Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 19, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-8400 | |
Entity Registrant Name | American Airlines Group Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-1825172 | |
Entity Address, Address Line One | 1 Skyview Drive, | |
Entity Address, City or Town | Fort Worth, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76155 | |
City Area Code | (682) | |
Local Phone Number | 278-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 656,703,913 | |
Entity Central Index Key | 0000006201 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock, $0.01 par value per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | AAL | |
Security Exchange Name | NASDAQ | |
Preferred Stock Purchase Rights | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
American Airlines, Inc. | ||
Document Information [Line Items] | ||
Entity File Number | 1-2691 | |
Entity Registrant Name | American Airlines, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-1502798 | |
Entity Address, Address Line One | 1 Skyview Drive, | |
Entity Address, City or Town | Fort Worth, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76155 | |
City Area Code | (682) | |
Local Phone Number | 278-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Central Index Key | 0000004515 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - American Airlines Group Inc. - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating revenues: | ||||||
Total operating revenues | $ 14,334 | $ 14,055 | $ 26,904 | $ 26,244 | ||
Operating expenses: | ||||||
Aircraft fuel and related taxes | 3,061 | 2,723 | 6,042 | 5,890 | ||
Salaries, wages and benefits | 3,953 | 3,635 | 7,820 | 6,917 | ||
Regional expenses | 1,268 | 1,153 | 2,469 | 2,295 | ||
Maintenance, materials and repairs | 950 | 808 | 1,834 | 1,520 | ||
Other rent and landing fees | 834 | 762 | 1,653 | 1,470 | ||
Aircraft rent | 314 | 344 | 642 | 688 | ||
Selling expenses | 456 | 489 | 864 | 927 | ||
Depreciation and amortization | 474 | 483 | 944 | 969 | ||
Special items, net | 0 | 0 | 70 | 13 | ||
Other | 1,640 | 1,495 | 3,175 | 2,955 | ||
Total operating expenses | 12,950 | 11,892 | 25,513 | 23,644 | ||
Operating income | 1,384 | 2,163 | 1,391 | 2,600 | ||
Nonoperating income (expense): | ||||||
Interest income | 128 | 162 | 246 | 288 | ||
Interest expense, net | (486) | (548) | (984) | (1,088) | ||
Other income (expense), net | 2 | (14) | (38) | (21) | ||
Total nonoperating expense, net | (356) | (400) | (776) | (821) | ||
Income before income taxes | 1,028 | 1,763 | 615 | 1,779 | ||
Income tax provision | 311 | 425 | 210 | 431 | ||
Net income | $ 717 | $ (312) | $ 1,338 | $ 10 | $ 405 | $ 1,348 |
Earnings per common share: | ||||||
Basic (in dollars per share) | $ 1.09 | $ 2.05 | $ 0.62 | $ 2.06 | ||
Diluted (in dollars per share) | $ 1.01 | $ 1.88 | $ 0.59 | $ 1.91 | ||
Weighted average shares outstanding (in thousands): | ||||||
Basic (in shares) | 656,965 | 653,602 | 656,406 | 652,801 | ||
Diluted (in shares) | 720,302 | 719,345 | 720,712 | 718,890 | ||
Passenger | ||||||
Operating revenues: | ||||||
Total operating revenues | $ 13,202 | $ 12,978 | $ 24,661 | $ 24,081 | ||
Cargo | ||||||
Operating revenues: | ||||||
Total operating revenues | 195 | 197 | 382 | 420 | ||
Other | ||||||
Operating revenues: | ||||||
Total operating revenues | $ 937 | $ 880 | $ 1,861 | $ 1,743 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations - American Airlines, Inc. - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating revenues: | ||||
Total operating revenues | $ 14,334 | $ 14,055 | $ 26,904 | $ 26,244 |
Operating expenses: | ||||
Aircraft fuel and related taxes | 3,061 | 2,723 | 6,042 | 5,890 |
Salaries, wages and benefits | 3,953 | 3,635 | 7,820 | 6,917 |
Regional expenses | 1,268 | 1,153 | 2,469 | 2,295 |
Maintenance, materials and repairs | 950 | 808 | 1,834 | 1,520 |
Other rent and landing fees | 834 | 762 | 1,653 | 1,470 |
Aircraft rent | 314 | 344 | 642 | 688 |
Selling expenses | 456 | 489 | 864 | 927 |
Depreciation and amortization | 474 | 483 | 944 | 969 |
Special items, net | 0 | 0 | 70 | 13 |
Other | 1,640 | 1,495 | 3,175 | 2,955 |
Total operating expenses | 12,950 | 11,892 | 25,513 | 23,644 |
Operating income | 1,384 | 2,163 | 1,391 | 2,600 |
Nonoperating income (expense): | ||||
Interest income | 128 | 162 | 246 | 288 |
Interest expense, net | (486) | (548) | (984) | (1,088) |
Other income (expense), net | 2 | (14) | (38) | (21) |
Total nonoperating expense, net | (356) | (400) | (776) | (821) |
Income before income taxes | 1,028 | 1,763 | 615 | 1,779 |
Income tax provision | 311 | 425 | 210 | 431 |
Net income | 717 | 1,338 | 405 | 1,348 |
Passenger | ||||
Operating revenues: | ||||
Total operating revenues | 13,202 | 12,978 | 24,661 | 24,081 |
Cargo | ||||
Operating revenues: | ||||
Total operating revenues | 195 | 197 | 382 | 420 |
Other | ||||
Operating revenues: | ||||
Total operating revenues | 937 | 880 | 1,861 | 1,743 |
American Airlines, Inc. | ||||
Operating revenues: | ||||
Total operating revenues | 14,333 | 14,054 | 26,902 | 26,242 |
Operating expenses: | ||||
Aircraft fuel and related taxes | 3,061 | 2,723 | 6,042 | 5,890 |
Salaries, wages and benefits | 3,950 | 3,633 | 7,816 | 6,912 |
Regional expenses | 1,260 | 1,150 | 2,457 | 2,293 |
Maintenance, materials and repairs | 950 | 808 | 1,834 | 1,520 |
Other rent and landing fees | 834 | 762 | 1,653 | 1,470 |
Aircraft rent | 314 | 344 | 642 | 688 |
Selling expenses | 456 | 489 | 864 | 927 |
Depreciation and amortization | 472 | 481 | 939 | 965 |
Special items, net | 0 | 0 | 70 | 13 |
Other | 1,642 | 1,494 | 3,178 | 2,954 |
Total operating expenses | 12,939 | 11,884 | 25,495 | 23,632 |
Operating income | 1,394 | 2,170 | 1,407 | 2,610 |
Nonoperating income (expense): | ||||
Interest income | 275 | 282 | 537 | 513 |
Interest expense, net | (511) | (563) | (1,031) | (1,113) |
Other income (expense), net | 2 | (14) | (39) | (20) |
Total nonoperating expense, net | (234) | (295) | (533) | (620) |
Income before income taxes | 1,160 | 1,875 | 874 | 1,990 |
Income tax provision | 367 | 452 | 297 | 482 |
Net income | 793 | 1,423 | 577 | 1,508 |
American Airlines, Inc. | Passenger | ||||
Operating revenues: | ||||
Total operating revenues | 13,202 | 12,978 | 24,661 | 24,081 |
American Airlines, Inc. | Cargo | ||||
Operating revenues: | ||||
Total operating revenues | 195 | 197 | 382 | 420 |
American Airlines, Inc. | Other | ||||
Operating revenues: | ||||
Total operating revenues | $ 936 | $ 879 | $ 1,859 | $ 1,741 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - American Airlines Group Inc. - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $ 717 | $ (312) | $ 1,338 | $ 10 | $ 405 | $ 1,348 |
Other comprehensive income (loss), net of tax: | ||||||
Pension, retiree medical and other postretirement benefits | 19 | 17 | 37 | 34 | ||
Investments | 0 | 0 | (1) | 1 | ||
Total other comprehensive income, net of tax | 19 | $ 17 | 17 | $ 18 | 36 | 35 |
Total comprehensive income | $ 736 | $ 1,355 | $ 441 | $ 1,383 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - American Airlines, Inc. - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 717 | $ 1,338 | $ 405 | $ 1,348 |
Other comprehensive income (loss), net of tax: | ||||
Pension, retiree medical and other postretirement benefits | 19 | 17 | 37 | 34 |
Investments | 0 | 0 | (1) | 1 |
Total other comprehensive income, net of tax | 19 | 17 | 36 | 35 |
Total comprehensive income | 736 | 1,355 | 441 | 1,383 |
American Airlines, Inc. | ||||
Net income | 793 | 1,423 | 577 | 1,508 |
Other comprehensive income (loss), net of tax: | ||||
Pension, retiree medical and other postretirement benefits | 19 | 17 | 37 | 34 |
Investments | 0 | 0 | (1) | 1 |
Total other comprehensive income, net of tax | 19 | 17 | 36 | 35 |
Total comprehensive income | $ 812 | $ 1,440 | $ 613 | $ 1,543 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - American Airlines Group Inc. - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||||||
Cash | $ 605 | $ 578 | $ 614 | |||
Short-term investments | 7,841 | 7,000 | ||||
Restricted cash and short-term investments | 875 | 910 | ||||
Accounts receivable, net | 2,067 | 2,026 | ||||
Aircraft fuel, spare parts and supplies, net | 2,575 | 2,400 | ||||
Prepaid expenses and other | 832 | 658 | ||||
Total current assets | 14,795 | 13,572 | ||||
Operating property and equipment | ||||||
Flight equipment | 42,752 | 41,794 | ||||
Ground property and equipment | 10,198 | 10,307 | ||||
Equipment purchase deposits | 1,052 | 760 | ||||
Total property and equipment, at cost | 54,002 | 52,861 | ||||
Less accumulated depreciation and amortization | (22,958) | (22,097) | ||||
Total property and equipment, net | 31,044 | 30,764 | ||||
Operating lease right-of-use assets | 7,873 | 7,939 | ||||
Other assets | ||||||
Goodwill | 4,091 | 4,091 | ||||
Intangibles, net of accumulated amortization of $837 and $834, respectively | 2,047 | 2,051 | ||||
Deferred tax asset | 2,668 | 2,888 | ||||
Other assets | 1,607 | 1,753 | ||||
Total other assets | 10,413 | 10,783 | ||||
Total assets | 64,125 | 63,058 | ||||
Current liabilities | ||||||
Current maturities of long-term debt and finance leases | 4,120 | 3,632 | ||||
Accounts payable | 3,016 | 2,353 | ||||
Accrued salaries and wages | 1,767 | 2,377 | ||||
Operating lease liabilities | 1,209 | 1,309 | ||||
Other accrued liabilities | 2,849 | 2,738 | ||||
Total current liabilities | 24,610 | 22,062 | ||||
Noncurrent liabilities | ||||||
Long-term debt and finance leases, net of current maturities | 27,636 | 29,270 | ||||
Pension and postretirement benefits | 2,652 | 3,044 | ||||
Loyalty program liability | 6,031 | 5,874 | ||||
Operating lease liabilities | 6,482 | 6,452 | ||||
Other liabilities | 1,460 | 1,558 | ||||
Total noncurrent liabilities | 44,261 | 46,198 | ||||
Commitments and contingencies | ||||||
Stockholder’s equity | ||||||
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 656,607,802 shares issued and outstanding at June 30, 2024; 654,273,192 shares issued and outstanding at December 31, 2023 | 7 | 7 | ||||
Additional paid-in capital | 7,389 | 7,374 | ||||
Accumulated other comprehensive loss | (4,858) | (4,894) | ||||
Retained deficit | (7,284) | (7,689) | ||||
Total stockholders’ deficit | (4,746) | $ (5,500) | (5,202) | $ (4,385) | $ (5,771) | $ (5,799) |
Total liabilities and stockholders’ equity (deficit) | 64,125 | 63,058 | ||||
Air traffic liability | ||||||
Current liabilities | ||||||
Deferred revenue, current | 8,030 | 6,200 | ||||
Loyalty program liability | ||||||
Current liabilities | ||||||
Deferred revenue, current | $ 3,619 | $ 3,453 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accumulated amortization of intangibles | $ 837 | $ 834 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,750,000,000 | 1,750,000,000 |
Common stock, shares issued (in shares) | 656,607,802 | 654,273,192 |
Common stock, shares outstanding (in shares) | 656,607,802 | 654,273,192 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets - American Airlines, Inc. - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash | $ 605 | $ 578 |
Short-term investments | 7,841 | 7,000 |
Restricted cash and short-term investments | 875 | 910 |
Accounts receivable, net | 2,067 | 2,026 |
Aircraft fuel, spare parts and supplies, net | 2,575 | 2,400 |
Prepaid expenses and other | 832 | 658 |
Total current assets | 14,795 | 13,572 |
Operating property and equipment | ||
Flight equipment | 42,752 | 41,794 |
Ground property and equipment | 10,198 | 10,307 |
Equipment purchase deposits | 1,052 | 760 |
Total property and equipment, at cost | 54,002 | 52,861 |
Less accumulated depreciation and amortization | (22,958) | (22,097) |
Total property and equipment, net | 31,044 | 30,764 |
Operating lease right-of-use assets | 7,873 | 7,939 |
Other assets | ||
Goodwill | 4,091 | 4,091 |
Intangibles, net of accumulated amortization of $837 and $834, respectively | 2,047 | 2,051 |
Deferred tax asset | 2,668 | 2,888 |
Other assets | 1,607 | 1,753 |
Total other assets | 10,413 | 10,783 |
Total assets | 64,125 | 63,058 |
Current liabilities | ||
Current maturities of long-term debt and finance leases | 4,120 | 3,632 |
Accounts payable | 3,016 | 2,353 |
Accrued salaries and wages | 1,767 | 2,377 |
Operating lease liabilities | 1,209 | 1,309 |
Other accrued liabilities | 2,849 | 2,738 |
Total current liabilities | 24,610 | 22,062 |
Noncurrent liabilities | ||
Long-term debt and finance leases, net of current maturities | 27,636 | 29,270 |
Pension and postretirement benefits | 2,652 | 3,044 |
Loyalty program liability | 6,031 | 5,874 |
Operating lease liabilities | 6,482 | 6,452 |
Other liabilities | 1,460 | 1,558 |
Total noncurrent liabilities | 44,261 | 46,198 |
Commitments and contingencies | ||
Stockholder’s equity | ||
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding | 7 | 7 |
Additional paid-in capital | 7,389 | 7,374 |
Accumulated other comprehensive loss | (4,858) | (4,894) |
Retained deficit | (7,284) | (7,689) |
Total stockholders’ deficit | (4,746) | (5,202) |
Total liabilities and stockholders’ equity (deficit) | 64,125 | 63,058 |
Air traffic liability | ||
Current liabilities | ||
Deferred revenue, current | 8,030 | 6,200 |
Loyalty program liability | ||
Current liabilities | ||
Deferred revenue, current | 3,619 | 3,453 |
American Airlines, Inc. | ||
Current assets | ||
Cash | 595 | 567 |
Short-term investments | 7,837 | 6,998 |
Restricted cash and short-term investments | 875 | 910 |
Accounts receivable, net | 2,038 | 1,995 |
Receivables from related parties, net | 7,388 | 7,070 |
Aircraft fuel, spare parts and supplies, net | 2,425 | 2,266 |
Prepaid expenses and other | 734 | 561 |
Total current assets | 21,892 | 20,367 |
Operating property and equipment | ||
Flight equipment | 42,395 | 41,440 |
Ground property and equipment | 9,727 | 9,848 |
Equipment purchase deposits | 1,052 | 760 |
Total property and equipment, at cost | 53,174 | 52,048 |
Less accumulated depreciation and amortization | (22,431) | (21,588) |
Total property and equipment, net | 30,743 | 30,460 |
Operating lease right-of-use assets | 7,825 | 7,886 |
Other assets | ||
Goodwill | 4,091 | 4,091 |
Intangibles, net of accumulated amortization of $837 and $834, respectively | 2,047 | 2,051 |
Deferred tax asset | 2,282 | 2,589 |
Other assets | 1,486 | 1,630 |
Total other assets | 9,906 | 10,361 |
Total assets | 70,366 | 69,074 |
Current liabilities | ||
Current maturities of long-term debt and finance leases | 3,632 | 3,625 |
Accounts payable | 2,925 | 2,232 |
Accrued salaries and wages | 1,613 | 2,210 |
Operating lease liabilities | 1,195 | 1,292 |
Other accrued liabilities | 2,705 | 2,605 |
Total current liabilities | 23,719 | 21,617 |
Noncurrent liabilities | ||
Long-term debt and finance leases, net of current maturities | 22,899 | 24,050 |
Pension and postretirement benefits | 2,629 | 3,020 |
Loyalty program liability | 6,031 | 5,874 |
Operating lease liabilities | 6,448 | 6,416 |
Other liabilities | 1,421 | 1,520 |
Total noncurrent liabilities | 39,428 | 40,880 |
Commitments and contingencies | ||
Stockholder’s equity | ||
Common stock, $1.00 par value; 1,000 shares authorized, issued and outstanding | 0 | 0 |
Additional paid-in capital | 17,364 | 17,335 |
Accumulated other comprehensive loss | (4,963) | (4,999) |
Retained deficit | (5,182) | (5,759) |
Total stockholders’ deficit | 7,219 | 6,577 |
Total liabilities and stockholders’ equity (deficit) | 70,366 | 69,074 |
American Airlines, Inc. | Air traffic liability | ||
Current liabilities | ||
Deferred revenue, current | 8,030 | 6,200 |
American Airlines, Inc. | Loyalty program liability | ||
Current liabilities | ||
Deferred revenue, current | $ 3,619 | $ 3,453 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accumulated amortization of intangibles | $ 837 | $ 834 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,750,000,000 | 1,750,000,000 |
Common stock, shares outstanding (in shares) | 656,607,802 | 654,273,192 |
Common stock, shares issued (in shares) | 656,607,802 | 654,273,192 |
American Airlines, Inc. | ||
Accumulated amortization of intangibles | $ 837 | $ 834 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, shares outstanding (in shares) | 1,000 | 1,000 |
Common stock, shares issued (in shares) | 1,000 | 1,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - American Airlines Group Inc. - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Statement of Cash Flows [Abstract] | |||
Net cash provided by operating activities | $ 3,308 | $ 5,096 | |
Cash flows from investing activities: | |||
Capital expenditures and aircraft purchase deposits | (1,475) | (1,244) | |
Proceeds from sale-leaseback transactions and sale of property and equipment | 353 | 183 | |
Purchases of short-term investments | (4,714) | (7,587) | |
Sales of short-term investments | 3,881 | 4,656 | |
Decrease in restricted short-term investments | 68 | 33 | |
Other investing activities | (5) | 214 | |
Net cash used in investing activities | (1,892) | (3,745) | |
Cash flows from financing activities: | |||
Payments on long-term debt and finance leases | (1,836) | (3,246) | |
Proceeds from issuance of long-term debt | 527 | 2,143 | |
Other financing activities | (48) | (55) | |
Net cash used in financing activities | (1,357) | (1,158) | |
Net increase in cash and restricted cash | 59 | 193 | |
Cash and restricted cash at beginning of period | 681 | 586 | |
Cash and restricted cash at end of period | [1] | 740 | 779 |
Non-cash transactions: | |||
Right-of-use (ROU) assets acquired through operating leases | 630 | 617 | |
Property and equipment acquired through debt, finance leases and other | 158 | 72 | |
Operating leases converted to finance leases | 130 | 0 | |
Finance leases converted to operating leases | 30 | 21 | |
Supplemental information: | |||
Interest paid, net | 979 | 1,027 | |
Income taxes paid | $ 6 | $ 3 | |
[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 605 $ 614 Restricted cash included in restricted cash and short-term investments 135 165 Total cash and restricted cash $ 740 $ 779 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | ||
Statement of Cash Flows [Abstract] | ||||||
Cash | $ 605 | $ 578 | $ 614 | |||
Restricted cash included in restricted cash and short-term investments | 135 | 165 | ||||
Total cash and restricted cash | $ 740 | [1] | $ 681 | $ 779 | [1] | $ 586 |
[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 605 $ 614 Restricted cash included in restricted cash and short-term investments 135 165 Total cash and restricted cash $ 740 $ 779 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - American Airlines, Inc. - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Net cash provided by operating activities | $ 3,308 | $ 5,096 | |
Cash flows from investing activities: | |||
Capital expenditures and aircraft purchase deposits | (1,475) | (1,244) | |
Proceeds from sale-leaseback transactions and sale of property and equipment | 353 | 183 | |
Purchases of short-term investments | (4,714) | (7,587) | |
Sales of short-term investments | 3,881 | 4,656 | |
Decrease in restricted short-term investments | 68 | 33 | |
Other investing activities | (5) | 214 | |
Net cash used in investing activities | (1,892) | (3,745) | |
Cash flows from financing activities: | |||
Payments on long-term debt and finance leases | (1,836) | (3,246) | |
Proceeds from issuance of long-term debt | 527 | 2,143 | |
Other financing activities | (48) | (55) | |
Net cash used in financing activities | (1,357) | (1,158) | |
Net increase in cash and restricted cash | 59 | 193 | |
Cash and restricted cash at beginning of period | 681 | 586 | |
Cash and restricted cash at end of period | [1] | 740 | 779 |
Non-cash transactions: | |||
Right-of-use (ROU) assets acquired through operating leases | 630 | 617 | |
Property and equipment acquired through debt, finance leases and other | 158 | 72 | |
Operating leases converted to finance leases | 130 | 0 | |
Finance leases converted to operating leases | 30 | 21 | |
Supplemental information: | |||
Interest paid, net | 979 | 1,027 | |
Income taxes paid | 6 | 3 | |
American Airlines, Inc. | |||
Net cash provided by operating activities | 3,262 | 5,041 | |
Cash flows from investing activities: | |||
Capital expenditures and aircraft purchase deposits | (1,449) | (1,224) | |
Proceeds from sale-leaseback transactions and sale of property and equipment | 353 | 183 | |
Purchases of short-term investments | (4,712) | (7,587) | |
Sales of short-term investments | 3,881 | 4,656 | |
Decrease in restricted short-term investments | 68 | 33 | |
Other investing activities | (5) | 214 | |
Net cash used in investing activities | (1,864) | (3,725) | |
Cash flows from financing activities: | |||
Payments on long-term debt and finance leases | (1,831) | (3,236) | |
Proceeds from issuance of long-term debt | 527 | 2,143 | |
Other financing activities | (34) | (38) | |
Net cash used in financing activities | (1,338) | (1,131) | |
Net increase in cash and restricted cash | 60 | 185 | |
Cash and restricted cash at beginning of period | 670 | 575 | |
Cash and restricted cash at end of period | [2] | 730 | 760 |
Non-cash transactions: | |||
Right-of-use (ROU) assets acquired through operating leases | 626 | 612 | |
Property and equipment acquired through debt, finance leases and other | 158 | 72 | |
Operating leases converted to finance leases | 130 | 0 | |
Finance leases converted to operating leases | 30 | 21 | |
Supplemental information: | |||
Interest paid, net | 918 | 966 | |
Income taxes paid | $ 6 | $ 3 | |
[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 605 $ 614 Restricted cash included in restricted cash and short-term investments 135 165 Total cash and restricted cash $ 740 $ 779 The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 595 $ 595 Restricted cash included in restricted cash and short-term investments 135 165 Total cash and restricted cash $ 730 $ 760 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | ||
Cash | $ 605 | $ 578 | $ 614 | ||
Restricted cash included in restricted cash and short-term investments | 135 | 165 | |||
Total cash and restricted cash | 740 | [1] | 681 | 779 | [1] |
American Airlines, Inc. | |||||
Cash | 595 | 567 | 595 | ||
Restricted cash included in restricted cash and short-term investments | 135 | 165 | |||
Total cash and restricted cash | $ 730 | [2] | $ 670 | $ 760 | [2] |
[1] The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 605 $ 614 Restricted cash included in restricted cash and short-term investments 135 165 Total cash and restricted cash $ 740 $ 779 The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 595 $ 595 Restricted cash included in restricted cash and short-term investments 135 165 Total cash and restricted cash $ 730 $ 760 |
Condensed Consolidated Statem_9
Condensed Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Deficit |
Beginning balance at Dec. 31, 2022 | $ (5,799) | $ 6 | $ 7,291 | $ (4,585) | $ (8,511) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 10 | 10 | |||
Other comprehensive income, net | 18 | 18 | |||
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | (15) | 1 | (16) | ||
Share-based compensation expense | 15 | 15 | |||
Ending balance at Mar. 31, 2023 | (5,771) | 7 | 7,290 | (4,567) | (8,501) |
Beginning balance at Dec. 31, 2022 | (5,799) | 6 | 7,291 | (4,585) | (8,511) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,348 | ||||
Other comprehensive income, net | 35 | ||||
Ending balance at Jun. 30, 2023 | (4,385) | 7 | 7,321 | (4,550) | (7,163) |
Beginning balance at Mar. 31, 2023 | (5,771) | 7 | 7,290 | (4,567) | (8,501) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,338 | 1,338 | |||
Other comprehensive income, net | 17 | 17 | |||
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | (1) | (1) | |||
Share-based compensation expense | 32 | 32 | |||
Ending balance at Jun. 30, 2023 | (4,385) | 7 | 7,321 | (4,550) | (7,163) |
Beginning balance at Dec. 31, 2023 | (5,202) | 7 | 7,374 | (4,894) | (7,689) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (312) | (312) | |||
Other comprehensive income, net | 17 | 17 | |||
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | (11) | (11) | |||
Share-based compensation expense | 28 | 28 | |||
Modification of share-based awards | (20) | (20) | |||
Ending balance at Mar. 31, 2024 | (5,500) | 7 | 7,371 | (4,877) | (8,001) |
Beginning balance at Dec. 31, 2023 | (5,202) | 7 | 7,374 | (4,894) | (7,689) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 405 | ||||
Other comprehensive income, net | 36 | ||||
Ending balance at Jun. 30, 2024 | (4,746) | 7 | 7,389 | (4,858) | (7,284) |
Beginning balance at Mar. 31, 2024 | (5,500) | 7 | 7,371 | (4,877) | (8,001) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 717 | 717 | |||
Other comprehensive income, net | 19 | 19 | |||
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | (3) | (3) | |||
Share-based compensation expense | 21 | 21 | |||
Ending balance at Jun. 30, 2024 | $ (4,746) | $ 7 | $ 7,389 | $ (4,858) | $ (7,284) |
Condensed Consolidated State_10
Condensed Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. (Parenthetical) - shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Issuance of shares of AAG common stock pursuant to employee stock plans (in shares) | 562,167 | 1,772,443 | 469,087 | 2,175,213 |
Condensed Consolidated State_11
Condensed Consolidated Statements of Stockholder's Equity - American Airlines, Inc. - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Deficit | American Airlines, Inc. | American Airlines, Inc. Common Stock | American Airlines, Inc. Additional Paid-in Capital | American Airlines, Inc. Accumulated Other Comprehensive Loss | American Airlines, Inc. Retained Deficit |
Beginning balance at Dec. 31, 2022 | $ (5,799) | $ 6 | $ 7,291 | $ (4,585) | $ (8,511) | $ 5,593 | $ 0 | $ 17,230 | $ (4,690) | $ (6,947) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 10 | 10 | 85 | 85 | ||||||
Other comprehensive income, net | 18 | 18 | 18 | 18 | ||||||
Share-based compensation expense | 15 | 15 | 14 | 14 | ||||||
Ending balance at Mar. 31, 2023 | (5,771) | 7 | 7,290 | (4,567) | (8,501) | 5,710 | 0 | 17,244 | (4,672) | (6,862) |
Beginning balance at Dec. 31, 2022 | (5,799) | 6 | 7,291 | (4,585) | (8,511) | 5,593 | 0 | 17,230 | (4,690) | (6,947) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,348 | 1,508 | ||||||||
Other comprehensive income, net | 35 | 35 | ||||||||
Ending balance at Jun. 30, 2023 | (4,385) | 7 | 7,321 | (4,550) | (7,163) | 7,182 | 0 | 17,276 | (4,655) | (5,439) |
Beginning balance at Mar. 31, 2023 | (5,771) | 7 | 7,290 | (4,567) | (8,501) | 5,710 | 0 | 17,244 | (4,672) | (6,862) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,338 | 1,338 | 1,423 | 1,423 | ||||||
Other comprehensive income, net | 17 | 17 | 17 | 17 | ||||||
Share-based compensation expense | 32 | 32 | 32 | 32 | ||||||
Ending balance at Jun. 30, 2023 | (4,385) | 7 | 7,321 | (4,550) | (7,163) | 7,182 | 0 | 17,276 | (4,655) | (5,439) |
Beginning balance at Dec. 31, 2023 | (5,202) | 7 | 7,374 | (4,894) | (7,689) | 6,577 | 0 | 17,335 | (4,999) | (5,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | (312) | (312) | (216) | (216) | ||||||
Other comprehensive income, net | 17 | 17 | 17 | 17 | ||||||
Share-based compensation expense | 28 | 28 | 27 | 27 | ||||||
Modification of share-based awards | (20) | (20) | (20) | (20) | ||||||
Intercompany equity transfer | 1 | 1 | ||||||||
Ending balance at Mar. 31, 2024 | (5,500) | 7 | 7,371 | (4,877) | (8,001) | 6,386 | 0 | 17,343 | (4,982) | (5,975) |
Beginning balance at Dec. 31, 2023 | (5,202) | 7 | 7,374 | (4,894) | (7,689) | 6,577 | 0 | 17,335 | (4,999) | (5,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 405 | 577 | ||||||||
Other comprehensive income, net | 36 | 36 | ||||||||
Ending balance at Jun. 30, 2024 | (4,746) | 7 | 7,389 | (4,858) | (7,284) | 7,219 | 0 | 17,364 | (4,963) | (5,182) |
Beginning balance at Mar. 31, 2024 | (5,500) | 7 | 7,371 | (4,877) | (8,001) | 6,386 | 0 | 17,343 | (4,982) | (5,975) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 717 | 717 | 793 | 793 | ||||||
Other comprehensive income, net | 19 | 19 | 19 | 19 | ||||||
Share-based compensation expense | 21 | 21 | 20 | 20 | ||||||
Intercompany equity transfer | 1 | 1 | ||||||||
Ending balance at Jun. 30, 2024 | $ (4,746) | $ 7 | $ 7,389 | $ (4,858) | $ (7,284) | $ 7,219 | $ 0 | $ 17,364 | $ (4,963) | $ (5,182) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Presentation | Basis of Presentation (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements include the accounts of AAG and its wholly-owned subsidiaries. AAG’s principal subsidiary is American Airlines, Inc. (American). All significant intercompany transactions have been eliminated. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits. (b) Labor Relations In July 2024, American and the Association of Professional Flight Attendants (APFA), the union representing our approximately 27,000 mainline flight attendants, reached a new tentative collective bargaining agreement. The tentative agreement is subject to approval by the APFA Board of Directors and is subject to ratification by American’s flight attendants through a vote that is presently expected to close in September 2024. Upon flight attendant ratification, the ratified agreement will include a provision for a one-time payment of approximately $500 million and provisions for other benefit-related items. Since the tentative agreement has not yet been ratified and there is uncertainty about the outcome of that process, we have not accrued for the one-time payment or for the other benefit-related expenses as of June 30, 2024. |
American Airlines, Inc. | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Presentation | Basis of Presentation (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of American Airlines, Inc. (American) should be read in conjunction with the consolidated financial statements contained in American’s Annual Report on Form 10-K for the year ended December 31, 2023. American is the principal wholly-owned subsidiary of American Airlines Group Inc. (AAG). All significant intercompany transactions have been eliminated. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits. (b) Labor Relations In July 2024, American and the Association of Professional Flight Attendants (APFA), the union representing American’s approximately 27,000 mainline flight attendants, reached a new tentative collective bargaining agreement. The tentative agreement is subject to approval by the APFA Board of Directors and is subject to ratification by American’s flight attendants through a vote that is presently expected to close in September 2024. Upon flight attendant ratification, the ratified agreement will include a provision for a one-time payment of approximately $500 million and provisions for other benefit-related items. Since the tentative agreement has not yet been ratified and there is uncertainty about the outcome of that process, American has not accrued for the one-time payment or for the other benefit-related expenses as of June 30, 2024. |
Special Items, Net
Special Items, Net | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring Cost and Reserve [Line Items] | |
Special Items, Net | Special Items, Net Special items, net in the condensed consolidated statements of operations consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Labor contract expenses (1) $ — $ — $ 57 $ — Severance expenses — — 13 21 Other operating special items, net — — — (8) Mainline operating special items, net — — 70 13 Regional operating special items, net — 6 — 6 Operating special items, net — 6 70 19 Mark-to-market adjustments on equity investments, net (2) 5 11 51 11 Debt refinancing and extinguishment 7 17 7 34 Nonoperating special items, net 12 28 58 45 (1) Labor contract expenses relate to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline passenger service team members, including a one-time signing bonus which was principally paid in the first quarter of 2024. (2) Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments. |
American Airlines, Inc. | |
Restructuring Cost and Reserve [Line Items] | |
Special Items, Net | Special Items, Net Special items, net in the condensed consolidated statements of operations consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Labor contract expenses (1) $ — $ — $ 57 $ — Severance expenses — — 13 21 Other operating special items, net — — — (8) Mainline operating special items, net — — 70 13 Mark-to-market adjustments on equity investments, net (2) 5 11 51 11 Debt refinancing and extinguishment 7 17 7 34 Nonoperating special items, net 12 28 58 45 (1) Labor contract expenses relate to one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline passenger service team members, including a one-time signing bonus which was principally paid in the first quarter of 2024. (2) Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic EPS: Net income $ 717 $ 1,338 $ 405 $ 1,348 Weighted average common shares outstanding (in thousands) 656,965 653,602 656,406 652,801 Basic EPS $ 1.09 $ 2.05 $ 0.62 $ 2.06 Diluted EPS: Net income $ 717 $ 1,338 $ 405 $ 1,348 Interest expense on 6.50% convertible senior notes 9 12 22 23 Net income for purposes of computing diluted EPS $ 726 $ 1,350 $ 427 $ 1,371 Share computation for diluted EPS (in thousands): Basic weighted average common shares outstanding 656,965 653,602 656,406 652,801 Dilutive effect of restricted stock unit awards 723 1,307 865 1,185 Dilutive effect of certain PSP Warrants and Treasury Loan Warrants 886 2,708 1,713 3,176 Assumed conversion of 6.50% convertible senior notes 61,728 61,728 61,728 61,728 Diluted weighted average common shares outstanding 720,302 719,345 720,712 718,890 Diluted EPS $ 1.01 $ 1.88 $ 0.59 $ 1.91 The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock unit awards 2,912 3,680 3,112 3,889 In addition, for the three and six months ended June 30, 2024 and 2023, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to (i) the payroll support program established under the Coronavirus Aid, Relief, and Economic Security Act (PSP1), (ii) the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2), (iii) the payroll support program established under the American Rescue Plan Act of 2021 (PSP3) (collectively, the PSP Warrants) and (iv) the Loan and Guarantee Agreement with the U.S. Department of Treasury (Treasury Loan Warrants). The table below provides a summary of the PSP Warrants and the Treasury Loan Warrants: Warrants Warrants Issued (shares, in thousands) Exercise Price Expiration PSP1 Warrants 14,048 $ 12.51 April 2025 to September 2025 PSP2 Warrants 6,576 15.66 January 2026 to April 2026 PSP3 Warrants 4,407 21.75 April 2026 to June 2026 Treasury Loan Warrants 4,396 12.51 September 2025 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Entity Information [Line Items] | |
Revenue Recognition | Revenue Recognition Revenue The following are the significant categories comprising our operating revenues (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Passenger revenue: Passenger travel $ 12,212 $ 12,057 $ 22,795 $ 22,348 Loyalty revenue - travel (1) 990 921 1,866 1,733 Total passenger revenue 13,202 12,978 24,661 24,081 Cargo 195 197 382 420 Other: Loyalty revenue - marketing services 799 741 1,584 1,463 Other revenue 138 139 277 280 Total other revenue 937 880 1,861 1,743 Total operating revenues $ 14,334 $ 14,055 $ 26,904 $ 26,244 (1) Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners. The following is our total passenger revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Domestic $ 9,342 $ 9,195 $ 17,604 $ 17,232 Latin America 1,562 1,640 3,464 3,555 Atlantic 2,019 1,888 3,012 2,819 Pacific 279 255 581 475 Total passenger revenue $ 13,202 $ 12,978 $ 24,661 $ 24,081 We attribute passenger revenue by geographic region based upon the origin and destination of each flight segment. Contract Balances Our significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on the condensed consolidated balance sheets and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on the condensed consolidated balance sheets. June 30, 2024 December 31, 2023 (In millions) Loyalty program liability $ 9,650 $ 9,327 Air traffic liability 8,030 6,200 Total $ 17,680 $ 15,527 The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions): Balance at December 31, 2023 $ 9,327 Deferral of revenue 2,168 Recognition of revenue (1) (1,845) Balance at June 30, 2024 (2) $ 9,650 (1) Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period. (2) Mileage credits can be redeemed at any time and generally do not expire as long as that AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of June 30, 2024, our current loyalty program liability was $3.6 billion and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter. |
American Airlines, Inc. | |
Entity Information [Line Items] | |
Revenue Recognition | Revenue Recognition Revenue The following are the significant categories comprising American’s operating revenues (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Passenger revenue: Passenger travel $ 12,212 $ 12,057 $ 22,795 $ 22,348 Loyalty revenue - travel (1) 990 921 1,866 1,733 Total passenger revenue 13,202 12,978 24,661 24,081 Cargo 195 197 382 420 Other: Loyalty revenue - marketing services 799 741 1,585 1,463 Other revenue 137 138 274 278 Total other revenue 936 879 1,859 1,741 Total operating revenues $ 14,333 $ 14,054 $ 26,902 $ 26,242 (1) Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners. The following is American’s total passenger revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Domestic $ 9,342 $ 9,195 $ 17,604 $ 17,232 Latin America 1,562 1,640 3,464 3,555 Atlantic 2,019 1,888 3,012 2,819 Pacific 279 255 581 475 Total passenger revenue $ 13,202 $ 12,978 $ 24,661 $ 24,081 American attributes passenger revenue by geographic region based upon the origin and destination of each flight segment. Contract Balances American’s significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future air travel, non-air travel and other awards, reported as loyalty program liability on the condensed consolidated balance sheets and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on the condensed consolidated balance sheets. June 30, 2024 December 31, 2023 (In millions) Loyalty program liability $ 9,650 $ 9,327 Air traffic liability 8,030 6,200 Total $ 17,680 $ 15,527 The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions): Balance at December 31, 2023 $ 9,327 Deferral of revenue 2,168 Recognition of revenue (1) (1,845) Balance at June 30, 2024 (2) $ 9,650 (1) Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period. (2) Mileage credits can be redeemed at any time and generally do not expire as long as that AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of June 30, 2024, American’s current loyalty program liability was $3.6 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter. The air traffic liability principally represents tickets sold for future travel on American and partner airlines. The balance in American’s air traffic liability also fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally one year. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months. For the six months ended June 30, 2024, $4.7 billion of revenue was recognized in passenger revenue that was included in American’s air traffic liability at December 31, 2023. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instrument [Line Items] | |
Debt | Debt Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): June 30, 2024 December 31, 2023 Secured 2013 Term Loan Facility, variable interest rate of 8.19%, installments through February 2028 $ 980 $ 990 2014 Term Loan Facility, variable interest rate of 7.07%, installments through January 2027 1,171 1,183 2023 Term Loan Facility, variable interest rate of 7.77%, installments beginning in December 2024 through June 2029 1,100 1,100 10.75% senior secured IP notes, interest only payments until due in February 2026 1,000 1,000 10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026 200 200 7.25% senior secured notes, interest only payments until due in February 2028 750 750 8.50% senior secured notes, interest only payments until due in May 2029 1,000 1,000 5.50% senior secured notes, installments through April 2026 (1) 2,333 2,917 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1) 3,000 3,000 AAdvantage Term Loan Facility, variable interest rate of 10.34%, installments through April 2028 (1) 2,800 3,150 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.56%, maturing from 2024 to 2034 7,096 7,657 Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.85%, averaging 6.93%, maturing from 2024 to 2036 3,898 3,612 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 967 967 26,295 27,526 Unsecured PSP1 Promissory Note, interest only payments until due in April 2030 1,757 1,757 PSP2 Promissory Note, interest only payments until due in January 2031 1,030 1,030 PSP3 Promissory Note, interest only payments until due in April 2031 959 959 6.50% convertible senior notes, interest only payments until due in July 2025 1,000 1,000 3.75% senior notes, interest only payments until due in March 2025 487 487 5,233 5,233 Total long-term debt 31,528 32,759 Less: Total unamortized debt discount, premium and issuance costs 337 363 Less: Current maturities 3,982 3,501 Long-term debt, net of current maturities $ 27,209 $ 28,895 (1) Collectively referred to as the AAdvantage Financing. As of June 30, 2024, the maximum availability under our revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 500 2014 Revolving Facility 1,500 2023 Revolving Facility 890 Other facilities 397 Total $ 3,287 In March 2024, American entered into a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year. As of June 30, 2024, there were no amounts drawn under this facility. Additionally, American currently has $47 million of available borrowing base under a cargo receivables facility that is set to expire in December 2024. As further described below, the aggregate commitments under the 2013, 2014 and 2023 Revolving Facilities are $2.9 billion through June 4, 2029. Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets. 6.50% Convertible Senior Notes At June 30, 2024, the if-converted value of the 6.50% convertible senior notes due 2025 (the Convertible Notes) did not exceed the principal amount. The last reported sale price per share of our common stock (as defined in the indenture governing our Convertible Notes, the Convertible Notes Indenture) did not exceed 130% of the conversion price of the Convertible Notes for at least 20 of the 30 consecutive trading days ending on June 30, 2024. Accordingly, pursuant to the terms of the Convertible Notes Indenture, the holders of the Convertible Notes cannot convert at their option at any time during the quarter ending September 30, 2024. Each $1,000 principal amount of Convertible Notes is convertible at a rate of 61.7284 shares of our common stock, subject to adjustment as provided in the Convertible Notes Indenture. We may settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. 2024 Financing Activities 2013 Credit Facilities – 2013 Revolving Facility On June 4, 2024, American and AAG entered into the Ninth Amendment to Amended and Restated Credit and Guaranty Agreement (the Ninth Amendment), amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended, the 2013 Credit Agreement), pursuant to which American terminated all existing revolving commitments and letter of credit commitments available under the 2013 Credit Agreement and established new revolving commitments in an aggregate amount of $500 million (which includes the ability to issue letters of credit in an aggregate amount of $100 million) (the newly established commitments, the 2013 Revolving Facility), which have a maturity date of June 4, 2029. Additionally, as a result of the Ninth Amendment, the 2013 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the Secured Overnight Financing Rate (SOFR) for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. Pursuant to the Ninth Amendment, SOFR borrowings under the 2013 Revolving Facility are not subject to a credit spread adjustment. 2014 Credit Facilities – 2014 Revolving Facility On June 4, 2024, American and AAG entered into the Tenth Amendment to Amended and Restated Credit and Guaranty Agreement (the Tenth Amendment), amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the 2014 Credit Agreement), pursuant to which American terminated all existing revolving commitments and letter of credit commitments available under the 2014 Credit Agreement and established new revolving commitments in an aggregate amount of $1.5 billion (which includes the ability to issue letters of credit in an aggregate amount of $200 million) (the newly established commitments, the 2014 Revolving Facility), which have a maturity date of June 4, 2029. Additionally, as a result of the Tenth Amendment, the 2014 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. The Tenth Amendment also reduced the minimum liquidity financial covenant threshold from $2.2 billion to $2.0 billion and reduced the liquidity requirement for making certain restricted payments from $4.2 billion to $4.0 billion. Pursuant to the Tenth Amendment, SOFR borrowings under the 2014 Revolving Facility are not subject to a credit spread adjustment. 2023 Credit Facilities On June 4, 2024, American and AAG entered into the First Amendment to Credit and Guaranty Agreement (the First Amendment) and the Second Amendment to Credit and Guaranty Agreement (the Second Amendment), each amending the Credit and Guaranty Agreement, dated as of December 4, 2023 (as amended, the 2023 Credit Agreement). Pursuant to the First Amendment, American established a revolving credit facility (the 2023 Revolving Facility) in an aggregate amount of $890 million, maturing June 4, 2029. The 2023 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. SOFR borrowings under the 2023 Revolving Facility are not subject to a credit spread adjustment. Pursuant to the Second Amendment, American replaced the $1.1 billion of initial term loans made pursuant to the 2023 Credit Agreement with new term loans in a principal amount of $1.1 billion (such new term loans, the 2023 Term Loan Facility). The 2023 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%), plus an applicable margin of 1.50% per annum or, at American’s option, the SOFR rate for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 2.50% per annum. SOFR borrowings under the 2023 Term Loan Facility are not subject to a credit spread adjustment. April 2016 Revolving Facility On June 4, 2024, American terminated all revolving commitments under the Credit and Guaranty Agreement, dated as of April 29, 2016 (as amended, the April 2016 Credit Agreement). As a result, the April 2016 Credit Agreement was terminated and all liens securing the April 2016 Credit Agreement were released. Equipment Loans and Other Notes Payable Issued in 2024 During the first six months of 2024, American entered into agreements under which it borrowed $530 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2030 through 2036 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 6.92% as of June 30, 2024. |
American Airlines, Inc. | |
Debt Instrument [Line Items] | |
Debt | Debt Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): June 30, 2024 December 31, 2023 Secured 2013 Term Loan Facility, variable interest rate of 8.19%, installments through February 2028 $ 980 $ 990 2014 Term Loan Facility, variable interest rate of 7.07%, installments through January 2027 1,171 1,183 2023 Term Loan Facility, variable interest rate of 7.77%, installments beginning in December 2024 through June 2029 1,100 1,100 10.75% senior secured IP notes, interest only payments until due in February 2026 1,000 1,000 10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026 200 200 7.25% senior secured notes, interest only payments until due in February 2028 750 750 8.50% senior secured notes, interest only payments until due in May 2029 1,000 1,000 5.50% senior secured notes, installments through April 2026 (1) 2,333 2,917 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1) 3,000 3,000 AAdvantage Term Loan Facility, variable interest rate of 10.34%, installments through April 2028 (1) 2,800 3,150 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.56%, maturing from 2024 to 2034 7,096 7,657 Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.85%, averaging 6.93%, maturing from 2024 to 2036 3,898 3,612 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 967 967 Total long-term debt 26,295 27,526 Less: Total unamortized debt discount, premium and issuance costs 327 349 Less: Current maturities 3,496 3,501 Long-term debt, net of current maturities $ 22,472 $ 23,676 (1) Collectively referred to as the AAdvantage Financing. As of June 30, 2024, the maximum availability under American’s revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 500 2014 Revolving Facility 1,500 2023 Revolving Facility 890 Other facilities 397 Total $ 3,287 In March 2024, American entered into a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year. As of June 30, 2024, there were no amounts drawn under this facility. Additionally, American currently has $47 million of available borrowing base under a cargo receivables facility that is set to expire in December 2024. As further described below, the aggregate commitments under the 2013, 2014 and 2023 Revolving Facilities are $2.9 billion through June 4, 2029. Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets. 2024 Financing Activities 2013 Credit Facilities – 2013 Revolving Facility On June 4, 2024, American and AAG entered into the Ninth Amendment to Amended and Restated Credit and Guaranty Agreement (the Ninth Amendment), amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015 (as amended, the 2013 Credit Agreement), pursuant to which American terminated all existing revolving commitments and letter of credit commitments available under the 2013 Credit Agreement and established new revolving commitments in an aggregate amount of $500 million (which includes the ability to issue letters of credit in an aggregate amount of $100 million) (the newly established commitments, the 2013 Revolving Facility), which have a maturity date of June 4, 2029. Additionally, as a result of the Ninth Amendment, the 2013 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the Secured Overnight Financing Rate (SOFR) for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. Pursuant to the Ninth Amendment, SOFR borrowings under the 2013 Revolving Facility are not subject to a credit spread adjustment. 2014 Credit Facilities – 2014 Revolving Facility On June 4, 2024, American and AAG entered into the Tenth Amendment to Amended and Restated Credit and Guaranty Agreement (the Tenth Amendment), amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015 (as amended, the 2014 Credit Agreement), pursuant to which American terminated all existing revolving commitments and letter of credit commitments available under the 2014 Credit Agreement and established new revolving commitments in an aggregate amount of $1.5 billion (which includes the ability to issue letters of credit in an aggregate amount of $200 million) (the newly established commitments, the 2014 Revolving Facility), which have a maturity date of June 4, 2029. Additionally, as a result of the Tenth Amendment, the 2014 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. The Tenth Amendment also reduced the minimum liquidity financial covenant threshold from $2.2 billion to $2.0 billion and reduced the liquidity requirement for making certain restricted payments from $4.2 billion to $4.0 billion. Pursuant to the Tenth Amendment, SOFR borrowings under the 2014 Revolving Facility are not subject to a credit spread adjustment. 2023 Credit Facilities On June 4, 2024, American and AAG entered into the First Amendment to Credit and Guaranty Agreement (the First Amendment) and the Second Amendment to Credit and Guaranty Agreement (the Second Amendment), each amending the Credit and Guaranty Agreement, dated as of December 4, 2023 (as amended, the 2023 Credit Agreement). Pursuant to the First Amendment, American established a revolving credit facility (the 2023 Revolving Facility) in an aggregate amount of $890 million, maturing June 4, 2029. The 2023 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.00%, 2.25% or 2.50%, depending on AAG’s public corporate credit rating, or, at American’s option, the SOFR rate for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 3.00%, 3.25% or 3.50%, depending on AAG’s public corporate credit rating. SOFR borrowings under the 2023 Revolving Facility are not subject to a credit spread adjustment. Pursuant to the Second Amendment, American replaced the $1.1 billion of initial term loans made pursuant to the 2023 Credit Agreement with new term loans in a principal amount of $1.1 billion (such new term loans, the 2023 Term Loan Facility). The 2023 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%), plus an applicable margin of 1.50% per annum or, at American’s option, the SOFR rate for a tenor of one, three, or six months, depending on the interest period selected by American (subject to a floor of 0.00%), plus an applicable margin of 2.50% per annum. SOFR borrowings under the 2023 Term Loan Facility are not subject to a credit spread adjustment. April 2016 Revolving Facility On June 4, 2024, American terminated all revolving commitments under the Credit and Guaranty Agreement, dated as of April 29, 2016 (as amended, the April 2016 Credit Agreement). As a result, the April 2016 Credit Agreement was terminated and all liens securing the April 2016 Credit Agreement were released. Equipment Loans and Other Notes Payable Issued in 2024 During the first six months of 2024, American entered into agreements under which it borrowed $530 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2030 through 2036 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 6.92% as of June 30, 2024. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes At December 31, 2023, we had approximately $13.7 billion of gross federal net operating losses (NOLs) and $4.7 billion of other carryforwards available to reduce future federal taxable income, of which $3.4 billion will expire beginning in 2029 if unused and $15.0 billion can be carried forward indefinitely. We also had approximately $5.5 billion of NOL carryforwards to reduce future state taxable income at December 31, 2023, which will expire in taxable years 2023 through 2043 if unused. Our ability to use our NOLs and other carryforwards depends on the amount of taxable income generated in future periods. We provide a valuation allowance for our deferred tax assets, which include our NOLs, when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. We have determined that positive factors outweigh negative factors in the determination of the realizability of our deferred tax assets. There can be no assurance that an additional valuation allowance on our net deferred tax assets will not be required. Such valuation allowance could be material. |
American Airlines, Inc. | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes At December 31, 2023, American had approximately $13.7 billion of gross federal net operating losses (NOLs) and $3.6 billion of other carryforwards available to reduce future federal taxable income, of which $3.8 billion will expire beginning in 2033 if unused and $13.5 billion can be carried forward indefinitely. American is a member of AAG’s consolidated federal and certain state income tax returns. American also had approximately $5.3 billion of NOL carryforwards to reduce future state taxable income at December 31, 2023, which will expire in taxable years 2023 through 2043 if unused. American’s ability to use its NOLs and other carryforwards depends on the amount of taxable income generated in future periods. American provides a valuation allowance for its deferred tax assets, which include the NOLs, when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets. Many factors are considered that impact American’s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand. American has determined that positive factors outweigh negative factors in the determination of the realizability of its deferred tax assets. There can be no assurance that an additional valuation allowance on American’s net deferred tax assets will not be required. Such valuation allowance could be material. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis We utilize the market approach to measure the fair value of our financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Our short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2024. Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of June 30, 2024 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 295 $ 295 $ — $ — Corporate obligations 5,007 — 5,007 — Bank notes/certificates of deposit/time deposits 1,989 — 1,989 — Repurchase agreements 550 — 550 — 7,841 295 7,546 — Restricted cash and short-term investments (1), (3) 875 445 430 — Long-term investments (4) 113 113 — — Total $ 8,829 $ 853 $ 7,976 $ — (1) All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses. (2) Our short-term investments mature in one year or less. (3) Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $199 million as of June 30, 2024. (4) Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 8 for further information on our equity investments. Fair Value of Debt The fair value of our long-term debt was estimated using quoted market prices or discounted cash flow analyses based on our current estimated incremental borrowing rates for similar types of borrowing arrangements. If our long-term debt was measured at fair value, it would have been classified as Level 2 except for $3.7 billion as of June 30, 2024 and December 31, 2023, which would have been classified as Level 3 in the fair value hierarchy. The fair value of the Convertible Notes, which would have been classified as Level 2, was $1.0 billion and $1.1 billion as of June 30, 2024 and December 31, 2023, respectively. The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current maturities $ 31,191 $ 31,286 $ 32,396 $ 32,310 |
American Airlines, Inc. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis American utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. American’s short-term investments, restricted cash and restricted short-term investments classified as Level 2 utilize significant observable inputs, other than quoted prices in active markets, for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2024. Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of June 30, 2024 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 293 $ 293 $ — $ — Corporate obligations 5,007 — 5,007 — Bank notes/certificates of deposit/time deposits 1,987 — 1,987 — Repurchase agreements 550 — 550 — 7,837 293 7,544 — Restricted cash and short-term investments (1), (3) 875 445 430 — Long-term investments (4) 113 113 — — Total $ 8,825 $ 851 $ 7,974 $ — (1) All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses. (2) American’s short-term investments mature in one year or less. (3) Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $199 million as of June 30, 2024. (4) Long-term investments include American’s equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 7 for further information on American’s equity investments. Fair Value of Debt The fair value of American’s long-term debt was estimated using quoted market prices or discounted cash flow analyses based on American’s current estimated incremental borrowing rates for similar types of borrowing arrangements. If American’s long-term debt was measured at fair value, it would have been classified as Level 2. The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions): June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Long-term debt, including current maturities $ 25,968 $ 26,059 $ 27,177 $ 27,008 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Line Items] | |
Investments | Investments To help expand our network and as part of our ongoing commitment to sustainability, we enter into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. Our equity investments are reflected in other assets on our condensed consolidated balance sheets. Our share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other income (expense), net on the condensed consolidated statements of operations. Our equity investment ownership interests and carrying values are as follows: Ownership Interest Carrying Value (in millions) Accounting Treatment June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 244 $ 240 China Southern Airlines Fair Value 1.5 % 1.5 % 101 115 Other investments (1) Various 133 186 Total $ 478 $ 541 (1) Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method, and our investments in Vertical and GOL, which are each accounted for at fair value. |
American Airlines, Inc. | |
Schedule of Investments [Line Items] | |
Investments | Investments To help expand American’s network and as part of its ongoing commitment to sustainability, American enters into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies. American’s equity investments are reflected in other assets on its condensed consolidated balance sheets. American’s share of equity method investees’ financial results and changes in fair value are recorded in nonoperating other income (expense), net on the condensed consolidated statements of operations. American’s equity investment ownership interests and carrying values are as follows: Ownership Interest Carrying Value (in millions) Accounting Treatment June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 244 $ 240 China Southern Airlines Fair Value 1.5 % 1.5 % 101 115 Other investments (1) Various 133 186 Total $ 478 $ 541 (1) Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method, and American’s investments in Vertical and GOL, which are each accounted for at fair value. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2024 | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee Benefit Plans | Employee Benefit Plans The following table provides the components of net periodic benefit cost (income) (in millions): Pension Benefits Retiree Medical and Other Three Months Ended June 30, 2024 2023 2024 2023 Service cost $ — $ — $ 8 $ 3 Interest cost 181 190 17 12 Expected return on assets (244) (229) (2) (3) Amortization of: Prior service cost (benefit) — 7 3 (3) Unrecognized net loss (gain) 27 27 (6) (9) Net periodic benefit cost (income) $ (36) $ (5) $ 20 $ — Pension Benefits Retiree Medical and Other Six Months Ended June 30, 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 16 $ 6 Interest cost 362 380 34 24 Expected return on assets (489) (459) (5) (5) Amortization of: Prior service cost (benefit) — 14 7 (6) Unrecognized net loss (gain) 54 54 (13) (18) Net periodic benefit cost (income) $ (72) $ (10) $ 39 $ 1 Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen. The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other income (expense), net in the condensed consolidated statements of operations. During the first six months of 2024, we made required contributions of $281 million to our defined benefit pension plans. |
American Airlines, Inc. | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee Benefit Plans | Employee Benefit Plans The following table provides the components of net periodic benefit cost (income) (in millions): Pension Benefits Retiree Medical and Other Three Months Ended June 30, 2024 2023 2024 2023 Service cost $ — $ — $ 8 $ 3 Interest cost 180 189 17 12 Expected return on assets (243) (228) (2) (3) Amortization of: Prior service cost (benefit) — 7 3 (3) Unrecognized net loss (gain) 27 27 (6) (9) Net periodic benefit cost (income) $ (36) $ (5) $ 20 $ — Pension Benefits Retiree Medical and Other Six Months Ended June 30, 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 16 $ 6 Interest cost 360 378 34 24 Expected return on assets (487) (457) (5) (5) Amortization of: Prior service cost (benefit) — 14 7 (6) Unrecognized net loss (gain) 54 54 (13) (18) Net periodic benefit cost (income) $ (72) $ (10) $ 39 $ 1 Effective November 1, 2012, substantially all of American’s defined benefit pension plans were frozen. The service cost component of net periodic benefit cost (income) is included in operating expenses and the other components of net periodic benefit cost (income) are included in nonoperating other income (expense), net in the condensed consolidated statements of operations. During the first six months of 2024, American made required contributions of $280 million to its defined benefit pension plans. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss (AOCI) are as follows (in millions): Pension, Unrealized Loss on Investments Income Tax (1) Total Balance at December 31, 2023 $ (3,380) $ (2) $ (1,512) $ (4,894) Other comprehensive income (loss) before reclassifications — (2) 1 (1) Amounts reclassified from AOCI 48 — (11) (2) 37 Net current-period other comprehensive income (loss) 48 (2) (10) 36 Balance at June 30, 2024 $ (3,332) $ (4) $ (1,522) $ (4,858) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished. (2) Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on the condensed consolidated statements of operations. Reclassifications out of AOCI are as follows (in millions): Amounts reclassified from AOCI Affected line items on the AOCI Components Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 $ 5 $ 6 Nonoperating other income (expense), net Actuarial loss 16 14 32 28 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 19 $ 17 $ 37 $ 34 |
American Airlines, Inc. | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss (AOCI) are as follows (in millions): Pension, Unrealized Loss on Investments Income Tax (1) Total Balance at December 31, 2023 $ (3,376) $ (2) $ (1,621) $ (4,999) Other comprehensive income (loss) before reclassifications — (2) 1 (1) Amounts reclassified from AOCI 48 — (11) (2) 37 Net current-period other comprehensive income (loss) 48 (2) (10) 36 Balance at June 30, 2024 $ (3,328) $ (4) $ (1,631) $ (4,963) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished. (2) Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on the condensed consolidated statements of operations. Reclassifications out of AOCI are as follows (in millions): Amounts reclassified from AOCI Affected line items on the condensed consolidated statements of operations AOCI Components Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 $ 5 $ 6 Nonoperating other income (expense), net Actuarial loss 16 14 32 28 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 19 $ 17 $ 37 $ 34 |
Regional Expenses
Regional Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Regional Expenses [Line Items] | |
Regional Expenses | Regional Expenses Our regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include our wholly-owned regional carriers as well as third-party regional carriers. Our regional carrier arrangements are in the form of capacity purchase agreements. Expenses associated with American Eagle operations are classified as regional expenses on the condensed consolidated statements of operations. Regional expenses for the three months ended June 30, 2024 and 2023 include $79 million and $80 million of depreciation and amortization, respectively, and $2 million and $1 million of aircraft rent, respectively. Regional expenses for the six months ended June 30, 2024 and 2023 include $158 million and $160 million of depreciation and amortization, respectively, and $4 million and $3 million of aircraft rent, respectively. During the three months ended June 30, 2024 and 2023, we recognized $150 million and $168 million, respectively, of expense under our capacity purchase agreement with Republic Airways Inc. (Republic). During the six months ended June 30, 2024 and 2023, we recognized $299 million and $336 million, respectively, of expense under our capacity purchase agreement with Republic. We hold a 25% equity interest in Republic Airways Holdings Inc., the parent company of Republic. |
American Airlines, Inc. | |
Regional Expenses [Line Items] | |
Regional Expenses | Regional Expenses American’s regional carriers provide scheduled air transportation under the brand name “American Eagle.” The American Eagle carriers include AAG’s wholly-owned regional carriers as well as third-party regional carriers. American’s regional carrier arrangements are in the form of capacity purchase agreements. Expenses associated with American Eagle operations are classified as regional expenses on the condensed consolidated statements of operations. Regional expenses for the three months ended June 30, 2024 and 2023 include $69 million and $67 million of depreciation and amortization, respectively, and $2 million and $1 million of aircraft rent, respectively. Regional expenses for the six months ended June 30, 2024 and 2023 include $138 million and $135 million of depreciation and amortization, respectively, and $4 million and $3 million of aircraft rent, respectively. During the three months ended June 30, 2024 and 2023, American recognized $150 million and $168 million, respectively, of expense under its capacity purchase agreement with Republic Airways Inc. (Republic). During the six months ended June 30, 2024 and 2023, American recognized $299 million and $336 million, respectively, of expense under its capacity purchase agreement with Republic. American holds a 25% equity interest in Republic Airways Holdings Inc., the parent company of Republic. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
American Airlines, Inc. | |
Entity Information [Line Items] | |
Transactions with Related Parties | Transactions with Related Parties The following represents the net receivables (payables) to related parties (in millions): June 30, 2024 December 31, 2023 AAG $ 9,494 $ 9,144 AAG’s wholly-owned subsidiaries (1) (2,106) (2,074) Total $ 7,388 $ 7,070 (1) The net payable to AAG’s wholly-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG’s wholly-owned regional airlines operating under the brand name of American Eagle. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2024 | |
Long-term Purchase Commitment [Line Items] | |
Legal Proceedings | Legal Proceedings Government Antitrust Action Related to the Northeast Alliance. On September 21, 2021, the United States Department of Justice, joined by Attorneys General from six states and the District of Columbia, filed an antitrust complaint against American and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the District of Massachusetts alleging that American and JetBlue violated U.S. antitrust law in connection with the previously disclosed Northeast Alliance arrangement (NEA). On May 19, 2023, the U.S. District Court for the District of Massachusetts issued an order permanently enjoining American and JetBlue from continuing and further implementing the NEA. In June 2023, JetBlue delivered a notice of termination of the NEA, effective July 29, 2023, and the carriers have commenced wind-down activities to accommodate mutual customers. Following written submissions by the parties and a hearing on July 26, 2023, the U.S. District Court for the District of Massachusetts entered a Final Judgment and Order Entering Permanent Injunction on July 28, 2023. The parties are complying with the terms of the Final Judgment and Order Entering Permanent Injunction, including winding down activities related to the NEA. American filed a notice of appeal to the U.S. Court of Appeals for the First Circuit on September 25, 2023, and such appeal remains pending. Private Party Antitrust Actions Related to the Northeast Alliance. On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against American and JetBlue in the U.S. District Court for the Eastern District of New York alleging that American and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against American and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, American filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, American, together with JetBlue, filed a motion to dismiss the third amended complaint, and that motion remains pending. We believe these lawsuits are without merit and are defending against them vigorously. Securities Litigation. On July 18, 2024, AAG and certain of its current and former officers were named as defendants in a putative class action lawsuit filed in the United States District Court for the Northern District of Texas, captioned Qawasmi v. American Airlines Group Inc. et al . The plaintiff purports to represent investors who acquired AAG securities between January 25, 2024 and May 28, 2024 (the Relevant Period). The complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations that, during the Relevant Period, AAG misrepresented and/or omitted material facts related to its financial outlook and certain commercial initiatives. We believe this lawsuit is without merit and intend to defend against it vigorously. General. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material. |
American Airlines, Inc. | |
Long-term Purchase Commitment [Line Items] | |
Legal Proceedings | Legal Proceedings Government Antitrust Action Related to the Northeast Alliance. On September 21, 2021, the United States Department of Justice, joined by Attorneys General from six states and the District of Columbia, filed an antitrust complaint against American and JetBlue Airways Corporation (JetBlue) in the U.S. District Court for the District of Massachusetts alleging that American and JetBlue violated U.S. antitrust law in connection with the previously disclosed Northeast Alliance arrangement (NEA). On May 19, 2023, the U.S. District Court for the District of Massachusetts issued an order permanently enjoining American and JetBlue from continuing and further implementing the NEA. In June 2023, JetBlue delivered a notice of termination of the NEA, effective July 29, 2023, and the carriers have commenced wind-down activities to accommodate mutual customers. Following written submissions by the parties and a hearing on July 26, 2023, the U.S. District Court for the District of Massachusetts entered a Final Judgment and Order Entering Permanent Injunction on July 28, 2023. The parties are complying with the terms of the Final Judgment and Order Entering Permanent Injunction, including winding down activities related to the NEA. American filed a notice of appeal to the U.S. Court of Appeals for the First Circuit on September 25, 2023, and such appeal remains pending. Private Party Antitrust Actions Related to the Northeast Alliance. On December 5, 2022 and December 7, 2022, two private party plaintiffs filed putative class action antitrust complaints against American and JetBlue in the U.S. District Court for the Eastern District of New York alleging that American and JetBlue violated U.S. antitrust law in connection with the previously disclosed NEA. These actions were consolidated on January 10, 2023. The private party plaintiffs filed an amended consolidated complaint on February 3, 2023. On February 2, 2023 and February 15, 2023, private party plaintiffs filed two additional putative class action antitrust complaints against American and JetBlue in the U.S. District Court for the District of Massachusetts and the U.S. District Court for the Eastern District of New York, respectively. In March 2023, American filed a motion in the U.S. District Court for the District of Massachusetts case asking to transfer the case to the U.S. District Court for the Eastern District of New York and consolidate it with the cases pending in that venue. The U.S. District Court for the District of Massachusetts granted that motion. The remaining cases were consolidated with the other actions in the Eastern District of New York. In June 2023, the private party plaintiffs filed a second amended consolidated complaint, followed by a third amended complaint filed in August 2023. In September 2023, American, together with JetBlue, filed a motion to dismiss the third amended complaint, and that motion remains pending. American believes these lawsuits are without merit and is defending against them vigorously. Securities Litigation. On July 18, 2024, AAG and certain of its current and former officers were named as defendants in a putative class action lawsuit filed in the United States District Court for the Northern District of Texas, captioned Qawasmi v. American Airlines Group Inc. et al . The plaintiff purports to represent investors who acquired AAG securities between January 25, 2024 and May 28, 2024 (the Relevant Period). The complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations that, during the Relevant Period, AAG misrepresented and/or omitted material facts related to its financial outlook and certain commercial initiatives. American believes this lawsuit is without merit and intends to defend against it vigorously. General. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American’s control. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net income (loss) | $ 717 | $ (312) | $ 1,338 | $ 10 | $ 405 | $ 1,348 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Presentation | (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements include the accounts of AAG and its wholly-owned subsidiaries. AAG’s principal subsidiary is American Airlines, Inc. (American). All significant intercompany transactions have been eliminated. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits. |
American Airlines, Inc. | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Presentation | (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of American Airlines, Inc. (American) should be read in conjunction with the consolidated financial statements contained in American’s Annual Report on Form 10-K for the year ended December 31, 2023. American is the principal wholly-owned subsidiary of American Airlines Group Inc. (AAG). All significant intercompany transactions have been eliminated. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, the loyalty program, deferred tax assets, as well as pension and retiree medical and other postretirement benefits. |
Special Items, Net (Tables)
Special Items, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Special Items, Net in Condensed Consolidated Statements of Operations | Special items, net in the condensed consolidated statements of operations consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Labor contract expenses (1) $ — $ — $ 57 $ — Severance expenses — — 13 21 Other operating special items, net — — — (8) Mainline operating special items, net — — 70 13 Regional operating special items, net — 6 — 6 Operating special items, net — 6 70 19 Mark-to-market adjustments on equity investments, net (2) 5 11 51 11 Debt refinancing and extinguishment 7 17 7 34 Nonoperating special items, net 12 28 58 45 (1) Labor contract expenses relate to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline passenger service team members, including a one-time signing bonus which was principally paid in the first quarter of 2024. (2) Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments. |
American Airlines, Inc. | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Special Items, Net in Condensed Consolidated Statements of Operations | Special items, net in the condensed consolidated statements of operations consisted of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Labor contract expenses (1) $ — $ — $ 57 $ — Severance expenses — — 13 21 Other operating special items, net — — — (8) Mainline operating special items, net — — 70 13 Mark-to-market adjustments on equity investments, net (2) 5 11 51 11 Debt refinancing and extinguishment 7 17 7 34 Nonoperating special items, net 12 28 58 45 (1) Labor contract expenses relate to one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline passenger service team members, including a one-time signing bonus which was principally paid in the first quarter of 2024. (2) Mark-to-market adjustments on equity investments, net included unrealized gains and losses associated with certain equity investments. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings (Loss) per Common Share | The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic EPS: Net income $ 717 $ 1,338 $ 405 $ 1,348 Weighted average common shares outstanding (in thousands) 656,965 653,602 656,406 652,801 Basic EPS $ 1.09 $ 2.05 $ 0.62 $ 2.06 Diluted EPS: Net income $ 717 $ 1,338 $ 405 $ 1,348 Interest expense on 6.50% convertible senior notes 9 12 22 23 Net income for purposes of computing diluted EPS $ 726 $ 1,350 $ 427 $ 1,371 Share computation for diluted EPS (in thousands): Basic weighted average common shares outstanding 656,965 653,602 656,406 652,801 Dilutive effect of restricted stock unit awards 723 1,307 865 1,185 Dilutive effect of certain PSP Warrants and Treasury Loan Warrants 886 2,708 1,713 3,176 Assumed conversion of 6.50% convertible senior notes 61,728 61,728 61,728 61,728 Diluted weighted average common shares outstanding 720,302 719,345 720,712 718,890 Diluted EPS $ 1.01 $ 1.88 $ 0.59 $ 1.91 |
Schedule of Anti-Dilutive Securities Excluded From Calculation of Diluted EPS | The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock unit awards 2,912 3,680 3,112 3,889 |
Schedule of PSP Warrants and Treasury Loan Warrants | The table below provides a summary of the PSP Warrants and the Treasury Loan Warrants: Warrants Warrants Issued (shares, in thousands) Exercise Price Expiration PSP1 Warrants 14,048 $ 12.51 April 2025 to September 2025 PSP2 Warrants 6,576 15.66 January 2026 to April 2026 PSP3 Warrants 4,407 21.75 April 2026 to June 2026 Treasury Loan Warrants 4,396 12.51 September 2025 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Entity Information [Line Items] | |
Schedule of Revenue | The following are the significant categories comprising our operating revenues (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Passenger revenue: Passenger travel $ 12,212 $ 12,057 $ 22,795 $ 22,348 Loyalty revenue - travel (1) 990 921 1,866 1,733 Total passenger revenue 13,202 12,978 24,661 24,081 Cargo 195 197 382 420 Other: Loyalty revenue - marketing services 799 741 1,584 1,463 Other revenue 138 139 277 280 Total other revenue 937 880 1,861 1,743 Total operating revenues $ 14,334 $ 14,055 $ 26,904 $ 26,244 (1) Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners. The following is our total passenger revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Domestic $ 9,342 $ 9,195 $ 17,604 $ 17,232 Latin America 1,562 1,640 3,464 3,555 Atlantic 2,019 1,888 3,012 2,819 Pacific 279 255 581 475 Total passenger revenue $ 13,202 $ 12,978 $ 24,661 $ 24,081 |
Schedule of Contract Liabilities | June 30, 2024 December 31, 2023 (In millions) Loyalty program liability $ 9,650 $ 9,327 Air traffic liability 8,030 6,200 Total $ 17,680 $ 15,527 Balance at December 31, 2023 $ 9,327 Deferral of revenue 2,168 Recognition of revenue (1) (1,845) Balance at June 30, 2024 (2) $ 9,650 (1) Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period. (2) |
American Airlines, Inc. | |
Entity Information [Line Items] | |
Schedule of Revenue | The following are the significant categories comprising American’s operating revenues (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Passenger revenue: Passenger travel $ 12,212 $ 12,057 $ 22,795 $ 22,348 Loyalty revenue - travel (1) 990 921 1,866 1,733 Total passenger revenue 13,202 12,978 24,661 24,081 Cargo 195 197 382 420 Other: Loyalty revenue - marketing services 799 741 1,585 1,463 Other revenue 137 138 274 278 Total other revenue 936 879 1,859 1,741 Total operating revenues $ 14,333 $ 14,054 $ 26,902 $ 26,242 (1) Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions, which were earned from travel or co-branded credit card and other partners. The following is American’s total passenger revenue by geographic region (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Domestic $ 9,342 $ 9,195 $ 17,604 $ 17,232 Latin America 1,562 1,640 3,464 3,555 Atlantic 2,019 1,888 3,012 2,819 Pacific 279 255 581 475 Total passenger revenue $ 13,202 $ 12,978 $ 24,661 $ 24,081 |
Schedule of Contract Liabilities | June 30, 2024 December 31, 2023 (In millions) Loyalty program liability $ 9,650 $ 9,327 Air traffic liability 8,030 6,200 Total $ 17,680 $ 15,527 The balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue). Changes in loyalty program liability are as follows (in millions): Balance at December 31, 2023 $ 9,327 Deferral of revenue 2,168 Recognition of revenue (1) (1,845) Balance at June 30, 2024 (2) $ 9,650 (1) Principally relates to revenue recognized from the redemption of mileage credits for air travel, non-air travel and other awards. Mileage credits are combined in one homogenous pool and are not separately identifiable. As such, the revenue is comprised of mileage credits that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as mileage credits that were issued during the period. (2) Mileage credits can be redeemed at any time and generally do not expire as long as that AAdvantage member has any type of qualifying activity at least every 24 months or if the AAdvantage member is the primary holder of a co-branded credit card. As of June 30, 2024, American’s current loyalty program liability was $3.6 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long-term loyalty program liability expected to be recognized as revenue in periods thereafter. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): June 30, 2024 December 31, 2023 Secured 2013 Term Loan Facility, variable interest rate of 8.19%, installments through February 2028 $ 980 $ 990 2014 Term Loan Facility, variable interest rate of 7.07%, installments through January 2027 1,171 1,183 2023 Term Loan Facility, variable interest rate of 7.77%, installments beginning in December 2024 through June 2029 1,100 1,100 10.75% senior secured IP notes, interest only payments until due in February 2026 1,000 1,000 10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026 200 200 7.25% senior secured notes, interest only payments until due in February 2028 750 750 8.50% senior secured notes, interest only payments until due in May 2029 1,000 1,000 5.50% senior secured notes, installments through April 2026 (1) 2,333 2,917 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1) 3,000 3,000 AAdvantage Term Loan Facility, variable interest rate of 10.34%, installments through April 2028 (1) 2,800 3,150 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.56%, maturing from 2024 to 2034 7,096 7,657 Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.85%, averaging 6.93%, maturing from 2024 to 2036 3,898 3,612 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 967 967 26,295 27,526 Unsecured PSP1 Promissory Note, interest only payments until due in April 2030 1,757 1,757 PSP2 Promissory Note, interest only payments until due in January 2031 1,030 1,030 PSP3 Promissory Note, interest only payments until due in April 2031 959 959 6.50% convertible senior notes, interest only payments until due in July 2025 1,000 1,000 3.75% senior notes, interest only payments until due in March 2025 487 487 5,233 5,233 Total long-term debt 31,528 32,759 Less: Total unamortized debt discount, premium and issuance costs 337 363 Less: Current maturities 3,982 3,501 Long-term debt, net of current maturities $ 27,209 $ 28,895 (1) Collectively referred to as the AAdvantage Financing. |
Schedule of Revolving Credit and Other Facilities | As of June 30, 2024, the maximum availability under our revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 500 2014 Revolving Facility 1,500 2023 Revolving Facility 890 Other facilities 397 Total $ 3,287 |
American Airlines, Inc. | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): June 30, 2024 December 31, 2023 Secured 2013 Term Loan Facility, variable interest rate of 8.19%, installments through February 2028 $ 980 $ 990 2014 Term Loan Facility, variable interest rate of 7.07%, installments through January 2027 1,171 1,183 2023 Term Loan Facility, variable interest rate of 7.77%, installments beginning in December 2024 through June 2029 1,100 1,100 10.75% senior secured IP notes, interest only payments until due in February 2026 1,000 1,000 10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026 200 200 7.25% senior secured notes, interest only payments until due in February 2028 750 750 8.50% senior secured notes, interest only payments until due in May 2029 1,000 1,000 5.50% senior secured notes, installments through April 2026 (1) 2,333 2,917 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1) 3,000 3,000 AAdvantage Term Loan Facility, variable interest rate of 10.34%, installments through April 2028 (1) 2,800 3,150 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.56%, maturing from 2024 to 2034 7,096 7,657 Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.85%, averaging 6.93%, maturing from 2024 to 2036 3,898 3,612 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 967 967 Total long-term debt 26,295 27,526 Less: Total unamortized debt discount, premium and issuance costs 327 349 Less: Current maturities 3,496 3,501 Long-term debt, net of current maturities $ 22,472 $ 23,676 (1) Collectively referred to as the AAdvantage Financing. |
Schedule of Revolving Credit and Other Facilities | As of June 30, 2024, the maximum availability under American’s revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 500 2014 Revolving Facility 1,500 2023 Revolving Facility 890 Other facilities 397 Total $ 3,287 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of June 30, 2024 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 295 $ 295 $ — $ — Corporate obligations 5,007 — 5,007 — Bank notes/certificates of deposit/time deposits 1,989 — 1,989 — Repurchase agreements 550 — 550 — 7,841 295 7,546 — Restricted cash and short-term investments (1), (3) 875 445 430 — Long-term investments (4) 113 113 — — Total $ 8,829 $ 853 $ 7,976 $ — (1) All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses. (2) Our short-term investments mature in one year or less. (3) Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $199 million as of June 30, 2024. (4) Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 8 for further information on our equity investments. |
Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities | The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current maturities $ 31,191 $ 31,286 $ 32,396 $ 32,310 |
American Airlines, Inc. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of June 30, 2024 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 293 $ 293 $ — $ — Corporate obligations 5,007 — 5,007 — Bank notes/certificates of deposit/time deposits 1,987 — 1,987 — Repurchase agreements 550 — 550 — 7,837 293 7,544 — Restricted cash and short-term investments (1), (3) 875 445 430 — Long-term investments (4) 113 113 — — Total $ 8,825 $ 851 $ 7,974 $ — (1) All short-term investments are classified as available-for-sale and stated at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive loss at each reporting period. There were no credit losses. (2) American’s short-term investments mature in one year or less. (3) Restricted cash and short-term investments primarily include collateral held to support workers’ compensation obligations and collateral associated with the payment of interest for the AAdvantage Financing. Restricted short-term investments mature in one year or less except for $199 million as of June 30, 2024. (4) Long-term investments include American’s equity investments in China Southern Airlines Company Limited (China Southern Airlines), Vertical Aerospace Ltd. (Vertical) and GOL Linhas Aéreas Inteligentes S.A. (GOL). See Note 7 for further information on American’s equity investments. |
Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities | The carrying value and estimated fair value of American’s long-term debt, including current maturities, were as follows (in millions): June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Long-term debt, including current maturities $ 25,968 $ 26,059 $ 27,177 $ 27,008 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Line Items] | |
Schedule of Equity Investment Ownership Interests and Carrying Values | Our equity investment ownership interests and carrying values are as follows: Ownership Interest Carrying Value (in millions) Accounting Treatment June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 244 $ 240 China Southern Airlines Fair Value 1.5 % 1.5 % 101 115 Other investments (1) Various 133 186 Total $ 478 $ 541 (1) Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method, and our investments in Vertical and GOL, which are each accounted for at fair value. |
American Airlines, Inc. | |
Schedule of Investments [Line Items] | |
Schedule of Equity Investment Ownership Interests and Carrying Values | American’s equity investment ownership interests and carrying values are as follows: Ownership Interest Carrying Value (in millions) Accounting Treatment June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 244 $ 240 China Southern Airlines Fair Value 1.5 % 1.5 % 101 115 Other investments (1) Various 133 186 Total $ 478 $ 541 (1) Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method, and American’s investments in Vertical and GOL, which are each accounted for at fair value. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Cost (Income) | The following table provides the components of net periodic benefit cost (income) (in millions): Pension Benefits Retiree Medical and Other Three Months Ended June 30, 2024 2023 2024 2023 Service cost $ — $ — $ 8 $ 3 Interest cost 181 190 17 12 Expected return on assets (244) (229) (2) (3) Amortization of: Prior service cost (benefit) — 7 3 (3) Unrecognized net loss (gain) 27 27 (6) (9) Net periodic benefit cost (income) $ (36) $ (5) $ 20 $ — Pension Benefits Retiree Medical and Other Six Months Ended June 30, 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 16 $ 6 Interest cost 362 380 34 24 Expected return on assets (489) (459) (5) (5) Amortization of: Prior service cost (benefit) — 14 7 (6) Unrecognized net loss (gain) 54 54 (13) (18) Net periodic benefit cost (income) $ (72) $ (10) $ 39 $ 1 |
American Airlines, Inc. | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Cost (Income) | The following table provides the components of net periodic benefit cost (income) (in millions): Pension Benefits Retiree Medical and Other Three Months Ended June 30, 2024 2023 2024 2023 Service cost $ — $ — $ 8 $ 3 Interest cost 180 189 17 12 Expected return on assets (243) (228) (2) (3) Amortization of: Prior service cost (benefit) — 7 3 (3) Unrecognized net loss (gain) 27 27 (6) (9) Net periodic benefit cost (income) $ (36) $ (5) $ 20 $ — Pension Benefits Retiree Medical and Other Six Months Ended June 30, 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 16 $ 6 Interest cost 360 378 34 24 Expected return on assets (487) (457) (5) (5) Amortization of: Prior service cost (benefit) — 14 7 (6) Unrecognized net loss (gain) 54 54 (13) (18) Net periodic benefit cost (income) $ (72) $ (10) $ 39 $ 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss (AOCI) are as follows (in millions): Pension, Unrealized Loss on Investments Income Tax (1) Total Balance at December 31, 2023 $ (3,380) $ (2) $ (1,512) $ (4,894) Other comprehensive income (loss) before reclassifications — (2) 1 (1) Amounts reclassified from AOCI 48 — (11) (2) 37 Net current-period other comprehensive income (loss) 48 (2) (10) 36 Balance at June 30, 2024 $ (3,332) $ (4) $ (1,522) $ (4,858) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished. (2) Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on the condensed consolidated statements of operations. |
Schedule of Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCI are as follows (in millions): Amounts reclassified from AOCI Affected line items on the AOCI Components Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 $ 5 $ 6 Nonoperating other income (expense), net Actuarial loss 16 14 32 28 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 19 $ 17 $ 37 $ 34 |
American Airlines, Inc. | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss (AOCI) are as follows (in millions): Pension, Unrealized Loss on Investments Income Tax (1) Total Balance at December 31, 2023 $ (3,376) $ (2) $ (1,621) $ (4,999) Other comprehensive income (loss) before reclassifications — (2) 1 (1) Amounts reclassified from AOCI 48 — (11) (2) 37 Net current-period other comprehensive income (loss) 48 (2) (10) 36 Balance at June 30, 2024 $ (3,328) $ (4) $ (1,631) $ (4,963) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished. (2) Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on the condensed consolidated statements of operations. |
Schedule of Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications out of AOCI are as follows (in millions): Amounts reclassified from AOCI Affected line items on the condensed consolidated statements of operations AOCI Components Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 $ 5 $ 6 Nonoperating other income (expense), net Actuarial loss 16 14 32 28 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 19 $ 17 $ 37 $ 34 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
American Airlines, Inc. | |
Entity Information [Line Items] | |
Schedule of Net Receivables (Payables) to Related Parties | The following represents the net receivables (payables) to related parties (in millions): June 30, 2024 December 31, 2023 AAG $ 9,494 $ 9,144 AAG’s wholly-owned subsidiaries (1) (2,106) (2,074) Total $ 7,388 $ 7,070 (1) The net payable to AAG’s wholly-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG’s wholly-owned regional airlines operating under the brand name of American Eagle. |
Basis of Presentation (Details)
Basis of Presentation (Details) - American Airlines, Inc. - Subsequent Event - Association of Professional Flight Attendants flight_attendant in Thousands, $ in Millions | 1 Months Ended |
Jul. 25, 2024 USD ($) flight_attendant | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Collective bargaining agreement, expected one-time payment | $ | $ 500 |
Number of mainline flight attendants | flight_attendant | 27 |
Special Items, Net (Details)
Special Items, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Operating special items, net | $ 0 | $ 6 | $ 70 | $ 19 |
Mark-to-market adjustments on equity investments, net | 5 | 11 | 51 | 11 |
Debt refinancing and extinguishment | 7 | 17 | 7 | 34 |
Nonoperating special items, net | 12 | 28 | 58 | 45 |
American Airlines, Inc. | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Mark-to-market adjustments on equity investments, net | 5 | 11 | 51 | 11 |
Debt refinancing and extinguishment | 7 | 17 | 7 | 34 |
Nonoperating special items, net | 12 | 28 | 58 | 45 |
Mainline operating special items, net | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Labor contract expenses | 0 | 0 | 57 | 0 |
Severance expenses | 0 | 0 | 13 | 21 |
Other operating special items, net | 0 | 0 | 0 | (8) |
Operating special items, net | 0 | 0 | 70 | 13 |
Mainline operating special items, net | American Airlines, Inc. | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Labor contract expenses | 0 | 0 | 57 | 0 |
Severance expenses | 0 | 0 | 13 | 21 |
Other operating special items, net | 0 | 0 | 0 | (8) |
Operating special items, net | 0 | 0 | 70 | 13 |
Regional operating special items, net | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Operating special items, net | $ 0 | $ 6 | $ 0 | $ 6 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Basic EPS: | ||||||
Net income | $ 717 | $ (312) | $ 1,338 | $ 10 | $ 405 | $ 1,348 |
Basic weighted average common shares outstanding (in shares) | 656,965 | 653,602 | 656,406 | 652,801 | ||
Basic EPS (in dollars per share) | $ 1.09 | $ 2.05 | $ 0.62 | $ 2.06 | ||
Diluted EPS: | ||||||
Net income | $ 717 | $ (312) | $ 1,338 | $ 10 | $ 405 | $ 1,348 |
Interest expense on 6.50% convertible senior notes | 9 | 12 | 22 | 23 | ||
Net income for purposes of computing diluted EPS | $ 726 | $ 1,350 | $ 427 | $ 1,371 | ||
Basic weighted average common shares outstanding (in shares) | 656,965 | 653,602 | 656,406 | 652,801 | ||
Dilutive effect of stock awards (in shares) | 723 | 1,307 | 865 | 1,185 | ||
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants (in shares) | 886 | 2,708 | 1,713 | 3,176 | ||
Assumed conversion of 6.50% convertible senior notes (in shares) | 61,728 | 61,728 | 61,728 | 61,728 | ||
Diluted weighted average common shares outstanding (in shares) | 720,302 | 719,345 | 720,712 | 718,890 | ||
Diluted EPS (in dollars per share) | $ 1.01 | $ 1.88 | $ 0.59 | $ 1.91 | ||
6.50% Senior Notes | Senior Notes | ||||||
Diluted EPS: | ||||||
Interest rate | 6.50% | 6.50% |
Earnings per Common Share - Ant
Earnings per Common Share - Anti-Dilutive Securities Excluded From Calculation of Diluted EPS (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restricted stock unit awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 2,912 | 3,680 | 3,112 | 3,889 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Warrants (Details) shares in Thousands | Jun. 30, 2024 $ / shares shares |
PSP1 Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Issued (in shares) | shares | 14,048 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 12.51 |
PSP2 Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Issued (in shares) | shares | 6,576 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 15.66 |
PSP3 Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Issued (in shares) | shares | 4,407 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 21.75 |
Treasury Loan Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Issued (in shares) | shares | 4,396 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 12.51 |
Revenue Recognition - Significa
Revenue Recognition - Significant Categories of Reported Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from External Customer [Line Items] | ||||
Total operating revenues | $ 14,334 | $ 14,055 | $ 26,904 | $ 26,244 |
American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 14,333 | 14,054 | 26,902 | 26,242 |
Passenger | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 13,202 | 12,978 | 24,661 | 24,081 |
Passenger | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 13,202 | 12,978 | 24,661 | 24,081 |
Passenger travel | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 12,212 | 12,057 | 22,795 | 22,348 |
Passenger travel | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 12,212 | 12,057 | 22,795 | 22,348 |
Loyalty revenue - travel | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 990 | 921 | 1,866 | 1,733 |
Loyalty revenue - travel | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 990 | 921 | 1,866 | 1,733 |
Cargo | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 195 | 197 | 382 | 420 |
Cargo | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 195 | 197 | 382 | 420 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 937 | 880 | 1,861 | 1,743 |
Other | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 936 | 879 | 1,859 | 1,741 |
Loyalty revenue - marketing services | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 799 | 741 | 1,584 | 1,463 |
Loyalty revenue - marketing services | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 799 | 741 | 1,585 | 1,463 |
Other revenue | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | 138 | 139 | 277 | 280 |
Other revenue | American Airlines, Inc. | ||||
Revenue from External Customer [Line Items] | ||||
Total operating revenues | $ 137 | $ 138 | $ 274 | $ 278 |
Revenue Recognition - Passenger
Revenue Recognition - Passenger Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | $ 14,334 | $ 14,055 | $ 26,904 | $ 26,244 |
American Airlines, Inc. | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 14,333 | 14,054 | 26,902 | 26,242 |
Passenger | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 13,202 | 12,978 | 24,661 | 24,081 |
Passenger | American Airlines, Inc. | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 13,202 | 12,978 | 24,661 | 24,081 |
Passenger | Domestic | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 9,342 | 9,195 | 17,604 | 17,232 |
Passenger | Domestic | American Airlines, Inc. | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 9,342 | 9,195 | 17,604 | 17,232 |
Passenger | Latin America | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 1,562 | 1,640 | 3,464 | 3,555 |
Passenger | Latin America | American Airlines, Inc. | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 1,562 | 1,640 | 3,464 | 3,555 |
Passenger | Atlantic | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 2,019 | 1,888 | 3,012 | 2,819 |
Passenger | Atlantic | American Airlines, Inc. | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 2,019 | 1,888 | 3,012 | 2,819 |
Passenger | Pacific | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | 279 | 255 | 581 | 475 |
Passenger | Pacific | American Airlines, Inc. | ||||
Airline Destination Disclosure [Line Items] | ||||
Total passenger revenue | $ 279 | $ 255 | $ 581 | $ 475 |
Revenue Recognition - Signifi_2
Revenue Recognition - Significant Contract Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] | ||
Total | $ 17,680 | $ 15,527 |
American Airlines, Inc. | ||
Disaggregation of Revenue [Line Items] | ||
Total | 17,680 | 15,527 |
Loyalty program liability | ||
Disaggregation of Revenue [Line Items] | ||
Total | 9,650 | 9,327 |
Loyalty program liability | American Airlines, Inc. | ||
Disaggregation of Revenue [Line Items] | ||
Total | 9,650 | 9,327 |
Air traffic liability | ||
Disaggregation of Revenue [Line Items] | ||
Total | 8,030 | 6,200 |
Air traffic liability | American Airlines, Inc. | ||
Disaggregation of Revenue [Line Items] | ||
Total | $ 8,030 | $ 6,200 |
Revenue Recognition - Changes i
Revenue Recognition - Changes in Loyalty Program Liability (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | $ 15,527 | |
Ending balance | 17,680 | |
American Airlines, Inc. | ||
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | 15,527 | |
Ending balance | 17,680 | |
Loyalty program liability | ||
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | 9,327 | |
Deferral of revenue | 2,168 | |
Recognition of revenue | (1,845) | |
Ending balance | $ 9,650 | |
Inactive period before expiration of mileage credits | 24 months | |
Deferred revenue, current | $ 3,619 | $ 3,453 |
Revenue recognition term | 12 months | |
Loyalty program liability | American Airlines, Inc. | ||
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | $ 9,327 | |
Deferral of revenue | 2,168 | |
Recognition of revenue | (1,845) | |
Ending balance | $ 9,650 | |
Inactive period before expiration of mileage credits | 24 months | |
Deferred revenue, current | $ 3,619 | $ 3,453 |
Revenue recognition term | 12 months |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - Air traffic liability $ in Billions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disaggregation of Revenue [Line Items] | |
Contract term | 1 year |
Revenue recognition term | 12 months |
Recognition of revenue | $ 4.7 |
American Airlines, Inc. | |
Disaggregation of Revenue [Line Items] | |
Contract term | 1 year |
Revenue recognition term | 12 months |
Recognition of revenue | $ 4.7 |
Debt - Components of Long-Term
Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 31,528 | $ 32,759 |
Less: Total unamortized debt discount, premium and issuance costs | 337 | 363 |
Less: Current maturities | 3,982 | 3,501 |
Long-term debt, net of current maturities | 27,209 | 28,895 |
American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Less: Total unamortized debt discount, premium and issuance costs | 327 | 349 |
Less: Current maturities | 3,496 | 3,501 |
Long-term debt, net of current maturities | 22,472 | 23,676 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 26,295 | 27,526 |
Secured Debt | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 26,295 | 27,526 |
Secured Debt | 2013 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 980 | 990 |
Variable interest rate | 8.19% | |
Secured Debt | 2013 Revolving Facility | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 980 | 990 |
Variable interest rate | 8.19% | |
Secured Debt | 2014 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,171 | 1,183 |
Variable interest rate | 7.07% | |
Secured Debt | 2014 Revolving Facility | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,171 | 1,183 |
Variable interest rate | 7.07% | |
Secured Debt | 2023 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,100 | 1,100 |
Variable interest rate | 7.77% | |
Secured Debt | 2023 Revolving Facility | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,100 | 1,100 |
Variable interest rate | 7.77% | |
Secured Debt | 10.75% Senior Secured Notes, IP Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,000 |
Interest rate | 10.75% | |
Secured Debt | 10.75% Senior Secured Notes, IP Notes | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,000 |
Interest rate | 10.75% | |
Secured Debt | 10.75% Senior Secured Notes, LGA/DCA Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 200 | 200 |
Interest rate | 10.75% | |
Secured Debt | 10.75% Senior Secured Notes, LGA/DCA Notes | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 200 | 200 |
Interest rate | 10.75% | |
Secured Debt | 7.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 750 | 750 |
Interest rate | 7.25% | |
Secured Debt | 7.25% Senior Notes | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 750 | 750 |
Interest rate | 7.25% | |
Secured Debt | 8.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,000 |
Interest rate | 8.50% | |
Secured Debt | 8.50% Senior Notes | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,000 |
Interest rate | 8.50% | |
Secured Debt | 5.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,333 | 2,917 |
Interest rate | 5.50% | |
Secured Debt | 5.50% Senior Notes | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,333 | 2,917 |
Interest rate | 5.50% | |
Secured Debt | 5.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,000 | 3,000 |
Interest rate | 5.75% | |
Secured Debt | 5.75% Senior Notes | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,000 | 3,000 |
Interest rate | 5.75% | |
Secured Debt | AAdvantage Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,800 | 3,150 |
Variable interest rate | 10.34% | |
Secured Debt | AAdvantage Term Loan Facility | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,800 | 3,150 |
Variable interest rate | 10.34% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,096 | 7,657 |
Average interest rate | 3.56% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,096 | 7,657 |
Average interest rate | 3.56% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.88% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Minimum | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.88% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.90% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Maximum | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.90% | |
Secured Debt | Equipment Loans and Other Notes Payable | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,898 | 3,612 |
Average interest rate | 6.93% | |
Secured Debt | Equipment Loans and Other Notes Payable | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,898 | 3,612 |
Average interest rate | 6.93% | |
Secured Debt | Equipment Loans and Other Notes Payable | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.55% | |
Secured Debt | Equipment Loans and Other Notes Payable | Minimum | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.55% | |
Secured Debt | Equipment Loans and Other Notes Payable | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.85% | |
Secured Debt | Equipment Loans and Other Notes Payable | Maximum | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.85% | |
Secured Debt | Special Facility Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 967 | 967 |
Secured Debt | Special Facility Revenue Bonds | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 967 | 967 |
Secured Debt | Special Facility Revenue Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.25% | |
Secured Debt | Special Facility Revenue Bonds | Minimum | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.25% | |
Secured Debt | Special Facility Revenue Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.38% | |
Secured Debt | Special Facility Revenue Bonds | Maximum | American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.38% | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 5,233 | 5,233 |
Unsecured Debt | Payroll Support Program Promissory Note One, CARES Act | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,757 | 1,757 |
Unsecured Debt | Payroll Support Program Promissory Note Two, CARES Act | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,030 | 1,030 |
Unsecured Debt | Payroll Support Program Promissory Note Three, CARES Act | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 959 | 959 |
Unsecured Debt | 6.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,000 |
Interest rate | 6.50% | |
Unsecured Debt | 3.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 487 | $ 487 |
Interest rate | 3.75% |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit (Details) - Revolving Credit Facility $ in Millions | Jun. 30, 2024 USD ($) |
Debt Instrument [Line Items] | |
Total | $ 3,287 |
2013 Revolving Facility | |
Debt Instrument [Line Items] | |
Total | 500 |
2014 Revolving Facility | |
Debt Instrument [Line Items] | |
Total | 1,500 |
2023 Revolving Facility | |
Debt Instrument [Line Items] | |
Total | 890 |
Other facilities | |
Debt Instrument [Line Items] | |
Total | 397 |
American Airlines, Inc. | |
Debt Instrument [Line Items] | |
Total | 3,287 |
American Airlines, Inc. | 2013 Revolving Facility | |
Debt Instrument [Line Items] | |
Total | 500 |
American Airlines, Inc. | 2014 Revolving Facility | |
Debt Instrument [Line Items] | |
Total | 1,500 |
American Airlines, Inc. | 2023 Revolving Facility | |
Debt Instrument [Line Items] | |
Total | 890 |
American Airlines, Inc. | Other facilities | |
Debt Instrument [Line Items] | |
Total | $ 397 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 6 Months Ended | ||||
Jun. 04, 2024 USD ($) | Jun. 30, 2024 USD ($) day | Jun. 04, 2029 USD ($) | Jun. 03, 2024 USD ($) | Mar. 31, 2024 USD ($) | |
6.50% Senior Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.50% | ||||
Conversion terms, percentage sales price exceeds conversion price | 130% | ||||
Convertible debt, threshold trading days | day | 20 | ||||
Convertible debt, threshold consecutive trading days | day | 30 | ||||
Conversion ratio | 0.0617284 | ||||
2023 Term Loan Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Debt instrument, basis spread on variable rate, interest rate margin | 1.50% | ||||
2023 Term Loan Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
2023 Term Loan Facility | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
2023 Term Loan Facility | American Airlines, Inc. | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Debt instrument, basis spread on variable rate, interest rate margin | 1.50% | ||||
2023 Term Loan Facility | American Airlines, Inc. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
2023 Term Loan Facility | American Airlines, Inc. | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Equipment Loans and Other Notes Payable Issued in Current Year | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Proceeds from secured notes payable | $ 530 | ||||
Equipment Loans and Other Notes Payable Issued in Current Year | Secured Debt | American Airlines, Inc. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Average interest rate | 6.92% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | $ 3,287 | ||||
Revolving Credit Facility | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 3,287 | ||||
Revolving Credit Facility | Other Revolving Facility | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 350 | ||||
Revolving Credit Facility | Other Revolving Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Amount drawn | 0 | ||||
Revolving Credit Facility | Cargo Receivable Facility | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 47 | ||||
Revolving Credit Facility | 2013, 2014 and 2023 Credit Facilities | Forecast | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | $ 2,900 | ||||
Revolving Credit Facility | 2013 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 500 | ||||
Revolving Credit Facility | 2013 Revolving Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2013 Revolving Facility | Base Rate | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2% | ||||
Revolving Credit Facility | 2013 Revolving Facility | Base Rate | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.25% | ||||
Revolving Credit Facility | 2013 Revolving Facility | Base Rate | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Revolving Credit Facility | 2013 Revolving Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Revolving Credit Facility | 2013 Revolving Facility | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3% | ||||
Revolving Credit Facility | 2013 Revolving Facility | SOFR | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.25% | ||||
Revolving Credit Facility | 2013 Revolving Facility | SOFR | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.50% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 500 | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.25% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.25% | ||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.50% | ||||
Revolving Credit Facility | 2013 Revolving Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 500 | ||||
Revolving Credit Facility | 2013 Revolving Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 500 | ||||
Revolving Credit Facility | 2014 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 1,500 | ||||
Revolving Credit Facility | 2014 Revolving Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2014 Revolving Facility | Base Rate | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2% | ||||
Revolving Credit Facility | 2014 Revolving Facility | Base Rate | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.25% | ||||
Revolving Credit Facility | 2014 Revolving Facility | Base Rate | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Revolving Credit Facility | 2014 Revolving Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Revolving Credit Facility | 2014 Revolving Facility | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3% | ||||
Revolving Credit Facility | 2014 Revolving Facility | SOFR | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.25% | ||||
Revolving Credit Facility | 2014 Revolving Facility | SOFR | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.50% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 1,500 | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.25% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.25% | ||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.50% | ||||
Revolving Credit Facility | 2014 Revolving Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 1,500 | ||||
Minimum liquidity | 2,000 | $ 2,200 | |||
Restricted payments liquidity requirement | 4,000 | 4,200 | |||
Revolving Credit Facility | 2014 Revolving Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 1,500 | ||||
Minimum liquidity | 2,000 | 2,200 | |||
Restricted payments liquidity requirement | $ 4,000 | 4,200 | |||
Revolving Credit Facility | 2023 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | 890 | ||||
Revolving Credit Facility | 2023 Revolving Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2023 Revolving Facility | Base Rate | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2% | ||||
Revolving Credit Facility | 2023 Revolving Facility | Base Rate | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.25% | ||||
Revolving Credit Facility | 2023 Revolving Facility | Base Rate | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Revolving Credit Facility | 2023 Revolving Facility | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Revolving Credit Facility | 2023 Revolving Facility | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3% | ||||
Revolving Credit Facility | 2023 Revolving Facility | SOFR | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.25% | ||||
Revolving Credit Facility | 2023 Revolving Facility | SOFR | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.50% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, available borrowing capacity | $ 890 | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.25% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | Base Rate | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.50% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin One | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin Two | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.25% | ||||
Revolving Credit Facility | 2023 Revolving Facility | American Airlines, Inc. | SOFR | Interest Rate Margin Three | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 3.50% | ||||
Revolving Credit Facility | 2023 Revolving Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 890 | ||||
Revolving Credit Facility | 2023 Revolving Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 890 | ||||
Letter of Credit | 2013 Revolving Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 100 | ||||
Letter of Credit | 2013 Revolving Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 100 | ||||
Letter of Credit | 2014 Revolving Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 200 | ||||
Letter of Credit | 2014 Revolving Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 200 | ||||
Term Loan | 2023 Term Loan Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 1,100 | ||||
Term Loan | 2023 Term Loan Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 1,100 | ||||
Term Loan | 2023 Term Loan Facility | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | 1,100 | ||||
Term Loan | 2023 Term Loan Facility | Secured Debt | American Airlines, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, aggregate commitments | $ 1,100 |
Income Taxes (Details)
Income Taxes (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Tax Credit Carryforward [Line Items] | |
Other carryforwards | $ 4.7 |
American Airlines, Inc. | |
Tax Credit Carryforward [Line Items] | |
Other carryforwards | 3.6 |
Federal | |
Tax Credit Carryforward [Line Items] | |
NOL carryforwards | 13.7 |
Operating loss carryforwards and other carryforwards, subject to expiration | 3.4 |
Operating loss carryforwards and other carryforwards, not subject to expiration | 15 |
Federal | American Airlines, Inc. | |
Tax Credit Carryforward [Line Items] | |
NOL carryforwards | 13.7 |
Operating loss carryforwards and other carryforwards, subject to expiration | 3.8 |
Operating loss carryforwards and other carryforwards, not subject to expiration | 13.5 |
State | |
Tax Credit Carryforward [Line Items] | |
NOL carryforwards | 5.5 |
State | American Airlines, Inc. | |
Tax Credit Carryforward [Line Items] | |
NOL carryforwards | $ 5.3 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 7,841 | $ 7,000 |
Restricted short-term investments | 199 | |
American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,837 | $ 6,998 |
Restricted short-term investments | 199 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,841 | |
Restricted cash and short-term investments | 875 | |
Long-term investments | 113 | |
Total | 8,829 | |
Recurring | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,837 | |
Restricted cash and short-term investments | 875 | |
Long-term investments | 113 | |
Total | 8,825 | |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 295 | |
Recurring | Money market funds | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 293 | |
Recurring | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 5,007 | |
Recurring | Corporate obligations | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 5,007 | |
Recurring | Bank notes/certificates of deposit/time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,989 | |
Recurring | Bank notes/certificates of deposit/time deposits | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,987 | |
Recurring | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 550 | |
Recurring | Repurchase agreements | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 550 | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 295 | |
Restricted cash and short-term investments | 445 | |
Long-term investments | 113 | |
Total | 853 | |
Recurring | Level 1 | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 293 | |
Restricted cash and short-term investments | 445 | |
Long-term investments | 113 | |
Total | 851 | |
Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 295 | |
Recurring | Level 1 | Money market funds | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 293 | |
Recurring | Level 1 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 1 | Corporate obligations | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 1 | Bank notes/certificates of deposit/time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 1 | Bank notes/certificates of deposit/time deposits | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 1 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 1 | Repurchase agreements | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,546 | |
Restricted cash and short-term investments | 430 | |
Long-term investments | 0 | |
Total | 7,976 | |
Recurring | Level 2 | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,544 | |
Restricted cash and short-term investments | 430 | |
Long-term investments | 0 | |
Total | 7,974 | |
Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 2 | Money market funds | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 2 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 5,007 | |
Recurring | Level 2 | Corporate obligations | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 5,007 | |
Recurring | Level 2 | Bank notes/certificates of deposit/time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,989 | |
Recurring | Level 2 | Bank notes/certificates of deposit/time deposits | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,987 | |
Recurring | Level 2 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 550 | |
Recurring | Level 2 | Repurchase agreements | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 550 | |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Restricted cash and short-term investments | 0 | |
Long-term investments | 0 | |
Total | 0 | |
Recurring | Level 3 | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Restricted cash and short-term investments | 0 | |
Long-term investments | 0 | |
Total | 0 | |
Recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Money market funds | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Corporate obligations | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Bank notes/certificates of deposit/time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Bank notes/certificates of deposit/time deposits | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | Repurchase agreements | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 3,700 | |
Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 31,286 | $ 32,310 |
Level 2 | Convertible Note | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 1,000 | 1,100 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 3,700 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | $ 3,700 | |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | 31,191 | $ 32,396 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | 31,286 | 32,310 |
American Airlines, Inc. | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | 25,968 | 27,177 |
American Airlines, Inc. | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | $ 26,059 | $ 27,008 |
Investments - Schedule of Equit
Investments - Schedule of Equity Investments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 133 | $ 186 |
American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 133 | 186 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 478 | 541 |
Equity Securities | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 478 | $ 541 |
China Southern Airlines | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership interest, fair value method investments | 1.50% | 1.50% |
Carrying value, fair value method investments | $ 101 | $ 115 |
China Southern Airlines | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership interest, fair value method investments | 1.50% | 1.50% |
Carrying value, fair value method investments | $ 101 | $ 115 |
Republic Airways Holdings Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership interest, equity method investments | 25% | 25% |
Carrying value, equity method investments | $ 244 | $ 240 |
Republic Airways Holdings Inc. | American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership interest, equity method investments | 25% | 25% |
Carrying value, equity method investments | $ 244 | $ 240 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 1 | $ 1 |
Interest cost | 181 | 190 | 362 | 380 |
Expected return on assets | (244) | (229) | (489) | (459) |
Amortization of: | ||||
Prior service cost (benefit) | 0 | 7 | 0 | 14 |
Unrecognized net loss (gain) | 27 | 27 | 54 | 54 |
Net periodic benefit cost (income) | (36) | (5) | (72) | (10) |
Pension Benefits | American Airlines, Inc. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 1 | 1 |
Interest cost | 180 | 189 | 360 | 378 |
Expected return on assets | (243) | (228) | (487) | (457) |
Amortization of: | ||||
Prior service cost (benefit) | 0 | 7 | 0 | 14 |
Unrecognized net loss (gain) | 27 | 27 | 54 | 54 |
Net periodic benefit cost (income) | (36) | (5) | (72) | (10) |
Retiree Medical and Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 8 | 3 | 16 | 6 |
Interest cost | 17 | 12 | 34 | 24 |
Expected return on assets | (2) | (3) | (5) | (5) |
Amortization of: | ||||
Prior service cost (benefit) | 3 | (3) | 7 | (6) |
Unrecognized net loss (gain) | (6) | (9) | (13) | (18) |
Net periodic benefit cost (income) | 20 | 0 | 39 | 1 |
Retiree Medical and Other Postretirement Benefits | American Airlines, Inc. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 8 | 3 | 16 | 6 |
Interest cost | 17 | 12 | 34 | 24 |
Expected return on assets | (2) | (3) | (5) | (5) |
Amortization of: | ||||
Prior service cost (benefit) | 3 | (3) | 7 | (6) |
Unrecognized net loss (gain) | (6) | (9) | (13) | (18) |
Net periodic benefit cost (income) | $ 20 | $ 0 | $ 39 | $ 1 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - Pension Benefits $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributed amount | $ 281 |
American Airlines, Inc. | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributed amount | $ 280 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Tax | ||||||
Beginning balance, tax | $ (1,512) | $ (1,512) | ||||
Other comprehensive income (loss) before reclassifications | 1 | |||||
Amounts reclassified from AOCI | (11) | |||||
Net current-period other comprehensive income (loss) | (10) | |||||
Ending balance, tax | $ (1,522) | (1,522) | ||||
Net of tax | ||||||
Beginning balance, net of tax | (4,894) | (4,894) | ||||
Other comprehensive income (loss) before reclassifications | (1) | |||||
Amounts reclassified from AOCI | 37 | |||||
Total other comprehensive income, net of tax | 19 | 17 | $ 17 | $ 18 | 36 | $ 35 |
Ending balance, net of tax | (4,858) | (4,858) | ||||
American Airlines, Inc. | ||||||
Tax | ||||||
Beginning balance, tax | (1,621) | (1,621) | ||||
Other comprehensive income (loss) before reclassifications | 1 | |||||
Amounts reclassified from AOCI | (11) | |||||
Net current-period other comprehensive income (loss) | (10) | |||||
Ending balance, tax | (1,631) | (1,631) | ||||
Net of tax | ||||||
Beginning balance, net of tax | (4,999) | (4,999) | ||||
Other comprehensive income (loss) before reclassifications | (1) | |||||
Amounts reclassified from AOCI | 37 | |||||
Total other comprehensive income, net of tax | 19 | 17 | $ 17 | $ 18 | 36 | $ 35 |
Ending balance, net of tax | (4,963) | (4,963) | ||||
Pension, Retiree Medical and Other Postretirement Benefits | ||||||
Before tax | ||||||
Beginning balance, before tax | (3,380) | (3,380) | ||||
Other comprehensive income (loss) before reclassifications | 0 | |||||
Amounts reclassified from AOCI | 48 | |||||
Net current-period other comprehensive income (loss) | 48 | |||||
Ending balance, before tax | (3,332) | (3,332) | ||||
Pension, Retiree Medical and Other Postretirement Benefits | American Airlines, Inc. | ||||||
Before tax | ||||||
Beginning balance, before tax | (3,376) | (3,376) | ||||
Other comprehensive income (loss) before reclassifications | 0 | |||||
Amounts reclassified from AOCI | 48 | |||||
Net current-period other comprehensive income (loss) | 48 | |||||
Ending balance, before tax | (3,328) | (3,328) | ||||
Unrealized Loss on Investments | ||||||
Before tax | ||||||
Beginning balance, before tax | (2) | (2) | ||||
Other comprehensive income (loss) before reclassifications | (2) | |||||
Amounts reclassified from AOCI | 0 | |||||
Net current-period other comprehensive income (loss) | (2) | |||||
Ending balance, before tax | (4) | (4) | ||||
Unrealized Loss on Investments | American Airlines, Inc. | ||||||
Before tax | ||||||
Beginning balance, before tax | $ (2) | (2) | ||||
Other comprehensive income (loss) before reclassifications | (2) | |||||
Amounts reclassified from AOCI | 0 | |||||
Net current-period other comprehensive income (loss) | (2) | |||||
Ending balance, before tax | $ (4) | $ (4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Nonoperating other income (expense), net | $ 356 | $ 400 | $ 776 | $ 821 | ||
Total reclassifications for the period, net of tax | (717) | $ 312 | (1,338) | $ (10) | (405) | (1,348) |
American Airlines, Inc. | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Nonoperating other income (expense), net | 234 | 295 | 533 | 620 | ||
Total reclassifications for the period, net of tax | (793) | $ 216 | (1,423) | $ (85) | (577) | (1,508) |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total reclassifications for the period, net of tax | 19 | 17 | 37 | 34 | ||
Reclassification out of Accumulated Other Comprehensive Income | American Airlines, Inc. | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Total reclassifications for the period, net of tax | 19 | 17 | 37 | 34 | ||
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Nonoperating other income (expense), net | 3 | 3 | 5 | 6 | ||
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost | American Airlines, Inc. | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Nonoperating other income (expense), net | 3 | 3 | 5 | 6 | ||
Reclassification out of Accumulated Other Comprehensive Income | Actuarial loss | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Nonoperating other income (expense), net | 16 | 14 | 32 | 28 | ||
Reclassification out of Accumulated Other Comprehensive Income | Actuarial loss | American Airlines, Inc. | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Nonoperating other income (expense), net | $ 16 | $ 14 | $ 32 | $ 28 |
Regional Expenses (Details)
Regional Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Regional Expenses [Line Items] | ||||
Depreciation and amortization | $ 474 | $ 483 | $ 944 | $ 969 |
Aircraft rent | 314 | 344 | 642 | 688 |
Regional expenses | 1,268 | 1,153 | 2,469 | 2,295 |
American Airlines, Inc. | ||||
Regional Expenses [Line Items] | ||||
Depreciation and amortization | 472 | 481 | 939 | 965 |
Aircraft rent | 314 | 344 | 642 | 688 |
Regional expenses | $ 1,260 | 1,150 | $ 2,457 | 2,293 |
Republic Airways Holdings, Inc. | ||||
Regional Expenses [Line Items] | ||||
Ownership percentage | 25% | 25% | ||
Republic Airways Holdings, Inc. | American Airlines, Inc. | ||||
Regional Expenses [Line Items] | ||||
Ownership percentage | 25% | 25% | ||
Regional operating special items, net | ||||
Regional Expenses [Line Items] | ||||
Depreciation and amortization | $ 79 | 80 | $ 158 | 160 |
Aircraft rent | 2 | 1 | 4 | 3 |
Regional operating special items, net | American Airlines, Inc. | ||||
Regional Expenses [Line Items] | ||||
Depreciation and amortization | 69 | 67 | 138 | 135 |
Aircraft rent | 2 | 1 | 4 | 3 |
Regional operating special items, net | Republic Airways Holdings Inc. | ||||
Regional Expenses [Line Items] | ||||
Regional expenses | 150 | 168 | 299 | 336 |
Regional operating special items, net | Republic Airways Holdings Inc. | American Airlines, Inc. | ||||
Regional Expenses [Line Items] | ||||
Regional expenses | $ 150 | $ 168 | $ 299 | $ 336 |
Transactions with Related Par_3
Transactions with Related Parties (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
AAG’s wholly-owned subsidiaries | $ (3,016) | $ (2,353) |
American Airlines, Inc. | ||
Related Party Transaction [Line Items] | ||
AAG’s wholly-owned subsidiaries | (2,925) | (2,232) |
Total | 7,388 | 7,070 |
American Airlines, Inc. | Total | ||
Related Party Transaction [Line Items] | ||
Total | 7,388 | 7,070 |
American Airlines, Inc. | AAG | ||
Related Party Transaction [Line Items] | ||
AAG | 9,494 | 9,144 |
American Airlines, Inc. | AAG's wholly-owned subsidiaries | ||
Related Party Transaction [Line Items] | ||
AAG’s wholly-owned subsidiaries | $ (2,106) | $ (2,074) |
Legal Proceedings (Details)
Legal Proceedings (Details) - Private Party Antitrust Actions Related to the Northeast Alliance | Feb. 15, 2023 lawsuit | Dec. 07, 2022 lawsuit plaintiff |
Long-term Purchase Commitment [Line Items] | ||
Number of private party plaintiffs who filed putative class action | plaintiff | 2 | |
Number of additional putative class action lawsuits | 2 | |
American Airlines, Inc. | ||
Long-term Purchase Commitment [Line Items] | ||
Number of private party plaintiffs who filed putative class action | 2 | |
Number of additional putative class action lawsuits | 2 |