American Airlines Group Inc. (NASDAQ:AAL) today reported its
fourth-quarter and full year 2017 results, including these
highlights:
- Reported a full year 2017 pre-tax profit of $3.1
billion, or $3.8 billion excluding net special items1, and a full
year net profit of $1.9 billion, or $2.4 billion excluding net
special items
- Reported a fourth-quarter 2017 pre-tax profit of $425
million, or $739 million excluding net special items, and a
fourth-quarter net profit of $258 million, or $455 million
excluding net special items
- 2017 earnings were $3.90 per diluted share, or $4.88
per diluted share excluding net special items. Fourth-quarter
earnings were $0.54 per diluted share, or $0.95 per diluted share
excluding net special items
- Accrued $241 million for the company’s profit sharing
program in 2017, including $46 million in the fourth
quarter
- Returned $1.7 billion to shareholders in 2017,
including the repurchase of 33.9 million shares and dividend
payments of $198 million
Pre-tax earnings excluding net special items for the fourth
quarter of 2017 were $739 million, a $34 million decrease from the
fourth quarter of 2016. For the full year 2017, pre-tax earnings
excluding net special items were $3.8 billion, a decrease of $1.2
billion from 2016.
“2017 was a remarkable year for American Airlines. We made
enormous progress as a company as we continued to make significant
investments in our team members, product and operation, and those
investments are beginning to pay off,” said Chairman and CEO Doug
Parker. “Our operation continues to deliver record-setting
performance for the company, and the credit goes to our team
members who are simply the best in the business.
“We enter 2018 with strong momentum. Demand for American’s
reliable, friendly service remains strong, our network is
expanding, and the products we are bringing to market are
resonating with customers.”
Fourth-Quarter and Full Year 2017 Revenue and
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
Non-GAAP1 |
|
GAAP |
|
Non-GAAP1 |
|
|
4Q17 |
4Q16 |
|
4Q17 |
4Q16 |
|
FY17 |
FY16 |
|
FY17 |
FY16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues ($ mil) |
$ |
10,600 |
|
$ |
9,789 |
|
|
$ |
10,600 |
|
$ |
9,789 |
|
|
$ |
42,207 |
|
$ |
40,180 |
|
|
$ |
42,207 |
|
$ |
40,180 |
|
|
Total operating
expenses ($ mil) |
|
9,910 |
|
|
9,022 |
|
|
|
9,607 |
|
|
8,761 |
|
|
|
38,149 |
|
|
34,896 |
|
|
|
37,415 |
|
|
34,173 |
|
|
Operating income ($
mil) |
|
690 |
|
|
767 |
|
|
|
993 |
|
|
1,028 |
|
|
|
4,058 |
|
|
5,284 |
|
|
|
4,792 |
|
|
6,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income ($
mil) |
|
425 |
|
|
500 |
|
|
|
739 |
|
|
773 |
|
|
|
3,084 |
|
|
4,299 |
|
|
|
3,840 |
|
|
5,071 |
|
|
Pre-tax margin |
|
4.0 |
% |
|
5.1 |
% |
|
|
7.0 |
% |
|
7.9 |
% |
|
|
7.3 |
% |
|
10.7 |
% |
|
|
9.1 |
% |
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income ($ mil) |
|
258 |
|
|
289 |
|
|
|
455 |
|
|
475 |
|
|
|
1,919 |
|
|
2,676 |
|
|
|
2,399 |
|
|
3,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted
share |
$ |
0.54 |
|
$ |
0.56 |
|
|
$ |
0.95 |
|
$ |
0.92 |
|
|
$ |
3.90 |
|
$ |
4.81 |
|
|
$ |
4.88 |
|
$ |
5.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strong close-in demand and improving yields drove an 8.3 percent
year-over-year increase in fourth-quarter total revenue, to $10.6
billion. Passenger yields grew in all geographic regions, including
11.0 percent growth in trans-Atlantic and 7.9 percent growth in
Latin America. Cargo revenue was up 19.7 percent to $232 million
due to higher volumes and a 6.7 percent increase in cargo yield.
Other revenue was up 8.1 percent to $1.3 billion. Fourth-quarter
total revenue per available seat mile increased by 5.6 percent
compared to 2016 on a 2.5 percent increase in total available seat
miles.
Total fourth-quarter operating expenses were $9.9 billion, up
9.8 percent year-over-year due primarily to a 23.5 percent increase
in consolidated fuel expense and a 7.0 percent increase in salaries
and benefits resulting from the company’s investments in its team
members. Total fourth-quarter cost per available seat mile (CASM)
was 14.71 cents, up 7.1 percent from fourth-quarter 2016. Excluding
fuel and special items, total fourth-quarter CASM was 11.25 cents,
up 3.8 percent year-over-year.
Strategic Objectives
The company continues to focus on four long-term strategic
objectives: Create a World-Class Customer Experience, Make Culture
a Competitive Advantage, Ensure Long-Term Financial Strength, and
Think Forward, Lead Forward.
Create a World-Class Customer Experience
American began 2017 by being named Air Transport World’s Airline
of the Year in recognition of its successful integration and
significant investment in its product and people. This is a
recognition American had not received since 1988. Also in 2017,
American:
- Recorded its best on-time departure and arrival performance
since 2003, and its best baggage handling performance since DOT
began reporting in 1994
- Launched new products to meet customer demand, including the
expansion of American’s best-in-class lounges by opening Flagship
First Dining, a new exclusive experience for customers in First
Class on international and A321T transcontinental flights. American
now offers Flagship First Dining in Miami, Los Angeles, and New
York- JFK. Importantly, American is the only U.S. airline that
offers international First Class
- Operated the youngest fleet among its peers and invested $4.1
billion in new aircraft, including its first Boeing 737 MAX. By the
end of 2018, the company expects to induct a total of 20 new MAX
aircraft, which will replace older, less fuel efficient
aircraft
- Introduced new streaming-capable satellite-based internet
access on the 737 MAX, which will be rolled out across most of the
domestic mainline fleet
- Introduced Basic Economy, a product to compete with ultra
low-cost carriers. This product is now offered nationwide and to
leisure markets in Mexico and most of the Caribbean
- Rolled out Premium Economy, which offers a wider seat, more
legroom, an amenity kit, and enhanced meal choices on international
flights. Currently 64 widebody aircraft offer this product.
American expects to offer Premium Economy on most of its widebody
fleet by the spring of 2019
- Expanded the airline’s global footprint by launching Los
Angeles-to-Beijing service; and announcing service from
Philadelphia to Prague, Czech Republic, and Budapest, Hungary;
Dallas-Fort Worth to Reykjavik-Keflavik, Iceland; and
Chicago-O’Hare to Venice, Italy, which will start this summer
- Completed delivery of the last Boeing 737-800 and Airbus
A321CEO aircraft
- Painted the last aircraft in American’s new livery
“Customers are responding positively to the options American
offers, from international First Class to Basic Economy,” said
American Airlines President Robert Isom. “We are far ahead of our
U.S. competitors in offering Premium Economy on our international
flights, which comes just as we begin to prepare for the busy
summer travel season. Importantly, this highly-differentiated
product makes American’s international service consistent with its
partners across the Atlantic and the Pacific, so customers can book
their international Premium Economy trips seamlessly.
“American’s customers are noticing these significant product and
network improvements. 2017 survey scores measuring our customers’
likelihood to recommend American were the highest they’ve been in
company history,” Isom said.
Make Culture a Competitive Advantage
American is creating an environment that cares for frontline
team members, provides competitive pay, and equips its team with
the right tools to support its customers. During 2017,
American:
- Awarded each team member with two complimentary round-trip
tickets across American’s global network to commemorate being named
Air Transport World’s 2017 Airline of the Year
- After hurricanes hit the Caribbean and Florida, American
Airlines team members worked together to help the people of San
Juan, Puerto Rico and other affected parts of the region. American
and its team members have delivered more than 2.5 million pounds of
relief supplies and raised almost $2 million for the American Red
Cross, in addition to other relief work
- Invested more than $300 million in facilities and equipment
including renovations to team member spaces, mobile devices for
pilots and flight attendants, and the ongoing One Campus One Team
initiative at the airline’s global support center in Fort
Worth
- Ensured team member pay remained competitive through
initiatives such as a mid-contract salary increase for pilots and
flight attendants and continued step increases from a mid-contract
pay increase for mechanics and fleet service workers
- Introduced a best-in-industry maternity and adoption benefit
program to all team members including union-represented team
members
- Launched the company’s first team member survey in over a
decade
- Provided customer service skills training to 35,000 team
members through Elevate the Everyday Experience training, and
launched training for leaders that emphasizes supporting team
members who directly serve customers
- Announced that work on its CFM56-5B engines, which power much
of American’s Airbus narrowbody fleet, would move in-house to its
world-class maintenance team located in Tulsa, Oklahoma beginning
later this year
- Just this month, shared benefits of the recent Tax Cuts and
Jobs Act by issuing $1,000 payments to all non-officer team members
at American and its wholly-owned regional carriers. While American
does not yet pay federal cash income taxes, the new tax law will
reduce the company’s future tax bill and allow more investments in
equipment and facilities
Ensure Long-Term Financial Strength
American has taken significant steps forward to ensure its
long-term competitiveness in the global aviation industry. In the
four full years since the merger closed, the company’s cumulative
pre-tax earnings excluding net special items were $19.4 billion.
American is focused on capturing the efficiencies created by the
merger, delivering on its earnings potential, and creating value
for its owners. In 2017, American:
- Returned $1.7 billion to shareholders through share repurchases
and dividends, bringing the total since mid-2014 to $11.4 billion.
These repurchases have reduced the share count by 37 percent to
475.5 million shares at the end of 2017. As of December 31, 2017,
the company had approximately $450 million remaining of its current
$2.0 billion share repurchase authority2
- Announced, at American’s Media & Investor Day last fall,
$3.9 billion in revenue and cost initiatives expected to be
realized by the end of 2021. These projects are on track and are
expected to improve the customer experience, drive revenue
improvements, and deliver cost efficiencies
- Completed several innovative and landmark transactions in 2017
that provided efficient financing for the company. These
transactions included repricing approximately $5 billion in term
loans at industry-leading rates, extending and increasing its
revolving credit facility, and setting a new benchmark rate for
subordinated aircraft debt in the EETC market
- On January 25, 2018, declared a dividend of $0.10 per share, to
be paid on February 20, 2018, to stockholders of record as of
February 6, 2018
Think Forward, Lead Forward
American is committed to re-establishing itself as an industry
leader by creating an action-oriented culture that moves quickly to
bring products to market, embraces technological change, and
quickly seizes upon new opportunities for its network and product.
In 2017, American:
- Announced a $200 million equity stake in China Southern
Airlines, leading to a growing codeshare with the largest airline
in China
- Executed an amended and restated trans-Atlantic Joint Business
Agreement that extends the term of the agreement with the company’s
partners
- Adopted next-generation technology such as cloud hosting and
machine learning to speed time to value
- Announced a commitment for more than $1.6 billion for
improvements of LAX Terminals 4 and 5, setting the stage for
American to receive additional gate space, strengthen its Pacific
gateway and to be the pre-eminent airline for Los Angeles
- Built a five-gate expansion at Chicago O’Hare Terminal 3, which
is expected to open in April, giving American a new advantage at
this key competitive hub
Parker summarized: “As an airline, we will always operate in a
just-in-time environment, however, we recognize we must lead for
the long term. This means we must be more nimble in our problem
solving and in how we innovate and develop the right products,
technology, and network both for customers of today and the future.
Ultimately, all of this work will produce a company built for the
long term, led by a team that thinks long-term, sees the potential
of future opportunities, and brings innovative concepts to market
quickly and efficiently.”
Guidance and Investor Update
American expects its first-quarter 2018 TRASM to increase
approximately 2.0 to 4.0 percent year-over-year, which reflects
expected continued improvement in demand for both business and
leisure travel. The company also expects its first-quarter 2018
pre-tax margin excluding special items to be between 2.0 and 4.0
percent.3 In addition, based on the guidance issued today and
current business conditions, American presently expects its 2018
diluted earnings per share excluding net special items to be
between $5.50 and $6.50. 3
For additional 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.
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 February 25.
Notes
- In the fourth quarter, the company recognized $314 million in
net special items before the effect of income taxes. Mainline
special items principally consisted of a $123 million charge for
the $1,000 cash bonus and associated payroll taxes granted to
employees in recognition of recent tax reform, $81 million of
merger integration expenses, $58 million of fleet restructuring
expenses, and a $20 million net charge resulting from fair value
adjustments to bankruptcy obligations. Regional special items of
$23 million principally consisted of a charge related to the $1,000
cash bonus and associated payroll taxes discussed above for
employees at the company’s regional subsidiaries. The company also
recognized a nonoperating special charge of $11 million and an
income tax net special benefit of $7 million. 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.
- Share repurchases under the buyback program 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.
- American is unable to reconcile certain forward-looking
projections to GAAP as the nature or amount of special items cannot
be determined at this time.
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.
Cautionary Statement Regarding Forward-Looking
Statements and Information
Certain of the statements contained in this
report should be considered forward-looking statements within the
meaning of the Securities Act of 1933, as amended (the Securities
Act), the Securities Exchange Act of 1934, as amended (the Exchange
Act), and 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
our plans, objectives, expectations, intentions, estimates and
strategies for the future, and other statements that are not
historical facts. These forward-looking statements are based on our
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, those set forth in our Quarterly Report on Form 10-Q
for the quarter ended September 30, 2017 (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 our other
filings with the Securities and Exchange Commission. There may be
other factors of which we are 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. We do 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. Any forward-looking statements speak only as of the
date hereof or as of the dates indicated in the statements.
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
|
|
Condensed Consolidated
Statements of Operations |
|
|
(In millions, except share and per share
amounts) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended December 31 |
|
Percent |
|
12 Months Ended December 31, |
|
Percent |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Change |
|
|
2017 |
|
|
|
2016 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline
passenger |
|
$ |
7,257 |
|
|
$ |
6,717 |
|
|
8.0 |
|
|
$ |
29,238 |
|
|
$ |
27,909 |
|
|
4.8 |
|
|
|
Regional
passenger |
|
|
1,762 |
|
|
|
1,630 |
|
|
8.1 |
|
|
|
6,895 |
|
|
|
6,670 |
|
|
3.4 |
|
|
|
Cargo |
|
|
232 |
|
|
|
194 |
|
|
19.7 |
|
|
|
800 |
|
|
|
700 |
|
|
14.3 |
|
|
|
Other |
|
|
1,349 |
|
|
|
1,248 |
|
|
8.1 |
|
|
|
5,274 |
|
|
|
4,901 |
|
|
7.6 |
|
|
|
Total operating
revenues |
|
|
10,600 |
|
|
|
9,789 |
|
|
8.3 |
|
|
|
42,207 |
|
|
|
40,180 |
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes |
|
|
1,646 |
|
|
|
1,335 |
|
|
23.3 |
|
|
|
6,128 |
|
|
|
5,071 |
|
|
20.8 |
|
|
|
Salaries, wages
and benefits |
|
|
2,993 |
|
|
|
2,796 |
|
|
7.0 |
|
|
|
11,816 |
|
|
|
10,890 |
|
|
8.5 |
|
|
|
Regional
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
383 |
|
|
|
308 |
|
|
24.3 |
|
|
|
1,382 |
|
|
|
1,109 |
|
|
24.6 |
|
|
|
Other |
|
|
1,315 |
|
|
|
1,247 |
|
|
5.4 |
|
|
|
5,164 |
|
|
|
4,935 |
|
|
4.6 |
|
|
|
Maintenance,
materials and repairs |
|
|
484 |
|
|
|
482 |
|
|
0.5 |
|
|
|
1,959 |
|
|
|
1,834 |
|
|
6.8 |
|
|
|
Other rent and
landing fees |
|
|
443 |
|
|
|
430 |
|
|
3.0 |
|
|
|
1,806 |
|
|
|
1,772 |
|
|
1.9 |
|
|
|
Aircraft
rent |
|
|
305 |
|
|
|
295 |
|
|
3.4 |
|
|
|
1,197 |
|
|
|
1,203 |
|
|
(0.4 |
) |
|
|
Selling
expenses |
|
|
383 |
|
|
|
334 |
|
|
14.8 |
|
|
|
1,477 |
|
|
|
1,323 |
|
|
11.6 |
|
|
|
Depreciation and
amortization |
|
|
447 |
|
|
|
397 |
|
|
12.5 |
|
|
|
1,702 |
|
|
|
1,525 |
|
|
11.6 |
|
|
|
Special items,
net |
|
|
280 |
|
|
|
259 |
|
|
8.1 |
|
|
|
712 |
|
|
|
709 |
|
|
0.5 |
|
|
|
Other |
|
|
1,231 |
|
|
|
1,139 |
|
|
8.1 |
|
|
|
4,806 |
|
|
|
4,525 |
|
|
6.2 |
|
|
|
Total operating
expenses |
|
|
9,910 |
|
|
|
9,022 |
|
|
9.8 |
|
|
|
38,149 |
|
|
|
34,896 |
|
|
9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
690 |
|
|
|
767 |
|
|
(10.0 |
) |
|
|
4,058 |
|
|
|
5,284 |
|
|
(23.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
24 |
|
|
|
18 |
|
|
29.2 |
|
|
|
94 |
|
|
|
63 |
|
|
47.8 |
|
|
|
Interest
expense, net |
|
|
(266 |
) |
|
|
(254 |
) |
|
5.1 |
|
|
|
(1,053 |
) |
|
|
(991 |
) |
|
6.2 |
|
|
|
Other, net |
|
|
(23 |
) |
|
|
(31 |
) |
|
(27.5 |
) |
|
|
(15 |
) |
|
|
(57 |
) |
|
(73.4 |
) |
|
|
Total
nonoperating expense, net |
|
|
(265 |
) |
|
|
(267 |
) |
|
(0.4 |
) |
|
|
(974 |
) |
|
|
(985 |
) |
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
425 |
|
|
|
500 |
|
|
(15.1 |
) |
|
|
3,084 |
|
|
|
4,299 |
|
|
(28.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision |
|
|
167 |
|
|
|
211 |
|
|
(20.9 |
) |
|
|
1,165 |
|
|
|
1,623 |
|
|
(28.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
258 |
|
|
$ |
289 |
|
|
(10.9 |
) |
|
$ |
1,919 |
|
|
$ |
2,676 |
|
|
(28.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.54 |
|
|
$ |
0.56 |
|
|
|
|
$ |
3.92 |
|
|
$ |
4.85 |
|
|
|
|
|
Diluted |
|
$ |
0.54 |
|
|
$ |
0.56 |
|
|
|
|
$ |
3.90 |
|
|
$ |
4.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
477,165 |
|
|
|
514,571 |
|
|
|
|
|
489,164 |
|
|
|
552,308 |
|
|
|
|
|
Diluted |
|
|
479,382 |
|
|
|
518,358 |
|
|
|
|
|
491,692 |
|
|
|
556,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
2017 |
|
2016 |
|
Change |
|
|
2017 |
|
2016 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
48,951 |
|
47,395 |
|
3.3 |
|
% |
|
201,351 |
|
199,014 |
|
1.2 |
|
% |
|
Available seat miles
(ASM) (millions) |
|
59,140 |
|
57,749 |
|
2.4 |
|
% |
|
243,806 |
|
241,734 |
|
0.9 |
|
% |
|
Passenger load factor
(percent) |
|
82.8 |
|
82.1 |
|
0.7 |
|
pts |
|
82.6 |
|
82.3 |
|
0.3 |
|
pts |
|
Yield (cents) |
|
14.82 |
|
14.17 |
|
4.6 |
|
% |
|
14.52 |
|
14.02 |
|
3.5 |
|
% |
|
Passenger revenue per
ASM (cents) |
|
12.27 |
|
11.63 |
|
5.5 |
|
% |
|
11.99 |
|
11.55 |
|
3.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
36,035 |
|
34,700 |
|
3.8 |
|
% |
|
144,922 |
|
144,530 |
|
0.3 |
|
% |
|
Departures
(thousands) |
|
265 |
|
265 |
|
- |
|
% |
|
1,081 |
|
1,102 |
|
(1.9 |
) |
% |
|
Aircraft at end of
period |
|
948 |
|
930 |
|
1.9 |
|
% |
|
948 |
|
930 |
|
1.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block hours
(thousands) |
|
833 |
|
827 |
|
0.7 |
|
% |
|
3,441 |
|
3,477 |
|
(1.0 |
) |
% |
|
Average stage length
(miles) |
|
1,226 |
|
1,215 |
|
0.9 |
|
% |
|
1,240 |
|
1,230 |
|
0.8 |
|
% |
|
Fuel consumption
(gallons in millions) |
|
866 |
|
857 |
|
1.1 |
|
% |
|
3,579 |
|
3,596 |
|
(0.5 |
) |
% |
|
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.90 |
|
1.56 |
|
22.0 |
|
% |
|
1.71 |
|
1.41 |
|
21.4 |
|
% |
|
Full-time equivalent
employees at end of period |
|
103,100 |
|
101,500 |
|
1.6 |
|
% |
|
103,100 |
|
101,500 |
|
1.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
13.89 |
|
12.93 |
|
7.4 |
|
% |
|
12.96 |
|
11.94 |
|
8.6 |
|
% |
|
Operating cost per ASM
excluding special items (cents) |
|
13.41 |
|
12.48 |
|
7.5 |
|
% |
|
12.67 |
|
11.64 |
|
8.8 |
|
% |
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
10.63 |
|
10.17 |
|
4.5 |
|
% |
|
10.16 |
|
9.54 |
|
6.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
(A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
6,376 |
|
6,057 |
|
5.3 |
|
% |
|
24,995 |
|
24,463 |
|
2.2 |
|
% |
|
Available seat miles
(millions) |
|
8,215 |
|
7,934 |
|
3.5 |
|
% |
|
32,687 |
|
31,676 |
|
3.2 |
|
% |
|
Passenger load factor
(percent) |
|
77.6 |
|
76.3 |
|
1.3 |
|
pts |
|
76.5 |
|
77.2 |
|
(0.7 |
) |
pts |
|
Yield (cents) |
|
27.64 |
|
26.91 |
|
2.7 |
|
% |
|
27.58 |
|
27.26 |
|
1.2 |
|
% |
|
Passenger revenue per
ASM (cents) |
|
21.45 |
|
20.54 |
|
4.4 |
|
% |
|
21.09 |
|
21.06 |
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
13,990 |
|
13,276 |
|
5.4 |
|
% |
|
54,718 |
|
54,184 |
|
1.0 |
|
% |
|
Aircraft at end of
period |
|
597 |
|
606 |
|
(1.5 |
) |
% |
|
597 |
|
606 |
|
(1.5 |
) |
% |
|
Fuel consumption
(gallons in millions) |
|
194 |
|
187 |
|
4.2 |
|
% |
|
773 |
|
751 |
|
2.8 |
|
% |
|
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.97 |
|
1.65 |
|
19.3 |
|
% |
|
1.79 |
|
1.48 |
|
21.2 |
|
% |
|
Full-time equivalent
employees at end of period (B) |
|
23,500 |
|
20,800 |
|
13.0 |
|
% |
|
23,500 |
|
20,800 |
|
13.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
20.67 |
|
19.60 |
|
5.4 |
|
% |
|
20.03 |
|
19.08 |
|
5.0 |
|
% |
|
Operating cost per ASM
excluding special items (cents) |
|
20.38 |
|
19.58 |
|
4.1 |
|
% |
|
19.96 |
|
19.04 |
|
4.9 |
|
% |
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
15.72 |
|
15.70 |
|
0.1 |
|
% |
|
15.73 |
|
15.53 |
|
1.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline
& Regional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
55,327 |
|
53,452 |
|
3.5 |
|
% |
|
226,346 |
|
223,477 |
|
1.3 |
|
% |
|
Available seat miles
(millions) |
|
67,355 |
|
65,683 |
|
2.5 |
|
% |
|
276,493 |
|
273,410 |
|
1.1 |
|
% |
|
Cargo ton miles
(millions) |
|
752 |
|
670 |
|
12.2 |
|
% |
|
2,788 |
|
2,424 |
|
15.0 |
|
% |
|
Passenger load factor
(percent) |
|
82.1 |
|
81.4 |
|
0.7 |
|
pts |
|
81.9 |
|
81.7 |
|
0.2 |
|
pts |
|
Yield (cents) |
|
16.30 |
|
15.62 |
|
4.4 |
|
% |
|
15.96 |
|
15.47 |
|
3.2 |
|
% |
|
Passenger revenue per
ASM (cents) |
|
13.39 |
|
12.71 |
|
5.4 |
|
% |
|
13.07 |
|
12.65 |
|
3.3 |
|
% |
|
Total revenue per ASM
(cents) |
|
15.74 |
|
14.90 |
|
5.6 |
|
% |
|
15.27 |
|
14.70 |
|
3.9 |
|
% |
|
Cargo yield per ton
mile (cents) |
|
30.91 |
|
28.97 |
|
6.7 |
|
% |
|
28.70 |
|
28.89 |
|
(0.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
50,025 |
|
47,976 |
|
4.3 |
|
% |
|
199,640 |
|
198,714 |
|
0.5 |
|
% |
|
Aircraft at end of
period |
|
1,545 |
|
1,536 |
|
0.6 |
|
% |
|
1,545 |
|
1,536 |
|
0.6 |
|
% |
|
Fuel consumption
(gallons in millions) |
|
1,060 |
|
1,044 |
|
1.7 |
|
% |
|
4,352 |
|
4,347 |
|
0.1 |
|
% |
|
Average
aircraft fuel price including related taxes (dollars per
gallon) |
1.91 |
|
1.57 |
|
21.5 |
|
% |
|
1.73 |
|
1.42 |
|
21.4 |
|
% |
|
Full-time equivalent
employees at end of period (B) |
|
126,600 |
|
122,300 |
|
3.5 |
|
% |
|
126,600 |
|
122,300 |
|
3.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
14.71 |
|
13.74 |
|
7.1 |
|
% |
|
13.80 |
|
12.76 |
|
8.1 |
|
% |
|
Operating cost per ASM
excluding special items (cents) |
|
14.26 |
|
13.34 |
|
6.9 |
|
% |
|
13.53 |
|
12.50 |
|
8.3 |
|
% |
|
Operating cost per ASM
excluding special items and fuel (cents) |
|
11.25 |
|
10.84 |
|
3.8 |
|
% |
|
10.82 |
|
10.24 |
|
5.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
|
|
|
|
|
2017 |
|
2016 |
|
Change |
|
|
2017 |
|
2016 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic - Mainline |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
31,525 |
|
30,574 |
|
3.1 |
|
% |
|
126,867 |
|
127,869 |
|
(0.8 |
) |
% |
|
Available
seat miles (ASM) (millions) |
|
36,529 |
|
36,361 |
|
0.5 |
|
% |
|
149,175 |
|
150,655 |
|
(1.0 |
) |
% |
|
Passenger
load factor (percent) |
|
86.3 |
|
84.1 |
|
2.2 |
|
pts |
|
85.0 |
|
84.9 |
|
0.1 |
|
pts |
|
Yield
(cents) |
|
15.49 |
|
15.03 |
|
3.1 |
|
% |
|
15.21 |
|
14.63 |
|
4.0 |
|
% |
|
Passenger
revenue per ASM (cents) |
|
13.37 |
|
12.63 |
|
5.8 |
|
% |
|
12.94 |
|
12.42 |
|
4.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Consolidated - Mainline and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regional (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
37,901 |
|
36,631 |
|
3.5 |
|
% |
|
151,862 |
|
152,332 |
|
(0.3 |
) |
% |
|
Available
seat miles (millions) |
|
44,744 |
|
44,295 |
|
1.0 |
|
% |
|
181,862 |
|
182,330 |
|
(0.3 |
) |
% |
|
Passenger
load factor (percent) |
|
84.7 |
|
82.7 |
|
2.0 |
|
pts |
|
83.5 |
|
83.5 |
|
- |
|
pts |
|
Yield
(cents) |
|
17.53 |
|
16.99 |
|
3.2 |
|
% |
|
17.25 |
|
16.66 |
|
3.5 |
|
% |
|
Passenger
revenue per ASM (cents) |
|
14.85 |
|
14.05 |
|
5.7 |
|
% |
|
14.40 |
|
13.92 |
|
3.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
7,281 |
|
7,070 |
|
3.0 |
|
% |
|
29,725 |
|
29,927 |
|
(0.7 |
) |
% |
|
Available
seat miles (millions) |
|
9,269 |
|
8,866 |
|
4.5 |
|
% |
|
37,702 |
|
37,760 |
|
(0.2 |
) |
% |
|
Passenger
load factor (percent) |
|
78.5 |
|
79.7 |
|
(1.2 |
) |
pts |
|
78.8 |
|
79.3 |
|
(0.5 |
) |
pts |
|
Yield
(cents) |
|
15.68 |
|
14.52 |
|
7.9 |
|
% |
|
15.07 |
|
13.72 |
|
9.9 |
|
% |
|
Passenger
revenue per ASM (cents) |
|
12.31 |
|
11.58 |
|
6.3 |
|
% |
|
11.88 |
|
10.87 |
|
9.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
6,262 |
|
6,087 |
|
2.9 |
|
% |
|
29,338 |
|
27,794 |
|
5.6 |
|
% |
|
Available
seat miles (millions) |
|
8,558 |
|
8,071 |
|
6.0 |
|
% |
|
38,112 |
|
37,174 |
|
2.5 |
|
% |
|
Passenger
load factor (percent) |
|
73.2 |
|
75.4 |
|
(2.2 |
) |
pts |
|
77.0 |
|
74.8 |
|
2.2 |
|
pts |
|
Yield
(cents) |
|
13.48 |
|
12.15 |
|
11.0 |
|
% |
|
13.39 |
|
13.60 |
|
(1.6 |
) |
% |
|
Passenger
revenue per ASM (cents) |
|
9.87 |
|
9.16 |
|
7.7 |
|
% |
|
10.31 |
|
10.17 |
|
1.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
3,883 |
|
3,664 |
|
6.0 |
|
% |
|
15,421 |
|
13,424 |
|
14.9 |
|
% |
|
Available
seat miles (millions) |
|
4,784 |
|
4,451 |
|
7.5 |
|
% |
|
18,817 |
|
16,145 |
|
16.5 |
|
% |
|
Passenger
load factor (percent) |
|
81.2 |
|
82.3 |
|
(1.1 |
) |
pts |
|
82.0 |
|
83.1 |
|
(1.1 |
) |
pts |
|
Yield
(cents) |
|
9.99 |
|
9.74 |
|
2.6 |
|
% |
|
9.94 |
|
9.78 |
|
1.6 |
|
% |
|
Passenger
revenue per ASM (cents) |
|
8.11 |
|
8.01 |
|
1.2 |
|
% |
|
8.14 |
|
8.13 |
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passenger miles (millions) |
|
17,426 |
|
16,821 |
|
3.6 |
|
% |
|
74,484 |
|
71,145 |
|
4.7 |
|
% |
|
Available
seat miles (millions) |
|
22,611 |
|
21,388 |
|
5.7 |
|
% |
|
94,631 |
|
91,079 |
|
3.9 |
|
% |
|
Passenger
load factor (percent) |
|
77.1 |
|
78.6 |
|
(1.5 |
) |
pts |
|
78.7 |
|
78.1 |
|
0.6 |
|
pts |
|
Yield
(cents) |
|
13.62 |
|
12.62 |
|
7.9 |
|
% |
|
13.35 |
|
12.93 |
|
3.2 |
|
% |
|
Passenger
revenue per ASM (cents) |
|
10.50 |
|
9.93 |
|
5.7 |
|
% |
|
10.51 |
|
10.10 |
|
4.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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”) sometimes
uses financial measures that are derived from the consolidated
financial statements but that are not presented in accordance with
GAAP to understand and evaluate its current operating performance
and to allow for period-to-period comparisons. The Company believes
these non-GAAP financial measures may also provide useful
information to investors and others. These non-GAAP measures may
not be comparable to similarly titled non-GAAP measures of other
companies, and should be considered in addition to, and not as a
substitute for or superior to, any measure of performance, cash
flow or liquidity prepared in accordance with GAAP. The Company is
providing a reconciliation of reported non-GAAP financial measures
to their comparable financial measures on a GAAP basis. The tables
below present the reconciliations of the following GAAP measures to
their non-GAAP measures: - Pre-Tax Income (GAAP measure) to Pre-Tax
Income Excluding Special Items (non-GAAP measure) - Pre-Tax Margin
(GAAP measure) to Pre-Tax Margin Excluding Special Items (non-GAAP
measure) - Net Income (GAAP measure) to Net Income Excluding
Special Items (non-GAAP measure) - Basic and Diluted Earnings Per
Share (GAAP measure) to Basic and Diluted Earnings Per Share
Excluding Special Items (non-GAAP measure) - Operating Income (GAAP
measure) to Operating Income Excluding Special Items (non-GAAP
measure) Management uses these non-GAAP financial measures to
evaluate the Company's current operating performance and to allow
for period-to-period comparisons. As special items may vary from
period-to-period in nature and amount, the adjustment to exclude
special items allows management an additional tool to better
understand the Company’s core operating performance. Additionally,
the tables below present the reconciliations of mainline, regional
and total operating costs (GAAP measure) to mainline, regional and
total operating costs excluding special items and fuel (non-GAAP
measure). Management uses mainline, regional and total operating
costs excluding special items and fuel to evaluate the Company's
current operating performance and for period-to-period comparisons.
The price of fuel, over which the Company has no control, impacts
the comparability of period-to-period financial performance. The
adjustment to exclude aircraft fuel and special items allows
management an additional tool to better understand and analyze the
Company’s non-fuel costs and core operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Pre-Tax Income Excluding
Special Items for 2014-2017 |
|
12 Months Ended December 31, |
|
|
|
|
|
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2017 |
|
|
Cumulative |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
3,212 |
|
|
$ |
4,616 |
|
|
$ |
4,299 |
|
|
$ |
3,084 |
|
|
$ |
15,211 |
|
|
|
|
|
Pre-tax special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) (4) |
|
|
800 |
|
|
|
1,051 |
|
|
|
709 |
|
|
|
712 |
|
|
|
3,272 |
|
|
|
|
|
Regional
operating special items, net (2) (4) |
|
|
24 |
|
|
|
29 |
|
|
|
14 |
|
|
|
22 |
|
|
|
89 |
|
|
|
|
|
Nonoperating
special items, net (3) (4) |
|
|
132 |
|
|
|
594 |
|
|
|
49 |
|
|
|
22 |
|
|
|
797 |
|
|
|
|
|
Total pre-tax special
items |
|
|
956 |
|
|
|
1,674 |
|
|
|
772 |
|
|
|
756 |
|
|
|
4,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
4,168 |
|
|
$ |
6,290 |
|
|
$ |
5,071 |
|
|
$ |
3,840 |
|
|
$ |
19,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended December 31, |
|
Percent Change |
|
12 Months Ended December 31, |
|
Percent Change |
|
|
Reconciliation of Pre-Tax Income Excluding Special
Items |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
income as reported |
|
$ |
425 |
|
|
$ |
500 |
|
|
|
|
$ |
3,084 |
|
|
$ |
4,299 |
|
|
|
|
|
Pre-tax special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
280 |
|
|
|
259 |
|
|
|
|
|
712 |
|
|
|
709 |
|
|
|
|
|
Regional
operating special items, net (2) |
|
|
23 |
|
|
|
2 |
|
|
|
|
|
22 |
|
|
|
14 |
|
|
|
|
|
Nonoperating
special items, net (3) |
|
|
11 |
|
|
|
12 |
|
|
|
|
|
22 |
|
|
|
49 |
|
|
|
|
|
Total pre-tax special
items |
|
|
314 |
|
|
|
273 |
|
|
|
|
|
756 |
|
|
|
772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
739 |
|
|
$ |
773 |
|
|
|
-4 |
% |
|
$ |
3,840 |
|
|
$ |
5,071 |
|
|
-24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as
reported |
|
$ |
425 |
|
|
$ |
500 |
|
|
|
|
$ |
3,084 |
|
|
$ |
4,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues as reported |
|
$ |
10,600 |
|
|
$ |
9,789 |
|
|
|
|
$ |
42,207 |
|
|
$ |
40,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
|
4.0 |
% |
|
|
5.1 |
% |
|
|
|
|
7.3 |
% |
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
excluding special items |
|
$ |
739 |
|
|
$ |
773 |
|
|
|
|
$ |
3,840 |
|
|
$ |
5,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues as reported |
|
$ |
10,600 |
|
|
$ |
9,789 |
|
|
|
|
$ |
42,207 |
|
|
$ |
40,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin
excluding special items |
|
|
7.0 |
% |
|
|
7.9 |
% |
|
|
|
|
9.1 |
% |
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as reported |
|
$ |
258 |
|
|
$ |
289 |
|
|
|
|
$ |
1,919 |
|
|
$ |
2,676 |
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax
special items (1) (2) (3) |
|
|
314 |
|
|
|
273 |
|
|
|
|
|
756 |
|
|
|
772 |
|
|
|
|
|
Income tax
special items (5) |
|
|
(7 |
) |
|
|
- |
|
|
|
|
|
(7 |
) |
|
|
- |
|
|
|
|
|
Net tax effect
of special items |
|
|
(110 |
) |
|
|
(87 |
) |
|
|
|
|
(269 |
) |
|
|
(275 |
) |
|
|
|
|
Net income excluding
special items |
|
$ |
455 |
|
|
$ |
475 |
|
|
|
-4 |
% |
|
$ |
2,399 |
|
|
$ |
3,173 |
|
|
-24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding |
|
3 Months Ended December 31, |
|
|
|
12 Months Ended December 31, |
|
|
|
|
Special Items |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
(in millions, except per share amounts) |
|
|
|
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding
special items |
|
$ |
455 |
|
|
$ |
475 |
|
|
|
|
$ |
2,399 |
|
|
$ |
3,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
477,165 |
|
|
|
514,571 |
|
|
|
|
|
489,164 |
|
|
|
552,308 |
|
|
|
|
|
Diluted |
|
|
479,382 |
|
|
|
518,358 |
|
|
|
|
|
491,692 |
|
|
|
556,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.95 |
|
|
$ |
0.92 |
|
|
|
|
$ |
4.90 |
|
|
$ |
5.75 |
|
|
|
|
|
Diluted |
|
$ |
0.95 |
|
|
$ |
0.92 |
|
|
|
|
$ |
4.88 |
|
|
$ |
5.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
690 |
|
|
$ |
767 |
|
|
|
|
$ |
4,058 |
|
|
$ |
5,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
280 |
|
|
|
259 |
|
|
|
|
|
712 |
|
|
|
709 |
|
|
|
|
|
Regional
operating special items, net (2) |
|
|
23 |
|
|
|
2 |
|
|
|
|
|
22 |
|
|
|
14 |
|
|
|
|
|
Operating income
excluding special items |
|
$ |
993 |
|
|
$ |
1,028 |
|
|
|
|
$ |
4,792 |
|
|
$ |
6,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cost per ASM Excluding
Special |
|
3 Months Ended December 31, |
|
|
|
12 Months Ended December 31, |
|
|
|
|
Items and Fuel - Mainline only |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses as reported |
|
$ |
9,910 |
|
|
$ |
9,022 |
|
|
|
|
$ |
38,149 |
|
|
$ |
34,896 |
|
|
|
|
|
Less regional expenses
as reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
|
|
(383 |
) |
|
|
(308 |
) |
|
|
|
|
(1,382 |
) |
|
|
(1,109 |
) |
|
|
|
|
Other |
|
|
(1,315 |
) |
|
|
(1,247 |
) |
|
|
|
|
(5,164 |
) |
|
|
(4,935 |
) |
|
|
|
|
Total mainline
operating expenses as reported |
|
|
8,212 |
|
|
|
7,467 |
|
|
|
|
|
31,603 |
|
|
|
28,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
(280 |
) |
|
|
(259 |
) |
|
|
|
|
(712 |
) |
|
|
(709 |
) |
|
|
|
|
Mainline operating
expenses, excluding special items |
|
|
7,932 |
|
|
|
7,208 |
|
|
|
|
|
30,891 |
|
|
|
28,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes |
|
|
(1,646 |
) |
|
|
(1,335 |
) |
|
|
|
|
(6,128 |
) |
|
|
(5,071 |
) |
|
|
|
|
Mainline operating
expenses, excluding special items and fuel |
|
$ |
6,286 |
|
|
$ |
5,873 |
|
|
|
|
$ |
24,763 |
|
|
$ |
23,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating
expenses per ASM as reported |
|
|
13.89 |
|
|
|
12.93 |
|
|
|
|
|
12.96 |
|
|
|
11.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net per ASM (1) |
|
|
(0.47 |
) |
|
|
(0.45 |
) |
|
|
|
|
(0.29 |
) |
|
|
(0.29 |
) |
|
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
13.41 |
|
|
|
12.48 |
|
|
|
|
|
12.67 |
|
|
|
11.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes per ASM |
|
|
(2.78 |
) |
|
|
(2.31 |
) |
|
|
|
|
(2.51 |
) |
|
|
(2.10 |
) |
|
|
|
|
Mainline operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
10.63 |
|
|
|
10.17 |
|
|
|
|
|
10.16 |
|
|
|
9.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total regional
operating expenses as reported |
|
$ |
1,698 |
|
|
$ |
1,555 |
|
|
|
|
$ |
6,546 |
|
|
$ |
6,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
operating special items, net (2) |
|
|
(23 |
) |
|
|
(2 |
) |
|
|
|
|
(22 |
) |
|
|
(14 |
) |
|
|
|
|
Regional operating
expenses, excluding special items |
|
|
1,675 |
|
|
|
1,553 |
|
|
|
|
|
6,524 |
|
|
|
6,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes |
|
|
(383 |
) |
|
|
(308 |
) |
|
|
|
|
(1,382 |
) |
|
|
(1,109 |
) |
|
|
|
|
Regional operating
expenses, excluding special items and fuel |
|
$ |
1,292 |
|
|
$ |
1,245 |
|
|
|
|
$ |
5,142 |
|
|
$ |
4,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating
expenses per ASM as reported |
|
|
20.67 |
|
|
|
19.60 |
|
|
|
|
|
20.03 |
|
|
|
19.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
operating special items, net per ASM (2) |
|
|
(0.28 |
) |
|
|
(0.02 |
) |
|
|
|
|
(0.07 |
) |
|
|
(0.05 |
) |
|
|
|
|
Regional operating
expenses per ASM, excluding special items |
|
|
20.38 |
|
|
|
19.58 |
|
|
|
|
|
19.96 |
|
|
|
19.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes per ASM |
|
|
(4.66 |
) |
|
|
(3.88 |
) |
|
|
|
|
(4.23 |
) |
|
|
(3.50 |
) |
|
|
|
|
Regional operating
expenses per ASM, excluding special items and fuel |
|
|
15.72 |
|
|
|
15.70 |
|
|
|
|
|
15.73 |
|
|
|
15.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses as reported |
|
$ |
9,910 |
|
|
$ |
9,022 |
|
|
|
|
$ |
38,149 |
|
|
$ |
34,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
(280 |
) |
|
|
(259 |
) |
|
|
|
|
(712 |
) |
|
|
(709 |
) |
|
|
|
|
Regional
operating special items, net (2) |
|
|
(23 |
) |
|
|
(2 |
) |
|
|
|
|
(22 |
) |
|
|
(14 |
) |
|
|
|
|
Total operating
expenses, excluding special items |
|
|
9,607 |
|
|
|
8,761 |
|
|
|
|
|
37,415 |
|
|
|
34,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes - mainline |
|
|
(1,646 |
) |
|
|
(1,335 |
) |
|
|
|
|
(6,128 |
) |
|
|
(5,071 |
) |
|
|
|
|
Aircraft fuel
and related taxes - regional |
|
|
(383 |
) |
|
|
(308 |
) |
|
|
|
|
(1,382 |
) |
|
|
(1,109 |
) |
|
|
|
|
Total operating
expenses, excluding special items and fuel |
|
$ |
7,578 |
|
|
$ |
7,118 |
|
|
|
|
$ |
29,905 |
|
|
$ |
27,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses per ASM as reported |
|
|
14.71 |
|
|
|
13.74 |
|
|
|
|
|
13.80 |
|
|
|
12.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items per
ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items,
net (1) |
|
|
(0.42 |
) |
|
|
(0.39 |
) |
|
|
|
|
(0.26 |
) |
|
|
(0.26 |
) |
|
|
|
|
Regional
operating special items, net (2) |
|
|
(0.03 |
) |
|
|
- |
|
|
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
14.26 |
|
|
|
13.34 |
|
|
|
|
|
13.53 |
|
|
|
12.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel
and related taxes - mainline |
|
|
(2.44 |
) |
|
|
(2.03 |
) |
|
|
|
|
(2.22 |
) |
|
|
(1.85 |
) |
|
|
|
|
Aircraft fuel
and related taxes - regional |
|
|
(0.57 |
) |
|
|
(0.47 |
) |
|
|
|
|
(0.50 |
) |
|
|
(0.41 |
) |
|
|
|
|
Total operating
expenses per ASM, excluding special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and fuel |
|
|
11.25 |
|
|
|
10.84 |
|
|
|
|
|
10.82 |
|
|
|
10.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The 2017 fourth quarter mainline operating special
items totaled a net charge of $280 million, which principally
included a $123 million charge for the $1,000 cash bonus and
associated payroll taxes granted to mainline employees as of
December 31, 2017 in recognition of recent tax reform, $81 million
of merger integration expenses, $58 million of fleet restructuring
expenses and a $20 million net charge resulting from fair value
adjustments to bankruptcy obligations. The 2017 twelve-month period
mainline operating special items totaled a net charge of $712
million, which principally included $273 million of merger
integration expenses, $232 million of fleet restructuring expenses,
a $123 million charge for the $1,000 tax reform employee bonus
mentioned above, $46 million for labor contract expenses primarily
due to one-time charges to adjust the vacation accruals for pilots
and flight attendants as a result of the mid-contract pay rate
adjustments effective in the second quarter of 2017 and a $27
million net charge resulting from fair value adjustments to
bankruptcy obligations. 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 resulting from fair value adjustments to 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 resulting from fair value adjustments to bankruptcy
obligations. Merger integration expenses included costs related to
information technology, professional fees, re-branding of aircraft
and airport facilities and training. Additionally, the 2016 periods
also included merger integration expenses related to alignment of
labor union contracts, re-branded uniforms, relocation and
severance. Fleet restructuring expenses driven by the merger
principally included the acceleration of aircraft depreciation and
impairments for aircraft grounded or expected to be grounded
earlier than planned. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) The 2017 fourth quarter and twelve-month period
regional operating special items principally related to the $1,000
cash bonus and associated payroll taxes granted to employees of the
Company’s regional subsidiaries as of December 31, 2017 in
recognition of recent tax reform. In 2016, regional operating
special items principally related to merger integration
expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Nonoperating special charges in the 2017 and 2016
fourth quarter and twelve-month periods primarily consisted of
costs associated with debt refinancings and extinguishments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Refer
to Form 8-K filed on January 29, 2016 for further discussion of net
special items for the twelve month periods ended December 31, 2015
and 2014. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) In the fourth quarter and twelve-month 2017
periods, income tax special items included a $7 million non-cash
benefit to income tax expense to reflect the impact of lower
corporate income tax rates on the Company’s deferred tax assets and
liabilities resulting from tax reform. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group
Inc. |
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets |
|
|
|
|
|
|
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash |
$ |
295 |
|
|
$ |
322 |
|
|
|
|
|
|
|
|
Short-term
investments |
|
4,771 |
|
|
|
6,037 |
|
|
|
|
|
|
|
|
Restricted cash
and short-term investments |
|
318 |
|
|
|
638 |
|
|
|
|
|
|
|
|
Accounts
receivable, net |
|
1,752 |
|
|
|
1,594 |
|
|
|
|
|
|
|
|
Aircraft fuel,
spare parts and supplies, net |
|
1,359 |
|
|
|
1,094 |
|
|
|
|
|
|
|
|
Prepaid expenses
and other |
|
651 |
|
|
|
639 |
|
|
|
|
|
|
|
|
Total current assets |
|
9,146 |
|
|
|
10,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating property and
equipment |
|
|
|
|
|
|
|
|
|
|
Flight
equipment |
|
40,318 |
|
|
|
37,028 |
|
|
|
|
|
|
|
|
Ground property
and equipment |
|
8,267 |
|
|
|
7,116 |
|
|
|
|
|
|
|
|
Equipment
purchase deposits |
|
1,217 |
|
|
|
1,209 |
|
|
|
|
|
|
|
|
Total property
and equipment, at cost |
|
49,802 |
|
|
|
45,353 |
|
|
|
|
|
|
|
|
Less accumulated
depreciation and amortization |
|
(15,646 |
) |
|
|
(14,194 |
) |
|
|
|
|
|
|
|
Total property and equipment, net |
|
34,156 |
|
|
|
31,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
4,091 |
|
|
|
4,091 |
|
|
|
|
|
|
|
|
Intangibles,
net |
|
2,203 |
|
|
|
2,173 |
|
|
|
|
|
|
|
|
Deferred tax
asset |
|
427 |
|
|
|
1,498 |
|
|
|
|
|
|
|
|
Other
assets |
|
1,373 |
|
|
|
2,029 |
|
|
|
|
|
|
|
|
Total other assets |
|
8,094 |
|
|
|
9,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
51,396 |
|
|
$ |
51,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Current
maturities of long-term debt and capital leases |
$ |
2,554 |
|
|
$ |
1,855 |
|
|
|
|
|
|
|
|
Accounts
payable |
|
1,688 |
|
|
|
1,592 |
|
|
|
|
|
|
|
|
Accrued salaries
and wages |
|
1,672 |
|
|
|
1,516 |
|
|
|
|
|
|
|
|
Air traffic
liability |
|
3,978 |
|
|
|
3,912 |
|
|
|
|
|
|
|
|
Loyalty program
liability |
|
2,791 |
|
|
|
2,789 |
|
|
|
|
|
|
|
|
Other accrued
liabilities |
|
2,281 |
|
|
|
2,208 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
14,964 |
|
|
|
13,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent
liabilities |
|
|
|
|
|
|
|
|
|
|
Long-term debt
and capital leases, net of current maturities |
|
22,511 |
|
|
|
22,489 |
|
|
|
|
|
|
|
|
Pension and
postretirement benefits |
|
7,497 |
|
|
|
7,842 |
|
|
|
|
|
|
|
|
Other
liabilities |
|
2,498 |
|
|
|
3,286 |
|
|
|
|
|
|
|
|
Total noncurrent liabilities |
|
32,506 |
|
|
|
33,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
5 |
|
|
|
5 |
|
|
|
|
|
|
|
|
Additional
paid-in capital |
|
5,714 |
|
|
|
7,223 |
|
|
|
|
|
|
|
|
Accumulated
other comprehensive loss |
|
(5,154 |
) |
|
|
(5,083 |
) |
|
|
|
|
|
|
|
Retained
earnings |
|
3,361 |
|
|
|
1,640 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
3,926 |
|
|
|
3,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
51,396 |
|
|
$ |
51,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Communications817-967-1577mediarelations@aa.com
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