Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 652,862,508 | |
Entity Central Index Key | 0000006201 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating revenues: | ||
Operating revenues | $ 12,189 | $ 8,899 |
Operating expenses: | ||
Aircraft fuel and related taxes | 3,167 | 2,502 |
Salaries, wages and benefits | 3,281 | 3,154 |
Regional expenses | 1,142 | 1,052 |
Maintenance, materials and repairs | 712 | 617 |
Other rent and landing fees | 708 | 678 |
Aircraft rent | 344 | 353 |
Selling expenses | 438 | 332 |
Depreciation and amortization | 486 | 492 |
Special items, net | 13 | 157 |
Other | 1,460 | 1,285 |
Total operating expenses | 11,751 | 10,622 |
Operating income (loss) | 438 | (1,723) |
Nonoperating income (expense): | ||
Interest income | 125 | 8 |
Interest expense, net | (540) | (463) |
Other income (expense), net | (6) | 92 |
Total nonoperating expense, net | (421) | (363) |
Income (loss) before income taxes | 17 | (2,086) |
Income tax provision (benefit) | 7 | (451) |
Net income (loss) | $ 10 | $ (1,635) |
Earnings (loss) per common share: | ||
Basic (in dollars per share) | $ 0.02 | $ (2.52) |
Diluted (in dollars per share) | $ 0.02 | $ (2.52) |
Weighted average shares outstanding (in thousands): | ||
Basic (in shares) | 652,000 | 649,503 |
Diluted (in shares) | 656,707 | 649,503 |
Passenger | ||
Operating revenues: | ||
Operating revenues | $ 11,103 | $ 7,818 |
Cargo | ||
Operating revenues: | ||
Operating revenues | 223 | 364 |
Other | ||
Operating revenues: | ||
Operating revenues | $ 863 | $ 717 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations - American Airlines, Inc. - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating revenues: | ||
Operating revenues | $ 12,189 | $ 8,899 |
Operating expenses: | ||
Aircraft fuel and related taxes | 3,167 | 2,502 |
Salaries, wages and benefits | 3,281 | 3,154 |
Regional expenses | 1,142 | 1,052 |
Maintenance, materials and repairs | 712 | 617 |
Other rent and landing fees | 708 | 678 |
Aircraft rent | 344 | 353 |
Selling expenses | 438 | 332 |
Depreciation and amortization | 486 | 492 |
Special items, net | 13 | 157 |
Other | 1,460 | 1,285 |
Total operating expenses | 11,751 | 10,622 |
Operating income (loss) | 438 | (1,723) |
Nonoperating income (expense): | ||
Interest income | 125 | 8 |
Interest expense, net | (540) | (463) |
Other income (expense), net | (6) | 92 |
Total nonoperating expense, net | (421) | (363) |
Income (loss) before income taxes | 17 | (2,086) |
Income tax provision (benefit) | 7 | (451) |
Net income (loss) | 10 | (1,635) |
Passenger | ||
Operating revenues: | ||
Operating revenues | 11,103 | 7,818 |
Cargo | ||
Operating revenues: | ||
Operating revenues | 223 | 364 |
Other | ||
Operating revenues: | ||
Operating revenues | 863 | 717 |
American Airlines, Inc. | ||
Operating revenues: | ||
Operating revenues | 12,188 | 8,896 |
Operating expenses: | ||
Aircraft fuel and related taxes | 3,167 | 2,502 |
Salaries, wages and benefits | 3,280 | 3,152 |
Regional expenses | 1,143 | 1,023 |
Maintenance, materials and repairs | 712 | 617 |
Other rent and landing fees | 708 | 678 |
Aircraft rent | 344 | 353 |
Selling expenses | 438 | 332 |
Depreciation and amortization | 484 | 492 |
Special items, net | 13 | 157 |
Other | 1,460 | 1,286 |
Total operating expenses | 11,749 | 10,592 |
Operating income (loss) | 439 | (1,696) |
Nonoperating income (expense): | ||
Interest income | 231 | 11 |
Interest expense, net | (550) | (424) |
Other income (expense), net | (6) | 95 |
Total nonoperating expense, net | (325) | (318) |
Income (loss) before income taxes | 114 | (2,014) |
Income tax provision (benefit) | 29 | (436) |
Net income (loss) | 85 | (1,578) |
American Airlines, Inc. | Passenger | ||
Operating revenues: | ||
Operating revenues | 11,103 | 7,818 |
American Airlines, Inc. | Cargo | ||
Operating revenues: | ||
Operating revenues | 223 | 364 |
American Airlines, Inc. | Other | ||
Operating revenues: | ||
Operating revenues | $ 862 | $ 714 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - American Airlines Group Inc. - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 10 | $ (1,635) |
Other comprehensive income (loss), net of tax: | ||
Pension, retiree medical and other postretirement benefits | 17 | 28 |
Investments | 1 | (2) |
Total other comprehensive income, net of tax | 18 | 26 |
Total comprehensive income (loss) | $ 28 | $ (1,609) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Loss) - American Airlines, Inc. - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 10 | $ (1,635) |
Other comprehensive income (loss), net of tax: | ||
Pension, retiree medical and other postretirement benefits | 17 | 28 |
Investments | 1 | (2) |
Other comprehensive income, net | 18 | 26 |
Total comprehensive income (loss) | 28 | (1,609) |
American Airlines, Inc. | ||
Net income (loss) | 85 | (1,578) |
Other comprehensive income (loss), net of tax: | ||
Pension, retiree medical and other postretirement benefits | 17 | 28 |
Investments | 1 | (2) |
Other comprehensive income, net | 18 | 26 |
Total comprehensive income (loss) | $ 103 | $ (1,552) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - American Airlines Group Inc. - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||||
Cash | $ 452 | $ 440 | $ 376 | |
Short-term investments | 11,041 | 8,525 | ||
Restricted cash and short-term investments | 955 | 995 | ||
Accounts receivable, net | 1,989 | 2,138 | ||
Aircraft fuel, spare parts and supplies, net | 2,308 | 2,279 | ||
Prepaid expenses and other | 907 | 892 | ||
Total current assets | 17,652 | 15,269 | ||
Operating property and equipment | ||||
Flight equipment | 40,020 | 39,703 | ||
Ground property and equipment | 10,030 | 9,913 | ||
Equipment purchase deposits | 640 | 613 | ||
Total property and equipment, at cost | 50,690 | 50,229 | ||
Less accumulated depreciation and amortization | (20,546) | (20,029) | ||
Total property and equipment, net | 30,144 | 30,200 | ||
Operating lease right-of-use assets | 7,838 | 8,094 | ||
Other assets | ||||
Goodwill | 4,091 | 4,091 | ||
Intangibles, net of accumulated amortization of $828 and $827, respectively | 2,057 | 2,059 | ||
Deferred tax asset | 3,088 | 3,099 | ||
Other assets | 1,916 | 1,904 | ||
Total other assets | 11,152 | 11,153 | ||
Total assets | 66,786 | 64,716 | ||
Current liabilities | ||||
Current maturities of long-term debt and finance leases | 3,579 | 3,274 | ||
Accounts payable | 2,455 | 2,149 | ||
Accrued salaries and wages | 1,809 | 1,713 | ||
Operating lease liabilities | 1,439 | 1,465 | ||
Other accrued liabilities | 2,769 | 2,981 | ||
Total current liabilities | 24,590 | 21,496 | ||
Noncurrent liabilities | ||||
Long-term debt and finance leases, net of current maturities | 31,586 | 32,389 | ||
Pension and postretirement benefits | 2,737 | 2,837 | ||
Loyalty program liability | 5,881 | 5,976 | ||
Operating lease liabilities | 6,325 | 6,559 | ||
Other liabilities | 1,438 | 1,258 | ||
Total noncurrent liabilities | 47,967 | 49,019 | ||
Commitments and contingencies | ||||
Stockholder’s equity | ||||
Common stock, value | 7 | 6 | ||
Additional paid-in capital | 7,290 | 7,291 | ||
Accumulated other comprehensive loss | (4,567) | (4,585) | ||
Retained deficit | (8,501) | (8,511) | ||
Total stockholders’ deficit | (5,771) | (5,799) | $ (8,940) | $ (7,340) |
Total liabilities and stockholders’ equity (deficit) | 66,786 | 64,716 | ||
Air traffic liability | ||||
Current liabilities | ||||
Deferred revenue, current | 9,053 | 6,745 | ||
Loyalty program liability | ||||
Current liabilities | ||||
Deferred revenue, current | $ 3,486 | $ 3,169 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accumulated amortization of intangibles | $ 828 | $ 827 |
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) | 652,817,674 | 650,642,461 |
Common stock, shares outstanding (in shares) | 652,817,674 | 650,642,461 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets - American Airlines, Inc. - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 452 | $ 440 |
Short-term investments | 11,041 | 8,525 |
Restricted cash and short-term investments | 955 | 995 |
Accounts receivable, net | 1,989 | 2,138 |
Aircraft fuel, spare parts and supplies, net | 2,308 | 2,279 |
Prepaid expenses and other | 907 | 892 |
Total current assets | 17,652 | 15,269 |
Operating property and equipment | ||
Flight equipment | 40,020 | 39,703 |
Ground property and equipment | 10,030 | 9,913 |
Equipment purchase deposits | 640 | 613 |
Total property and equipment, at cost | 50,690 | 50,229 |
Less accumulated depreciation and amortization | (20,546) | (20,029) |
Total property and equipment, net | 30,144 | 30,200 |
Operating lease right-of-use assets | 7,838 | 8,094 |
Other assets | ||
Goodwill | 4,091 | 4,091 |
Intangibles, net of accumulated amortization of $828 and $827, respectively | 2,057 | 2,059 |
Deferred tax asset | 3,088 | 3,099 |
Other assets | 1,916 | 1,904 |
Total other assets | 11,152 | 11,153 |
Total assets | 66,786 | 64,716 |
Current liabilities | ||
Current maturities of long-term debt and finance leases | 3,579 | 3,274 |
Accounts payable | 2,455 | 2,149 |
Accrued salaries and wages | 1,809 | 1,713 |
Operating lease liabilities | 1,439 | 1,465 |
Other accrued liabilities | 2,769 | 2,981 |
Total current liabilities | 24,590 | 21,496 |
Noncurrent liabilities | ||
Long-term debt and finance leases, net of current maturities | 31,586 | 32,389 |
Pension and postretirement benefits | 2,737 | 2,837 |
Loyalty program liability | 5,881 | 5,976 |
Operating lease liabilities | 6,325 | 6,559 |
Other liabilities | 1,438 | 1,258 |
Total noncurrent liabilities | 47,967 | 49,019 |
Commitments and contingencies | ||
Stockholder’s equity | ||
Common stock, value | 7 | 6 |
Additional paid-in capital | 7,290 | 7,291 |
Accumulated other comprehensive loss | (4,567) | (4,585) |
Retained deficit | (8,501) | (8,511) |
Total stockholders’ deficit | (5,771) | (5,799) |
Total liabilities and stockholders’ equity (deficit) | 66,786 | 64,716 |
Accumulated Other Comprehensive Loss | ||
Stockholder’s equity | ||
Total stockholders’ deficit | (4,567) | (4,585) |
American Airlines, Inc. | ||
Current assets | ||
Cash | 443 | 429 |
Short-term investments | 11,039 | 8,523 |
Restricted cash and short-term investments | 955 | 995 |
Accounts receivable, net | 1,966 | 2,117 |
Receivables from related parties, net | 6,711 | 6,588 |
Aircraft fuel, spare parts and supplies, net | 2,185 | 2,157 |
Prepaid expenses and other | 812 | 798 |
Total current assets | 24,111 | 21,607 |
Operating property and equipment | ||
Flight equipment | 39,672 | 39,359 |
Ground property and equipment | 9,594 | 9,479 |
Equipment purchase deposits | 640 | 613 |
Total property and equipment, at cost | 49,906 | 49,451 |
Less accumulated depreciation and amortization | (20,073) | (19,569) |
Total property and equipment, net | 29,833 | 29,882 |
Operating lease right-of-use assets | 7,776 | 8,033 |
Other assets | ||
Goodwill | 4,091 | 4,091 |
Intangibles, net of accumulated amortization of $828 and $827, respectively | 2,057 | 2,059 |
Deferred tax asset | 2,859 | 2,893 |
Other assets | 1,771 | 1,759 |
Total other assets | 10,778 | 10,802 |
Total assets | 72,498 | 70,324 |
Current liabilities | ||
Current maturities of long-term debt and finance leases | 3,572 | 3,267 |
Accounts payable | 2,373 | 2,071 |
Accrued salaries and wages | 1,619 | 1,529 |
Operating lease liabilities | 1,422 | 1,449 |
Other accrued liabilities | 2,667 | 2,852 |
Total current liabilities | 24,192 | 21,082 |
Noncurrent liabilities | ||
Long-term debt and finance leases, net of current maturities | 26,352 | 27,155 |
Pension and postretirement benefits | 2,712 | 2,811 |
Loyalty program liability | 5,881 | 5,976 |
Operating lease liabilities | 6,280 | 6,512 |
Other liabilities | 1,371 | 1,195 |
Total noncurrent liabilities | 42,596 | 43,649 |
Commitments and contingencies | ||
Stockholder’s equity | ||
Common stock, value | 0 | 0 |
Additional paid-in capital | 17,244 | 17,230 |
Accumulated other comprehensive loss | (4,672) | (4,690) |
Retained deficit | (6,862) | (6,947) |
Total stockholders’ deficit | 5,710 | 5,593 |
Total liabilities and stockholders’ equity (deficit) | 72,498 | 70,324 |
American Airlines, Inc. | Accumulated Other Comprehensive Loss | ||
Stockholder’s equity | ||
Total stockholders’ deficit | (4,672) | (4,690) |
Air traffic liability | ||
Current liabilities | ||
Deferred revenue, current | 9,053 | 6,745 |
Air traffic liability | American Airlines, Inc. | ||
Current liabilities | ||
Deferred revenue, current | 9,053 | 6,745 |
Loyalty program liability | ||
Current liabilities | ||
Deferred revenue, current | 3,486 | 3,169 |
Loyalty program liability | American Airlines, Inc. | ||
Current liabilities | ||
Deferred revenue, current | $ 3,486 | $ 3,169 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated amortization of intangibles | $ 828 | $ 827 |
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) | 652,817,674 | 650,642,461 |
Common stock, shares issued (in shares) | 652,817,674 | 650,642,461 |
American Airlines, Inc. | ||
Accumulated amortization of intangibles | $ 828 | $ 827 |
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 | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Statement of Cash Flows [Abstract] | |||
Net cash provided by operating activities | $ 3,333 | $ 1,185 | |
Cash flows from investing activities: | |||
Capital expenditures, net of aircraft purchase deposit returns | (505) | (807) | |
Purchases of short-term investments | (5,131) | (7,035) | |
Sales of short-term investments | 2,666 | 7,089 | |
Decrease in restricted short-term investments | 29 | 36 | |
Other investing activities | 145 | (54) | |
Net cash used in investing activities | (2,796) | (771) | |
Cash flows from financing activities: | |||
Payments on long-term debt and finance leases | (2,326) | (661) | |
Proceeds from issuance of long-term debt | 1,824 | 367 | |
Other financing activities | (37) | (16) | |
Net cash used in financing activities | (539) | (310) | |
Net increase (decrease) in cash and restricted cash | (2) | 104 | |
Cash and restricted cash at beginning of period | 586 | 408 | |
Cash and restricted cash at end of period | [1] | 584 | 512 |
Non-cash transactions: | |||
Right-of-use (ROU) assets acquired through operating leases | 88 | 313 | |
Finance leases converted to operating leases | 14 | 0 | |
Property and equipment acquired through finance leases | 6 | 58 | |
Supplemental information: | |||
Interest paid, net | 646 | 566 | |
Income taxes paid | $ 1 | $ 0 | |
[1]The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 452 $ 376 Restricted cash included in restricted cash and short-term investments 132 136 Total cash and restricted cash $ 584 $ 512 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - American Airlines Group Inc. (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Statement of Cash Flows [Abstract] | ||||||
Cash | $ 452 | $ 440 | $ 376 | |||
Restricted cash included in restricted cash and short-term investments | 132 | 136 | ||||
Total cash and restricted cash | $ 584 | [1] | $ 586 | $ 512 | [1] | $ 408 |
[1]The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 452 $ 376 Restricted cash included in restricted cash and short-term investments 132 136 Total cash and restricted cash $ 584 $ 512 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - American Airlines, Inc. - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net cash provided by operating activities | $ 3,333 | $ 1,185 | |
Cash flows from investing activities: | |||
Capital expenditures, net of aircraft purchase deposit returns | (505) | (807) | |
Purchases of short-term investments | (5,131) | (7,035) | |
Sales of short-term investments | 2,666 | 7,089 | |
Decrease in restricted short-term investments | 29 | 36 | |
Other investing activities | 145 | (54) | |
Net cash used in investing activities | (2,796) | (771) | |
Cash flows from financing activities: | |||
Payments on long-term debt and finance leases | (2,326) | (661) | |
Proceeds from issuance of long-term debt | 1,824 | 367 | |
Other financing activities | (37) | (16) | |
Net cash used in financing activities | (539) | (310) | |
Net increase (decrease) in cash and restricted cash | (2) | 104 | |
Cash and restricted cash at beginning of period | 586 | 408 | |
Cash and restricted cash at end of period | [1] | 584 | 512 |
Non-cash transactions: | |||
Right-of-use (ROU) assets acquired through operating leases | 88 | 313 | |
Finance leases converted to operating leases | 14 | 0 | |
Property and equipment acquired through finance leases | 6 | 58 | |
Supplemental information: | |||
Interest paid, net | 646 | 566 | |
Income taxes paid | 1 | 0 | |
American Airlines, Inc. | |||
Net cash provided by operating activities | 3,306 | 810 | |
Cash flows from investing activities: | |||
Capital expenditures, net of aircraft purchase deposit returns | (494) | (790) | |
Purchases of short-term investments | (5,131) | (7,022) | |
Sales of short-term investments | 2,666 | 7,089 | |
Decrease in restricted short-term investments | 29 | 36 | |
Other investing activities | 145 | (54) | |
Net cash used in investing activities | (2,785) | (741) | |
Cash flows from financing activities: | |||
Payments on long-term debt and finance leases | (2,324) | (339) | |
Proceeds from issuance of long-term debt | 1,824 | 367 | |
Other financing activities | (21) | 0 | |
Net cash used in financing activities | (521) | 28 | |
Net increase (decrease) in cash and restricted cash | 0 | 97 | |
Cash and restricted cash at beginning of period | 575 | 400 | |
Cash and restricted cash at end of period | [2] | 575 | 497 |
Non-cash transactions: | |||
Right-of-use (ROU) assets acquired through operating leases | 84 | 284 | |
Finance leases converted to operating leases | 14 | 0 | |
Property and equipment acquired through finance leases | 6 | 58 | |
Supplemental information: | |||
Interest paid, net | 585 | 502 | |
Income taxes paid | $ 1 | $ 0 | |
[1]The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 452 $ 376 Restricted cash included in restricted cash and short-term investments 132 136 Total cash and restricted cash $ 584 $ 512 Cash $ 443 $ 361 Restricted cash included in restricted cash and short-term investments 132 136 Total cash and restricted cash $ 575 $ 497 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows - American Airlines, Inc. (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | ||
Cash | $ 452 | $ 440 | $ 376 | ||
Restricted cash included in restricted cash and short-term investments | 132 | 136 | |||
Total cash and restricted cash | 584 | [1] | 586 | 512 | [1] |
American Airlines, Inc. | |||||
Cash | 443 | 429 | 361 | ||
Restricted cash included in restricted cash and short-term investments | 132 | 136 | |||
Total cash and restricted cash | $ 575 | [2] | $ 575 | $ 497 | [2] |
[1]The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $ 452 $ 376 Restricted cash included in restricted cash and short-term investments 132 136 Total cash and restricted cash $ 584 $ 512 Cash $ 443 $ 361 Restricted cash included in restricted cash and short-term investments 132 136 Total cash and restricted cash $ 575 $ 497 |
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, 2021 | $ (7,340) | $ 6 | $ 7,234 | $ (5,942) | $ (8,638) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (1,635) | (1,635) | |||
Other comprehensive income, net | 26 | 26 | |||
Issuance of shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | (14) | (14) | |||
Share-based compensation expense | 23 | 23 | |||
Ending balance at Mar. 31, 2022 | (8,940) | 6 | 7,243 | (5,916) | (10,273) |
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) |
Condensed Consolidated State_10
Condensed Consolidated Statements of Stockholders' Deficit - American Airlines Group Inc. (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of shares of AAG common stock pursuant to employee stock plans (in shares) | 2,175,213 | 1,770,173 |
Condensed Consolidated State_11
Condensed Consolidated Statements of Stockholder's Equity - American Airlines, Inc. - USD ($) $ in Millions | Total | American Airlines, Inc. | Common Stock | Common Stock American Airlines, Inc. | Additional Paid-in Capital | Additional Paid-in Capital American Airlines, Inc. | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss American Airlines, Inc. | Retained Deficit | Retained Deficit American Airlines, Inc. |
Beginning balance at Dec. 31, 2021 | $ (7,340) | $ 3,826 | $ 6 | $ 0 | $ 7,234 | $ 17,152 | $ (5,942) | $ (6,041) | $ (8,638) | $ (7,285) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (1,635) | (1,578) | (1,635) | (1,578) | ||||||
Other comprehensive income, net | 26 | 26 | 26 | 26 | ||||||
Share-based compensation expense | 23 | 23 | 23 | 23 | ||||||
Ending balance at Mar. 31, 2022 | (8,940) | 2,297 | 6 | 0 | 7,243 | 17,175 | (5,916) | (6,015) | (10,273) | (8,863) |
Beginning balance at Dec. 31, 2022 | (5,799) | 5,593 | 6 | 0 | 7,291 | 17,230 | (4,585) | (4,690) | (8,511) | (6,947) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 10 | 85 | 10 | 85 | ||||||
Other comprehensive income, net | 18 | 18 | 18 | 18 | ||||||
Share-based compensation expense | 15 | 14 | 15 | 14 | ||||||
Ending balance at Mar. 31, 2023 | $ (5,771) | $ 5,710 | $ 7 | $ 0 | $ 7,290 | $ 17,244 | $ (4,567) | $ (4,672) | $ (8,501) | $ (6,862) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Presentation | 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, 2022. 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 | 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, 2022. 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
Special Items, Net | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Severance expenses (1) $ 21 $ — Fleet impairment (2) — 149 Other operating special items, net (8) 8 Mainline operating special items, net 13 157 Nonoperating special items, net (3) 15 3 (1) Severance expenses in the first quarter of 2023 primarily included costs associated with headcount reductions in certain corporate functions. (2) Fleet impairment in the first quarter of 2022 included a non-cash impairment charge to write down the carrying value of our retired Airbus A330 fleet to the estimated fair value due to the market conditions for certain used aircraft. We retired our Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic. (3) Nonoperating special items, net principally included charges associated with debt refinancings and extinguishments. |
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 March 31, 2023 2022 Severance expenses (1) $ 21 $ — Fleet impairment (2) — 149 Other operating special items, net (8) 8 Mainline operating special items, net 13 157 Nonoperating special items, net (3) 15 3 (1) Severance expenses in the first quarter of 2023 primarily included costs associated with headcount reductions in certain corporate functions. (2) Fleet impairment in the first quarter of 2022 included a non-cash impairment charge to write down the carrying value of American’s retired Airbus A330 fleet to the estimated fair value due to the market conditions for certain used aircraft. American retired its Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic. (3) Nonoperating special items, net principally included charges associated with debt refinancings and extinguishments. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The following table provides the computation of basic and diluted earnings (loss) per common share (EPS) (in millions, except share and per share amounts): Three Months Ended March 31, 2023 2022 Basic EPS: Net income (loss) $ 10 $ (1,635) Weighted average common shares outstanding (in thousands) 652,000 649,503 Basic EPS $ 0.02 $ (2.52) Diluted EPS: Net income (loss) for purposes of computing diluted EPS $ 10 $ (1,635) Share computation for diluted EPS (in thousands): Basic weighted average common shares outstanding 652,000 649,503 Dilutive effect of restricted stock unit awards 1,064 — Dilutive effect of certain PSP Warrants and Treasury Loan Warrants 3,643 — Diluted weighted average common shares outstanding 656,707 649,503 Diluted EPS $ 0.02 $ (2.52) The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands): Three Months Ended March 31, 2023 2022 6.50% convertible senior notes 61,728 61,728 Restricted stock unit awards 4,099 3,933 In addition, for the three months ended March 31, 2023 and 2022, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive are certain shares underlying the warrants we issued to the U.S. Department of Treasury (Treasury) 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 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 | 3 Months Ended |
Mar. 31, 2023 | |
Entity Information [Line Items] | |
Revenue Recognition | Revenue Recognition Revenue The following are the significant categories comprising our operating revenues (in millions): Three Months Ended March 31, 2023 2022 Passenger revenue: Passenger travel $ 10,291 $ 7,213 Loyalty revenue - travel (1) 812 605 Total passenger revenue 11,103 7,818 Cargo 223 364 Other: Loyalty revenue - marketing services 722 596 Other revenue 141 121 Total other revenue 863 717 Total operating revenues $ 12,189 $ 8,899 (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 March 31, 2023 2022 Domestic $ 8,037 $ 6,060 Latin America 1,915 1,227 Atlantic 931 466 Pacific 220 65 Total passenger revenue $ 11,103 $ 7,818 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 travel and other non-air travel 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. March 31, 2023 December 31, 2022 (In millions) Loyalty program liability $ 9,367 $ 9,145 Air traffic liability 9,053 6,745 Total $ 18,420 $ 15,890 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, 2022 $ 9,145 Deferral of revenue 1,057 Recognition of revenue (1) (835) Balance at March 31, 2023 (2) $ 9,367 (1) Principally relates to revenue recognized from the redemption of mileage credits for both air and non-air travel 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 March 31, 2023, our current loyalty program liability was $3.5 billion and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical as well as projected 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 our 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 three months ended March 31, 2023, $3.8 billion of revenue was recognized in passenger revenue that was included in our air traffic liability at December 31, 2022. Tickets issued in 2022 and thereafter are no longer subject to change fees which provides more flexibility for customers to change travel plans. Given this new flexibility offered to our customers, our estimate of revenue that will be recognized from the air traffic liability for future flown or unused tickets may be subject to variability and differ from historical experience. |
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 March 31, 2023 2022 Passenger revenue: Passenger travel $ 10,291 $ 7,213 Loyalty revenue - travel (1) 812 605 Total passenger revenue 11,103 7,818 Cargo 223 364 Other: Loyalty revenue - marketing services 722 596 Other revenue 140 118 Total other revenue 862 714 Total operating revenues $ 12,188 $ 8,896 (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 March 31, 2023 2022 Domestic $ 8,037 $ 6,060 Latin America 1,915 1,227 Atlantic 931 466 Pacific 220 65 Total passenger revenue $ 11,103 $ 7,818 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 travel and other non-air travel 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. March 31, 2023 December 31, 2022 (In millions) Loyalty program liability $ 9,367 $ 9,145 Air traffic liability 9,053 6,745 Total $ 18,420 $ 15,890 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, 2022 $ 9,145 Deferral of revenue 1,057 Recognition of revenue (1) (835) Balance at March 31, 2023 (2) $ 9,367 (1) Principally relates to revenue recognized from the redemption of mileage credits for both air and non-air travel 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 March 31, 2023, American’s current loyalty program liability was $3.5 billion and represents American’s current estimate of revenue expected to be recognized in the next 12 months based on historical as well as projected 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 three months ended March 31, 2023, $3.8 billion of revenue was recognized in passenger revenue that was included in American’s air traffic liability at December 31, 2022. Tickets issued in 2022 and thereafter are no longer subject to change fees which provides more flexibility for customers to change travel plans. Given this new flexibility offered to its customers, American’s estimate of revenue that will be recognized from the air traffic liability for future flown or unused tickets may be subject to variability and differ from historical experience. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Debt | Debt Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): March 31, 2023 December 31, 2022 Secured 2013 Term Loan Facility, variable interest rate of 8.15%, installments through 2028 $ 1,000 $ 1,752 2014 Term Loan Facility, variable interest rate of 6.51%, installments through 2027 1,183 1,196 11.75% senior secured notes, interest only payments until due in July 2025 2,500 2,500 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 — 5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (1) 3,500 3,500 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 9.56%, installments beginning in July 2023 through April 2028 (1) 3,500 3,500 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.13%, averaging 3.70%, maturing from 2023 to 2034 8,776 9,175 Equipment loans and other notes payable, fixed and variable interest rates ranging from 3.32% to 8.20%, averaging 6.37%, maturing from 2023 to 2035 3,150 3,170 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 1,050 1,050 29,609 30,043 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 500 500 5,246 5,246 Total long-term debt 34,855 35,289 Less: Total unamortized debt discount, premium and issuance costs 396 386 Less: Current maturities 3,370 3,059 Long-term debt, net of current maturities $ 31,089 $ 31,844 (1) Collectively referred to as the AAdvantage Financing. As of March 31, 2023, the maximum availability under our revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 736 2014 Revolving Facility 1,631 April 2016 Revolving Facility 446 Other short-term facilities 64 Total $ 2,877 American currently has $64 million of available borrowing base under a cargo receivables facility that is set to expire in December 2023. As a result of the below amendments to the 2013, 2014 and April 2016 Revolving Facilities, the aggregate commitments under these facilities will be $2.8 billion through October 11, 2024, and thereafter through October 13, 2026, such aggregate commitments will decrease to $2.2 billion. Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets. 6.50% Convertible Senior Notes At March 31, 2023, 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 March 31, 2023. 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 June 30, 2023. 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. 2023 Financing Activities 2013 Credit Facilities In February 2023, American and AAG refinanced approximately $1.8 billion in aggregate principal amount of term loans outstanding under the 2013 Term Loan Facility (the 2013 Term Loan Facility Refinancing) through the combination of (i) the issuance of $750 million in aggregate principal amount of 7.25% senior secured notes due 2028 and (ii) the entry into the Seventh Amendment to the 2013 Credit Agreement, pursuant to which the maturity of $1.0 billion in term loans under the 2013 Term Loan Facility was extended to February 2028 from June 2025. The Seventh Amendment also amended certain other terms of the 2013 Credit Agreement, including the interest rate and amortization schedule for the 2013 Term Loan Facility, the requirements for delivery of appraisals and certain covenants relating to dispositions of collateral. Additionally, the Seventh Amendment transitioned the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate (SOFR). As a result, the 2013 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.75% 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 the SOFR adjustment applicable to such interest period and an applicable margin of 2.75%. In March 2023, American and AAG entered into the Eighth Amendment to the 2013 Credit Agreement, pursuant to which American extended the maturity of certain commitments under the 2013 Revolving Facility. The Eighth Amendment also amended certain other terms of the 2013 Credit Agreement, including certain covenants and transitioned the benchmark interest rate from LIBOR to SOFR. T he 2013 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.25%, 2.50% or 2.75%, depending on AAG’s public corporate 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 the SOFR adjustment applicable to such interest period plus an applicable margin of 3.25%, 3.50% or 3.75%, depending on AAG’s public corporate rating. Additionally, as a result of the Eighth Amendment, through October 11, 2024, the aggregate commitments under the 2013 Revolving Facility will be $736 million, and thereafter through October 13, 2026, such aggregate commitments will decrease to $563 million. 7.25% Senior Secured Notes On February 15, 2023, as part of the 2013 Term Loan Facility Refinancing, American issued $750 million aggregate principal amount of 7.25% senior secured notes due 2028 (the 7.25% Senior Secured Notes) in a private offering. The 7.25% Senior Secured Notes were issued at par and bear interest at a rate of 7.25% per annum (subject to increase if the collateral coverage ratio described below is not met). Interest on the 7.25% Senior Secured Notes is payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2023. The 7.25% Senior Secured Notes will mature on February 15, 2028. The obligations of American under the 7.25% Senior Secured Notes are fully and unconditionally guaranteed on a senior unsecured basis by AAG. American used the proceeds from the offering of the 7.25% Senior Secured Notes, together with cash on hand, to repay a portion of the term loans then outstanding under the 2013 Term Loan Facility and to pay related fees and expenses. The 7.25% Senior Secured Notes were issued pursuant to an indenture, dated as of February 15, 2023 (the 7.25% Senior Secured Notes Indenture), by and among American, AAG and Wilmington Trust, National Association, as trustee and collateral agent. The 7.25% Senior Secured Notes are American’s senior secured obligations and are secured on a first lien basis by security interests in certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) airports in countries in South America (which comprises Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela but does not include territories subject to the sovereignty, control or jurisdiction of a country not otherwise listed herein) and New Zealand (collectively, the 7.25% Senior Secured Notes Collateral). The 7.25% Senior Secured Notes Collateral also secures, on a first lien, pari passu basis with the 7.25% Senior Secured Notes, the 2013 Credit Facilities under the 2013 Credit Agreement. American may redeem the 7.25% Senior Secured Notes, in whole at any time or in part from time to time prior to February 15, 2025, at a redemption price equal to 100% of the principal amount of the 7.25% Senior Secured Notes to be redeemed, plus a “make-whole” premium, plus any accrued and unpaid interest thereon to but excluding the date of redemption. At any time on or after February 15, 2025, American may redeem all or any of the 7.25% Senior Secured Notes in whole at any time, or in part from time to time, at the redemption prices described in the 7.25% Senior Secured Notes Indenture, plus any accrued and unpaid interest thereon to but excluding the date of redemption. In addition, at any time prior to February 15, 2025, American may redeem up to 40% of the original aggregate principal amount of the 7.25% Senior Secured Notes (calculated after giving effect to any issuance of additional notes) with the net cash proceeds of certain equity offerings, at a redemption price equal to 107.250% of the aggregate principal amount of the 7.25% Senior Secured Notes to be redeemed, plus any accrued and unpaid interest thereon to but excluding the date of redemption. Further, if certain change of control transactions occur, each holder of 7.25% Senior Secured Notes may require American to repurchase the 7.25% Senior Secured Notes in whole or in part at a repurchase price of 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to but not including the repurchase date. Twice per year, American is required to deliver an appraisal of the 7.25% Senior Secured Notes Collateral and an officer’s certificate demonstrating the calculation of a collateral coverage ratio in relation to the 7.25% Senior Secured Notes Collateral (the 7.25% Senior Secured Notes Collateral Coverage Ratio) as of the date of delivery of the appraisal for the applicable period. If the 7.25% Senior Secured Notes Collateral Coverage Ratio is less than 1.6 to 1.0 as of the date of delivery of the appraisal for the applicable period, then, subject to a cure period in which additional collateral can be provided or debt repaid such that American meets the required 7.25% Senior Secured Notes Collateral Coverage Ratio, American will be required to pay special interest in an additional amount equal to 2.0% per annum of the principal amount of the 7.25% Senior Secured Notes until the 7.25% Senior Secured Notes Collateral Coverage Ratio is established to be at least 1.6 to 1.0. 2014 Credit Facilities In March 2023, American and AAG entered into the Ninth Amendment to the 2014 Credit Agreement, pursuant to which American extended the maturity of certain commitments under the 2014 Revolving Facility. The Ninth Amendment also amended certain other terms of the 2014 Credit Agreement including the requirements for delivery of appraisals and certain other covenants and transitioned the benchmark interest rate for the 2014 Revolving Facility and the 2014 Term Loan Facility from LIBOR to SOFR. T he 2014 Revolving Facility bears interest at the same base rate and applicable margin as the 2013 Revolving Facility, as noted above in “ 2013 Credit Facilities.” The 2014 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.75% 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 the SOFR adjustment applicable to such interest period plus an applicable margin of 0.75%. Additionally, a s a result of the Ninth Amendment, through October 11, 2024, the aggregate commitments under the 2014 Revolving Facility will be $1.6 billion, and thereafter through October 13, 2026, such aggregate commitments will decrease to $1.2 billion. April 2016 Revolving Facility In March 2023, American and AAG entered into the Sixth Amendment to the April 2016 Credit Agreement, pursuant to which American extended the maturity of certain commitments under the April 2016 Revolving Facility. The Sixth Amendment also amended certain other terms under the April 2016 Credit Agreement including the requirements for delivery of appraisals and certain other covenants and transitioned the benchmark interest rate for the April 2016 Revolving Facility from LIBOR to SOFR. The April 2016 Revolving Facility bears interest at the same base rate and applicable margin as the 2013 Revolving Facility, as noted above in “ 2013 Credit Facilities.” Additionally, a s a result of the Sixth Amendment, through October 11, 2024, the aggregate commitments under the April 2016 Revolving Facility will be $446 million, and thereafter through October 13, 2026, such aggregate commitments will decrease to $342 million. Equipment Loans and Other Notes Payable Issued in 2023 During the first three months of 2023, American entered into agreements under which it borrowed $94 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2035 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 7.04% as of March 31, 2023. |
American Airlines, Inc. | |
Debt Instrument [Line Items] | |
Debt | Debt Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): March 31, 2023 December 31, 2022 Secured 2013 Term Loan Facility, variable interest rate of 8.15%, installments through 2028 $ 1,000 $ 1,752 2014 Term Loan Facility, variable interest rate of 6.51%, installments through 2027 1,183 1,196 11.75% senior secured notes, interest only payments until due in July 2025 2,500 2,500 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 — 5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (1) 3,500 3,500 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 9.56%, installments beginning in July 2023 through April 2028 (1) 3,500 3,500 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.13%, averaging 3.70%, maturing from 2023 to 2034 8,776 9,175 Equipment loans and other notes payable, fixed and variable interest rates ranging from 3.32% to 8.20%, averaging 6.37%, maturing from 2023 to 2035 3,150 3,170 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 1,050 1,050 Total long-term debt 29,609 30,043 Less: Total unamortized debt discount, premium and issuance costs 377 364 Less: Current maturities 3,370 3,059 Long-term debt, net of current maturities $ 25,862 $ 26,620 (1) Collectively referred to as the AAdvantage Financing. As of March 31, 2023, the maximum availability under American’s revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 736 2014 Revolving Facility 1,631 April 2016 Revolving Facility 446 Other short-term facilities 64 Total $ 2,877 American currently has $64 million of available borrowing base under a cargo receivables facility that is set to expire in December 2023. As a result of the below amendments to the 2013, 2014 and April 2016 Revolving Facilities, the aggregate commitments under these facilities will be $2.8 billion through October 11, 2024, and thereafter through October 13, 2026, such aggregate commitments will decrease to $2.2 billion. Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets. 2023 Financing Activities 2013 Credit Facilities In February 2023, American and AAG refinanced approximately $1.8 billion in aggregate principal amount of term loans outstanding under the 2013 Term Loan Facility (the 2013 Term Loan Facility Refinancing) through the combination of (i) the issuance of $750 million in aggregate principal amount of 7.25% senior secured notes due 2028 and (ii) the entry into the Seventh Amendment to the 2013 Credit Agreement, pursuant to which the maturity of $1.0 billion in term loans under the 2013 Term Loan Facility was extended to February 2028 from June 2025. The Seventh Amendment also amended certain other terms of the 2013 Credit Agreement, including the interest rate and amortization schedule for the 2013 Term Loan Facility, the requirements for delivery of appraisals and certain covenants relating to dispositions of collateral. Additionally, the Seventh Amendment transitioned the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate (SOFR). As a result, the 2013 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.75% 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 the SOFR adjustment applicable to such interest period and an applicable margin of 2.75%. In March 2023, American and AAG entered into the Eighth Amendment to the 2013 Credit Agreement, pursuant to which American extended the maturity of certain commitments under the 2013 Revolving Facility. The Eighth Amendment also amended certain other terms of the 2013 Credit Agreement, including certain covenants and transitioned the benchmark interest rate from LIBOR to SOFR. T he 2013 Revolving Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 2.25%, 2.50% or 2.75%, depending on AAG’s public corporate 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 the SOFR adjustment applicable to such interest period plus an applicable margin of 3.25%, 3.50% or 3.75%, depending on AAG’s public corporate rating. Additionally, as a result of the Eighth Amendment, through October 11, 2024, the aggregate commitments under the 2013 Revolving Facility will be $736 million, and thereafter through October 13, 2026, such aggregate commitments will decrease to $563 million. 7.25% Senior Secured Notes On February 15, 2023, as part of the 2013 Term Loan Facility Refinancing, American issued $750 million aggregate principal amount of 7.25% senior secured notes due 2028 (the 7.25% Senior Secured Notes) in a private offering. The 7.25% Senior Secured Notes were issued at par and bear interest at a rate of 7.25% per annum (subject to increase if the collateral coverage ratio described below is not met). Interest on the 7.25% Senior Secured Notes is payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2023. The 7.25% Senior Secured Notes will mature on February 15, 2028. The obligations of American under the 7.25% Senior Secured Notes are fully and unconditionally guaranteed on a senior unsecured basis by AAG. American used the proceeds from the offering of the 7.25% Senior Secured Notes, together with cash on hand, to repay a portion of the term loans then outstanding under the 2013 Term Loan Facility and to pay related fees and expenses. The 7.25% Senior Secured Notes were issued pursuant to an indenture, dated as of February 15, 2023 (the 7.25% Senior Secured Notes Indenture), by and among American, AAG and Wilmington Trust, National Association, as trustee and collateral agent. The 7.25% Senior Secured Notes are American’s senior secured obligations and are secured on a first lien basis by security interests in certain assets, rights and properties that American uses to provide non-stop scheduled air carrier services between (a) certain airports in the United States and (b) airports in countries in South America (which comprises Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela but does not include territories subject to the sovereignty, control or jurisdiction of a country not otherwise listed herein) and New Zealand (collectively, the 7.25% Senior Secured Notes Collateral). The 7.25% Senior Secured Notes Collateral also secures, on a first lien, pari passu basis with the 7.25% Senior Secured Notes, the 2013 Credit Facilities under the 2013 Credit Agreement. American may redeem the 7.25% Senior Secured Notes, in whole at any time or in part from time to time prior to February 15, 2025, at a redemption price equal to 100% of the principal amount of the 7.25% Senior Secured Notes to be redeemed, plus a “make-whole” premium, plus any accrued and unpaid interest thereon to but excluding the date of redemption. At any time on or after February 15, 2025, American may redeem all or any of the 7.25% Senior Secured Notes in whole at any time, or in part from time to time, at the redemption prices described in the 7.25% Senior Secured Notes Indenture, plus any accrued and unpaid interest thereon to but excluding the date of redemption. In addition, at any time prior to February 15, 2025, American may redeem up to 40% of the original aggregate principal amount of the 7.25% Senior Secured Notes (calculated after giving effect to any issuance of additional notes) with the net cash proceeds of certain equity offerings, at a redemption price equal to 107.250% of the aggregate principal amount of the 7.25% Senior Secured Notes to be redeemed, plus any accrued and unpaid interest thereon to but excluding the date of redemption. Further, if certain change of control transactions occur, each holder of 7.25% Senior Secured Notes may require American to repurchase the 7.25% Senior Secured Notes in whole or in part at a repurchase price of 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to but not including the repurchase date. Twice per year, American is required to deliver an appraisal of the 7.25% Senior Secured Notes Collateral and an officer’s certificate demonstrating the calculation of a collateral coverage ratio in relation to the 7.25% Senior Secured Notes Collateral (the 7.25% Senior Secured Notes Collateral Coverage Ratio) as of the date of delivery of the appraisal for the applicable period. If the 7.25% Senior Secured Notes Collateral Coverage Ratio is less than 1.6 to 1.0 as of the date of delivery of the appraisal for the applicable period, then, subject to a cure period in which additional collateral can be provided or debt repaid such that American meets the required 7.25% Senior Secured Notes Collateral Coverage Ratio, American will be required to pay special interest in an additional amount equal to 2.0% per annum of the principal amount of the 7.25% Senior Secured Notes until the 7.25% Senior Secured Notes Collateral Coverage Ratio is established to be at least 1.6 to 1.0. 2014 Credit Facilities In March 2023, American and AAG entered into the Ninth Amendment to the 2014 Credit Agreement, pursuant to which American extended the maturity of certain commitments under the 2014 Revolving Facility. The Ninth Amendment also amended certain other terms of the 2014 Credit Agreement including the requirements for delivery of appraisals and certain other covenants and transitioned the benchmark interest rate for the 2014 Revolving Facility and the 2014 Term Loan Facility from LIBOR to SOFR. T he 2014 Revolving Facility bears interest at the same base rate and applicable margin as the 2013 Revolving Facility, as noted above in “ 2013 Credit Facilities.” The 2014 Term Loan Facility bears interest at a base rate (subject to a floor of 1.00%) plus an applicable margin of 1.75% 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 the SOFR adjustment applicable to such interest period plus an applicable margin of 0.75%. Additionally, a s a result of the Ninth Amendment, through October 11, 2024, the aggregate commitments under the 2014 Revolving Facility will be $1.6 billion, and thereafter through October 13, 2026, such aggregate commitments will decrease to $1.2 billion. April 2016 Revolving Facility In March 2023, American and AAG entered into the Sixth Amendment to the April 2016 Credit Agreement, pursuant to which American extended the maturity of certain commitments under the April 2016 Revolving Facility. The Sixth Amendment also amended certain other terms under the April 2016 Credit Agreement including the requirements for delivery of appraisals and certain other covenants and transitioned the benchmark interest rate for the April 2016 Revolving Facility from LIBOR to SOFR. The April 2016 Revolving Facility bears interest at the same base rate and applicable margin as the 2013 Revolving Facility, as noted above in “ 2013 Credit Facilities.” Additionally, a s a result of the Sixth Amendment, through October 11, 2024, the aggregate commitments under the April 2016 Revolving Facility will be $446 million, and thereafter through October 13, 2026, such aggregate commitments will decrease to $342 million. Equipment Loans and Other Notes Payable Issued in 2023 During the first three months of 2023, American entered into agreements under which it borrowed $94 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2035 and bears interest at variable rates (comprised of SOFR plus an applicable margin) averaging 7.04% as of March 31, 2023. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes At December 31, 2022, we had approximately $16.2 billion of gross federal net operating losses (NOLs) and $4.3 billion of other carryforwards available to reduce future federal taxable income, of which $5.9 billion will expire beginning in 2024 if unused and $14.6 billion can be carried forward indefinitely. We also had approximately $6.0 billion of NOL carryforwards to reduce future state taxable income at December 31, 2022, which will expire in taxable years 2022 through 2042 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. During the three months ended March 31, 2023 and 2022, we recorded an income tax provision of $7 million and an income tax benefit of $451 million, respectively. |
American Airlines, Inc. | |
Income Taxes [Line Items] | |
Income Taxes | Income TaxesAt December 31, 2022, American had approximately $16.1 billion of gross federal net operating losses (NOLs) and $3.5 billion of other carryforwards available to reduce future federal taxable income, of which $6.2 billion will expire beginning in 2024 if unused and $13.4 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 $5.9 billion of NOL carryforwards to reduce future state taxable income at December 31, 2022, which will expire in taxable years 2022 through 2042 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.During the three months ended March 31, 2023 and 2022, American recorded an income tax provision of $29 million and an income tax benefit of $436 million, respectively |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 primarily utilize broker quotes in a non-active market for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2023. Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of March 31, 2023 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 3,296 $ 3,296 $ — $ — Corporate obligations 4,453 — 4,453 — Bank notes/certificates of deposit/time deposits 2,442 — 2,442 — Repurchase agreements 450 — 450 — U.S. government and agency obligations 400 — 400 — 11,041 3,296 7,745 — Restricted cash and short-term investments (1), (3) 955 486 469 — Long-term investments (4) 246 246 — — Total $ 12,242 $ 4,028 $ 8,214 $ — (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. (4) Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), GOL Linhas Aéreas Inteligentes S.A. (GOL) and Vertical Aerospace Ltd. (Vertical). 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 March 31, 2023 and December 31, 2022, 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 $1.1 billion as of March 31, 2023 and December 31, 2022. The carrying value and estimated fair value of our long-term debt, including current maturities, were as follows (in millions): March 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current maturities $ 34,459 $ 33,573 $ 34,903 $ 32,569 |
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 primarily utilize broker quotes in a non-active market for valuation of these securities. No changes in valuation techniques or inputs occurred during the three months ended March 31, 2023. Assets measured at fair value on a recurring basis are summarized below (in millions): Fair Value Measurements as of March 31, 2023 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 3,295 $ 3,295 $ — $ — Corporate obligations 4,453 — 4,453 — Bank notes/certificates of deposit/time deposits 2,441 — 2,441 — Repurchase agreements 450 — 450 — U.S. government and agency obligations 400 — 400 — 11,039 3,295 7,744 — Restricted cash and short-term investments (1), (3) 955 486 469 — Long-term investments (4) 246 246 — — Total $ 12,240 $ 4,027 $ 8,213 $ — (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. (4) Long-term investments include American’s equity investments in China Southern Airlines Company Limited (China Southern Airlines), GOL Linhas Aéreas Inteligentes S.A. (GOL) and Vertical Aerospace Ltd. (Vertical). 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): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Long-term debt, including current maturities $ 29,232 $ 28,814 $ 29,679 $ 28,453 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
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, net on the condensed consolidated statements of operations. Our equity investment ownership interests and carrying values were: Ownership Interest Carrying Value (in millions) Accounting Treatment March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 228 $ 222 China Southern Airlines Fair Value 1.5 % 1.5 % 193 176 Other investments (1) Various 201 212 Total $ 622 $ 610 (1) Primarily includes our investment in JetSmart Airlines SpA, which is accounted for under the equity method, and our investments in GOL and Vertical, 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, net on the condensed consolidated statements of operations. American’s equity investment ownership interests and carrying values were: Ownership Interest Carrying Value (in millions) Accounting Treatment March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 228 $ 222 China Southern Airlines Fair Value 1.5 % 1.5 % 193 176 Other investments (1) Various 201 212 Total $ 622 $ 610 (1) Primarily includes American’s investment in JetSmart Airlines SpA, which is accounted for under the equity method, and American’s investments in GOL and Vertical, which are each accounted for at fair value. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee Benefit Plans | Employee Benefit Plans The following table provides the components of net periodic benefit income (in millions): Pension Benefits Retiree Medical and Other Three Months Ended March 31, 2023 2022 2023 2022 Service cost $ — $ 1 $ 3 $ 3 Interest cost 190 139 12 7 Expected return on assets (229) (285) (3) (3) Amortization of: Prior service cost (benefit) 7 7 (3) (3) Unrecognized net loss (gain) 27 38 (9) (6) Net periodic benefit income $ (5) $ (100) $ — $ (2) Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen. The service cost component of net periodic benefit income is included in operating expenses and the other components of net periodic benefit income are included in nonoperating other income (expense), net in the condensed consolidated statements of operations. During the three months ended March 31, 2023, we made required contributions of $67 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 income (in millions): Pension Benefits Retiree Medical and Other Three Months Ended March 31, 2023 2022 2023 2022 Service cost $ — $ 1 $ 3 $ 3 Interest cost 189 138 12 7 Expected return on assets (228) (283) (3) (3) Amortization of: Prior service cost (benefit) 7 7 (3) (3) Unrecognized net loss (gain) 27 38 (9) (6) Net periodic benefit income $ (5) $ (99) $ — $ (2) Effective November 1, 2012, substantially all of American’s defined benefit pension plans were frozen. The service cost component of net periodic benefit income is included in operating expenses and the other components of net periodic benefit income are included in nonoperating other income (expense), net in the condensed consolidated statements of operations. During the three months ended March 31, 2023, American made required contributions of $67 million to its defined benefit pension plans. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
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 Gain (Loss) on Investments Income Tax (1) Total Balance at December 31, 2022 $ (2,978) $ (6) $ (1,601) $ (4,585) Other comprehensive income (loss) before reclassifications — 2 (1) 1 Amounts reclassified from AOCI 22 — (5) (2) 17 Net current-period other comprehensive income (loss) 22 2 (6) 18 Balance at March 31, 2023 $ (2,956) $ (4) $ (1,607) $ (4,567) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income (loss) 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 (benefit) 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 March 31, 2023 2022 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 Nonoperating other income (expense), net Actuarial loss 14 25 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 17 $ 28 |
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 Gain (Loss) on Investments Income Tax (1) Total Balance at December 31, 2022 $ (2,974) $ (6) $ (1,710) $ (4,690) Other comprehensive income (loss) before reclassifications — 2 (1) 1 Amounts reclassified from AOCI 22 — (5) (2) 17 Net current-period other comprehensive income (loss) 22 2 (6) 18 Balance at March 31, 2023 $ (2,952) $ (4) $ (1,716) $ (4,672) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income (loss) 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 (benefit) 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 March 31, 2023 2022 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 Nonoperating other income (expense), net Actuarial loss 14 25 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 17 $ 28 |
Regional Expenses
Regional Expenses | 3 Months Ended |
Mar. 31, 2023 | |
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 each of the three months ended March 31, 2023 and 2022 include $80 million of depreciation and amortization and $1 million of aircraft rent. During the three months ended March 31, 2023 and 2022, we recognized $168 million and $150 million, respectively, of expense under our capacity purchase agreement with Republic Airways Inc. (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 March 31, 2023 and 2022 include $68 million and $66 million of depreciation and amortization, respectively, and $1 million each of aircraft rent. During the three months ended March 31, 2023 and 2022, American recognized $168 million and $150 million, respectively, of expense under its capacity purchase agreement with Republic Airways Inc. (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 | 3 Months Ended |
Mar. 31, 2023 | |
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): March 31, 2023 December 31, 2022 AAG $ 8,837 $ 8,692 AAG’s wholly-owned subsidiaries (1) (2,126) (2,104) Total $ 6,711 $ 6,588 (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 | 3 Months Ended |
Mar. 31, 2023 | |
Long-term Purchase Commitment [Line Items] | |
Legal Proceedings | Legal Proceedings Private Party Antitrust Action Related to the Merger. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al., v. AMR Corporation, et al., was filed in the U.S. Bankruptcy Court for the Southern District of New York (Bankruptcy Court). The complaint named as defendants US Airways Group, US Airways, Inc., AMR Corporation and American, alleged that the effect of the merger of US Airways Group and AMR Corporation (the Merger) may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture. On November 27, 2013, the Bankruptcy Court denied plaintiffs’ motion to preliminarily enjoin the Merger. On August 29, 2018, the Bankruptcy Court denied in part defendants’ motion for summary judgment, and fully denied plaintiffs’ cross-motion for summary judgment. The parties’ evidentiary cases were presented before the Bankruptcy Court in a bench trial in March 2019 and the parties submitted proposed findings of fact and conclusions of law and made closing arguments in April 2019. On January 29, 2021, the Bankruptcy Court published its decision finding in our favor. On March 25, 2022, the U.S. District Court for the Southern District of New York entered judgment affirming the Bankruptcy Court’s decision. On April 21, 2022, plaintiffs appealed that decision to the U.S. Court of Appeals for the Second Circuit. On March 20, 2023, the Second Circuit affirmed in full the District Court’s decision. Plaintiffs did not file a petition for panel rehearing or rehearing en banc with the Second Circuit, and their current deadline to file a petition for writ of certiorari with the U.S. Supreme Court is June 20, 2023. We believe this lawsuit is without merit and intend to continue to vigorously defend against any further appeals by the plaintiffs. Government Antitrust Action Related to the Northeast Alliance. On September 21, 2021, the United States Department of Justice (the DOJ), 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). The parties presented their respective cases in a bench trial that commenced on September 27, 2022. The parties presented closing arguments on November 18, 2022. A decision is expected in the second quarter of 2023. Also on September 21, 2021, the United States Department of Transportation (DOT) published a Clarification Notice relating to the agreement that had been reached between the DOT, American, and JetBlue in January 2021, at the conclusion of the DOT’s review of the NEA (DOT Agreement). The DOT Clarification Notice stated, among other things, that the DOT Agreement remains in force during the pendency of the DOJ action against the NEA and, while the DOT retains independent statutory authority to prohibit unfair methods of competition in air transportation, the DOT intends to defer to the DOJ to resolve the antitrust concerns that the DOJ has identified with respect to the NEA. The DOT simultaneously published a Notice Staying Proceeding in relation to a complaint by Spirit Airlines, Inc. regarding the NEA, pending resolution of the DOJ action described above. On September 30, 2022, the DOT issued a further statement referencing the prior Clarification Notice and, among other things, indicating its intention to continue working with the DOJ in its efforts to resolve the ongoing proceedings regarding the NEA. 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. American and JetBlue are currently seeking dismissal or transfer of the complaint filed in the U.S. District Court for the District of Massachusetts to the U.S. District Court for the Eastern District of New York. We believe these lawsuits are without merit and are defending against them 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 Private Party Antitrust Action Related to the Merger. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al., v. AMR Corporation, et al., was filed in the U.S. Bankruptcy Court for the Southern District of New York (Bankruptcy Court). The complaint named as defendants US Airways Group, US Airways, Inc., AMR Corporation and American, alleged that the effect of the merger of US Airways Group and AMR Corporation (the Merger) may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture. On November 27, 2013, the Bankruptcy Court denied plaintiffs’ motion to preliminarily enjoin the Merger. On August 29, 2018, the Bankruptcy Court denied in part defendants’ motion for summary judgment, and fully denied plaintiffs’ cross-motion for summary judgment. The parties’ evidentiary cases were presented before the Bankruptcy Court in a bench trial in March 2019 and the parties submitted proposed findings of fact and conclusions of law and made closing arguments in April 2019. On January 29, 2021, the Bankruptcy Court published its decision finding in American’s favor. On March 25, 2022, the U.S. District Court for the Southern District of New York entered judgment affirming the Bankruptcy Court’s decision. On April 21, 2022, plaintiffs appealed that decision to the U.S. Court of Appeals for the Second Circuit. On March 20, 2023, the Second Circuit affirmed in full the District Court’s decision. Plaintiffs did not file a petition for panel rehearing or rehearing en banc with the Second Circuit, and their current deadline to file a petition for writ of certiorari with the U.S. Supreme Court is June 20, 2023. American believes this lawsuit is without merit and intends to continue to vigorously defend against any further appeals by the plaintiffs. Government Antitrust Action Related to the Northeast Alliance. On September 21, 2021, the United States Department of Justice (the DOJ), 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). The parties presented their respective cases in a bench trial that commenced on September 27, 2022. The parties presented closing arguments on November 18, 2022. A decision is expected in the second quarter of 2023. Also on September 21, 2021, the United States Department of Transportation (DOT) published a Clarification Notice relating to the agreement that had been reached between the DOT, American, and JetBlue in January 2021, at the conclusion of the DOT’s review of the NEA (DOT Agreement). The DOT Clarification Notice stated, among other things, that the DOT Agreement remains in force during the pendency of the DOJ action against the NEA and, while the DOT retains independent statutory authority to prohibit unfair methods of competition in air transportation, the DOT intends to defer to the DOJ to resolve the antitrust concerns that the DOJ has identified with respect to the NEA. The DOT simultaneously published a Notice Staying Proceeding in relation to a complaint by Spirit Airlines, Inc. regarding the NEA, pending resolution of the DOJ action described above. On September 30, 2022, the DOT issued a further statement referencing the prior Clarification Notice and, among other things, indicating its intention to continue working with the DOJ in its efforts to resolve the ongoing proceedings regarding the NEA. 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. American and JetBlue are currently seeking dismissal or transfer of the complaint filed in the U.S. District Court for the District of Massachusetts to the U.S. District Court for the Eastern District of New York. American believes these lawsuits are without merit and is defending against them 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Basis of Presentation | 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, 2022. 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 | 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, 2022. 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) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |
Components 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 March 31, 2023 2022 Severance expenses (1) $ 21 $ — Fleet impairment (2) — 149 Other operating special items, net (8) 8 Mainline operating special items, net 13 157 Nonoperating special items, net (3) 15 3 (1) Severance expenses in the first quarter of 2023 primarily included costs associated with headcount reductions in certain corporate functions. (2) Fleet impairment in the first quarter of 2022 included a non-cash impairment charge to write down the carrying value of our retired Airbus A330 fleet to the estimated fair value due to the market conditions for certain used aircraft. We retired our Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic. (3) Nonoperating special items, net principally included charges associated with debt refinancings and extinguishments. |
American Airlines, Inc. | |
Restructuring Cost and Reserve [Line Items] | |
Components 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 March 31, 2023 2022 Severance expenses (1) $ 21 $ — Fleet impairment (2) — 149 Other operating special items, net (8) 8 Mainline operating special items, net 13 157 Nonoperating special items, net (3) 15 3 (1) Severance expenses in the first quarter of 2023 primarily included costs associated with headcount reductions in certain corporate functions. (2) Fleet impairment in the first quarter of 2022 included a non-cash impairment charge to write down the carrying value of American’s retired Airbus A330 fleet to the estimated fair value due to the market conditions for certain used aircraft. American retired its Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic. (3) Nonoperating special items, net principally included charges associated with debt refinancings and extinguishments. |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) per Common Share | The following table provides the computation of basic and diluted earnings (loss) per common share (EPS) (in millions, except share and per share amounts): Three Months Ended March 31, 2023 2022 Basic EPS: Net income (loss) $ 10 $ (1,635) Weighted average common shares outstanding (in thousands) 652,000 649,503 Basic EPS $ 0.02 $ (2.52) Diluted EPS: Net income (loss) for purposes of computing diluted EPS $ 10 $ (1,635) Share computation for diluted EPS (in thousands): Basic weighted average common shares outstanding 652,000 649,503 Dilutive effect of restricted stock unit awards 1,064 — Dilutive effect of certain PSP Warrants and Treasury Loan Warrants 3,643 — Diluted weighted average common shares outstanding 656,707 649,503 Diluted EPS $ 0.02 $ (2.52) |
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 March 31, 2023 2022 6.50% convertible senior notes 61,728 61,728 Restricted stock unit awards 4,099 3,933 |
Schedule of 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) | 3 Months Ended |
Mar. 31, 2023 | |
Entity Information [Line Items] | |
Disaggregation of Revenue | The following are the significant categories comprising our operating revenues (in millions): Three Months Ended March 31, 2023 2022 Passenger revenue: Passenger travel $ 10,291 $ 7,213 Loyalty revenue - travel (1) 812 605 Total passenger revenue 11,103 7,818 Cargo 223 364 Other: Loyalty revenue - marketing services 722 596 Other revenue 141 121 Total other revenue 863 717 Total operating revenues $ 12,189 $ 8,899 (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 March 31, 2023 2022 Domestic $ 8,037 $ 6,060 Latin America 1,915 1,227 Atlantic 931 466 Pacific 220 65 Total passenger revenue $ 11,103 $ 7,818 |
Schedule of Contract Liabilities | March 31, 2023 December 31, 2022 (In millions) Loyalty program liability $ 9,367 $ 9,145 Air traffic liability 9,053 6,745 Total $ 18,420 $ 15,890 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, 2022 $ 9,145 Deferral of revenue 1,057 Recognition of revenue (1) (835) Balance at March 31, 2023 (2) $ 9,367 (1) Principally relates to revenue recognized from the redemption of mileage credits for both air and non-air travel 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. |
American Airlines, Inc. | |
Entity Information [Line Items] | |
Disaggregation of Revenue | The following are the significant categories comprising American’s operating revenues (in millions): Three Months Ended March 31, 2023 2022 Passenger revenue: Passenger travel $ 10,291 $ 7,213 Loyalty revenue - travel (1) 812 605 Total passenger revenue 11,103 7,818 Cargo 223 364 Other: Loyalty revenue - marketing services 722 596 Other revenue 140 118 Total other revenue 862 714 Total operating revenues $ 12,188 $ 8,896 (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 March 31, 2023 2022 Domestic $ 8,037 $ 6,060 Latin America 1,915 1,227 Atlantic 931 466 Pacific 220 65 Total passenger revenue $ 11,103 $ 7,818 |
Schedule of Contract Liabilities | March 31, 2023 December 31, 2022 (In millions) Loyalty program liability $ 9,367 $ 9,145 Air traffic liability 9,053 6,745 Total $ 18,420 $ 15,890 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, 2022 $ 9,145 Deferral of revenue 1,057 Recognition of revenue (1) (835) Balance at March 31, 2023 (2) $ 9,367 (1) Principally relates to revenue recognized from the redemption of mileage credits for both air and non-air travel 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. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | Long-term debt included in the condensed consolidated balance sheets consisted of (in millions): March 31, 2023 December 31, 2022 Secured 2013 Term Loan Facility, variable interest rate of 8.15%, installments through 2028 $ 1,000 $ 1,752 2014 Term Loan Facility, variable interest rate of 6.51%, installments through 2027 1,183 1,196 11.75% senior secured notes, interest only payments until due in July 2025 2,500 2,500 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 — 5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (1) 3,500 3,500 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 9.56%, installments beginning in July 2023 through April 2028 (1) 3,500 3,500 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.13%, averaging 3.70%, maturing from 2023 to 2034 8,776 9,175 Equipment loans and other notes payable, fixed and variable interest rates ranging from 3.32% to 8.20%, averaging 6.37%, maturing from 2023 to 2035 3,150 3,170 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 1,050 1,050 29,609 30,043 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 500 500 5,246 5,246 Total long-term debt 34,855 35,289 Less: Total unamortized debt discount, premium and issuance costs 396 386 Less: Current maturities 3,370 3,059 Long-term debt, net of current maturities $ 31,089 $ 31,844 (1) Collectively referred to as the AAdvantage Financing. |
Schedule of Line of Credit | As of March 31, 2023, the maximum availability under our revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 736 2014 Revolving Facility 1,631 April 2016 Revolving Facility 446 Other short-term facilities 64 Total $ 2,877 |
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): March 31, 2023 December 31, 2022 Secured 2013 Term Loan Facility, variable interest rate of 8.15%, installments through 2028 $ 1,000 $ 1,752 2014 Term Loan Facility, variable interest rate of 6.51%, installments through 2027 1,183 1,196 11.75% senior secured notes, interest only payments until due in July 2025 2,500 2,500 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 — 5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (1) 3,500 3,500 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 9.56%, installments beginning in July 2023 through April 2028 (1) 3,500 3,500 Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 7.13%, averaging 3.70%, maturing from 2023 to 2034 8,776 9,175 Equipment loans and other notes payable, fixed and variable interest rates ranging from 3.32% to 8.20%, averaging 6.37%, maturing from 2023 to 2035 3,150 3,170 Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 1,050 1,050 Total long-term debt 29,609 30,043 Less: Total unamortized debt discount, premium and issuance costs 377 364 Less: Current maturities 3,370 3,059 Long-term debt, net of current maturities $ 25,862 $ 26,620 (1) Collectively referred to as the AAdvantage Financing. |
Schedule of Line of Credit | As of March 31, 2023, the maximum availability under American’s revolving credit and other facilities is as follows (in millions): 2013 Revolving Facility $ 736 2014 Revolving Facility 1,631 April 2016 Revolving Facility 446 Other short-term facilities 64 Total $ 2,877 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Summary 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 March 31, 2023 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 3,296 $ 3,296 $ — $ — Corporate obligations 4,453 — 4,453 — Bank notes/certificates of deposit/time deposits 2,442 — 2,442 — Repurchase agreements 450 — 450 — U.S. government and agency obligations 400 — 400 — 11,041 3,296 7,745 — Restricted cash and short-term investments (1), (3) 955 486 469 — Long-term investments (4) 246 246 — — Total $ 12,242 $ 4,028 $ 8,214 $ — (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. (4) Long-term investments include our equity investments in China Southern Airlines Company Limited (China Southern Airlines), GOL Linhas Aéreas Inteligentes S.A. (GOL) and Vertical Aerospace Ltd. (Vertical). 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): March 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current maturities $ 34,459 $ 33,573 $ 34,903 $ 32,569 |
American Airlines, Inc. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Summary 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 March 31, 2023 Total Level 1 Level 2 Level 3 Short-term investments (1), (2) : Money market funds $ 3,295 $ 3,295 $ — $ — Corporate obligations 4,453 — 4,453 — Bank notes/certificates of deposit/time deposits 2,441 — 2,441 — Repurchase agreements 450 — 450 — U.S. government and agency obligations 400 — 400 — 11,039 3,295 7,744 — Restricted cash and short-term investments (1), (3) 955 486 469 — Long-term investments (4) 246 246 — — Total $ 12,240 $ 4,027 $ 8,213 $ — (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. (4) Long-term investments include American’s equity investments in China Southern Airlines Company Limited (China Southern Airlines), GOL Linhas Aéreas Inteligentes S.A. (GOL) and Vertical Aerospace Ltd. (Vertical). 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): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Long-term debt, including current maturities $ 29,232 $ 28,814 $ 29,679 $ 28,453 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Line Items] | |
Schedule of Equity Investments | Our equity investment ownership interests and carrying values were: Ownership Interest Carrying Value (in millions) Accounting Treatment March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 228 $ 222 China Southern Airlines Fair Value 1.5 % 1.5 % 193 176 Other investments (1) Various 201 212 Total $ 622 $ 610 (1) Primarily includes our investment in JetSmart Airlines SpA, which is accounted for under the equity method, and our investments in GOL and Vertical, which are each accounted for at fair value. |
American Airlines, Inc. | |
Schedule of Investments [Line Items] | |
Schedule of Equity Investments | American’s equity investment ownership interests and carrying values were: Ownership Interest Carrying Value (in millions) Accounting Treatment March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Republic Airways Holdings Inc. Equity Method 25.0 % 25.0 % $ 228 $ 222 China Southern Airlines Fair Value 1.5 % 1.5 % 193 176 Other investments (1) Various 201 212 Total $ 622 $ 610 (1) Primarily includes American’s investment in JetSmart Airlines SpA, which is accounted for under the equity method, and American’s investments in GOL and Vertical, which are each accounted for at fair value. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Benefit Cost (Income) | The following table provides the components of net periodic benefit income (in millions): Pension Benefits Retiree Medical and Other Three Months Ended March 31, 2023 2022 2023 2022 Service cost $ — $ 1 $ 3 $ 3 Interest cost 190 139 12 7 Expected return on assets (229) (285) (3) (3) Amortization of: Prior service cost (benefit) 7 7 (3) (3) Unrecognized net loss (gain) 27 38 (9) (6) Net periodic benefit income $ (5) $ (100) $ — $ (2) |
American Airlines, Inc. | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Benefit Cost (Income) | The following table provides the components of net periodic benefit income (in millions): Pension Benefits Retiree Medical and Other Three Months Ended March 31, 2023 2022 2023 2022 Service cost $ — $ 1 $ 3 $ 3 Interest cost 189 138 12 7 Expected return on assets (228) (283) (3) (3) Amortization of: Prior service cost (benefit) 7 7 (3) (3) Unrecognized net loss (gain) 27 38 (9) (6) Net periodic benefit income $ (5) $ (99) $ — $ (2) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss (AOCI) are as follows (in millions): Pension, Unrealized Gain (Loss) on Investments Income Tax (1) Total Balance at December 31, 2022 $ (2,978) $ (6) $ (1,601) $ (4,585) Other comprehensive income (loss) before reclassifications — 2 (1) 1 Amounts reclassified from AOCI 22 — (5) (2) 17 Net current-period other comprehensive income (loss) 22 2 (6) 18 Balance at March 31, 2023 $ (2,956) $ (4) $ (1,607) $ (4,567) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income (loss) 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 (benefit) on the condensed consolidated statements of operations. |
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 March 31, 2023 2022 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 Nonoperating other income (expense), net Actuarial loss 14 25 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 17 $ 28 |
American Airlines, Inc. | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss (AOCI) are as follows (in millions): Pension, Unrealized Gain (Loss) on Investments Income Tax (1) Total Balance at December 31, 2022 $ (2,974) $ (6) $ (1,710) $ (4,690) Other comprehensive income (loss) before reclassifications — 2 (1) 1 Amounts reclassified from AOCI 22 — (5) (2) 17 Net current-period other comprehensive income (loss) 22 2 (6) 18 Balance at March 31, 2023 $ (2,952) $ (4) $ (1,716) $ (4,672) (1) Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income (loss) 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 (benefit) on the condensed consolidated statements of operations. |
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 March 31, 2023 2022 Amortization of pension, retiree medical and other postretirement benefits: Prior service cost $ 3 $ 3 Nonoperating other income (expense), net Actuarial loss 14 25 Nonoperating other income (expense), net Total reclassifications for the period, net of tax $ 17 $ 28 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
American Airlines, Inc. | |
Entity Information [Line Items] | |
Summary of Net Receivables (Payables) to Related Parties | The following represents the net receivables (payables) to related parties (in millions): March 31, 2023 December 31, 2022 AAG $ 8,837 $ 8,692 AAG’s wholly-owned subsidiaries (1) (2,126) (2,104) Total $ 6,711 $ 6,588 (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. |
Special Items, Net (Details)
Special Items, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Nonoperating special items, net | $ 15 | $ 3 |
American Airlines, Inc. | ||
Restructuring Cost and Reserve [Line Items] | ||
Nonoperating special items, net | 15 | 3 |
Mainline | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance expenses | 21 | 0 |
Fleet impairment | 0 | 149 |
Other operating special items, net | (8) | 8 |
Operating special items, net | 13 | 157 |
Mainline | American Airlines, Inc. | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance expenses | 21 | 0 |
Fleet impairment | 0 | 149 |
Other operating special items, net | (8) | 8 |
Operating special items, net | $ 13 | $ 157 |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic EPS: | ||
Net income (loss) | $ 10 | $ (1,635) |
Basic weighted average common shares outstanding (in shares) | 652,000 | 649,503 |
Basic EPS (in dollars per share) | $ 0.02 | $ (2.52) |
Diluted EPS: | ||
Net income (loss) for purposes of computing diluted EPS | $ 10 | $ (1,635) |
Dilutive effect of stock awards (in shares) | 1,064 | 0 |
Dilutive effect of warrants (in shares) | 3,643 | 0 |
Diluted weighted average common shares outstanding (in shares) | 656,707 | 649,503 |
Diluted EPS (in dollars per share) | $ 0.02 | $ (2.52) |
Earnings (Loss) per Common Sh_4
Earnings (Loss) per Common Share - Anti-Dilutive Securities Excluded From Calculation of Diluted EPS (Details) - shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2020 | |
6.50% Senior Notes | Senior Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Interest rate | 6.50% | 6.50% | |
6.50% convertible senior notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 61,728 | 61,728 | |
Restricted stock unit awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 4,099 | 3,933 |
Earnings (Loss) Per Common Sh_5
Earnings (Loss) Per Common Share - Schedule of Warrants (Details) shares in Thousands | Mar. 31, 2023 $ / shares shares |
PSP1 Warrants | |
Class of Warrant or Right [Line Items] | |
Warrants Issued (shares, in thousands) | 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 (shares, in thousands) | 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 (shares, in thousands) | shares | 4,407 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 21.75 |
Treasury Loan Warrant | |
Class of Warrant or Right [Line Items] | |
Warrants Issued (shares, in thousands) | 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from External Customer [Line Items] | ||
Operating revenues | $ 12,189 | $ 8,899 |
Passenger | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 11,103 | 7,818 |
Passenger travel | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 10,291 | 7,213 |
Loyalty revenue - travel | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 812 | 605 |
Cargo | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 223 | 364 |
Other | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 863 | 717 |
Loyalty revenue - marketing services | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 722 | 596 |
Other revenue | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 141 | 121 |
American Airlines, Inc. | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 12,188 | 8,896 |
American Airlines, Inc. | Passenger | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 11,103 | 7,818 |
American Airlines, Inc. | Passenger travel | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 10,291 | 7,213 |
American Airlines, Inc. | Loyalty revenue - travel | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 812 | 605 |
American Airlines, Inc. | Cargo | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 223 | 364 |
American Airlines, Inc. | Other | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 862 | 714 |
American Airlines, Inc. | Loyalty revenue - marketing services | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | 722 | 596 |
American Airlines, Inc. | Other revenue | ||
Revenue from External Customer [Line Items] | ||
Operating revenues | $ 140 | $ 118 |
Revenue Recognition - Passenger
Revenue Recognition - Passenger Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Airline Destination Disclosure [Line Items] | ||
Operating revenues | $ 12,189 | $ 8,899 |
Passenger | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 11,103 | 7,818 |
Passenger | Domestic | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 8,037 | 6,060 |
Passenger | Latin America | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 1,915 | 1,227 |
Passenger | Atlantic | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 931 | 466 |
Passenger | Pacific | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 220 | 65 |
American Airlines, Inc. | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 12,188 | 8,896 |
American Airlines, Inc. | Passenger | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 11,103 | 7,818 |
American Airlines, Inc. | Passenger | Domestic | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 8,037 | 6,060 |
American Airlines, Inc. | Passenger | Latin America | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 1,915 | 1,227 |
American Airlines, Inc. | Passenger | Atlantic | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | 931 | 466 |
American Airlines, Inc. | Passenger | Pacific | ||
Airline Destination Disclosure [Line Items] | ||
Operating revenues | $ 220 | $ 65 |
Revenue Recognition - Signifi_2
Revenue Recognition - Significant Contract Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Contract balances, liability | $ 18,420 | $ 15,890 |
Loyalty program liability | ||
Disaggregation of Revenue [Line Items] | ||
Contract balances, liability | 9,367 | 9,145 |
Air traffic liability | ||
Disaggregation of Revenue [Line Items] | ||
Contract balances, liability | 9,053 | 6,745 |
American Airlines, Inc. | ||
Disaggregation of Revenue [Line Items] | ||
Contract balances, liability | 18,420 | 15,890 |
American Airlines, Inc. | Loyalty program liability | ||
Disaggregation of Revenue [Line Items] | ||
Contract balances, liability | 9,367 | 9,145 |
American Airlines, Inc. | Air traffic liability | ||
Disaggregation of Revenue [Line Items] | ||
Contract balances, liability | $ 9,053 | $ 6,745 |
Revenue Recognition - Changes i
Revenue Recognition - Changes in Loyalty Program Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | $ 15,890 | |
Ending balance | 18,420 | |
Loyalty program liability | ||
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | 9,145 | |
Deferral of revenue | 1,057 | |
Recognition of revenue | (835) | |
Ending balance | $ 9,367 | |
Inactive period before expiration of mileage credits | 24 months | |
Deferred revenue, current | $ 3,486 | $ 3,169 |
Revenue recognition term | 12 months | |
American Airlines, Inc. | ||
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | $ 15,890 | |
Ending balance | 18,420 | |
American Airlines, Inc. | Loyalty program liability | ||
Movement In Contract With Customer, Liability [Roll Forward] | ||
Beginning balance | 9,145 | |
Deferral of revenue | 1,057 | |
Recognition of revenue | (835) | |
Ending balance | 9,367 | |
Deferred revenue, current | $ 3,486 | $ 3,169 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - Air traffic liability $ in Billions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |
Contract term | one year |
Revenue recognition term | 12 months |
Recognition of revenue | $ 3.8 |
American Airlines, Inc. | |
Disaggregation of Revenue [Line Items] | |
Recognition of revenue | $ 3.8 |
Debt - Components of Long-Term
Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 34,855 | $ 35,289 |
Less: Total unamortized debt discount, premium and issuance costs | 396 | 386 |
Less: Current maturities | 3,370 | 3,059 |
Long-term debt, net of current maturities | 31,089 | 31,844 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 29,609 | 30,043 |
Secured Debt | 2013 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,752 |
Variable interest rate | 8.15% | |
Secured Debt | 2014 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,183 | 1,196 |
Variable interest rate | 6.51% | |
Secured Debt | 11.75% Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,500 | 2,500 |
Interest rate | 11.75% | |
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, LGA/DCA Notes | ||
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 | 0 |
Interest rate | 7.25% | |
Secured Debt | 5.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,500 | 3,500 |
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 | AAdvantage Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,500 | 3,500 |
Variable interest rate | 9.56% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 8,776 | 9,175 |
Average interest rate | 3.70% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.88% | |
Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.13% | |
Secured Debt | Equipment Loans and Other Notes Payable | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,150 | 3,170 |
Average interest rate | 6.37% | |
Secured Debt | Equipment Loans and Other Notes Payable | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.32% | |
Secured Debt | Equipment Loans and Other Notes Payable | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.20% | |
Secured Debt | Special Facility Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,050 | 1,050 |
Secured Debt | Special Facility Revenue Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.25% | |
Secured Debt | Special Facility Revenue Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.38% | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 5,246 | 5,246 |
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 | $ 500 | 500 |
Interest rate | 3.75% | |
American Airlines, Inc. | ||
Debt Instrument [Line Items] | ||
Less: Total unamortized debt discount, premium and issuance costs | $ 377 | 364 |
Less: Current maturities | 3,370 | 3,059 |
Long-term debt, net of current maturities | 25,862 | 26,620 |
American Airlines, Inc. | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 29,609 | 30,043 |
American Airlines, Inc. | Secured Debt | 2013 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,000 | 1,752 |
Variable interest rate | 8.15% | |
American Airlines, Inc. | Secured Debt | 2014 Revolving Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,183 | 1,196 |
Variable interest rate | 6.51% | |
American Airlines, Inc. | Secured Debt | 11.75% Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,500 | 2,500 |
Interest rate | 11.75% | |
American Airlines, Inc. | 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% | |
American Airlines, Inc. | Secured Debt | 10.75% Senior Secured Notes, LGA/DCA Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 200 | 200 |
Interest rate | 10.75% | |
American Airlines, Inc. | Secured Debt | 7.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 750 | 0 |
Interest rate | 7.25% | |
American Airlines, Inc. | Secured Debt | 5.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,500 | 3,500 |
Interest rate | 5.50% | |
American Airlines, Inc. | Secured Debt | 5.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,000 | 3,000 |
Interest rate | 5.75% | |
American Airlines, Inc. | Secured Debt | AAdvantage Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,500 | 3,500 |
Variable interest rate | 9.56% | |
American Airlines, Inc. | Secured Debt | Enhanced Equipment Trust Certificates (EETC) | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 8,776 | 9,175 |
Average interest rate | 3.70% | |
American Airlines, Inc. | Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.88% | |
American Airlines, Inc. | Secured Debt | Enhanced Equipment Trust Certificates (EETC) | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 7.13% | |
American Airlines, Inc. | Secured Debt | Equipment Loans and Other Notes Payable | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,150 | 3,170 |
Average interest rate | 6.37% | |
American Airlines, Inc. | Secured Debt | Equipment Loans and Other Notes Payable | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.32% | |
American Airlines, Inc. | Secured Debt | Equipment Loans and Other Notes Payable | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.20% | |
American Airlines, Inc. | Secured Debt | Special Facility Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,050 | $ 1,050 |
American Airlines, Inc. | Secured Debt | Special Facility Revenue Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.25% | |
American Airlines, Inc. | Secured Debt | Special Facility Revenue Bonds | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.38% |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | $ 2,877 |
American Airlines, Inc. | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 2,877 |
Revolving Credit Facility | 2013 Revolving Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 736 |
Revolving Credit Facility | 2014 Revolving Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 1,631 |
Revolving Credit Facility | April 2016 Revolving Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 446 |
Revolving Credit Facility | Other short-term facilities | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 64 |
Revolving Credit Facility | American Airlines, Inc. | 2013 Revolving Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 736 |
Revolving Credit Facility | American Airlines, Inc. | 2014 Revolving Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 1,631 |
Revolving Credit Facility | American Airlines, Inc. | April 2016 Revolving Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | 446 |
Revolving Credit Facility | American Airlines, Inc. | Other short-term facilities | |
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | $ 64 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | |||||
Feb. 15, 2023 USD ($) | Mar. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Mar. 31, 2023 USD ($) day | Oct. 13, 2026 USD ($) | Oct. 11, 2024 USD ($) | Jun. 30, 2020 | |
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 2,877,000,000 | $ 2,877,000,000 | |||||
American Airlines, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 2,877,000,000 | $ 2,877,000,000 | |||||
6.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.50% | 6.50% | 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 | ||||||
2014 Revolving Facility | Term Loan | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 1% | ||||||
Debt instrument, basis spread on variable rate, interest rate margin | 1.75% | ||||||
2014 Revolving Facility | Term Loan | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 0% | ||||||
Debt instrument, basis spread on variable rate, interest rate margin | 0.75% | ||||||
2014 Revolving Facility | American Airlines, Inc. | Term Loan | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 1% | ||||||
Debt instrument, basis spread on variable rate, interest rate margin | 1.75% | ||||||
2014 Revolving Facility | American Airlines, Inc. | Term Loan | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 0% | ||||||
Debt instrument, basis spread on variable rate, interest rate margin | 0.75% | ||||||
7.25% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.25% | ||||||
Debt instrument, face amount | $ 750,000,000 | ||||||
7.25% Senior Notes | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.25% | 7.25% | |||||
7.25% Senior Notes | American Airlines, Inc. | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.25% | 7.25% | |||||
Debt instrument, face amount | $ 750,000,000 | $ 750,000,000 | |||||
Debt instrument, covenant terms, minimum collateral coverage ratio | 1.6 | ||||||
Debt instrument, special interest rate | 2% | ||||||
7.25% Senior Notes | American Airlines, Inc. | Senior Notes | On or Prior to the Fourth Anniversary | |||||||
Debt Instrument [Line Items] | |||||||
Debt redemption price percentage | 100% | ||||||
7.25% Senior Notes | American Airlines, Inc. | Senior Notes | After the Fourth Anniversary and On or Prior to the Fifth Anniversary | |||||||
Debt Instrument [Line Items] | |||||||
Debt redemption price percentage | 107.25% | ||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40% | ||||||
7.25% Senior Notes | American Airlines, Inc. | Senior Notes | In the Event of Specified Change of Control | |||||||
Debt Instrument [Line Items] | |||||||
Debt redemption price percentage | 101% | ||||||
7.25% Senior Notes | American Airlines, Inc. | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.25% | 7.25% | |||||
Equipment Loans and Other Notes Payable | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from secured notes payable | $ 94,000,000 | ||||||
Long term debt average interest rate | 7.04% | 7.04% | |||||
Equipment Loans and Other Notes Payable | American Airlines, Inc. | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from secured notes payable | $ 94,000,000 | ||||||
Long term debt average interest rate | 7.04% | 7.04% | |||||
Revolving Credit Facility | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 2,200,000,000 | $ 2,800,000,000 | |||||
Revolving Credit Facility | American Airlines, Inc. | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 2,200,000,000 | 2,800,000,000 | |||||
Revolving Credit Facility | Cargo Receivable Facility | American Airlines, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 64,000,000 | $ 64,000,000 | |||||
Revolving Credit Facility | 2013 Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 736,000,000 | 736,000,000 | |||||
Debt instrument, refinanced amount | $ 1,800,000,000 | ||||||
Revolving Credit Facility | 2013 Revolving Facility | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 563,000,000 | 736,000,000 | |||||
Revolving Credit Facility | 2013 Revolving Facility | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 1% | 1% | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 1.75% | ||||||
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 | 2.25% | ||||||
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 | 2.50% | ||||||
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 | 2.75% | ||||||
Revolving Credit Facility | 2013 Revolving Facility | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 0% | 0% | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.75% | ||||||
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 | 3.25% | ||||||
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 | 3.50% | ||||||
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 | 3.75% | ||||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 736,000,000 | 736,000,000 | |||||
Debt instrument, refinanced amount | $ 1,800,000,000 | ||||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 563,000,000 | 736,000,000 | |||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 1% | 1% | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 1.75% | ||||||
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 | 2.25% | ||||||
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 | 2.50% | ||||||
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 | 2.75% | ||||||
Revolving Credit Facility | 2013 Revolving Facility | American Airlines, Inc. | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate, floor | 0% | 0% | |||||
Debt instrument, basis spread on variable rate, interest rate margin | 2.75% | ||||||
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 | 3.25% | ||||||
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 | 3.50% | ||||||
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 | 3.75% | ||||||
Revolving Credit Facility | Credit Facility 2013, Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||
Revolving Credit Facility | Credit Facility 2013, Term Loan | American Airlines, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||
Revolving Credit Facility | 2014 Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 1,631,000,000 | 1,631,000,000 | |||||
Revolving Credit Facility | 2014 Revolving Facility | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 1,200,000,000 | 1,600,000,000 | |||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | 1,631,000,000 | 1,631,000,000 | |||||
Revolving Credit Facility | 2014 Revolving Facility | American Airlines, Inc. | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 1,200,000,000 | 1,600,000,000 | |||||
Revolving Credit Facility | April 2016 Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | 446,000,000 | 446,000,000 | |||||
Revolving Credit Facility | April 2016 Revolving Facility | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 342,000,000 | 446,000,000 | |||||
Revolving Credit Facility | April 2016 Revolving Facility | American Airlines, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, remaining borrowing capacity | $ 446,000,000 | $ 446,000,000 | |||||
Revolving Credit Facility | April 2016 Revolving Facility | American Airlines, Inc. | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 342,000,000 | $ 446,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Tax Credit Carryforward [Line Items] | |||
Other carryforwards | $ 4,300 | ||
Income tax provision (benefit) | $ 7 | $ (451) | |
Federal | |||
Tax Credit Carryforward [Line Items] | |||
NOL carryforwards | 16,200 | ||
Operating loss carryforwards and other carryforwards, subject to expiration | 5,900 | ||
Operating loss carryforwards and other carryforwards, not subject to expiration | 14,600 | ||
State | |||
Tax Credit Carryforward [Line Items] | |||
NOL carryforward subject to expiration | 6,000 | ||
American Airlines, Inc. | |||
Tax Credit Carryforward [Line Items] | |||
Other carryforwards | 3,500 | ||
Income tax provision (benefit) | $ 29 | $ (436) | |
American Airlines, Inc. | Federal | |||
Tax Credit Carryforward [Line Items] | |||
NOL carryforwards | 16,100 | ||
Operating loss carryforwards and other carryforwards, subject to expiration | 6,200 | ||
Operating loss carryforwards and other carryforwards, not subject to expiration | 13,400 | ||
American Airlines, Inc. | State | |||
Tax Credit Carryforward [Line Items] | |||
NOL carryforward subject to expiration | $ 5,900 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 11,041 | $ 8,525 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 11,041 | |
Restricted cash and short-term investments | 955 | |
Long-term investments | 246 | |
Total | 12,242 | |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,296 | |
Recurring | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,453 | |
Recurring | Bank notes/certificates of deposit/time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 2,442 | |
Recurring | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 450 | |
Recurring | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 400 | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,296 | |
Restricted cash and short-term investments | 486 | |
Long-term investments | 246 | |
Total | 4,028 | |
Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,296 | |
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 | 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 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 1 | U.S. government and agency obligations | ||
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 | 7,745 | |
Restricted cash and short-term investments | 469 | |
Long-term investments | 0 | |
Total | 8,214 | |
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 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,453 | |
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 | 2,442 | |
Recurring | Level 2 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 450 | |
Recurring | Level 2 | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 400 | |
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 | Money market funds | ||
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 | 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 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Recurring | Level 3 | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 11,039 | $ 8,523 |
American Airlines, Inc. | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 11,039 | |
Restricted cash and short-term investments | 955 | |
Long-term investments | 246 | |
Total | 12,240 | |
American Airlines, Inc. | Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,295 | |
American Airlines, Inc. | Recurring | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,453 | |
American Airlines, Inc. | Recurring | Bank notes/certificates of deposit/time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 2,441 | |
American Airlines, Inc. | Recurring | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 450 | |
American Airlines, Inc. | Recurring | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 400 | |
American Airlines, Inc. | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,295 | |
Restricted cash and short-term investments | 486 | |
Long-term investments | 246 | |
Total | 4,027 | |
American Airlines, Inc. | Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 3,295 | |
American Airlines, Inc. | Recurring | Level 1 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | 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 | |
American Airlines, Inc. | Recurring | Level 1 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | Recurring | Level 1 | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 7,744 | |
Restricted cash and short-term investments | 469 | |
Long-term investments | 0 | |
Total | 8,213 | |
American Airlines, Inc. | Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | Recurring | Level 2 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,453 | |
American Airlines, Inc. | 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 | 2,441 | |
American Airlines, Inc. | Recurring | Level 2 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 450 | |
American Airlines, Inc. | Recurring | Level 2 | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 400 | |
American Airlines, Inc. | 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 | |
American Airlines, Inc. | Recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | Recurring | Level 3 | Corporate obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | 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 | |
American Airlines, Inc. | Recurring | Level 3 | Repurchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
American Airlines, Inc. | Recurring | Level 3 | U.S. government and agency obligations | ||
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 3,700 | $ 3,700 |
Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 33,573 | 32,569 |
Level 2 | Convertible Note | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 1,100 | 1,100 |
Level 2 | American Airlines, Inc. | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 28,814 | $ 28,453 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | $ 33,573 | $ 32,569 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | 34,459 | 34,903 |
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 | 28,814 | 28,453 |
American Airlines, Inc. | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, including current maturities | $ 29,232 | $ 29,679 |
Investments - Schedule of Equit
Investments - Schedule of Equity Investments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Investments | $ 201 | $ 212 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 622 | 610 |
American Airlines, Inc. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Investments | 201 | 212 |
American Airlines, Inc. | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 622 | $ 610 |
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 | $ 193 | $ 176 |
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 | $ 193 | $ 176 |
Republic Airline 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 | $ 228 | $ 222 |
Republic Airline 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 | $ 228 | $ 222 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 1 |
Interest cost | 190 | 139 |
Expected return on assets | (229) | (285) |
Amortization of: | ||
Prior service cost (benefit) | 7 | 7 |
Unrecognized net loss (gain) | 27 | 38 |
Net periodic benefit income | (5) | (100) |
Retiree Medical and Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3 | 3 |
Interest cost | 12 | 7 |
Expected return on assets | (3) | (3) |
Amortization of: | ||
Prior service cost (benefit) | (3) | (3) |
Unrecognized net loss (gain) | (9) | (6) |
Net periodic benefit income | 0 | (2) |
American Airlines, Inc. | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 1 |
Interest cost | 189 | 138 |
Expected return on assets | (228) | (283) |
Amortization of: | ||
Prior service cost (benefit) | 7 | 7 |
Unrecognized net loss (gain) | 27 | 38 |
Net periodic benefit income | (5) | (99) |
American Airlines, Inc. | Retiree Medical and Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3 | 3 |
Interest cost | 12 | 7 |
Expected return on assets | (3) | (3) |
Amortization of: | ||
Prior service cost (benefit) | (3) | (3) |
Unrecognized net loss (gain) | (9) | (6) |
Net periodic benefit income | $ 0 | $ (2) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - Pension Benefits $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributed amount | $ 67 |
American Airlines, Inc. | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributed amount | $ 67 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI tax, attributable to parent [Roll Forward] | ||
Beginning balance, tax | $ (1,601) | |
Other comprehensive income (loss) before reclassifications, tax | (1) | |
Amounts reclassified from AOCI, tax | (5) | |
Net current-period other comprehensive income (loss), tax | (6) | |
Ending balance, tax | (1,607) | |
AOCI attributable to parent, net of tax [Roll Forward] | ||
Beginning balance, net of tax | (4,585) | |
Other comprehensive income (loss) before reclassifications, net of tax | 1 | |
Amounts reclassified from AOCI, net of tax | 17 | |
Total other comprehensive income, net of tax | 18 | $ 26 |
Ending balance, net of tax | (4,567) | |
Pension, Retiree Medical and Other Postretirement Benefits | ||
AOCI attributable to parent, before tax [Roll Forward] | ||
Beginning balance, before tax | (2,978) | |
Other comprehensive income (loss) before reclassifications, before tax | 0 | |
Amounts reclassified from AOCI, before tax | 22 | |
Net current-period other comprehensive income (loss), before tax | 22 | |
Ending balance, before tax | (2,956) | |
Unrealized Gain (Loss) on Investments | ||
AOCI attributable to parent, before tax [Roll Forward] | ||
Beginning balance, before tax | (6) | |
Other comprehensive income (loss) before reclassifications, before tax | 2 | |
Amounts reclassified from AOCI, before tax | 0 | |
Net current-period other comprehensive income (loss), before tax | 2 | |
Ending balance, before tax | (4) | |
American Airlines, Inc. | ||
AOCI tax, attributable to parent [Roll Forward] | ||
Beginning balance, tax | (1,710) | |
Other comprehensive income (loss) before reclassifications, tax | (1) | |
Amounts reclassified from AOCI, tax | (5) | |
Net current-period other comprehensive income (loss), tax | (6) | |
Ending balance, tax | (1,716) | |
AOCI attributable to parent, net of tax [Roll Forward] | ||
Beginning balance, net of tax | (4,690) | |
Other comprehensive income (loss) before reclassifications, net of tax | 1 | |
Amounts reclassified from AOCI, net of tax | 17 | |
Total other comprehensive income, net of tax | 18 | $ 26 |
Ending balance, net of tax | (4,672) | |
American Airlines, Inc. | Pension, Retiree Medical and Other Postretirement Benefits | ||
AOCI attributable to parent, before tax [Roll Forward] | ||
Beginning balance, before tax | (2,974) | |
Other comprehensive income (loss) before reclassifications, before tax | 0 | |
Amounts reclassified from AOCI, before tax | 22 | |
Net current-period other comprehensive income (loss), before tax | 22 | |
Ending balance, before tax | (2,952) | |
American Airlines, Inc. | Unrealized Gain (Loss) on Investments | ||
AOCI attributable to parent, before tax [Roll Forward] | ||
Beginning balance, before tax | (6) | |
Other comprehensive income (loss) before reclassifications, before tax | 2 | |
Amounts reclassified from AOCI, before tax | 0 | |
Net current-period other comprehensive income (loss), before tax | 2 | |
Ending balance, before tax | $ (4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Nonoperating other income (expense), net | $ 421 | $ 363 |
Net income (loss) | (10) | 1,635 |
American Airlines, Inc. | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Nonoperating other income (expense), net | 325 | 318 |
Net income (loss) | (85) | 1,578 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income (loss) | 17 | 28 |
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 |
Reclassification out of Accumulated Other Comprehensive Income | Actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Nonoperating other income (expense), net | 14 | 25 |
Reclassification out of Accumulated Other Comprehensive Income | American Airlines, Inc. | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income (loss) | 17 | 28 |
Reclassification out of Accumulated Other Comprehensive Income | American Airlines, Inc. | Prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Nonoperating other income (expense), net | 3 | 3 |
Reclassification out of Accumulated Other Comprehensive Income | American Airlines, Inc. | Actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Nonoperating other income (expense), net | $ 14 | $ 25 |
Regional Expenses (Details)
Regional Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Regional Expenses [Line Items] | ||
Depreciation and amortization | $ 486 | $ 492 |
Aircraft rent | 344 | 353 |
American Airlines, Inc. | ||
Regional Expenses [Line Items] | ||
Depreciation and amortization | 484 | 492 |
Aircraft rent | 344 | 353 |
Regional Carrier | ||
Regional Expenses [Line Items] | ||
Depreciation and amortization | 80 | 80 |
Aircraft rent | 1 | 1 |
Regional Carrier | American Airlines, Inc. | ||
Regional Expenses [Line Items] | ||
Depreciation and amortization | 68 | 66 |
Aircraft rent | 1 | 1 |
Regional Carrier | Republic Airline Inc. | ||
Regional Expenses [Line Items] | ||
Capacity purchases from third-party regional carriers | 168 | 150 |
Regional Carrier | Republic Airline Inc. | American Airlines, Inc. | ||
Regional Expenses [Line Items] | ||
Capacity purchases from third-party regional carriers | $ 168 | $ 150 |
Republic Airways Holdings, Inc. | ||
Regional Expenses [Line Items] | ||
Ownership percentage | 25% | |
Republic Airways Holdings, Inc. | American Airlines, Inc. | ||
Regional Expenses [Line Items] | ||
Ownership percentage | 25% |
Transactions with Related Par_3
Transactions with Related Parties (Details) - American Airlines, Inc. - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Receivables from related parties, net | $ 6,711 | $ 6,588 |
AAG | ||
Related Party Transaction [Line Items] | ||
Receivables from related parties, net | 8,837 | 8,692 |
AAG's wholly-owned subsidiaries | ||
Related Party Transaction [Line Items] | ||
Receivables from related parties, net | $ (2,126) | $ (2,104) |
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 |