Financial Information for Subsidiary Guarantors and Non-guarantor Subsidiaries | 3 Months Ended |
Mar. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Information for Subsidiary Guarantors and Non-guarantor Subsidiaries | 14. Financial Information for Subsidiary Guarantors and Non-guarantor Subsidiaries |
There are various cross-guarantees among the Company, American, US Airways Group and US Airways with respect to publicly held debt securities. In connection with the Merger, the Company and American entered into a second supplemental indenture under which they jointly and severally guaranteed the payment obligations of US Airways Group under the 6.125% senior notes. In addition, on March 31, 2014, the Company, US Airways Group and US Airways entered into amended and restated guarantees of the payment obligations of US Airways under the equipment notes relating to each of its Series 2010-1, 2011-1, 2012-1, 2012-2 and 2013-1 Pass Through Certificates the result of which was to add AAG as a guarantor of such equipment notes on a joint and several basis with US Airways Group. |
In connection with the issuance of these guarantees, in accordance with Rule 3-10 of Regulation S-X and Rule 12h-5 under the Securities Exchange Act of 1934, as amended, US Airways Group and US Airways discontinued filing separate periodic and current reports with the SEC. As a result, in accordance with Rule 3-10, the Company is providing the following condensed consolidating financial information for the periods after Merger close for American Airlines Group (Parent Company Only), American, US Airways Group Parent, US Airways and all other non-guarantor subsidiaries, together with the consolidating adjustments necessary to present the Company’s results on a consolidated basis. |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2015 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
Operating revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mainline passenger | | $ | — | | | $ | 4,690 | | | $ | — | | | $ | 2,299 | | | $ | — | | | $ | — | | | $ | 6,989 | |
Regional passenger | | | — | | | | 699 | | | | — | | | | 753 | | | | — | | | | — | | | | 1,452 | |
Cargo | | | — | | | | 162 | | | | — | | | | 32 | | | | — | | | | — | | | | 194 | |
Other | | | — | | | | 818 | | | | — | | | | 389 | | | | 726 | | | | (741 | ) | | | 1,192 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | | | | | 6,369 | | | | — | | | | 3,473 | | | | 726 | | | | (741 | ) | | | 9,827 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aircraft fuel and related taxes | | | — | | | | 1,070 | | | | — | | | | 474 | | | | — | | | | — | | | | 1,544 | |
Salaries, wages and benefits | | | — | | | | 1,585 | | | | — | | | | 786 | | | | 193 | | | | (191 | ) | | | 2,373 | |
Regional expenses | | | — | | | | 728 | | | | — | | | | 765 | | | | — | | | | (31 | ) | | | 1,462 | |
Maintenance, materials and repairs | | | — | | | | 304 | | | | — | | | | 190 | | | | 75 | | | | (75 | ) | | | 494 | |
Other rent and landing fees | | | — | | | | 270 | | | | — | | | | 138 | | | | 10 | | | | (10 | ) | | | 408 | |
Aircraft rent | | | — | | | | 225 | | | | — | | | | 92 | | | | 32 | | | | (32 | ) | | | 317 | |
Selling expenses | | | — | | | | 235 | | | | — | | | | 101 | | | | — | | | | — | | | | 336 | |
Depreciation and amortization | | | — | | | | 236 | | | | — | | | | 100 | | | | 11 | | | | (11 | ) | | | 336 | |
Special items, net | | | — | | | | 198 | | | | — | | | | 105 | | | | 4 | | | | (4 | ) | | | 303 | |
Other | | | 1 | | | | 758 | | | | — | | | | 281 | | | | 385 | | | | (387 | ) | | | 1,038 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 1 | | | | 5,609 | | | | — | | | | 3,032 | | | | 710 | | | | (741 | ) | | | 8,611 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (1 | ) | | | 760 | | | | — | | | | 441 | | | | 16 | | | | — | | | | 1,216 | |
Nonoperating income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 2 | | | | 6 | | | | — | | | | 4 | | | | — | | | | (2 | ) | | | 10 | |
Interest expense, net | | | (13 | ) | | | (126 | ) | | | (9 | ) | | | (64 | ) | | | — | | | | 2 | | | | (210 | ) |
Equity in earnings of subsidiaries | | | 944 | | | | — | | | | 251 | | | | — | | | | — | | | | (1,195 | ) | | | — | |
Other, net | | | — | | | | (63 | ) | | | — | | | | (11 | ) | | | 1 | | | | — | | | | (73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonoperating income (expense), net | | | 933 | | | | (183 | ) | | | 242 | | | | (71 | ) | | | 1 | | | | (1,195 | ) | | | (273 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 932 | | | | 577 | | | | 242 | | | | 370 | | | | 17 | | | | (1,195 | ) | | | 943 | |
Income tax provision | | | — | | | | 8 | | | | — | | | | 131 | | | | 3 | | | | (131 | ) | | | 11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 932 | | | $ | 569 | | | $ | 242 | | | $ | 239 | | | $ | 14 | | | $ | (1,064 | ) | | $ | 932 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2014 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
Operating revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mainline passenger | | $ | — | | | $ | 4,906 | | | $ | — | | | $ | 2,352 | | | $ | — | | | $ | — | | | $ | 7,258 | |
Regional passenger | | | — | | | | 669 | | | | — | | | | 738 | | | | — | | | | — | | | | 1,407 | |
Cargo | | | — | | | | 168 | | | | — | | | | 38 | | | | — | | | | — | | | | 206 | |
Other | | | — | | | | 726 | | | | — | | | | 418 | | | | 744 | | | | (764 | ) | | | 1,124 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | — | | | | 6,469 | | | | — | | | | 3,546 | | | | 744 | | | | (764 | ) | | | 9,995 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aircraft fuel and related taxes | | | — | | | | 1,871 | | | | — | | | | 840 | | | | — | | | | — | | | | 2,711 | |
Salaries, wages and benefits | | | — | | | | 1,398 | | | | — | | | | 719 | | | | 197 | | | | (195 | ) | | | 2,119 | |
Regional expenses | | | — | | | | 758 | | | | — | | | | 828 | | | | — | | | | 8 | | | | 1,594 | |
Maintenance, materials and repairs | | | — | | | | 332 | | | | — | | | | 153 | | | | 85 | | | | (85 | ) | | | 485 | |
Other rent and landing fees | | | — | | | | 285 | | | | — | | | | 139 | | | | 7 | | | | (7 | ) | | | 424 | |
Aircraft rent | | | — | | | | 216 | | | | — | | | | 104 | | | | 21 | | | | (21 | ) | | | 320 | |
Selling expenses | | | — | | | | 284 | | | | — | | | | 117 | | | | — | | | | — | | | | 401 | |
Depreciation and amortization | | | — | | | | 214 | | | | — | | | | 95 | | | | 10 | | | | (12 | ) | | | 307 | |
Special items, net | | | 24 | | | | (216 | ) | | | — | | | | 55 | | | | 3 | | | | (3 | ) | | | (137 | ) |
Other | | | 2 | | | | 749 | | | | — | | | | 308 | | | | 431 | | | | (449 | ) | | | 1,041 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 26 | | | | 5,891 | | | | — | | | | 3,358 | | | | 754 | | | | (764 | ) | | | 9,265 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (26 | ) | | | 578 | | | | — | | | | 188 | | | | (10 | ) | | | — | | | | 730 | |
Nonoperating income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | 2 | | | | 7 | | | | — | | | | 1 | | | | 1 | | | | (4 | ) | | | 7 | |
Interest expense, net | | | (4 | ) | | | (168 | ) | | | (10 | ) | | | (65 | ) | | | — | | | | 4 | | | | (243 | ) |
Equity in earnings of subsidiaries | | | 453 | | | | — | | | | 118 | | | | — | | | | — | | | | (571 | ) | | | — | |
Other, net | | | — | | | | (5 | ) | | | (56 | ) | | | 3 | | | | 1 | | | | 56 | | | | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total nonoperating income (expense), net | | | 451 | | | | (166 | ) | | | 52 | | | | (61 | ) | | | 2 | | | | (515 | ) | | | (237 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 425 | | | | 412 | | | | 52 | | | | 127 | | | | (8 | ) | | | (515 | ) | | | 493 | |
Income tax provision | | | 1 | | | | 11 | | | | — | | | | 1 | | | | — | | | | — | | | | 13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 424 | | | $ | 401 | | | $ | 52 | | | $ | 126 | | | $ | (8 | ) | | $ | (515 | ) | | $ | 480 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2015 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
Net income | | $ | 932 | | | $ | 569 | | | $ | 242 | | | $ | 239 | | | $ | 14 | | | $ | (1,064 | ) | | $ | 932 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) before tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Defined benefit pension plans and retiree medical | | | — | | | | (26 | ) | | | — | | | | (1 | ) | | | — | | | | — | | | | (27 | ) |
Derivative financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Reclassification into earnings | | | — | | | | (6 | ) | | | — | | | | — | | | | — | | | | — | | | | (6 | ) |
Unrealized gain on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in value | | | — | | | | 1 | | | | — | | | | 1 | | | | — | | | | — | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss before tax | | | — | | | | (31 | ) | | | — | | | | — | | | | — | | | | — | | | | (31 | ) |
Non-cash tax provision | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 932 | | | $ | 538 | | | $ | 242 | | | $ | 239 | | | $ | 14 | | | $ | (1,064 | ) | | $ | 901 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2014 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
Net income (loss) | | $ | 424 | | | $ | 401 | | | $ | 52 | | | $ | 126 | | | $ | (8 | ) | | $ | (515 | ) | | $ | 480 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss before tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Defined benefit pension plans and retiree medical | | | — | | | | (44 | ) | | | — | | | | (1 | ) | | | — | | | | — | | | | (45 | ) |
Derivative financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value | | | — | | | | (67 | ) | | | — | | | | — | | | | — | | | | — | | | | (67 | ) |
Reclassification into earnings | | | — | | | | 7 | | | | — | | | | — | | | | — | | | | — | | | | 7 | |
Unrealized gain on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in value | | | — | | | | 2 | | | | — | | | | — | | | | — | | | | — | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss before tax | | | — | | | | (102 | ) | | | — | | | | (1 | ) | | | — | | | | — | | | | (103 | ) |
Non-cash tax provision | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 424 | | | $ | 299 | | | $ | 52 | | | $ | 125 | | | $ | (8 | ) | | $ | (515 | ) | | $ | 377 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING BALANCE SHEET |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2015 | |
| | | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
American | Airways | Guarantor | and | Airlines |
Airlines Group | Group | Subsidiaries | Reclassifications | Group Inc. |
(Parent | (Parent | | | Consolidated |
Company | Company | | | |
Only) | Only) | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash | | $ | 1 | | | $ | 884 | | | $ | 5 | | | $ | 153 | | | $ | 5 | | | $ | — | | | $ | 1,048 | |
Short-term investments | | | — | | | | 4,853 | | | | — | | | | 3,270 | | | | 2 | | | | — | | | | 8,125 | |
Restricted cash and short-term investments | | | — | | | | 646 | | | | — | | | | 111 | | | | — | | | | — | | | | 757 | |
Accounts receivable, net | | | — | | | | 1,437 | | | | — | | | | 383 | | | | 19 | | | | (13 | ) | | | 1,826 | |
Receivables from related parties, net | | | 2,409 | | | | — | | | | — | | | | 242 | | | | — | | | | (2,651 | ) | | | — | |
Aircraft fuel, spare parts and supplies, net | | | — | | | | 623 | | | | — | | | | 298 | | | | 74 | | | | — | | | | 995 | |
Prepaid expenses and other | | | 79 | | | | 635 | | | | — | | | | 623 | | | | 41 | | | | — | | | | 1,378 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 2,489 | | | | 9,078 | | | | 5 | | | | 5,080 | | | | 141 | | | | (2,664 | ) | | | 14,129 | |
Operating property and equipment | | | — | | | | 17,130 | | | | — | | | | 6,627 | | | | 285 | | | | — | | | | 24,042 | |
Other assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries | | | 1,636 | | | | — | | | | 7,145 | | | | — | | | | — | | | | (8,781 | ) | | | — | |
Goodwill | | | — | | | | — | | | | — | | | | 4,089 | | | | — | | | | 2 | | | | 4,091 | |
Intangibles, net of accumulated amortization | | | — | | | | 872 | | | | — | | | | 1,409 | | | | — | | | | — | | | | 2,281 | |
Other assets | | | 58 | | | | 1,885 | | | | — | | | | 256 | | | | 47 | | | | (35 | ) | | | 2,211 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other assets | | | 1,694 | | | | 2,757 | | | | 7,145 | | | | 5,754 | | | | 47 | | | | (8,814 | ) | | | 8,583 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 4,183 | | | $ | 28,965 | | | $ | 7,150 | | | $ | 17,461 | | | $ | 473 | | | $ | (11,478 | ) | | $ | 46,754 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt and capital leases | | $ | — | | | $ | 802 | | | $ | — | | | $ | 482 | | | $ | — | | | $ | — | | | $ | 1,284 | |
Accounts payable | | | — | | | | 1,175 | | | | — | | | | 362 | | | | 52 | | | | (2 | ) | | | 1,587 | |
Payables to related parties, net | | | — | | | | 2,168 | | | | 480 | | | | — | | | | 3 | | | | (2,651 | ) | | | — | |
Air traffic liability | | | — | | | | 3,691 | | | | — | | | | 1,724 | | | | — | | | | — | | | | 5,415 | |
Frequent flyer liability | | | — | | | | 2,776 | | | | — | | | | — | | | | — | | | | — | | | | 2,776 | |
Other accrued liabilities | | | 39 | | | | 1,835 | | | | 11 | | | | 1,164 | | | | 124 | | | | (2 | ) | | | 3,171 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 39 | | | | 12,447 | | | | 491 | | | | 3,732 | | | | 179 | | | | (2,655 | ) | | | 14,233 | |
Noncurrent liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt and capital leases, net of current maturities | | | 1,257 | | | | 10,972 | | | | 524 | | | | 4,919 | | | | — | | | | (34 | ) | | | 17,638 | |
Pension and postretirement benefits | | | — | | | | 7,355 | | | | — | | | | 122 | | | | 40 | | | | — | | | | 7,517 | |
Bankruptcy settlement obligations | | | — | | | | 275 | | | | — | | | | — | | | | — | | | | — | | | | 275 | |
Other liabilities | | | 123 | | | | 2,868 | | | | — | | | | 1,599 | | | | 44 | | | | (307 | ) | | | 4,327 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noncurrent liabilities | | | 1,380 | | | | 21,470 | | | | 524 | | | | 6,640 | | | | 84 | | | | (341 | ) | | | 29,757 | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 7 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7 | |
Additional paid-in capital | | | 15,049 | | | | 10,714 | | | | 4,727 | | | | 5,566 | | | | 199 | | | | (21,206 | ) | | | 15,049 | |
Accumulated other comprehensive loss | | | (4,590 | ) | | | (4,676 | ) | | | (16 | ) | | | (8 | ) | | | (12 | ) | | | 4,712 | | | | (4,590 | ) |
Retained earnings (deficit) | | | (7,702 | ) | | | (10,990 | ) | | | 1,424 | | | | 1,531 | | | | 23 | | | | 8,012 | | | | (7,702 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity (deficit) | | | 2,764 | | | | (4,952 | ) | | | 6,135 | | | | 7,089 | | | | 210 | | | | (8,482 | ) | | | 2,764 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity (deficit) | | $ | 4,183 | | | $ | 28,965 | | | $ | 7,150 | | | $ | 17,461 | | | $ | 473 | | | $ | (11,478 | ) | | $ | 46,754 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING BALANCE SHEET |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2014 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash | | $ | 1 | | | $ | 785 | | | $ | 2 | | | $ | 199 | | | $ | 7 | | | $ | — | | | $ | 994 | |
Short-term investments | | | — | | | | 3,290 | | | | — | | | | 3,016 | | | | 3 | | | | — | | | | 6,309 | |
Restricted cash and short-term investments | | | — | | | | 650 | | | | — | | | | 124 | | | | — | | | | — | | | | 774 | |
Accounts receivable, net | | | — | | | | 1,445 | | | | — | | | | 324 | | | | 15 | | | | (13 | ) | | | 1,771 | |
Receivables from related parties, net | | | 1,893 | | | | — | | | | 157 | | | | 933 | | | | 526 | | | | (3,509 | ) | | | — | |
Aircraft fuel, spare parts and supplies, net | | | — | | | | 625 | | | | — | | | | 294 | | | | 85 | | | | — | | | | 1,004 | |
Prepaid expenses and other | | | — | | | | 462 | | | | — | | | | 912 | | | | 41 | | | | (155 | ) | | | 1,260 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 1,894 | | | | 7,257 | | | | 159 | | | | 5,802 | | | | 677 | | | | (3,677 | ) | | | 12,112 | |
Operating property and equipment | | | — | | | | 16,299 | | | | — | | | | 6,506 | | | | 279 | | | | — | | | | 23,084 | |
Other assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries | | | 847 | | | | — | | | | 6,870 | | | | — | | | | — | | | | (7,717 | ) | | | — | |
Goodwill | | | — | | | | — | | | | — | | | | 4,090 | | | | — | | | | 1 | | | | 4,091 | |
Intangibles, net of accumulated amortization | | | — | | | | 815 | | | | — | | | | 1,425 | | | | — | | | | — | | | | 2,240 | |
Other assets | | | 53 | | | | 1,921 | | | | — | | | | 267 | | | | 38 | | | | (35 | ) | | | 2,244 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other assets | | | 900 | | | | 2,736 | | | | 6,870 | | | | 5,782 | | | | 38 | | | | (7,751 | ) | | | 8,575 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,794 | | | $ | 26,292 | | | $ | 7,029 | | | $ | 18,090 | | | $ | 994 | | | $ | (11,428 | ) | | $ | 43,771 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt and capital leases | | $ | — | | | $ | 1,230 | | | $ | — | | | $ | 477 | | | $ | 1 | | | $ | — | | | $ | 1,708 | |
Accounts payable | | | — | | | | 1,029 | | | | — | | | | 287 | | | | 61 | | | | — | | | | 1,377 | |
Payables to related parties, net | | | — | | | | 2,563 | | | | 634 | | | | 73 | | | | 239 | | | | (3,509 | ) | | | — | |
Air traffic liability | | | — | | | | 2,989 | | | | — | | | | 1,263 | | | | — | | | | — | | | | 4,252 | |
Frequent flyer liability | | | — | | | | 1,823 | | | | — | | | | 984 | | | | — | | | | — | | | | 2,807 | |
Other accrued liabilities | | | 14 | | | | 1,886 | | | | 3 | | | | 1,253 | | | | 138 | | | | (3 | ) | | | 3,291 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 14 | | | | 11,520 | | | | 637 | | | | 4,337 | | | | 439 | | | | (3,512 | ) | | | 13,435 | |
Noncurrent liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt and capital leases, net of current maturities | | | 758 | | | | 10,004 | | | | 524 | | | | 4,945 | | | | — | | | | (35 | ) | | | 16,196 | |
Pension and postretirement benefits | | | — | | | | 7,400 | | | | — | | | | 122 | | | | 40 | | | | — | | | | 7,562 | |
Mandatorily convertible preferred stock and other bankruptcy settlement obligations | | | — | | | | 325 | | | | — | | | | — | | | | — | | | | — | | | | 325 | |
Other liabilities | | | 1 | | | | 2,615 | | | | — | | | | 1,861 | | | | 317 | | | | (562 | ) | | | 4,232 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noncurrent liabilities | | | 759 | | | | 20,344 | | | | 524 | | | | 6,928 | | | | 357 | | | | (597 | ) | | | 28,315 | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 7 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7 | |
Additional paid-in capital | | | 15,135 | | | | 10,632 | | | | 4,703 | | | | 5,542 | | | | 199 | | | | (21,076 | ) | | | 15,135 | |
Accumulated other comprehensive loss | | | (4,559 | ) | | | (4,645 | ) | | | (16 | ) | | | (8 | ) | | | (12 | ) | | | 4,681 | | | | (4,559 | ) |
Retained earnings (deficit) | | | (8,562 | ) | | | (11,559 | ) | | | 1,181 | | | | 1,291 | | | | 11 | | | | 9,076 | | | | (8,562 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity (deficit) | | | 2,021 | | | | (5,572 | ) | | | 5,868 | | | | 6,825 | | | | 198 | | | | (7,319 | ) | | | 2,021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity (deficit) | | $ | 2,794 | | | $ | 26,292 | | | $ | 7,029 | | | $ | 18,090 | | | $ | 994 | | | $ | (11,428 | ) | | $ | 43,771 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2015 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
Net cash provided by (used in) operating activities | | $ | (242 | ) | | $ | 2,285 | | | $ | 3 | | | $ | 430 | | | $ | 18 | | | $ | — | | | $ | 2,494 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures and aircraft purchase deposits | | | — | | | | (1,160 | ) | | | — | | | | (229 | ) | | | (20 | ) | | | — | | | | (1,409 | ) |
Purchases of short-term investments | | | — | | | | (1,945 | ) | | | — | | | | (1,529 | ) | | | — | | | | — | | | | (3,474 | ) |
Sales of short-term investments | | | — | | | | 382 | | | | — | | | | 1,278 | | | | — | | | | — | | | | 1,660 | |
Decrease in restricted cash and short-term investments | | | — | | | | 4 | | | | — | | | | 13 | | | | — | | | | — | | | | 17 | |
Proceeds from sale of property and equipment | | | — | | | | 4 | | | | — | | | | — | | | | — | | | | — | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | (2,715 | ) | | | — | | | | (467 | ) | | | (20 | ) | | | — | | | | (3,202 | ) |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payments on long-term debt and capital leases | | | — | | | | (680 | ) | | | — | | | | (66 | ) | | | — | | | | — | | | | (746 | ) |
Proceeds from issuance of long-term debt | | | 500 | | | | 1,227 | | | | — | | | | 39 | | | | — | | | | — | | | | 1,766 | |
Deferred financing costs | | | (7 | ) | | | (18 | ) | | | — | | | | — | | | | — | | | | — | | | | (25 | ) |
Treasury stock repurchases | | | (181 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (181 | ) |
Dividend payment | | | (70 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (70 | ) |
Other financing activities | | | — | | | | — | | | | — | | | | 18 | | | | — | | | | — | | | | 18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 242 | | | | 529 | | | | — | | | | (9 | ) | | | — | | | | — | | | | 762 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash | | | — | | | | 99 | | | | 3 | | | | (46 | ) | | | (2 | ) | | | — | | | | 54 | |
Cash at beginning of period | | | 1 | | | | 785 | | | | 2 | | | | 199 | | | | 7 | | | | — | | | | 994 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash at end of period | | $ | 1 | | | $ | 884 | | | $ | 5 | | | $ | 153 | | | $ | 5 | | | $ | — | | | $ | 1,048 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AMERICAN AIRLINES GROUP INC. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
(In millions)(Unaudited) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2014 | |
| | American | | | American | | | US | | | US Airways | | | Non- | | | Eliminations | | | American | |
Airlines Group | Airways | Guarantor | and | Airlines |
(Parent | Group | Subsidiaries | Reclassifications | Group Inc. |
Company | (Parent | | | Consolidated |
Only) | Company | | | |
| Only) | | | |
Net cash provided by (used in) operating activities | | $ | (9 | ) | | $ | 742 | | | $ | — | | | $ | 515 | | | $ | 8 | | | $ | — | | | $ | 1,256 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures and aircraft purchase deposits | | | — | | | | (722 | ) | | | — | | | | (316 | ) | | | (9 | ) | | | — | | | | (1,047 | ) |
Purchases of short-term investments | | | — | | | | (499 | ) | | | — | | | | (677 | ) | | | — | | | | — | | | | (1,176 | ) |
Sales of short-term investments | | | — | | | | 682 | | | | — | | | | 200 | | | | — | | | | — | | | | 882 | |
Decrease in restricted cash and short-term investments | | | — | | | | 3 | | | | — | | | | 85 | | | | — | | | | — | | | | 88 | |
Net proceeds from slot transaction | | | — | | | | 299 | | | | — | | | | 8 | | | | — | | | | — | | | | 307 | |
Proceeds from sale of property and equipment | | | — | | | | 3 | | | | — | | | | — | | | | — | | | | — | | | | 3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | (234 | ) | | | — | | | | (700 | ) | | | (9 | ) | | | — | | | | (943 | ) |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payments on long-term debt and capital leases | | | — | | | | (430 | ) | | | — | | | | (71 | ) | | | — | | | | — | | | | (501 | ) |
Proceeds from issuance of long-term debt | | | — | | | | — | | | | — | | | | 224 | | | | — | | | | — | | | | 224 | |
Deferred financing costs | | | — | | | | (5 | ) | | | — | | | | (2 | ) | | | — | | | | — | | | | (7 | ) |
Sale-leaseback transactions | | | — | | | | 165 | | | | — | | | | — | | | | — | | | | — | | | | 165 | |
Exercise of stock options | | | 9 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9 | |
Treasury stock repurchases | | | (84 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (84 | ) |
Funds transferred from (to) affiliates, net | | | 84 | | | | (84 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 9 | | | | (354 | ) | | | — | | | | 151 | | | | — | | | | — | | | | (194 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash | | | — | | | | 154 | | | | | | | | (34 | ) | | | (1 | ) | | | — | | | | 119 | |
Cash at beginning of period | | | 1 | | | | 829 | | | | 1 | | | | 303 | | | | 6 | | | | — | | | | 1,140 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash at end of period | | $ | 1 | | | $ | 983 | | | $ | 1 | | | $ | 269 | | | $ | 5 | | | $ | — | | | $ | 1,259 | |