American Airlines Group Inc. (NASDAQ: AAL) today reported its
second quarter 2019 results, including these highlights:
- Reported second quarter 2019 pre-tax income of $882
million and net income of $662 million. Excluding net special
items, pre-tax income and net income rose more than 5% to $1.1
billion and $810 million,1 respectively.
- Second quarter earnings were $1.49 per diluted share.
Excluding net special items, earnings per share grew 10% year over
year to $1.82 per diluted
share1.
- Reported record second quarter revenue of $12 billion.
Also reported record second quarter total revenue per available
seat mile (TRASM) — the 11th consecutive quarter of TRASM
growth.
“Our team members did a tremendous job to deliver solid results
despite a challenging start to our summer,” said Chairman and CEO
Doug Parker. “Their extraordinary efforts led to an increase in
earnings and record revenue performance, and we thank our team for
their expertise and care for our customers.”
“These strong results in the face of near-term adversity,
coupled with our ongoing initiatives, give us great confidence in
the future of American Airlines.”
Second Quarter Revenue and Expenses
Pre-tax earnings excluding net special items for the second
quarter of 2019 were $1.1 billion, a 5% increase from the second
quarter of 2018. Excluding net special items, earnings were $1.82
per diluted share, up 10% year over year.
|
GAAP |
|
Non-GAAP1 |
|
2Q19 |
2Q18 |
|
2Q19 |
2Q18 |
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|
|
Operating income ($ mil) |
1,153 |
1,004 |
|
1,274 |
1,186 |
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|
|
|
Pre-tax income ($ mil) |
882 |
756 |
|
1,072 |
1,018 |
Pre-tax margin |
7.4% |
6.5% |
|
9.0% |
8.7% |
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|
Net income ($ mil) |
662 |
556 |
|
810 |
770 |
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Earnings per diluted share |
$ |
1.49 |
$ |
1.20 |
|
$ |
1.82 |
$ |
1.66 |
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Continued strength in passenger demand drove a 2.7%
year-over-year increase in second quarter 2019 total revenue to $12
billion, a record for the quarter. Driven by a record second
quarter total passenger load factor of 86.6%, passenger revenue per
available seat mile (PRASM) grew 4% to a record 15.22 cents. Cargo
revenue decreased 15.4% to $221 million due primarily to a 16.2%
decrease in cargo ton miles. Other revenue was up 2.9% to $728
million due primarily to higher revenue from the company’s loyalty
program. Marking the 11th consecutive quarter of growth, second
quarter TRASM increased by 3.5% to a record 16.54 cents on a 0.8%
decrease in total available seat miles.
Total second quarter 2019 operating expenses were $10.8 billion,
up 1.6% year over year. Total operating cost per available seat
mile (CASM) was 14.94 cents in the second quarter of 2019, up 2.4%
from second quarter 2018. Excluding fuel and special items, second
quarter CASM was 11.34 cents, up 4.8% year over year, driven
primarily by lower than planned capacity due to the Boeing 737 MAX
grounding and operational disruptions related to an illegal work
slowdown by our mechanics’ union in an effort to influence contract
talks.
Fleet Update
On March 13, the Federal Aviation Administration (FAA) grounded
all U.S.-registered Boeing 737 MAX aircraft. The American fleet
currently includes 24 MAX aircraft with an additional 76 aircraft
on order, of which seven were scheduled to be delivered in the
second quarter. The company now estimates that the cancellations in
the second quarter negatively impacted pre-tax income by
approximately $175 million.
The company has removed all MAX flying from its flight
schedule through Nov. 2. With the flight cancellations
extending an additional two months, the company now expects
the MAX cancellations will negatively impact its full year
2019 pre-tax earnings by approximately $400 million.
Strategic Objectives
American’s success is guided by three strategic objectives:
Create a world-class customer experience, make culture a
competitive advantage and build American Airlines to thrive
forever.
Create a world-class customer experience
American has invested more than $28 billion in its people,
product and fleet over the past five years — the largest investment
of any carrier in commercial aviation history. In the second
quarter, American:
- Continued to evolve American’s fleet by taking delivery of 14
new aircraft and operating its first customer flight on the Airbus
A321neo, a fuel-efficient aircraft equipped with power at every
seat, larger overhead bins and free wireless entertainment to each
customer’s own device, including free live television.
- Completed a two-year retrofit of Premium Economy, which offers
more legroom, wider seats and enhanced meal service on long-haul
international flights and select flights to Alaska and Hawaii.
American also took the top spot for Premium Economy service in
TripAdvisor’s Travelers’ Choice Awards, beating all other U.S.
carriers.
- Opened American’s Flagship Lounge and Flagship First Dining in
Terminal D at Dallas Fort Worth International Airport (DFW)
providing customers with quiet spaces to rest, luxury showers and a
high-end, sit-down dining experience.
- Launched DFW 900, the company’s strategic growth plan that
involved the opening of the airline’s new Terminal E Satellite
facility with 15 new gates and increased departures at its hub by
more than 100 per day.
- Debuted Bang & Olufsen noise-cancelling headsets for
customers in first and business class.
- The AAdvantage program was named Best Elite Program for the
Americas at the Freddie Awards, for the eighth year in a row.
- Unveiled the new Great Hall in Terminal B at Boston Logan
International Airport (BOS), providing customers with a more
comfortable airport experience, local flavor and innovative
technology.
Make culture a competitive advantage
Taking care of team members translates into better customer
care. We continue to invest in improved tools, training and support
for team members and in the second quarter, American:
- Recognized American’s Maintenance team through systemwide
celebrations on Aviation Maintenance Technician Day and launched
the new Ken MacTiernan Excellence in Aviation Maintenance
Award.
- Opened its 29th domestic Line Maintenance station at Houston’s
George Bush Intercontinental Airport (IAH).
- Cut the ribbon on a brand new Terminal 5 ticket counter and
break room at Los Angeles International Airport (LAX), the first
major milestone toward the completion of the $1.6 billion
modernization project for Terminals 4 and 5.
- Began moving team members to the expanded Robert L. Crandall
Campus in Fort Worth, Texas.
- Named among the Best-of-the-Best Corporations for Inclusion by
the National Gay & Lesbian Chamber of Commerce for the fourth
year in a row.
- Contributed $858 million to American’s pension plans, bringing
the 2019 contribution total to $1.2 billion — $436 million in
excess of the required minimum contribution.
- Awarded $976,000 in scholarships to 360 children of team
members at a ceremony in Dallas as part of the American Airlines
Education Foundation scholarship program.
- Accrued $67 million for the company’s profit-sharing program,
bringing the year-to-date accrual to $87 million.
Build American Airlines to thrive forever
With a nearly 100-year legacy, American is building a company
that we expect to be consistently profitable today and in the
future. This long-term initiative was furthered during the second
quarter as American:
- Launched 50 new routes, including new service to Dubrovnik,
Croatia, and Berlin, Germany.
- Awarded tentative approval from the U.S. Department of
Transportation (DOT) for additional service to Tokyo’s Haneda (HND)
from LAX and DFW, providing American’s customers better access to
downtown Tokyo and to the domestic network of its Pacific Joint
Business partner, Japan Airlines.
- Received approval from the DOT of its joint business between
American and Qantas, allowing for commercial integration between
the carriers on routes between the U.S. and Australia and New
Zealand.
- Rolled out new technology initiatives for customers, including
pre-paid bag functionality, automation to handle operationally
driven overbooked flights and instant buy-up opportunities.
- Agreed to purchase 50 Airbus A321XLR aircraft, the new
longer-range version of the A321neo, with deliveries scheduled to
begin in 2023. The agreement includes the conversion of 30 of
American’s existing A321neo slots to A321XLRs and the exercise of
options for an additional 20 A321XLRs.
- Announced plans to develop a sixth terminal at DFW that could
add up to 24 gates, with the first section of the terminal expected
to open as soon as 2025. The plans also include investing in
enhancements in Terminal C.
Quarterly DividendAmerican declared a dividend
of $0.10 per share to be paid on Aug. 21, 2019, to stockholders of
record as of Aug. 7, 2019.
Guidance and Investor UpdateAmerican expects
its third quarter 2019 TRASM to be up 1% to 3% year over year. The
company also expects its third quarter 2019 pre-tax margin
excluding net special items to be between 5.5% and 7.5%2. Based on
today’s guidance, American now expects its 2019 diluted earnings
per share excluding net special items to be between $4.50 and
$62.
For additional financial forecasting detail, please refer to the
company’s investor update, filed with this release with the SEC on
Form 8-K. This filing will be available at
aa.com/investorrelations.
Conference Call/Webcast DetailsThe
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 Aug.
26.
NotesSee 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.
1Second quarter 2019 operating special items principally
included $77 million of fleet restructuring expenses (non-cash) and
$39 million of merger integration expense. Nonoperating special
items principally included $52 million of mark-to-market net
unrealized losses (non-cash) primarily associated with the
company’s equity investment in China Southern Airlines.2American 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 GroupAmerican Airlines
offers customers 6,800 daily flights to more than 365 destinations
in 61 countries from its hubs in Charlotte, Chicago, Dallas-Fort
Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and
Washington, D.C. With a shared purpose of caring for people on
life’s journey, American’s 130,000 global team members serve more
than 200 million customers annually. Since 2013, American has
invested more than $28 billion in its product and people and now
flies the youngest fleet among U.S. network carriers, equipped with
industry-leading high-speed Wi-Fi, lie-flat seats, and more
inflight entertainment and access to power. American also has
enhanced food and beverage options in the air and on the ground in
its world-class Admirals Club and Flagship lounges. American was
recently named a Five Star Global Airline by the Airline Passenger
Experience Association and Airline of the Year by Air
Transport World. American is a founding member
of oneworld®, whose members serve 1,100
destinations in 180 countries and territories. Shares of American
Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and
the company’s stock is included in the S&P 500. Learn more
about what’s happening at American by
visiting news.aa.com and connect with American on
Twitter @AmericanAir and
at Facebook.com/AmericanAirlines.
Cautionary Statement Regarding
Forward-Looking Statements and InformationCertain 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 June 30, 2019 (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 statement.
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American Airlines Group Inc. |
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Condensed Consolidated Statements of
Operations |
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|
(In millions, except share and per share
amounts) |
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(Unaudited) |
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3 Months Ended June 30, |
|
Percent |
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|
6 Months Ended June 30, |
|
Percent |
|
|
|
2019 |
|
2018 (1) |
|
Change |
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2019 |
|
2018 (1) |
|
Change |
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Operating revenues: |
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|
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|
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|
|
|
|
|
|
|
|
|
Passenger |
|
$ |
11,011 |
|
$ |
10,674 |
|
3.2 |
|
|
$ |
20,669 |
|
$ |
20,154 |
|
2.6 |
|
Cargo |
|
221 |
|
261 |
|
(15.4) |
|
|
439 |
|
488 |
|
(10.1) |
|
Other |
|
728 |
|
708 |
|
2.9 |
|
|
1,436 |
|
1,402 |
|
2.4 |
|
Total operating revenues |
|
11,960 |
|
11,643 |
|
2.7 |
|
|
22,544 |
|
22,044 |
|
2.3 |
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Operating expenses: |
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|
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|
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|
|
|
|
Aircraft fuel and related taxes |
|
1,995 |
|
2,103 |
|
(5.1) |
|
|
3,722 |
|
3,866 |
|
(3.7) |
|
Salaries, wages and benefits |
|
3,200 |
|
3,095 |
|
3.4 |
|
|
6,290 |
|
6,111 |
|
2.9 |
|
Regional expenses: |
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|
|
|
|
|
|
|
|
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|
|
Fuel |
|
487 |
|
465 |
|
4.7 |
|
|
909 |
|
863 |
|
5.4 |
|
Depreciation and amortization |
|
83 |
|
82 |
|
0.5 |
|
|
162 |
|
165 |
|
(1.9) |
|
Other |
|
1,316 |
|
1,246 |
|
5.7 |
|
|
2,577 |
|
2,462 |
|
4.7 |
|
Maintenance, materials and repairs |
|
575 |
|
505 |
|
13.9 |
|
|
1,136 |
|
973 |
|
16.7 |
|
Other rent and landing fees |
|
535 |
|
495 |
|
8.2 |
|
|
1,039 |
|
962 |
|
8.0 |
|
Aircraft rent |
|
334 |
|
311 |
|
7.7 |
|
|
661 |
|
621 |
|
6.6 |
|
Selling expenses |
|
401 |
|
385 |
|
3.9 |
|
|
771 |
|
742 |
|
3.9 |
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Depreciation and amortization |
|
489 |
|
457 |
|
7.0 |
|
|
969 |
|
898 |
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8.0 |
|
Special items, net |
|
121 |
|
182 |
|
(33.6) |
|
|
259 |
|
407 |
|
(36.5) |
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Other |
|
1,271 |
|
1,313 |
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(3.2) |
|
|
2,521 |
|
2,574 |
|
(2.0) |
|
Total operating expenses |
|
10,807 |
|
10,639 |
|
1.6 |
|
|
21,016 |
|
20,644 |
|
1.8 |
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|
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|
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|
|
Operating income |
|
1,153 |
|
1,004 |
|
14.8 |
|
|
1,528 |
|
1,400 |
|
9.1 |
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Nonoperating income
(expense): |
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Interest income |
|
35 |
|
30 |
|
15.2 |
|
|
68 |
|
55 |
|
23.6 |
|
Interest expense, net |
|
(275) |
|
(263) |
|
4.5 |
|
|
(546) |
|
(525) |
|
3.9 |
|
Other income (expense), net |
|
(31) |
|
(15) |
|
97.8 |
|
|
78 |
|
64 |
|
22.1 |
|
Total nonoperating expense, net |
|
(271) |
|
(248) |
|
9.0 |
|
|
(400) |
|
(406) |
|
(1.7) |
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Income before income taxes |
|
882 |
|
756 |
|
16.7 |
|
|
1,128 |
|
994 |
|
13.5 |
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|
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|
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Income tax provision |
|
220 |
|
200 |
|
10.5 |
|
|
281 |
|
278 |
|
0.9 |
|
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|
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Net income |
|
$ |
662 |
|
$ |
556 |
|
18.9 |
|
|
$ |
847 |
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$ |
716 |
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18.4 |
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Earnings per common share: |
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Basic |
|
$ |
1.49 |
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$ |
1.20 |
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$ |
1.89 |
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$ |
1.53 |
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Diluted |
|
$ |
1.49 |
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$ |
1.20 |
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|
|
|
$ |
1.88 |
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$ |
1.52 |
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Weighted average shares
outstanding (in thousands): |
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Basic |
|
445,008 |
|
463,533 |
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|
448,479 |
|
467,915 |
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Diluted |
|
445,587 |
|
464,618 |
|
|
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|
449,508 |
|
469,608 |
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(1) In the fourth quarter of 2018, the company adopted Accounting
Standards Update (ASU) 2016-02: Leases (Topic 842) (the New Lease
Standard) as of January 1, 2018. In accordance with the New Lease
Standard, the company has recast its 2018 financial information
included herein to reflect the effects of adoption. For additional
information, see Note 1(b) to AAG’s Consolidated Financial
Statements in Part II, Item 8A of its 2018 Form 10-K filed on
February 25, 2019. |
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Note:
Percent change may not recalculate due to rounding. |
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American Airlines Group Inc. |
Consolidated Operating Statistics |
(Unaudited) |
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3 Months Ended June 30, |
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|
|
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6 Months Ended June 30, |
|
|
|
|
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
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Mainline |
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Revenue passenger miles
(millions) |
|
55,277 |
|
54,118 |
|
2.1 |
% |
|
103,758 |
|
101,126 |
|
2.6 |
% |
Available seat miles (ASM)
(millions) |
|
63,195 |
|
64,452 |
|
(2.0) |
% |
|
121,518 |
|
122,416 |
|
(0.7) |
% |
Passenger load factor
(percent) |
|
87.5 |
|
84.0 |
|
3.5 |
pts |
|
85.4 |
|
82.6 |
|
2.8 |
pts |
|
|
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|
|
|
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|
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Passenger enplanements
(thousands) |
|
40,007 |
|
38,574 |
|
3.7 |
% |
|
76,553 |
|
73,414 |
|
4.3 |
% |
Departures (thousands) |
|
279 |
|
280 |
|
(0.4) |
% |
|
550 |
|
543 |
|
1.2 |
% |
Aircraft at end of period |
|
966 |
|
955 |
|
1.2 |
% |
|
966 |
|
955 |
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block hours (thousands) |
|
877 |
|
900 |
|
(2.6) |
% |
|
1,712 |
|
1,731 |
|
(1.1) |
% |
Average stage length
(miles) |
|
1,219 |
|
1,254 |
|
(2.8) |
% |
|
1,199 |
|
1,236 |
|
(3.0) |
% |
Fuel consumption (gallons in
millions) |
|
938 |
|
944 |
|
(0.6) |
% |
|
1,791 |
|
1,789 |
|
0.1 |
% |
Average aircraft fuel price
including related taxes (dollars per gallon) |
|
2.13 |
|
2.23 |
|
(4.6) |
% |
|
2.08 |
|
2.16 |
|
(3.9) |
% |
Full-time equivalent employees
at end of period |
|
106,100 |
|
106,600 |
|
(0.5) |
% |
|
106,100 |
|
106,600 |
|
(0.5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
7,381 |
|
6,661 |
|
10.8 |
% |
|
13,702 |
|
12,599 |
|
8.8 |
% |
Available seat miles
(millions) |
|
9,127 |
|
8,441 |
|
8.1 |
% |
|
17,478 |
|
16,301 |
|
7.2 |
% |
Passenger load factor
(percent) |
|
80.9 |
|
78.9 |
|
2.0 |
pts |
|
78.4 |
|
77.3 |
|
1.1 |
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
15,457 |
|
14,486 |
|
6.7 |
% |
|
28,845 |
|
27,272 |
|
5.8 |
% |
Aircraft at end of period |
|
613 |
|
604 |
|
1.5 |
% |
|
613 |
|
604 |
|
1.5 |
% |
Fuel consumption (gallons in
millions) |
|
220 |
|
203 |
|
8.8 |
% |
|
420 |
|
388 |
|
8.2 |
% |
Average aircraft fuel price
including related taxes (dollars per gallon) |
|
2.21 |
|
2.29 |
|
(3.7) |
% |
|
2.17 |
|
2.22 |
|
(2.7) |
% |
Full-time equivalent employees
at end of period (2) |
|
27,700 |
|
25,000 |
|
10.8 |
% |
|
27,700 |
|
25,000 |
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline &
Regional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger miles
(millions) |
|
62,658 |
|
60,779 |
|
3.1 |
% |
|
117,460 |
|
113,725 |
|
3.3 |
% |
Available seat miles
(millions) |
|
72,322 |
|
72,893 |
|
(0.8) |
% |
|
138,996 |
|
138,717 |
|
0.2 |
% |
Passenger load factor
(percent) |
|
86.6 |
|
83.4 |
|
3.2 |
pts |
|
84.5 |
|
82.0 |
|
2.5 |
pts |
Yield (cents) |
|
17.57 |
|
17.56 |
|
0.1 |
% |
|
17.60 |
|
17.72 |
|
(0.7) |
% |
Passenger revenue per ASM
(cents) |
|
15.22 |
|
14.64 |
|
4.0 |
% |
|
14.87 |
|
14.53 |
|
2.4 |
% |
Total revenue per ASM
(cents) |
|
16.54 |
|
15.97 |
|
3.5 |
% |
|
16.22 |
|
15.89 |
|
2.1 |
% |
Cargo ton miles
(millions) |
|
644 |
|
768 |
|
(16.2) |
% |
|
1,269 |
|
1,455 |
|
(12.8) |
% |
Cargo yield per ton mile
(cents) |
|
34.29 |
|
34.00 |
|
0.8 |
% |
|
34.57 |
|
33.54 |
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger enplanements
(thousands) |
|
55,464 |
|
53,060 |
|
4.5 |
% |
|
105,398 |
|
100,686 |
|
4.7 |
% |
Aircraft at end of period |
|
1,579 |
|
1,559 |
|
1.3 |
% |
|
1,579 |
|
1,559 |
|
1.3 |
% |
Fuel consumption (gallons in
millions) |
|
1,158 |
|
1,147 |
|
1.1 |
% |
|
2,211 |
|
2,177 |
|
1.6 |
% |
Average aircraft fuel price
including related taxes (dollars per gallon) |
|
2.14 |
|
2.24 |
|
(4.4) |
% |
|
2.09 |
|
2.17 |
|
(3.6) |
% |
Full-time equivalent employees
at end of period |
|
133,800 |
|
131,600 |
|
1.7 |
% |
|
133,800 |
|
131,600 |
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per ASM
(cents) |
|
14.94 |
|
14.59 |
|
2.4 |
% |
|
15.12 |
|
14.88 |
|
1.6 |
% |
Operating cost per ASM
excluding special items (cents) |
|
14.78 |
|
14.34 |
|
3.0 |
% |
|
14.93 |
|
14.59 |
|
2.4 |
% |
Operating cost per ASM
excluding special items and fuel (cents) |
|
11.34 |
|
10.82 |
|
4.8 |
% |
|
11.60 |
|
11.18 |
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Regional includes
wholly owned regional airline subsidiaries and operating results
from capacity purchase carriers. |
|
|
|
|
|
|
|
(2) 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 June 30, |
|
|
|
|
6 Months Ended June 30, |
|
|
|
|
|
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions) |
|
41,477 |
|
40,067 |
|
3.5 |
% |
|
79,194 |
|
76,328 |
|
3.8 |
% |
Available seat
miles (ASM) (millions) |
|
47,050 |
|
46,817 |
|
0.5 |
% |
|
92,332 |
|
90,709 |
|
1.8 |
% |
Passenger load
factor (percent) |
|
88.2 |
|
85.6 |
|
2.6 |
pts |
|
85.8 |
|
84.1 |
|
1.7 |
pts |
Passenger revenue
(dollars in millions) |
|
8,009 |
|
7,685 |
|
4.2 |
% |
|
15,235 |
|
14,648 |
|
4.0 |
% |
Yield (cents) |
|
19.31 |
|
19.18 |
|
0.7 |
% |
|
19.24 |
|
19.19 |
|
0.2 |
% |
Passenger revenue
per ASM (cents) |
|
17.02 |
|
16.41 |
|
3.7 |
% |
|
16.50 |
|
16.15 |
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions) |
|
7,829 |
|
7,903 |
|
(0.9) |
% |
|
16,179 |
|
15,988 |
|
1.2 |
% |
Available seat
miles (millions) |
|
9,157 |
|
9,894 |
|
(7.4) |
% |
|
19,364 |
|
20,133 |
|
(3.8) |
% |
Passenger load
factor (percent) |
|
85.5 |
|
79.9 |
|
5.6 |
pts |
|
83.6 |
|
79.4 |
|
4.2 |
pts |
Passenger revenue
(dollars in millions) |
|
1,241 |
|
1,284 |
|
(3.4) |
% |
|
2,612 |
|
2,729 |
|
(4.3) |
% |
Yield (cents) |
|
15.85 |
|
16.25 |
|
(2.5) |
% |
|
16.14 |
|
17.07 |
|
(5.4) |
% |
Passenger revenue
per ASM (cents) |
|
13.55 |
|
12.98 |
|
4.4 |
% |
|
13.49 |
|
13.55 |
|
(0.5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions) |
|
9,763 |
|
8,855 |
|
10.3 |
% |
|
14,806 |
|
13,521 |
|
9.5 |
% |
Available seat
miles (millions) |
|
11,898 |
|
11,306 |
|
5.2 |
% |
|
18,724 |
|
18,052 |
|
3.7 |
% |
Passenger load
factor (percent) |
|
82.1 |
|
78.3 |
|
3.8 |
pts |
|
79.1 |
|
74.9 |
|
4.2 |
pts |
Passenger revenue
(dollars in millions) |
|
1,407 |
|
1,298 |
|
8.4 |
% |
|
2,080 |
|
1,967 |
|
5.8 |
% |
Yield (cents) |
|
14.41 |
|
14.66 |
|
(1.7) |
% |
|
14.05 |
|
14.55 |
|
(3.4) |
% |
Passenger revenue
per ASM (cents) |
|
11.83 |
|
11.48 |
|
3.0 |
% |
|
11.11 |
|
10.90 |
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions) |
|
3,589 |
|
3,954 |
|
(9.2) |
% |
|
7,281 |
|
7,888 |
|
(7.7) |
% |
Available seat
miles (millions) |
|
4,217 |
|
4,876 |
|
(13.5) |
% |
|
8,576 |
|
9,823 |
|
(12.7) |
% |
Passenger load
factor (percent) |
|
85.1 |
|
81.1 |
|
4.0 |
pts |
|
84.9 |
|
80.3 |
|
4.6 |
pts |
Passenger revenue
(dollars in millions) |
|
354 |
|
407 |
|
(13.1) |
% |
|
742 |
|
810 |
|
(8.5) |
% |
Yield (cents) |
|
9.86 |
|
10.29 |
|
(4.3) |
% |
|
10.18 |
|
10.27 |
|
(0.9) |
% |
Passenger revenue
per ASM (cents) |
|
8.39 |
|
8.35 |
|
0.5 |
% |
|
8.65 |
|
8.25 |
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions) |
|
21,181 |
|
20,712 |
|
2.3 |
% |
|
38,266 |
|
37,397 |
|
2.3 |
% |
Available seat
miles (millions) |
|
25,272 |
|
26,076 |
|
(3.1) |
% |
|
46,664 |
|
48,008 |
|
(2.8) |
% |
Passenger load
factor (percent) |
|
83.8 |
|
79.4 |
|
4.4 |
pts |
|
82.0 |
|
77.9 |
|
4.1 |
pts |
Passenger revenue
(dollars in millions) |
|
3,002 |
|
2,989 |
|
0.4 |
% |
|
5,434 |
|
5,506 |
|
(1.3) |
% |
Yield (cents) |
|
14.17 |
|
14.43 |
|
(1.8) |
% |
|
14.20 |
|
14.72 |
|
(3.6) |
% |
Passenger revenue
per ASM (cents) |
|
11.88 |
|
11.46 |
|
3.6 |
% |
|
11.64 |
|
11.47 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin
Islands. |
(2) Latin America results include the Caribbean. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 condensed 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 understand
the company’s core operating performance. Additionally, the tables
below present the reconciliations of total operating costs (GAAP
measure) to total operating costs excluding special items and fuel
(non-GAAP measure). Management uses 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 understand and analyze the
company’s non-fuel costs and core operating performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended June 30, |
|
Percent Change |
|
6 Months Ended June 30, |
|
Percent Change |
|
Reconciliation of Pre-Tax Income Excluding Special
Items |
|
2019 |
|
2018 |
|
|
2019 |
2018 |
|
|
|
(in millions, except per share amounts) |
|
|
|
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as reported |
|
$ |
882 |
|
$ |
756 |
|
|
|
$ |
1,128 |
|
$ |
994 |
|
|
|
Pre-tax special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net
(1) |
|
121 |
|
182 |
|
|
|
259 |
|
407 |
|
|
|
Nonoperating special
items, net (2) |
|
69 |
|
80 |
|
|
|
(1) |
|
80 |
|
|
|
Total pre-tax special items |
|
190 |
|
262 |
|
|
|
258 |
|
487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income excluding
special items |
|
$ |
1,072 |
|
$ |
1,018 |
|
5.3% |
|
$ |
1,386 |
|
$ |
1,481 |
|
-6.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income as
reported |
|
$ |
882 |
|
$ |
756 |
|
|
|
$ |
1,128 |
|
$ |
994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as
reported |
|
$ |
11,960 |
|
$ |
11,643 |
|
|
|
$ |
22,544 |
|
$ |
22,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin |
|
7.4% |
|
6.5% |
|
|
|
5.0% |
|
4.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Margin Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income excluding
special items |
|
$ |
1,072 |
|
$ |
1,018 |
|
|
|
$ |
1,386 |
|
$ |
1,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues as
reported |
|
$ |
11,960 |
|
$ |
11,643 |
|
|
|
$ |
22,544 |
|
$ |
22,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin excluding
special items |
|
9.0% |
|
8.7% |
|
|
|
6.1% |
|
6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income Excluding Special
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as reported |
|
$ |
662 |
|
$ |
556 |
|
|
|
$ |
847 |
|
$ |
716 |
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pre-tax special
items (1), (2) |
|
190 |
|
262 |
|
|
|
258 |
|
487 |
|
|
|
Income tax special
items, net (3) |
|
- |
|
18 |
|
|
|
- |
|
40 |
|
|
|
Net tax effect of
special items |
|
(42) |
|
(66) |
|
|
|
(58) |
|
(120) |
|
|
|
Net income excluding special
items |
|
$ |
810 |
|
$ |
770 |
|
5.1% |
|
$ |
1,047 |
|
$ |
1,123 |
|
-6.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Earnings Per Share
Excluding Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding special
items |
|
$ |
810 |
|
$ |
770 |
|
|
|
$ |
1,047 |
|
$ |
1,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for computation
(in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
445,008 |
|
463,533 |
|
|
|
448,479 |
|
467,915 |
|
|
|
Diluted |
|
445,587 |
|
464,618 |
|
|
|
449,508 |
|
469,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share excluding
special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.82 |
|
$ |
1.66 |
|
|
|
$ |
2.33 |
|
$ |
2.40 |
|
|
|
Diluted |
|
$ |
1.82 |
|
$ |
1.66 |
|
|
|
$ |
2.33 |
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended June 30, |
|
|
|
6 Months Ended June 30, |
|
|
|
Reconciliation of Operating Income Excluding Special
Items |
|
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|
|
|
|
|
(in millions) |
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as reported |
|
$ |
1,153 |
|
$ |
1,004 |
|
|
|
$ |
1,528 |
|
$ |
1,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net
(1) |
|
121 |
|
182 |
|
|
|
259 |
|
407 |
|
|
|
Operating income excluding
special items |
|
$ |
1,274 |
|
$ |
1,186 |
|
|
|
$ |
1,787 |
|
$ |
1,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Operating Cost per ASM Excluding
Special Items and Fuel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses as
reported |
|
$ |
10,807 |
|
$ |
10,639 |
|
|
|
$ |
21,016 |
|
$ |
20,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net
(1) |
|
(121) |
|
(182) |
|
|
|
(259) |
|
(407) |
|
|
|
Total operating expenses,
excluding special items |
|
10,686 |
|
10,457 |
|
|
|
20,757 |
|
20,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and
related taxes - mainline |
|
(1,995) |
|
(2,103) |
|
|
|
(3,722) |
|
(3,866) |
|
|
|
Aircraft fuel and
related taxes - regional |
|
(487) |
|
(465) |
|
|
|
(909) |
|
(863) |
|
|
|
Total operating expenses,
excluding special items and fuel |
|
$ |
8,204 |
|
$ |
7,889 |
|
|
|
$ |
16,126 |
|
$ |
15,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in cents) |
|
|
|
(in cents) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses per
ASM as reported |
|
14.94 |
|
14.59 |
|
|
|
15.12 |
|
14.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items, net
(1) |
|
(0.17) |
|
(0.25) |
|
|
|
(0.19) |
|
(0.29) |
|
|
|
Total operating expenses per
ASM, excluding special items |
|
14.78 |
|
14.34 |
|
|
|
14.93 |
|
14.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per ASM: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and
related taxes - mainline |
|
(2.76) |
|
(2.89) |
|
|
|
(2.68) |
|
(2.79) |
|
|
|
Aircraft fuel and
related taxes - regional |
|
(0.67) |
|
(0.64) |
|
|
|
(0.65) |
|
(0.62) |
|
|
|
Total operating expenses per
ASM, excluding special items and fuel |
|
11.34 |
|
10.82 |
|
|
|
11.60 |
|
11.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may not
recalculate due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2019 second quarter mainline operating special items
principally included $77 million of fleet restructuring expenses
and $39 million of merger integration expenses. The 2019 six month
period mainline operating special items principally included $160
million of fleet restructuring expenses and $76 million of merger
integration expenses. The 2018 second quarter mainline
operating special items principally included $113 million of fleet
restructuring expenses, $60 million of merger integration expenses,
a $26 million non-cash charge to write-off the company's Brazil
route authority intangible asset as a result of the U.S.-Brazil
open skies agreement, offset in part by a $57 million net credit
resulting from mark-to-market adjustments on bankruptcy
obligations. The 2018 six month period mainline operating special
items principally included $226 million of fleet restructuring
expenses, $120 million of merger integration expenses, a $45
million litigation settlement and the $26 million non-cash Brazil
route impairment charge mentioned above, offset in part by a $56
million net credit resulting from mark-to-market adjustments on
bankruptcy obligations. Fleet restructuring expenses principally
included accelerated depreciation and rent expense for aircraft and
related equipment grounded or expected to be grounded earlier than
planned. Merger integration expenses included costs associated with
integration projects, principally the company's technical
operations, flight attendant, human resources and payroll
systems. |
|
. |
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
The 2019 second quarter nonoperating special items principally
included $52 million of mark-to-market net unrealized losses
primarily associated with the company's equity investment in China
Southern Airlines. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2018 second quarter and six month period nonoperating special
items principally included $66 million of mark-to-market net
unrealized losses primarily associated with the company's equity
investment in China Southern Airlines. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) |
The 2018 second quarter income tax special items included an $18
million charge related to an international income tax matter. In
addition to this charge, the 2018 six month period included a $22
million charge to income tax expense to establish a required
valuation allowance related to the company's estimated refund for
Alternative Minimum Tax (AMT) credits. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines Group Inc. |
Condensed Consolidated Balance Sheets |
(In millions) |
|
|
|
|
|
|
June 30, 2019 |
|
December 31, 2018 (1) |
|
(unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash |
$ |
319 |
|
$ |
275 |
Short-term investments |
5,088 |
|
4,485 |
Restricted cash and short-term investments |
157 |
|
154 |
Accounts receivable, net |
1,943 |
|
1,706 |
Aircraft fuel, spare parts and supplies, net |
1,708 |
|
1,522 |
Prepaid expenses and other |
635 |
|
495 |
Total current assets |
9,850 |
|
8,637 |
|
|
|
|
Operating property and
equipment |
|
|
|
Flight equipment |
42,437 |
|
41,499 |
Ground property and equipment |
9,007 |
|
8,764 |
Equipment purchase deposits |
1,372 |
|
1,278 |
Total property and equipment, at cost |
52,816 |
|
51,541 |
Less accumulated depreciation and amortization |
(18,114) |
|
(17,443) |
Total property and equipment, net |
34,702 |
|
34,098 |
|
|
|
|
Operating lease right-of-use
assets |
9,102 |
|
9,151 |
|
|
|
|
Other assets |
|
|
|
Goodwill |
4,091 |
|
4,091 |
Intangibles, net |
2,105 |
|
2,137 |
Deferred tax asset |
792 |
|
1,145 |
Other assets |
1,325 |
|
1,321 |
Total other assets |
8,313 |
|
8,694 |
|
|
|
|
Total assets |
$ |
61,967 |
|
$ |
60,580 |
|
|
|
|
Liabilities and Stockholders’
Equity (Deficit) |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Current maturities of long-term debt and finance leases |
$ |
3,500 |
|
$ |
3,294 |
Accounts payable |
2,118 |
|
1,773 |
Accrued salaries and wages |
1,304 |
|
1,427 |
Air traffic liability |
5,956 |
|
4,339 |
Loyalty program liability |
3,310 |
|
3,267 |
Operating lease liabilities |
1,639 |
|
1,654 |
Other accrued liabilities |
2,296 |
|
2,342 |
Total current liabilities |
20,123 |
|
18,096 |
|
|
|
|
Noncurrent
liabilities |
|
|
|
Long-term debt and finance leases, net of current maturities |
21,791 |
|
21,179 |
Pension and postretirement benefits |
5,641 |
|
6,907 |
Loyalty program liability |
5,249 |
|
5,272 |
Operating lease liabilities |
7,818 |
|
7,902 |
Other liabilities |
1,367 |
|
1,393 |
Total noncurrent liabilities |
41,866 |
|
42,653 |
|
|
|
|
Stockholders' equity
(deficit) |
|
|
|
Common stock |
5 |
|
5 |
Additional paid-in capital |
4,386 |
|
4,964 |
Accumulated other comprehensive loss |
(5,927) |
|
(5,896) |
Retained earnings |
1,514 |
|
758 |
Total stockholders' deficit |
(22) |
|
(169) |
|
|
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
61,967 |
|
$ |
60,580 |
|
|
|
|
(1) On January 1, 2019, the company adopted ASU 2018-02: Income
Statement - Reporting Comprehensive Income (Topic 220):
Reclassification of Certain Tax Effects from Accumulated Other
Comprehensive Income. In accordance with the transition provisions
of this new standard, the company has recast its 2018 balance sheet
to reflect the effects of adoption. For additional information, see
Note 1(b) to AAG’s Condensed Consolidated Financial Statements in
Part I, Item 1A of its second quarter 2019 Form 10-Q filed on July
25, 2019. |
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