American Airlines Group Inc. (NASDAQ:AAL) today reported its fourth
quarter and full year 2016 results. The Company’s earnings
highlights include:
- Fourth quarter 2016 pre-tax profit of $500 million, or
$773 million excluding net special charges, and net profit of $289
million, or $475 million excluding net special
charges
- Full year 2016 pre-tax profit of $4.3 billion, or $5.1
billion excluding net special charges, and net profit of $2.7
billion, or $3.2 billion excluding net special
charges
- Fourth quarter Total Revenue per Available Seat Mile
(TRASM) was up 1.3 percent year-over-year, marking the first
year-over-year increase since the fourth quarter 2014
- The Company accrued approximately $57 million in the
fourth quarter for its profit sharing plan, bringing the total
accrual to $314 million for 2016
- Returned $606 million to stockholders through share
repurchases and dividends in the fourth quarter, for a total of
$4.6 billion in 2016. Announced a new $2.0 billion share repurchase
authorization
The Company reported a Generally Accepted Accounting Principles
(GAAP) net profit of $289 million, or $0.56 per diluted share
in the fourth quarter 2016. The Company’s fourth quarter 2016
results include a $211 million provision for income taxes, of which
$207 million is non-cash due to net operating loss utilization.
This compares to a GAAP net profit of $3.3 billion in the fourth
quarter 2015, or $5.09 per diluted share, which included a non-cash
$3.0 billion net special income tax benefit resulting from the
reversal of the Company’s valuation allowance.
The Company reported a full year 2016 GAAP net profit of $2.7
billion, or $4.81 per diluted share, including a non-cash income
tax provision of $1.6 billion. This compares to a GAAP net profit
of $7.6 billion in 2015, or $11.07 per diluted share, which
included the $3.0 billion non-cash income tax benefit.
The impact of the year-over-year change in non-cash income tax
expense is removed by comparing pre-tax income. The Company
reported a fourth quarter 2016 GAAP pre-tax income of $500 million,
and pre-tax income excluding net special charges of $773 million.
This compares to a fourth quarter 2015 GAAP pre-tax income of $244
million, and pre-tax income excluding net special charges of $1.3
billion. For the full year, the Company reported a 2016 GAAP
pre-tax income of $4.3 billion, and pre-tax income excluding net
special charges of $5.1 billion, which compares to a 2015 GAAP
pre-tax income of $4.6 billion, and pre-tax income excluding net
special charges of $6.3 billion.
Adjusted1 fourth quarter 2016 earnings per diluted share
was $1.48, down from $2.00 per diluted share in the fourth quarter
of 2015. Full year 2016 adjusted1 earnings per diluted share was
$9.10, down $0.02 compared to 2015.
“The American Airlines team continued to produce outstanding
results in 2016, and outsiders are taking notice. Air Transport
World named American as its 2017 Airline of the Year, citing our
team’s integration work, operational and customer service
improvements, and the significant investments we are making in our
product. This recognition is entirely due to the great work of our
120,000 team members,” said Doug Parker, Chairman and CEO.
“As we enter 2017, we will continue to make upgrades to American
through new product initiatives. These include Basic Economy which
will further our goal to offer the right fares and features for
every customer, and, on international flights, our Premium Economy
product. And no matter which product our customers choose, they’ll
be transported on the youngest fleet among our large U.S.
competitors.
“Our product investments are showing up in our unit revenue
performance. We had the largest improvement in unit revenue among
our competitors and as we look forward, we continue to see strong
demand for air service, and improving yields.”
Fourth Quarter and Full Year 2016
Highlights
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GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
|
|
4Q16 |
4Q15 |
|
4Q16 |
4Q15 |
|
|
2016 |
|
|
2015 |
|
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2016 |
|
|
2015 |
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Total operating revenues ($ mil) |
$ |
9,789 |
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$ |
9,630 |
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$ |
9,789 |
|
$ |
9,630 |
|
|
$ |
40,180 |
|
$ |
40,990 |
|
|
$ |
40,180 |
|
$ |
40,990 |
|
|
Total operating expenses ($ mil) |
|
9,022 |
|
|
8,562 |
|
|
|
8,761 |
|
|
8,112 |
|
|
|
34,896 |
|
|
34,786 |
|
|
|
34,173 |
|
|
33,706 |
|
|
Operating income |
|
767 |
|
|
1,068 |
|
|
|
1,028 |
|
|
1,518 |
|
|
|
5,284 |
|
|
6,204 |
|
|
|
6,007 |
|
|
7,284 |
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Pre-tax income ($ mil) |
|
500 |
|
|
244 |
|
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|
773 |
|
|
1,286 |
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|
4,299 |
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|
4,616 |
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|
5,071 |
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6,290 |
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Pre-tax margin |
|
5.1 |
% |
|
2.5 |
% |
|
|
7.9 |
% |
|
13.4 |
% |
|
|
10.7 |
% |
|
11.3 |
% |
|
|
12.6 |
% |
|
15.3 |
% |
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Net income ($ mil) |
|
289 |
|
|
3,281 |
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|
|
475 |
|
|
1,286 |
|
|
|
2,676 |
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|
7,610 |
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|
3,173 |
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|
6,269 |
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Earnings per diluted share |
$ |
0.56 |
|
$ |
5.09 |
|
|
$ |
0.92 |
|
$ |
2.00 |
|
|
$ |
4.81 |
|
$ |
11.07 |
|
|
$ |
5.71 |
|
$ |
9.12 |
|
|
Adjusted 1 earnings per diluted share |
|
n/a |
|
|
n/a |
|
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$ |
1.48 |
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$ |
2.00 |
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n/a |
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n/a |
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$ |
9.10 |
|
$ |
9.12 |
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Revenue and Cost Comparisons
Total revenue in the fourth quarter was $9.8 billion, an
increase of 1.7 percent versus the fourth quarter 2015 on a 0.4
percent increase in total available seat miles (ASMs). TRASM was
14.90 cents, up 1.3 percent versus the fourth quarter 2015, the
first year-over-year increase since the fourth quarter of 2014. For
the full year, total revenue was $40.2 billion in 2016, down 2.0
percent over 2015, while 2016 total revenue per ASM was 14.70
cents, down 3.7 percent versus 2015, on a 1.7 percent increase in
total ASMs.
Total operating expenses in the fourth quarter were $9.0
billion, up 5.4 percent compared to the fourth quarter 2015, due
primarily to a 17.4 percent increase in salaries and benefits
expense, which includes the impact of the Company’s recent labor
agreements and a $57 million accrual for the Company’s profit
sharing program. On a full year basis, total operating expenses
were $34.9 billion, up 0.3 percent versus 2015.
Fourth quarter 2016 mainline cost per available seat mile (CASM)
was 12.93 cents, up 5.7 percent on a 0.7 percent reduction in
mainline ASMs versus the fourth quarter 2015. Excluding fuel and
special charges, mainline CASM was 10.17 cents, up 10.3 percent
versus the fourth quarter 2015. Regional CASM was 19.60 cents, down
0.9 percent versus the fourth quarter 2015, on an 8.5 percent
increase in regional ASMs. Excluding fuel and special charges,
regional CASM was 15.70 cents, down 2.5 percent versus the fourth
quarter 2015.
For the full year 2016, mainline CASM was 11.94 cents, down 0.8
percent versus 2015, on a 1.0 percent increase in mainline ASMs.
Excluding fuel and special charges, mainline CASM was 9.54 cents,
up 6.1 percent versus 2015. Regional CASM was 19.08 cents, down 6.4
percent versus 2015, on a 7.9 percent increase in regional ASMs.
Excluding fuel and special charges, regional CASM was 15.53 cents,
down 3.4 percent versus 2015.
Capital Investments
As part of the Company’s ongoing fleet renewal program, the
Company invested approximately $4.4 billion in new aircraft in
2016, including 55 new mainline and 42 new regional aircraft. In
addition, the Company invested approximately $1.3 billion on the
integration of the airline, product enhancements and operational
improvements.
Liquidity and Capital Return Program
As of December 31, 2016, the Company had approximately $8.8
billion in total available liquidity, consisting of unrestricted
cash and short-term investments of $6.4 billion and $2.4 billion in
undrawn revolver capacity. The Company also had restricted cash of
$638 million.
The Company returned $606 million to its stockholders in the
fourth quarter 2016 through the payment of $52 million in quarterly
dividends and the repurchase of $554 million of common stock, or
12.2 million shares. The Company has now completed its $2.0 billion
April 2016 share repurchase authorization and returned more than
$9.6 billion to stockholders through share repurchases and
dividends since mid-2014.
In addition, the Company’s Board has approved a new $2.0 billion
share repurchase authorization that will expire December 31,
2018.
Share repurchases under the buyback program announced today may
be made through a variety of methods, which may include open market
purchases, privately negotiated transactions, block trades or
accelerated share repurchase transactions. Any such repurchases
will be made from time to time subject to market and economic
conditions, applicable legal requirements and other relevant
factors. The program does not obligate the Company to repurchase
any specific number of shares or continue a dividend for any fixed
period, and may be suspended at any time at the Company's
discretion.
The Company also declared a dividend of $0.10 per share, to be
paid on February 27, 2017, to stockholders of record as of February
13, 2017.
Notable Accomplishments
Integration Accomplishments
- More than 300 flight crew training instructors and simulator
pilot instructors in the Transport Workers Union (TWU) approved a
new five-year contract. In addition, the Company’s 144 flight
simulator engineers represented by the TWU and the International
Association of Machinists (TWU-IAM Association) approved a new
five-year agreement
- The Company’s 15,000 pilots were integrated onto a single
flight operating system, which allowed flight deck crews to change
domiciles and bid onto different aircraft
- The final US Airways mainline aircraft, an Embraer E190, was
painted in the American livery. Repainting of former US Airways
Express regional jets will be finished in mid-2017
Marketing Accomplishments
- Began offering international Premium Economy service on the new
Boeing 787-9 Dreamliner to Sao Paulo and Madrid, and in early 2017
to Paris and Seoul. American is the first U.S. airline to offer
Premium Economy
- Added Cadillac Ramp Transfer Service in Charlotte and
Philadelphia, which complements existing service at Dallas Fort
Worth International, New York-JFK, and Los Angeles
International
- In early 2017, added a new Platinum Pro tier to
AAdvantage®
Network Accomplishments
- The U.S. Department of Transportation awarded frequencies for
new daily nonstop service between Los Angeles International Airport
and Beijing
- Began nonstop service to Havana, Cuba from both Miami and
Charlotte
Community Relations Accomplishments
- Raised more than $2.5 million for veteran and military
initiatives at the annual Skyball event in Dallas-Fort Worth
- Donated a charter aircraft to transport 72 Pearl Harbor
survivors and World War II veterans to Oahu for the 75th Pearl
Harbor Commemoration
- Transported more than 1,700 children and spouses of fallen
service men and women to Dallas-Fort Worth for the 11th annual
Snowball Express; the airline’s volunteer corps for this annual
event included more than 1,000 American Airlines team members, and
brought in Gold Star families from 87 cities worldwide via 100
flights
- Raised $1.3 million for the Susan G. Komen Young Investigator
Grant program
Other Accomplishments
- With the Transportation Security Administration, launched two
automated screening lanes at Chicago O’Hare’s Checkpoint 7,
reducing security screening time by approximately 30 percent
- Completed the $160 million expansion of Terminal F at
Philadelphia International Airport, including a 34,000-square foot
baggage claim building
- Closed on Enhanced Equipment Trust Certificates with proceeds
of $814 million, re-priced a $1.0 billion term loan, and refinanced
the 2013 Citicorp Term Loan with a new $1.25 billion facility
- Named as Best Airline for Domestic First Class in Global
Traveler magazine’s 2016 GT Tested Reader Survey and named Best
North American Airline for the third consecutive year at the 2016
Business Traveller awards
Special Items
In the fourth quarter, the Company recognized $273 million in
net special charges before the effect of income taxes, principally
consisting of fleet restructuring expenses and merger integration
expenses relating to information technology, re-branding of
aircraft, airport facilities and uniforms, alignment of labor union
contracts, professional fees, relocation, training and
severance.
Conference Call / Webcast Details
The Company will conduct a live audio webcast of its
earnings call today at 7:30 a.m. CT, 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 Feb. 27.
Investor Guidance
For financial forecasting detail, please refer to the Company’s
investor relations update, filed with the Securities and Exchange
Commission on Form 8-K. This filing will be available at
aa.com/investorrelations.
About American Airlines Group
American Airlines and American Eagle offer an average of nearly
6,700 flights per day to nearly 350 destinations in more than 50
countries. American has hubs in Charlotte, Chicago, Dallas/Fort
Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix, and
Washington, D.C. American is a founding member of
the oneworld® alliance, whose members serve
more than 1,000 destinations with about 14,250 daily flights to
over 150 countries. Shares of American Airlines Group Inc. trade on
Nasdaq under the ticker symbol AAL. In 2015, its stock joined the
S&P 500 index. Connect with American on Twitter
@AmericanAir and at Facebook.com/AmericanAirlines.
1 Adjusted earnings exclude non-cash income tax provision
and net special charges where noted. See the accompanying notes in
the Financial Tables section of this press release for further
explanation, including a reconciliation of all GAAP to non-GAAP
financial information.
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, the Company’s plans,
objectives, estimates, expectations and intentions, and other
statements that are not historical facts such as, without
limitation, statements that discuss the possible future effects of
known trends or uncertainties, or which indicate that the future
effects of known trends or uncertainties cannot be predicted,
guaranteed or assured. These forward-looking statements are based
on the Company’s current objectives, beliefs and expectations, 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. These risks and uncertainties include,
but are not limited to the following: 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.; costs of ongoing data security
compliance requirements and the impact of any significant data
security breach; 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
postretirement 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 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 on the airline
industry; 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 and noise
regulation; the impact associated with climate change, including
increased regulation to reduce emissions of greenhouse gases; 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; 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, more stringent duty-time
regulations, increased flight hour requirements for commercial
airline pilots and other factors that have caused a shortage of
pilots; the impact of possible future increases in insurance costs
or reductions in available insurance coverage; the effect on the
Company’s financial position and liquidity of being party to or
involved in litigation; an inability to use net operating losses
carried forward from prior taxable years (NOL Carryforwards); any
impairment in the amount of the Company’s goodwill and an inability
to realize the full value of the Company’s 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; the
effects of the Company’s capital deployment program and the
limitation, suspension or discontinuation of the Company’s share
repurchase programs or dividend payments thereunder; 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
Restated Certificate of Incorporation and Amended and Restated
Bylaws that limit ownership and voting of its equity interests,
including its common stock; the effect of limitations in the
Company’s Restated 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 Quarterly
Report on Form 10-Q for the quarter ended September 30, 2016
(especially in Part I, Item 2, Management’s Discussion and Analysis
of Financial Condition and Results of Operations, and Part II, Item
1A, Risk Factors) and other risks and uncertainties listed from
time to time in the Company’s other filings with the SEC. There may
be other factors of which the Company is not currently aware that
may affect matters discussed in the forward-looking statements and
may also cause actual results to differ materially from those
discussed. 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 other than as required by law.
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American Airlines Group Inc. |
|
Condensed Consolidated
Statements of Operations |
|
(In millions, except share and per share
amounts) |
|
(Unaudited) |
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|
3 Months Ended December 31, |
|
Percent |
|
12 Months Ended December 31, |
|
Percent |
|
|
|
2016 |
|
|
|
2015 |
|
|
Change |
|
|
2016 |
|
|
|
2015 |
|
|
Change |
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Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Mainline
passenger |
$ |
6,717 |
|
|
$ |
6,739 |
|
|
(0.3 |
) |
|
$ |
27,909 |
|
|
$ |
29,037 |
|
|
(3.9 |
) |
|
Regional
passenger |
|
1,630 |
|
|
|
1,566 |
|
|
4.1 |
|
|
|
6,670 |
|
|
|
6,475 |
|
|
3.0 |
|
|
Cargo |
|
194 |
|
|
|
192 |
|
|
1.3 |
|
|
|
700 |
|
|
|
760 |
|
|
(7.9 |
) |
|
Other |
|
1,248 |
|
|
|
1,133 |
|
|
10.2 |
|
|
|
4,901 |
|
|
|
4,718 |
|
|
3.9 |
|
|
Total operating
revenues |
|
9,789 |
|
|
|
9,630 |
|
|
1.7 |
|
|
|
40,180 |
|
|
|
40,990 |
|
|
(2.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes |
|
1,335 |
|
|
|
1,314 |
|
|
1.6 |
|
|
|
5,071 |
|
|
|
6,226 |
|
|
(18.5 |
) |
|
Salaries, wages
and benefits |
|
2,796 |
|
|
|
2,383 |
|
|
17.4 |
|
|
|
10,890 |
|
|
|
9,524 |
|
|
14.4 |
|
|
Regional
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
308 |
|
|
|
260 |
|
|
18.6 |
|
|
|
1,109 |
|
|
|
1,230 |
|
|
(9.8 |
) |
|
Other |
|
1,247 |
|
|
|
1,186 |
|
|
5.1 |
|
|
|
4,935 |
|
|
|
4,753 |
|
|
3.8 |
|
|
Maintenance,
materials and repairs |
|
482 |
|
|
|
437 |
|
|
10.2 |
|
|
|
1,834 |
|
|
|
1,889 |
|
|
(2.9 |
) |
|
Other rent and
landing fees |
|
430 |
|
|
|
441 |
|
|
(2.5 |
) |
|
|
1,772 |
|
|
|
1,731 |
|
|
2.4 |
|
|
Aircraft
rent |
|
295 |
|
|
|
309 |
|
|
(4.4 |
) |
|
|
1,203 |
|
|
|
1,250 |
|
|
(3.8 |
) |
|
Selling
expenses |
|
334 |
|
|
|
342 |
|
|
(2.4 |
) |
|
|
1,323 |
|
|
|
1,394 |
|
|
(5.0 |
) |
|
Depreciation and
amortization |
|
397 |
|
|
|
352 |
|
|
13.0 |
|
|
|
1,525 |
|
|
|
1,364 |
|
|
11.8 |
|
|
Special items,
net |
|
259 |
|
|
|
441 |
|
|
(41.3 |
) |
|
|
709 |
|
|
|
1,051 |
|
|
(32.6 |
) |
|
Other |
|
1,139 |
|
|
|
1,097 |
|
|
3.8 |
|
|
|
4,525 |
|
|
|
4,374 |
|
|
3.4 |
|
|
Total operating
expenses |
|
9,022 |
|
|
|
8,562 |
|
|
5.4 |
|
|
|
34,896 |
|
|
|
34,786 |
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
767 |
|
|
|
1,068 |
|
|
(28.3 |
) |
|
|
5,284 |
|
|
|
6,204 |
|
|
(14.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
18 |
|
|
|
10 |
|
|
77.6 |
|
|
|
63 |
|
|
|
39 |
|
|
60.9 |
|
|
Interest
expense, net |
|
(254 |
) |
|
|
(229 |
) |
|
10.7 |
|
|
|
(991 |
) |
|
|
(880 |
) |
|
12.6 |
|
|
Other, net |
|
(31 |
) |
|
|
(605 |
) |
|
(94.8 |
) |
|
|
(57 |
) |
|
|
(747 |
) |
|
(92.4 |
) |
|
Total
nonoperating expense, net |
|
(267 |
) |
|
|
(824 |
) |
|
(67.7 |
) |
|
|
(985 |
) |
|
|
(1,588 |
) |
|
(38.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
500 |
|
|
|
244 |
|
|
nm |
|
|
|
4,299 |
|
|
|
4,616 |
|
|
(6.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit) |
|
211 |
|
|
|
(3,037 |
) |
|
nm |
|
|
|
1,623 |
|
|
|
(2,994 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
289 |
|
|
$ |
3,281 |
|
|
(91.2 |
) |
|
$ |
2,676 |
|
|
$ |
7,610 |
|
|
(64.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.56 |
|
|
$ |
5.24 |
|
|
|
|
$ |
4.85 |
|
|
$ |
11.39 |
|
|
|
|
Diluted |
$ |
0.56 |
|
|
$ |
5.09 |
|
|
|
|
$ |
4.81 |
|
|
$ |
11.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
514,571 |
|
|
|
626,559 |
|
|
|
|
|
552,308 |
|
|
|
668,393 |
|
|
|
|
Diluted |
|
518,358 |
|
|
|
644,140 |
|
|
|
|
|
556,099 |
|
|
|
687,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent change may not recalculate due to
rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
Consolidated Operating
Statistics |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended December 31, |
|
|
|
|
12 Months Ended December 31, |
|
|
|
|
|
|
2016 |
|
2015 |
|
Change |
|
|
2016 |
|
2015 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
47,395 |
|
48,319 |
|
(1.9 |
) |
% |
|
199,014 |
|
199,467 |
|
(0.2 |
) |
% |
|
Available seat miles
(ASM) (millions) |
|
57,749 |
|
58,143 |
|
(0.7 |
) |
% |
|
241,734 |
|
239,375 |
|
1.0 |
|
% |
|
Passenger load factor
(percent) |
|
82.1 |
|
83.1 |
|
(1.0 |
) |
pts |
|
82.3 |
|
83.3 |
|
(1.0 |
) |
pts |
|
Yield (cents) |
|
14.17 |
|
13.95 |
|
1.6 |
|
% |
|
14.02 |
|
14.56 |
|
(3.7 |
) |
% |
|
Passenger revenue per
ASM (cents) |
|
11.63 |
|
11.59 |
|
0.3 |
|
% |
|
11.55 |
|
12.13 |
|
(4.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
34,700 |
|
36,131 |
|
(4.0 |
) |
% |
|
144,530 |
|
146,814 |
|
(1.6 |
) |
% |
|
Departures
(thousands) |
|
265 |
|
274 |
|
(3.2 |
) |
% |
|
1,102 |
|
1,114 |
|
(1.1 |
) |
% |
|
Aircraft at end of
period |
|
930 |
|
946 |
|
(1.7 |
) |
% |
|
930 |
|
946 |
|
(1.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block hours
(thousands) |
|
827 |
|
850 |
|
(2.8 |
) |
% |
|
3,477 |
|
3,494 |
|
(0.5 |
) |
% |
|
Average stage length
(miles) |
|
1,215 |
|
1,209 |
|
0.5 |
|
% |
|
1,230 |
|
1,226 |
|
0.4 |
|
% |
|
Fuel consumption
(gallons in millions) |
|
857 |
|
875 |
|
(2.1 |
) |
% |
|
3,596 |
|
3,611 |
|
(0.4 |
) |
% |
|
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.56 |
|
1.50 |
|
3.7 |
|
% |
|
1.41 |
|
1.72 |
|
(18.2 |
) |
% |
|
Full-time equivalent
employees at end of period |
|
101,500 |
|
98,900 |
|
2.6 |
|
% |
|
101,500 |
|
98,900 |
|
2.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
12.93 |
|
12.24 |
|
5.7 |
|
% |
|
11.94 |
|
12.03 |
|
(0.8 |
) |
% |
|
Operating cost per ASM
excluding special items (cents) |
|
12.48 |
|
11.48 |
|
8.7 |
|
% |
|
11.64 |
|
11.59 |
|
0.4 |
|
% |
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
10.17 |
|
9.22 |
|
10.3 |
|
% |
|
9.54 |
|
8.99 |
|
6.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
(A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
6,057 |
|
5,814 |
|
4.2 |
|
% |
|
24,463 |
|
23,543 |
|
3.9 |
|
% |
|
Available seat miles
(millions) |
|
7,934 |
|
7,310 |
|
8.5 |
|
% |
|
31,676 |
|
29,361 |
|
7.9 |
|
% |
|
Passenger load factor
(percent) |
|
76.3 |
|
79.5 |
|
(3.2 |
) |
pts |
|
77.2 |
|
80.2 |
|
(3.0 |
) |
pts |
|
Yield (cents) |
|
26.91 |
|
26.93 |
|
(0.1 |
) |
% |
|
27.26 |
|
27.50 |
|
(0.9 |
) |
% |
|
Passenger revenue per
ASM (cents) |
|
20.54 |
|
21.42 |
|
(4.1 |
) |
% |
|
21.06 |
|
22.05 |
|
(4.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
13,276 |
|
13,402 |
|
(0.9 |
) |
% |
|
54,184 |
|
54,435 |
|
(0.5 |
) |
% |
|
Aircraft at end of
period |
|
606 |
|
587 |
|
3.2 |
|
% |
|
606 |
|
587 |
|
3.2 |
|
% |
|
Fuel consumption
(gallons in millions) |
|
187 |
|
177 |
|
5.6 |
|
% |
|
751 |
|
712 |
|
5.5 |
|
% |
|
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.65 |
|
1.47 |
|
12.3 |
|
% |
|
1.48 |
|
1.73 |
|
(14.5 |
) |
% |
|
Full-time equivalent
employees at end of period (B) |
|
20,800 |
|
19,600 |
|
6.1 |
|
% |
|
20,800 |
|
19,600 |
|
6.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
19.60 |
|
19.78 |
|
(0.9 |
) |
% |
|
19.08 |
|
20.38 |
|
(6.4 |
) |
% |
|
Operating cost per ASM
excluding special items (cents) |
|
19.58 |
|
19.65 |
|
(0.4 |
) |
% |
|
19.04 |
|
20.28 |
|
(6.1 |
) |
% |
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
15.70 |
|
16.10 |
|
(2.5 |
) |
% |
|
15.53 |
|
16.09 |
|
(3.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline
& Regional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
53,452 |
|
54,133 |
|
(1.3 |
) |
% |
|
223,477 |
|
223,010 |
|
0.2 |
|
% |
|
Available seat miles
(millions) |
|
65,683 |
|
65,453 |
|
0.4 |
|
% |
|
273,410 |
|
268,736 |
|
1.7 |
|
% |
|
Cargo ton miles
(millions) |
|
670 |
|
598 |
|
12.1 |
|
% |
|
2,424 |
|
2,314 |
|
4.7 |
|
% |
|
Passenger load factor
(percent) |
|
81.4 |
|
82.7 |
|
(1.3 |
) |
pts |
|
81.7 |
|
83.0 |
|
(1.3 |
) |
pts |
|
Yield (cents) |
|
15.62 |
|
15.34 |
|
1.8 |
|
% |
|
15.47 |
|
15.92 |
|
(2.8 |
) |
% |
|
Passenger revenue per
ASM (cents) |
|
12.71 |
|
12.69 |
|
0.2 |
|
% |
|
12.65 |
|
13.21 |
|
(4.3 |
) |
% |
|
Total revenue per ASM
(cents) |
|
14.90 |
|
14.71 |
|
1.3 |
|
% |
|
14.70 |
|
15.25 |
|
(3.7 |
) |
% |
|
Cargo yield per ton
mile (cents) |
|
28.97 |
|
32.07 |
|
(9.6 |
) |
% |
|
28.89 |
|
32.84 |
|
(12.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
47,976 |
|
49,533 |
|
(3.1 |
) |
% |
|
198,714 |
|
201,249 |
|
(1.3 |
) |
% |
|
Aircraft at end of
period |
|
1,536 |
|
1,533 |
|
0.2 |
|
% |
|
1,536 |
|
1,533 |
|
0.2 |
|
% |
|
Fuel consumption
(gallons in millions) |
|
1,044 |
|
1,052 |
|
(0.8 |
) |
% |
|
4,347 |
|
4,323 |
|
0.5 |
|
% |
|
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.57 |
|
1.50 |
|
5.2 |
|
% |
|
1.42 |
|
1.72 |
|
(17.6 |
) |
% |
|
Full-time equivalent
employees at end of period (B) |
|
122,300 |
|
118,500 |
|
3.2 |
|
% |
|
122,300 |
|
118,500 |
|
3.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
13.74 |
|
13.08 |
|
5.0 |
|
% |
|
12.76 |
|
12.94 |
|
(1.4 |
) |
% |
|
Operating cost per ASM
excluding special items (cents) |
|
13.34 |
|
12.39 |
|
7.6 |
|
% |
|
12.50 |
|
12.54 |
|
(0.3 |
) |
% |
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
10.84 |
|
9.99 |
|
8.5 |
|
% |
|
10.24 |
|
9.77 |
|
4.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Regional includes wholly owned
regional airline subsidiaries and operating results from capacity
purchase carriers. |
|
|
|
|
|
|
|
|
(B) Regional full-time equivalent
employees only include our wholly owned regional airline
subsidiaries. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
Consolidated Revenue Statistics by
Region |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended December 31, |
|
|
|
|
12 Months Ended December 31, |
|
|
|
|
|
|
|
2016 |
|
2015 |
|
Change |
|
|
2016 |
|
2015 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic - Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
30,574 |
|
31,576 |
|
(3.2 |
) |
% |
|
127,869 |
|
128,590 |
|
(0.6 |
) |
% |
|
Available
seat miles (ASM) (millions) |
|
36,361 |
|
36,709 |
|
(0.9 |
) |
% |
|
150,655 |
|
149,584 |
|
0.7 |
|
% |
|
Passenger
load factor (percent) |
|
84.1 |
|
86.0 |
|
(1.9 |
) |
pts |
|
84.9 |
|
86.0 |
|
(1.1 |
) |
pts |
|
Yield
(cents) |
|
15.03 |
|
14.58 |
|
3.1 |
|
% |
|
14.63 |
|
14.96 |
|
(2.2 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
12.63 |
|
12.54 |
|
0.8 |
|
% |
|
12.42 |
|
12.86 |
|
(3.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Consolidated - Mainline and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regional (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
36,631 |
|
37,390 |
|
(2.0 |
) |
% |
|
152,332 |
|
152,133 |
|
0.1 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
44,295 |
|
44,019 |
|
0.6 |
|
% |
|
182,330 |
|
178,945 |
|
1.9 |
|
% |
|
Passenger
load factor (percent) |
|
82.7 |
|
84.9 |
|
(2.2 |
) |
pts |
|
83.5 |
|
85.0 |
|
(1.5 |
) |
pts |
|
Yield
(cents) |
|
16.99 |
|
16.50 |
|
3.0 |
|
% |
|
16.66 |
|
16.90 |
|
(1.4 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
14.05 |
|
14.01 |
|
0.3 |
|
% |
|
13.92 |
|
14.37 |
|
(3.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
7,070 |
|
7,529 |
|
(6.1 |
) |
% |
|
29,927 |
|
31,201 |
|
(4.1 |
) |
% |
|
Available
seat miles (ASM) (millions) |
|
8,866 |
|
9,695 |
|
(8.5 |
) |
% |
|
37,760 |
|
39,726 |
|
(4.9 |
) |
% |
|
Passenger
load factor (percent) |
|
79.7 |
|
77.7 |
|
2.0 |
|
pts |
|
79.3 |
|
78.5 |
|
0.8 |
|
pts |
|
Yield
(cents) |
|
14.52 |
|
13.53 |
|
7.3 |
|
% |
|
13.72 |
|
14.54 |
|
(5.7 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
11.58 |
|
10.51 |
|
10.2 |
|
% |
|
10.87 |
|
11.42 |
|
(4.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
6,087 |
|
6,564 |
|
(7.3 |
) |
% |
|
27,794 |
|
29,218 |
|
(4.9 |
) |
% |
|
Available
seat miles (ASM) (millions) |
|
8,071 |
|
8,536 |
|
(5.4 |
) |
% |
|
37,174 |
|
37,611 |
|
(1.2 |
) |
% |
|
Passenger
load factor (percent) |
|
75.4 |
|
76.9 |
|
(1.5 |
) |
pts |
|
74.8 |
|
77.7 |
|
(2.9 |
) |
pts |
|
Yield
(cents) |
|
12.15 |
|
12.92 |
|
(5.9 |
) |
% |
|
13.60 |
|
14.11 |
|
(3.6 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
9.16 |
|
9.93 |
|
(7.7 |
) |
% |
|
10.17 |
|
10.96 |
|
(7.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
3,664 |
|
2,650 |
|
38.3 |
|
% |
|
13,424 |
|
10,458 |
|
28.4 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
4,451 |
|
3,203 |
|
39.0 |
|
% |
|
16,145 |
|
12,454 |
|
29.6 |
|
% |
|
Passenger
load factor (percent) |
|
82.3 |
|
82.7 |
|
(0.4 |
) |
pts |
|
83.1 |
|
84.0 |
|
(0.9 |
) |
pts |
|
Yield
(cents) |
|
9.74 |
|
10.19 |
|
(4.4 |
) |
% |
|
9.78 |
|
10.89 |
|
(10.2 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
8.01 |
|
8.43 |
|
(4.9 |
) |
% |
|
8.13 |
|
9.14 |
|
(11.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
16,821 |
|
16,743 |
|
0.5 |
|
% |
|
71,145 |
|
70,877 |
|
0.4 |
|
% |
|
Available
seat miles (ASM) (millions) |
|
21,388 |
|
21,434 |
|
(0.2 |
) |
% |
|
91,079 |
|
89,791 |
|
1.4 |
|
% |
|
Passenger
load factor (percent) |
|
78.6 |
|
78.1 |
|
0.5 |
|
pts |
|
78.1 |
|
78.9 |
|
(0.8 |
) |
pts |
|
Yield
(cents) |
|
12.62 |
|
12.76 |
|
(1.1 |
) |
% |
|
12.93 |
|
13.82 |
|
(6.5 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
9.93 |
|
9.97 |
|
(0.4 |
) |
% |
|
10.10 |
|
10.91 |
|
(7.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Revenue statistics for all
Regional flying are included herein. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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, 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 regional 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
and fuel to evaluate the Company's operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended December 31, |
PercentChange |
12 Months Ended December 31, |
Percent Change |
|
|
|
|
Reconciliation of Pre-Tax Income Excluding Special
Items |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
(in millions, except per share amounts) |
|
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
500 |
|
|
$ |
244 |
|
|
$ |
4,299 |
|
|
$ |
4,616 |
|
|
|
|
|
|
Pre-tax special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
259 |
|
|
|
441 |
|
|
|
709 |
|
|
|
1,051 |
|
|
|
|
|
|
Regional
operating special items, net |
|
|
2 |
|
|
|
9 |
|
|
|
14 |
|
|
|
29 |
|
|
|
|
|
|
Nonoperating
special items, net (2) |
|
|
12 |
|
|
|
592 |
|
|
|
49 |
|
|
|
594 |
|
|
|
|
|
|
Total pre-tax special
items |
|
|
273 |
|
|
|
1,042 |
|
|
|
772 |
|
|
|
1,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
773 |
|
|
$ |
1,286 |
|
-40 |
% |
$ |
5,071 |
|
|
$ |
6,290 |
|
-19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as
reported |
|
$ |
500 |
|
|
$ |
244 |
|
|
$ |
4,299 |
|
|
$ |
4,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues as reported |
|
$ |
9,789 |
|
|
$ |
9,630 |
|
|
$ |
40,180 |
|
|
$ |
40,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
|
5.1 |
% |
|
|
2.5 |
% |
|
|
10.7 |
% |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
773 |
|
|
$ |
1,286 |
|
|
$ |
5,071 |
|
|
$ |
6,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues as reported |
|
$ |
9,789 |
|
|
$ |
9,630 |
|
|
$ |
40,180 |
|
|
$ |
40,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin
excluding special items |
|
|
7.9 |
% |
|
|
13.4 |
% |
|
|
12.6 |
% |
|
|
15.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
289 |
|
|
$ |
3,281 |
|
|
$ |
2,676 |
|
|
$ |
7,610 |
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
special items (1) (2) |
|
|
273 |
|
|
|
1,042 |
|
|
|
772 |
|
|
|
1,674 |
|
|
|
|
|
|
Income tax
special items (3) |
|
|
- |
|
|
|
(3,037 |
) |
|
|
- |
|
|
|
(3,015 |
) |
|
|
|
|
|
Net tax effect
of special items (4) |
|
|
(87 |
) |
|
|
- |
|
|
|
(275 |
) |
|
|
- |
|
|
|
|
|
|
Net income excluding
special items |
|
$ |
475 |
|
|
$ |
1,286 |
|
-63 |
% |
$ |
3,173 |
|
|
$ |
6,269 |
|
-49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special Items and
Non-Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
289 |
|
|
$ |
3,281 |
|
|
$ |
2,676 |
|
|
$ |
7,610 |
|
|
|
|
|
|
Total pre-tax special
items (1) (2) |
|
|
273 |
|
|
|
1,042 |
|
|
|
772 |
|
|
|
1,674 |
|
|
|
|
|
|
Total non-cash income
tax provision (benefit) |
|
|
207 |
|
|
|
(3,037 |
) |
|
|
1,610 |
|
|
|
(3,015 |
) |
|
|
|
|
|
Net income excluding
special items and non-cash income tax provision |
|
$ |
769 |
|
|
$ |
1,286 |
|
-40 |
% |
$ |
5,058 |
|
|
$ |
6,269 |
|
-19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items |
|
$ |
475 |
|
|
$ |
1,286 |
|
|
$ |
3,173 |
|
|
$ |
6,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
514,571 |
|
|
|
626,559 |
|
|
|
552,308 |
|
|
|
668,393 |
|
|
|
|
|
|
Diluted |
|
|
518,358 |
|
|
|
644,140 |
|
|
|
556,099 |
|
|
|
687,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.92 |
|
|
$ |
2.05 |
|
|
$ |
5.75 |
|
|
$ |
9.38 |
|
|
|
|
|
|
Diluted |
|
$ |
0.92 |
|
|
$ |
2.00 |
|
|
$ |
5.71 |
|
|
$ |
9.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items and Non-Cash Income Tax Provision
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items and non-cash income tax provision |
|
$ |
769 |
|
|
$ |
1,286 |
|
|
$ |
5,058 |
|
|
$ |
6,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
514,571 |
|
|
|
626,559 |
|
|
|
552,308 |
|
|
|
668,393 |
|
|
|
|
|
|
Diluted |
|
|
518,358 |
|
|
|
644,140 |
|
|
|
556,099 |
|
|
|
687,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share (excludes special items and non-cash income tax
provision): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.49 |
|
|
$ |
2.05 |
|
|
$ |
9.16 |
|
|
$ |
9.38 |
|
|
|
|
|
|
Diluted |
|
$ |
1.48 |
|
|
$ |
2.00 |
|
|
$ |
9.10 |
|
|
$ |
9.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended December 31, |
|
12 Months Ended December 31, |
|
|
|
|
|
Reconciliation of Operating Income Excluding Special
Items |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
767 |
|
|
$ |
1,068 |
|
|
$ |
5,284 |
|
|
$ |
6,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
259 |
|
|
|
441 |
|
|
|
709 |
|
|
|
1,051 |
|
|
|
|
|
|
Regional
operating special items, net |
|
|
2 |
|
|
|
9 |
|
|
|
14 |
|
|
|
29 |
|
|
|
|
|
|
Operating income
excluding special items |
|
$ |
1,028 |
|
|
$ |
1,518 |
|
|
$ |
6,007 |
|
|
$ |
7,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended December 31, |
|
12 Months Ended December 31, |
|
|
|
|
|
Items and Fuel - Mainline only |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses as reported |
|
$ |
9,022 |
|
|
$ |
8,562 |
|
|
$ |
34,896 |
|
|
$ |
34,786 |
|
|
|
|
|
|
Less regional expenses
as reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
(308 |
) |
|
|
(260 |
) |
|
|
(1,109 |
) |
|
|
(1,230 |
) |
|
|
|
|
|
Other |
|
|
(1,247 |
) |
|
|
(1,186 |
) |
|
|
(4,935 |
) |
|
|
(4,753 |
) |
|
|
|
|
|
Total mainline
operating expenses as reported |
|
|
7,467 |
|
|
|
7,116 |
|
|
|
28,852 |
|
|
|
28,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
(259 |
) |
|
|
(441 |
) |
|
|
(709 |
) |
|
|
(1,051 |
) |
|
|
|
|
|
Mainline operating
expenses, excluding special items |
|
|
7,208 |
|
|
|
6,675 |
|
|
|
28,143 |
|
|
|
27,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes |
|
|
(1,335 |
) |
|
|
(1,314 |
) |
|
|
(5,071 |
) |
|
|
(6,226 |
) |
|
|
|
|
|
Mainline operating
expenses, excluding special items and fuel |
|
$ |
5,873 |
|
|
$ |
5,361 |
|
|
$ |
23,072 |
|
|
$ |
21,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating
expenses per ASM as reported |
|
|
12.93 |
|
|
|
12.24 |
|
|
|
11.94 |
|
|
|
12.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net per ASM (1) |
|
|
(0.45 |
) |
|
|
(0.76 |
) |
|
|
(0.29 |
) |
|
|
(0.44 |
) |
|
|
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
12.48 |
|
|
|
11.48 |
|
|
|
11.64 |
|
|
|
11.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes per ASM |
|
|
(2.31 |
) |
|
|
(2.26 |
) |
|
|
(2.10 |
) |
|
|
(2.60 |
) |
|
|
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
10.17 |
|
|
|
9.22 |
|
|
|
9.54 |
|
|
|
8.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended December 31, |
|
12 Months Ended December 31, |
|
|
|
|
|
Items and Fuel - Regional only |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total regional
operating expenses as reported |
|
$ |
1,555 |
|
|
$ |
1,446 |
|
|
$ |
6,044 |
|
|
$ |
5,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
operating special items, net |
|
|
(2 |
) |
|
|
(9 |
) |
|
|
(14 |
) |
|
|
(29 |
) |
|
|
|
|
|
Regional operating
expenses, excluding special items |
|
|
1,553 |
|
|
|
1,437 |
|
|
|
6,030 |
|
|
|
5,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes |
|
|
(308 |
) |
|
|
(260 |
) |
|
|
(1,109 |
) |
|
|
(1,230 |
) |
|
|
|
|
|
Regional operating
expenses, excluding special items and fuel |
|
$ |
1,245 |
|
|
$ |
1,177 |
|
|
$ |
4,921 |
|
|
$ |
4,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating
expenses per ASM as reported |
|
|
19.60 |
|
|
|
19.78 |
|
|
|
19.08 |
|
|
|
20.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
operating special items, net per ASM |
|
|
(0.02 |
) |
|
|
(0.13 |
) |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
|
|
|
|
Regional operating
expenses per ASM, excluding special items |
|
|
19.58 |
|
|
|
19.65 |
|
|
|
19.04 |
|
|
|
20.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes per ASM |
|
|
(3.88 |
) |
|
|
(3.55 |
) |
|
|
(3.50 |
) |
|
|
(4.19 |
) |
|
|
|
|
|
Regional operating
expenses per ASM, excluding special items and fuel |
|
|
15.70 |
|
|
|
16.10 |
|
|
|
15.53 |
|
|
|
16.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended December 31, |
|
12 Months Ended December 31, |
|
|
|
|
|
Items and Fuel - Total Mainline and Regional |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
(in millions) |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses as reported |
|
$ |
9,022 |
|
|
$ |
8,562 |
|
|
$ |
34,896 |
|
|
$ |
34,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
(259 |
) |
|
|
(441 |
) |
|
|
(709 |
) |
|
|
(1,051 |
) |
|
|
|
|
|
Regional
operating special items, net |
|
|
(2 |
) |
|
|
(9 |
) |
|
|
(14 |
) |
|
|
(29 |
) |
|
|
|
|
|
Total operating
expenses, excluding special items |
|
|
8,761 |
|
|
|
8,112 |
|
|
|
34,173 |
|
|
|
33,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes - mainline |
|
|
(1,335 |
) |
|
|
(1,314 |
) |
|
|
(5,071 |
) |
|
|
(6,226 |
) |
|
|
|
|
|
Aircraft fuel
and related taxes - regional |
|
|
(308 |
) |
|
|
(260 |
) |
|
|
(1,109 |
) |
|
|
(1,230 |
) |
|
|
|
|
|
Total operating
expenses, excluding special items and fuel |
|
$ |
7,118 |
|
|
$ |
6,538 |
|
|
$ |
27,993 |
|
|
$ |
26,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses per ASM as reported |
|
|
13.74 |
|
|
|
13.08 |
|
|
|
12.76 |
|
|
|
12.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items per
ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
(0.39 |
) |
|
|
(0.67 |
) |
|
|
(0.26 |
) |
|
|
(0.39 |
) |
|
|
|
|
|
Regional
operating special items, net |
|
|
- |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
13.34 |
|
|
|
12.39 |
|
|
|
12.50 |
|
|
|
12.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes - mainline |
|
|
(2.03 |
) |
|
|
(2.01 |
) |
|
|
(1.85 |
) |
|
|
(2.32 |
) |
|
|
|
|
|
Aircraft fuel
and related taxes - regional |
|
|
(0.47 |
) |
|
|
(0.40 |
) |
|
|
(0.41 |
) |
|
|
(0.46 |
) |
|
|
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
10.84 |
|
|
|
9.99 |
|
|
|
10.24 |
|
|
|
9.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
The 2016 fourth quarter mainline operating special
items totaled a net charge of $259 million, which principally
included $119 million of merger integration expenses, $104 million
of fleet restructuring expenses and a $47 million net charge
consisting of fair value adjustments for bankruptcy obligations.
The 2016 twelve month period mainline operating special items
totaled a net charge of $709 million, which principally included
$514 million of merger integration expenses, $177 million of fleet
restructuring expenses and a $25 million net charge consisting of
fair value adjustments for bankruptcy obligations. For 2016, merger
integration expenses included costs related to information
technology, re-branding of aircraft, airport facilities and
uniforms, alignment of labor union contracts, professional fees,
relocation, training and severance. Fleet restructuring expenses
included the acceleration of aircraft depreciation, impairments,
remaining lease payments and lease return costs for aircraft
grounded earlier than planned. The 2015 fourth quarter mainline
operating special items totaled a net charge of $441 million, which
principally included $203 million of merger integration expenses,
$92 million of fleet restructuring expenses and a $22 million net
charge consisting of fair value adjustments for bankruptcy
obligations. The 2015 twelve month period mainline operating
special items totaled a net charge of $1.1 billion, which
principally consisted of $826 million of merger integration
expenses, $210 million of fleet restructuring expenses and a $53
million net credit consisting of fair value adjustments for
bankruptcy obligations. For 2015, merger integration expenses
included costs related to information technology, alignment of
labor union contracts, professional fees, severance, relocation and
training, re-branding of aircraft, airport facilities and uniforms,
as well as share-based compensation. Fleet restructuring expenses
included the acceleration of aircraft depreciation, impairments,
remaining lease payments and lease return costs for aircraft
grounded earlier than planned. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
The 2016 fourth quarter nonoperating special charges
primarily consisted of debt issuance costs associated with a term
loan refinancing. In addition to these term loan refinancing costs,
the 2016 twelve month period nonoperating special charges included
non-cash write offs of unamortized discounts and issuances costs,
as well as payments of redemption premiums and fees, associated
with a bond refinancing. The 2015 fourth quarter and twelve month
period nonoperating special items totaled a net charge of $592
million and $594 million, respectively, and primarily consisted of
a write off of all of the value of Venezuelan bolivars held by the
Company due to continued lack of repatriations and deterioration of
economic conditions in Venezuela. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
In 2015, income tax special items totaled a net credit
of $3.0 billion. In connection with the preparation of the
Company's financial statements for the fourth quarter of 2015,
management determined that it was more likely than not that
substantially all of its deferred tax assets, which include the
Company's net operating losses (NOLs), would be realized.
Accordingly, the Company reversed $3.0 billion of the valuation
allowance as of December 31, 2015, which resulted in a special $3.0
billion non-cash tax benefit recorded in the consolidated statement
of operations for 2015. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
In 2015, there was no net tax effect associated with
special items. During 2015, the Company’s net deferred tax asset,
which includes its NOLs, was subject to a full valuation allowance.
Accordingly, the Company’s NOLs offset its taxable income and
resulted in the release of a corresponding portion of valuation
allowance, which offset the tax provision dollar for dollar. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
As a result of the Company's profitability and the
reversal of the valuation allowance on its deferred tax assets at
December 31, 2015, the Company recognized a $211 million and $1.62
billion provision for income taxes in the 2016 fourth quarter and
twelve month period, respectively. Of these amounts, $207 million
and $1.61 billion in the 2016 fourth quarter and twelve month
period, respectively, were non-cash due to the utilization of NOLs.
For periods prior to 2016, the Company recognized a nominal tax
provision for certain states and international jurisdictions where
NOLs were limited or not available to be used. In addition, the
Company recorded a $3.0 billion non-cash tax benefit in connection
with the reversal of the valuation allowance as of December 31,
2015, as described above. Accordingly, amounts reported in the 2016
fourth quarter and twelve month period for income tax provision and
net income are not comparable to the respective 2015 periods. The
Company is presenting net income and earnings per share excluding
special items and the non-cash income tax provision in order to
provide more meaningful period-over-period comparisons. |
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group
Inc. |
|
Condensed Consolidated Balance
Sheets |
|
(In millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
December 31, 2016 |
|
December 31, 2015 |
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash |
$ |
322 |
|
|
$ |
390 |
|
|
Short-term
investments |
|
6,037 |
|
|
|
5,864 |
|
|
Restricted cash
and short-term investments |
|
638 |
|
|
|
695 |
|
|
Accounts
receivable, net |
|
1,594 |
|
|
|
1,425 |
|
|
Aircraft fuel,
spare parts and supplies, net |
|
1,094 |
|
|
|
863 |
|
|
Prepaid expenses
and other |
|
639 |
|
|
|
748 |
|
|
Total current assets |
|
10,324 |
|
|
|
9,985 |
|
|
|
|
|
|
|
Operating property and
equipment |
|
|
|
|
Flight
equipment |
|
37,028 |
|
|
|
33,185 |
|
|
Ground property
and equipment |
|
7,116 |
|
|
|
6,402 |
|
|
Equipment
purchase deposits |
|
1,209 |
|
|
|
1,067 |
|
|
Total property and equipment, at cost |
|
45,353 |
|
|
|
40,654 |
|
|
Less accumulated
depreciation and amortization |
|
(14,194 |
) |
|
|
(13,144 |
) |
|
Total property and equipment, net |
|
31,159 |
|
|
|
27,510 |
|
|
|
|
|
|
|
Other assets |
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
Intangibles,
net |
|
2,173 |
|
|
|
2,249 |
|
|
Deferred tax
asset |
|
1,498 |
|
|
|
2,477 |
|
|
Other
assets |
|
2,029 |
|
|
|
2,103 |
|
|
Total other assets |
|
9,791 |
|
|
|
10,920 |
|
|
|
|
|
|
|
Total assets |
$ |
51,274 |
|
|
$ |
48,415 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Current
maturities of long-term debt and capital leases |
$ |
1,855 |
|
|
$ |
2,231 |
|
|
Accounts
payable |
|
1,592 |
|
|
|
1,563 |
|
|
Accrued salaries
and wages |
|
1,516 |
|
|
|
1,205 |
|
|
Air traffic
liability |
|
3,912 |
|
|
|
3,747 |
|
|
Loyalty program
liability |
|
2,789 |
|
|
|
2,525 |
|
|
Other accrued
liabilities |
|
2,208 |
|
|
|
2,334 |
|
|
Total current liabilities |
|
13,872 |
|
|
|
13,605 |
|
|
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
|
Long-term debt
and capital leases, net of current maturities |
|
22,489 |
|
|
|
18,330 |
|
|
Pension and
postretirement benefits |
|
7,842 |
|
|
|
7,450 |
|
|
Deferred gains
and credits, net |
|
526 |
|
|
|
667 |
|
|
Other
liabilities |
|
2,760 |
|
|
|
2,728 |
|
|
Total noncurrent liabilities |
|
33,617 |
|
|
|
29,175 |
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
Common
stock |
|
5 |
|
|
|
6 |
|
|
Additional
paid-in capital |
|
7,223 |
|
|
|
11,591 |
|
|
Accumulated
other comprehensive loss |
|
(5,083 |
) |
|
|
(4,732 |
) |
|
Retained
earnings (deficit) |
|
1,640 |
|
|
|
(1,230 |
) |
|
Total stockholders' equity |
|
3,785 |
|
|
|
5,635 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
51,274 |
|
|
$ |
48,415 |
|
|
Corporate Communications
817-967-1577
mediarelations@aa.com
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