change is a comparison of the combined results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines
Group, Inc.
|
Combined Operating
Statistics
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
March 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
|
|
(A)
|
|
|
|
Mainline
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
45,828
|
|
45,024
|
|
1.8
|
%
|
Available seat miles
(ASM) (millions)
|
|
56,831
|
|
55,354
|
|
2.7
|
%
|
Passenger load factor
(percent)
|
|
80.6
|
|
81.3
|
|
(0.7)
|
pts
|
Yield
(cents)
|
|
15.84
|
|
15.13
|
|
4.7
|
%
|
Passenger revenue per
ASM (cents)
|
|
12.77
|
|
12.30
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands)
|
|
34,843
|
|
34,434
|
|
1.2
|
%
|
Departures
(thousands)
|
|
279
|
|
279
|
|
-
|
%
|
Aircraft at end of
period
|
|
977
|
|
967
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
Block hours
(thousands)
|
|
853
|
|
841
|
|
1.4
|
%
|
Average stage length
(miles)
|
|
1,189
|
|
1,171
|
|
1.5
|
%
|
Fuel consumption
(gallons in millions)
|
|
874
|
|
858
|
|
1.9
|
%
|
Average aircraft fuel
price including related taxes (dollars per gallon)
|
|
3.10
|
|
3.26
|
|
(4.8)
|
%
|
Full-time equivalent
employees at end of period
|
|
93,378
|
|
91,838
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
Operating cost per
ASM (cents)
|
|
13.50
|
|
13.88
|
|
(2.7)
|
%
|
Operating cost per
ASM excluding special items (cents)
|
|
13.74
|
|
13.68
|
|
0.4
|
%
|
Operating cost per
ASM excluding special items and fuel (cents)
|
|
8.97
|
|
8.63
|
|
3.9
|
%
|
Operating cost per
ASM excluding special items, fuel and profit sharing (cents)
|
|
8.96
|
|
8.62
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
Regional*
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
5,058
|
|
4,997
|
|
1.2
|
%
|
Available seat miles
(millions)
|
|
6,561
|
|
6,775
|
|
(3.2)
|
%
|
Passenger load factor
(percent)
|
|
77.1
|
|
73.8
|
|
3.3
|
pts
|
Yield
(cents)
|
|
27.82
|
|
28.86
|
|
(3.6)
|
%
|
Passenger revenue per
ASM (cents)
|
|
21.45
|
|
21.29
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands)
|
|
11,709
|
|
11,667
|
|
0.4
|
%
|
Aircraft at end of
period
|
|
560
|
|
531
|
|
5.5
|
%
|
Fuel consumption
(gallons in millions)
|
|
161
|
|
166
|
|
(2.6)
|
%
|
Average aircraft fuel
price including related taxes (dollars per gallon)
|
|
3.10
|
|
3.23
|
|
(4.2)
|
%
|
|
|
|
|
|
|
|
|
Operating cost per
ASM (cents)
|
|
24.30
|
|
23.80
|
|
2.1
|
%
|
Operating cost per
ASM excluding special items (cents)
|
|
24.24
|
|
23.74
|
|
2.1
|
%
|
Operating cost per
ASM excluding special items and fuel (cents)
|
|
16.62
|
|
15.83
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
Total Mainline
& Regional
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
50,886
|
|
50,021
|
|
1.7
|
%
|
Available seat miles
(millions)
|
|
63,392
|
|
62,129
|
|
2.0
|
%
|
Cargo ton miles
(millions)
|
|
560
|
|
500
|
|
11.9
|
%
|
Passenger load factor
(percent)
|
|
80.3
|
|
80.5
|
|
(0.2)
|
pts
|
Yield
(cents)
|
|
17.03
|
|
16.50
|
|
3.2
|
%
|
Passenger revenue per
ASM (cents)
|
|
13.67
|
|
13.28
|
|
2.9
|
%
|
Total revenue per ASM
(cents)
|
|
15.77
|
|
15.24
|
|
3.5
|
%
|
Cargo yield per ton
mile (cents)
|
|
36.88
|
|
39.35
|
|
(6.3)
|
%
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands)
|
|
46,552
|
|
46,101
|
|
1.0
|
%
|
Aircraft at end of
period
|
|
1,537
|
|
1,498
|
|
2.6
|
%
|
Fuel consumption
(gallons in millions)
|
|
1,035
|
|
1,024
|
|
1.2
|
%
|
Average aircraft fuel
price including related taxes (dollars per gallon)
|
|
3.10
|
|
3.25
|
|
(4.7)
|
%
|
|
|
|
|
|
|
|
|
Operating cost per
ASM (cents)
|
|
14.62
|
|
14.96
|
|
(2.3)
|
%
|
Operating cost per
ASM excluding special items (cents)
|
|
14.83
|
|
14.78
|
|
0.3
|
%
|
Operating cost per
ASM excluding special items and fuel (cents)
|
|
9.76
|
|
9.42
|
|
3.7
|
%
|
Operating cost per
ASM excluding special items, fuel and profit sharing (cents)
|
|
9.75
|
|
9.41
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
* Regional includes
wholly owned regional airline subsidiaries and operating results
from capacity purchase carriers.
|
|
|
|
|
|
|
|
|
(A) Represents
the combined historical operating statistics of American and US
Airways.
|
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines
Group, Inc.
|
Combined Mainline
Revenue Statistics by Regional Entity
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
March 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
|
|
(A)
|
|
|
|
Domestic
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
30,176
|
|
29,661
|
|
1.7
|
%
|
Available seat miles
(ASM) (millions)
|
|
35,989
|
|
35,631
|
|
1.0
|
%
|
Passenger load factor
(percent)
|
|
83.8
|
|
83.2
|
|
0.6
|
pts
|
Yield
(cents)
|
|
15.79
|
|
14.95
|
|
5.6
|
%
|
Passenger revenue per
ASM (cents)
|
|
13.24
|
|
12.45
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
Latin
America
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
8,683
|
|
8,490
|
|
2.3
|
%
|
Available seat miles
(ASM) (millions)
|
|
11,358
|
|
10,697
|
|
6.2
|
%
|
Passenger load factor
(percent)
|
|
76.4
|
|
79.4
|
|
(3.0)
|
pts
|
Yield
(cents)
|
|
17.82
|
|
17.37
|
|
2.6
|
%
|
Passenger revenue per
ASM (cents)
|
|
13.62
|
|
13.79
|
|
(1.2)
|
%
|
|
|
|
|
|
|
|
|
Atlantic
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
5,264
|
|
5,119
|
|
2.8
|
%
|
Available seat miles
(ASM) (millions)
|
|
7,405
|
|
6,838
|
|
8.3
|
%
|
Passenger load factor
(percent)
|
|
71.1
|
|
74.9
|
|
(3.8)
|
pts
|
Yield
(cents)
|
|
14.00
|
|
13.63
|
|
2.8
|
%
|
Passenger revenue per
ASM (cents)
|
|
9.96
|
|
10.20
|
|
(2.4)
|
%
|
|
|
|
|
|
|
|
|
Pacific
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
1,705
|
|
1,754
|
|
(2.8)
|
%
|
Available seat miles
(ASM) (millions)
|
|
2,079
|
|
2,188
|
|
(5.0)
|
%
|
Passenger load factor
(percent)
|
|
82.0
|
|
80.1
|
|
1.9
|
pts
|
Yield
(cents)
|
|
12.32
|
|
11.61
|
|
6.1
|
%
|
Passenger revenue per
ASM (cents)
|
|
10.11
|
|
9.30
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
Total
International
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
15,652
|
|
15,363
|
|
1.9
|
%
|
Available seat miles
(ASM) (millions)
|
|
20,842
|
|
19,723
|
|
5.7
|
%
|
Passenger load factor
(percent)
|
|
75.1
|
|
77.9
|
|
(2.8)
|
pts
|
Yield
(cents)
|
|
15.94
|
|
15.47
|
|
3.0
|
%
|
Passenger revenue per
ASM (cents)
|
|
11.97
|
|
12.05
|
|
(0.7)
|
%
|
|
|
|
|
|
|
|
|
(A) Represents the combined historical
mainline revenue statistics by regional entity of American and US
Airways.
|
|
Note: Amounts may not recalculate due to
rounding.
|
|
|
|
|
|
|
Reconciliation of
GAAP Financial Information to Non-GAAP Financial
Information
|
|
|
|
|
|
|
American Airlines
Group Inc. (the "Company") is providing disclosure of the
reconciliation of reported non-GAAP financial measures to their
comparable financial measures on a GAAP basis. The Company believes
that the non-GAAP financial measures provide investors the ability
to measure financial performance excluding special items and profit
sharing, which is more indicative of the Company's ongoing
performance and is more comparable to measures reported by other
major airlines. The Company believes that the presentation of
mainline and express CASM excluding fuel is useful to investors
because both the cost and availability of fuel are subject to many
economic and political factors beyond the Company's control.
Management uses mainline and regional CASM excluding special items,
fuel and profit sharing to evaluate the Company's operating
performance.
|
|
|
|
|
|
|
American Airlines
Group Inc. Combined (1)
|
|
3 Months Ended
March 31,
|
|
|
|
2014
|
|
2013
|
|
Reconciliation of
Net Income Excluding Special Items
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
Net income (loss) as
reported
|
|
$
480
|
|
$
(297)
|
|
Special
items:
|
|
|
|
|
|
Special
items, net (2)
|
|
(137)
|
|
110
|
|
Regional
operating special items, net
|
|
4
|
|
3
|
|
Nonoperating special items, net (3)
|
|
47
|
|
86
|
|
Reorganization items, net (4)
|
|
-
|
|
160
|
|
Non-cash
income tax provision (5)
|
|
8
|
|
-
|
|
Net income as
adjusted for special items
|
|
$
402
|
|
$
62
|
|
|
|
|
|
|
|
Reconciliation of
Basic and Diluted Earnings Per Share As
|
|
3 Months Ended
March 31, 2014
|
|
|
|
Adjusted for
Special Items
|
|
|
|
|
|
|
|
|
|
|
Net income as
adjusted for special items
|
|
$
402
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands):
|
|
|
|
|
|
Basic
|
|
723,971
|
|
|
|
Diluted
|
|
741,335
|
|
|
|
|
|
|
|
|
|
Earnings per share as
adjusted for special items:
|
|
|
|
|
|
Basic
|
|
$
0.56
|
|
|
|
Diluted
(6)
|
|
$
0.54
|
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended
March 31,
|
|
Reconciliation of
Operating Income Excluding Special Items
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Operating income as
reported
|
|
$
730
|
|
$
173
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
Special
items, net (2)
|
|
(137)
|
|
110
|
|
Regional
operating special items, net
|
|
4
|
|
3
|
|
Operating income as
adjusted for special items
|
|
$
597
|
|
$
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
March 31,
|
|
Reconciliation of
Operating Cost per ASM Excluding Special
|
|
2014
|
|
2013
|
|
Items and Fuel -
Mainline only
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
9,265
|
|
$ 9,295
|
|
Less regional
expenses:
|
|
|
|
|
|
Fuel
|
|
(500)
|
|
(536)
|
|
Other
|
|
(1,094)
|
|
(1,076)
|
|
Total mainline
operating expenses
|
|
7,671
|
|
7,683
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
137
|
|
(110)
|
|
Mainline operating
expenses, excluding special items
|
|
7,808
|
|
7,573
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes
|
|
(2,711)
|
|
(2,795)
|
|
Mainline operating
expenses, excluding special items and fuel
|
|
5,097
|
|
4,778
|
|
|
|
|
|
|
|
Profit
sharing
|
|
(5)
|
|
(6)
|
|
Mainline operating
expenses, excluding special items, fuel and
|
|
|
|
|
|
profit
sharing
|
|
$
5,092
|
|
$
4,772
|
|
|
|
|
|
|
|
(In
cents)
|
|
|
|
|
|
Mainline operating
expenses per ASM
|
|
$
13.50
|
|
$ 13.88
|
|
|
|
|
|
|
|
Special
items, net per ASM (2)
|
|
0.24
|
|
(0.20)
|
|
Mainline operating
expenses per ASM, excluding special items
|
|
13.74
|
|
13.68
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM
|
|
(4.77)
|
|
(5.05)
|
|
Mainline operating
expenses per ASM, excluding special items
|
|
|
|
|
|
and fuel
|
|
8.97
|
|
8.63
|
|
|
|
|
|
|
|
Profit sharing per
ASM
|
|
(0.01)
|
|
(0.01)
|
|
Mainline operating
expenses per ASM, excluding special items,
|
|
|
|
|
|
fuel and profit
sharing
|
|
$
8.96
|
|
$
8.62
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
3 Months Ended
March 31,
|
|
Reconciliation of
Operating Cost per ASM Excluding Special
|
|
2014
|
|
2013
|
|
Items and Fuel -
Regional only
|
|
|
|
|
|
|
|
|
|
|
|
Total regional
operating expenses
|
|
$
1,594
|
|
$ 1,612
|
|
|
|
|
|
|
|
Regional
operating special items, net
|
|
(4)
|
|
(3)
|
|
Regional operating
expenses, excluding special items
|
|
1,590
|
|
1,609
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes
|
|
(500)
|
|
(536)
|
|
Regional operating
expenses, excluding special items and fuel
|
|
$
1,090
|
|
$
1,073
|
|
|
|
|
|
|
|
(In
cents)
|
|
|
|
|
|
Regional operating
expenses per ASM
|
|
$
24.30
|
|
$ 23.80
|
|
|
|
|
|
|
|
Regional
operating special items, net per ASM
|
|
(0.06)
|
|
(0.05)
|
|
Regional operating
expenses per ASM, excluding special items
|
|
24.24
|
|
23.74
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM
|
|
(7.62)
|
|
(7.91)
|
|
Regional operating
expenses per ASM, excluding special items and fuel
|
|
$
16.62
|
|
$
15.83
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
3 Months Ended
March 31,
|
|
Reconciliation of
Operating Cost per ASM Excluding Special
|
|
2014
|
|
2013
|
|
Items, Fuel and
Profit Sharing - Total Mainline and Regional
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
9,265
|
|
$ 9,295
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
Special
items, net (2)
|
|
137
|
|
(110)
|
|
Regional
operating special items, net
|
|
(4)
|
|
(3)
|
|
Total operating
expenses, excluding special items
|
|
9,398
|
|
9,182
|
|
|
|
|
|
|
|
Fuel:
|
|
|
|
|
|
Aircraft
fuel and related taxes - mainline
|
|
(2,711)
|
|
(2,795)
|
|
Aircraft
fuel and related taxes - regional
|
|
(500)
|
|
(536)
|
|
Total operating
expenses, excluding special items and fuel
|
|
6,187
|
|
5,851
|
|
|
|
|
|
|
|
Profit
sharing
|
|
(5)
|
|
(6)
|
|
Total operating
expenses, excluding special items, fuel
|
|
|
|
|
|
and profit
sharing
|
|
$
6,182
|
|
$
5,845
|
|
|
|
|
|
|
|
(In
cents)
|
|
|
|
|
|
Total operating
expenses per ASM
|
|
$
14.62
|
|
$ 14.96
|
|
|
|
|
|
|
|
Special items per
ASM:
|
|
|
|
|
|
Special
items, net (2)
|
|
0.22
|
|
(0.18)
|
|
Regional
operating special items, net
|
|
(0.01)
|
|
(0.01)
|
|
Total operating
expenses per ASM, excluding special items
|
|
14.83
|
|
14.78
|
|
|
|
|
|
|
|
Fuel per
ASM:
|
|
|
|
|
|
Aircraft
fuel and related taxes - mainline
|
|
(4.28)
|
|
(4.50)
|
|
Aircraft
fuel and related taxes - regional
|
|
(0.79)
|
|
(0.86)
|
|
Total operating
expenses per ASM, excluding special items
|
|
|
|
|
|
and fuel
|
|
9.76
|
|
9.42
|
|
|
|
|
|
|
|
Profit sharing per
ASM
|
|
(0.01)
|
|
(0.01)
|
|
Total operating
expenses per ASM, excluding special items,
|
|
|
|
|
|
fuel and profit
sharing
|
|
$
9.75
|
|
$
9.41
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
FOOTNOTES:
|
|
|
|
|
|
|
|
(1)
|
As noted on the
American Airlines Group Combined non-GAAP income statement, these
tables present the first quarter 2014 and 2013 results on a
"combined basis." Combined basis means the Company combines the
financial results of American Airlines Group on a stand alone basis
with the results of US Airways Group. Management believes this
presentation provides a more meaningful quarter over quarter
comparison.
|
|
|
|
|
|
|
|
(2)
|
The 2014 first
quarter mainline special items totaled a net credit of $137
million, which principally included a $309 million gain on the sale
of slots at Ronald Reagan Washington National Airport and a net $32
million credit for bankruptcy related items primarily reflecting
fair value adjustments for bankruptcy settlement obligations. These
special credits were offset in part by $142 million of cash merger
integration expenses including amounts related to the pilot
memorandum of understanding, information technology, professional
fees, severance, re-branding of aircraft and airport facilities,
relocation and training as well as $60 million of non-cash
compensation expense for merger equity awards. The 2013 first
quarter mainline special items included $48 million in merger
related expenses, a $43 million charge for workers' compensation
claims and $19 million related to the ratification of the US
Airways flight attendant collective bargaining
agreement.
|
|
|
|
|
|
|
|
(3)
|
The 2014 first
quarter nonoperating special items of $47 million were principally
due to non-cash interest accretion of $31 million on the bankruptcy
settlement obligations. The 2013 first quarter nonoperating special
items included interest charges of $116 million to recognize
post-petition interest expense on unsecured obligations pursuant to
the Company's Fourth Amended Joint Chapter 11 Plan of
Reorganization (the "Plan"),offset in part by $30 million credit in
connection with an award received in an arbitration related to
previous investments in auction rate securities.
|
|
|
|
|
|
|
|
(4)
|
In the 2013 first
quarter, the Company recognized reorganization expenses as a result
of the filing of voluntary petitions for relief under Chapter 11.
These amounts consisted primarily of estimated allowed claim
amounts and professional fees.
|
|
|
|
|
|
|
|
(5)
|
The 2014 first
quarter included a special $8 million non-cash deferred income tax
provision related to certain indefinite-lived intangible
assets.
|
|
|
|
|
|
|
|
(6)
|
In March 2014, the
Company notified the holders of its 7.25% convertible notes that it
has elected to settle all future conversions solely in cash instead
of shares of AAG common stock in accordance with the related
indenture. Thus, the diluted shares include the weighted average
impact of the 7.25% notes only for the period from January 1, 2014
to March 12, 2014. In addition, under GAAP, the Company must adjust
the numerator for purposes of calculating diluted earnings per
share by the change in fair value of the conversion feature from
March 12, 2014 to March 31, 2014, which increased GAAP net income
for purposes of computing diluted earnings per share by $5 million.
This $5 million has been excluded from the calculation of diluted
earnings per share excluding special items.
|
|
|
|
|
American Airlines
Group Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
December 31,
2013
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
1,259
|
|
$
1,140
|
Short-term investments
|
8,405
|
|
8,111
|
Restricted cash and short-term investments
|
947
|
|
1,035
|
Accounts
receivable, net
|
2,008
|
|
1,560
|
Aircraft
fuel, spare parts and supplies, net
|
1,052
|
|
1,012
|
Prepaid
expenses and other
|
1,522
|
|
1,465
|
Total current
assets
|
15,193
|
|
14,323
|
|
|
|
|
Operating property
and equipment
|
|
|
|
Flight
equipment
|
24,687
|
|
23,730
|
Ground
property and equipment
|
5,663
|
|
5,585
|
Equipment purchase deposits
|
1,045
|
|
1,077
|
Total property and
equipment, at cost
|
31,395
|
|
30,392
|
Less
accumulated depreciation and amortization
|
(11,451)
|
|
(11,133)
|
Total property and
equipment, net
|
19,944
|
|
19,259
|
|
|
|
|
Other
assets
|
|
|
|
Goodwill
|
4,089
|
|
4,086
|
Intangibles, net
|
2,319
|
|
2,311
|
Other
assets
|
2,192
|
|
2,299
|
Total other
assets
|
8,600
|
|
8,696
|
|
|
|
|
Total
assets
|
$
43,737
|
|
$
42,278
|
|
|
|
|
Liabilities and
Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Current
maturities of long-term debt and capital leases
|
$
1,441
|
|
$
1,446
|
Accounts
payable
|
1,646
|
|
1,368
|
Accrued
salaries and wages
|
908
|
|
1,143
|
Air
traffic liability
|
5,686
|
|
4,380
|
Frequent
flyer liability
|
2,951
|
|
3,005
|
Other
accrued liabilities
|
2,447
|
|
2,464
|
Total current
liabilities
|
15,079
|
|
13,806
|
|
|
|
|
Noncurrent
liabilities
|
|
|
|
Long-term debt and capital leases, net of current
maturities
|
15,244
|
|
15,353
|
Pension
and postretirement benefits
|
5,766
|
|
5,828
|
Deferred
gains and credits, net
|
990
|
|
935
|
Mandatorily convertible preferred stock and other bankruptcy
settlement obligations
|
2,322
|
|
5,928
|
Other
liabilities
|
3,241
|
|
3,159
|
Total noncurrent
liabilities
|
27,563
|
|
31,203
|
|
|
|
|
Stockholders' equity
(deficit)
|
|
|
|
Common
stock
|
6
|
|
5
|
Additional paid-in capital
|
14,040
|
|
10,592
|
Accumulated other comprehensive loss
|
(2,135)
|
|
(2,032)
|
Accumulated deficit
|
(10,816)
|
|
(11,296)
|
Total stockholders'
equity (deficit)
|
1,095
|
|
(2,731)
|
|
|
|
|
Total liabilities and
stockholders' equity (deficit)
|
$
43,737
|
|
$
42,278
|
|
|
|
|
Photo - http://photos.prnewswire.com/prnh/20140416/75651
SOURCE American Airlines Group Inc.