Company Quick10K Filing
American Airlines Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 450 $14,452
10-Q 2019-10-24 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-26 Quarter: 2019-03-31
10-K 2019-02-25 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-21 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-22 Annual: 2016-12-31
10-Q 2016-10-20 Quarter: 2016-09-30
10-Q 2016-07-22 Quarter: 2016-06-30
10-Q 2016-04-22 Quarter: 2016-03-31
10-K 2016-02-24 Annual: 2015-12-31
10-Q 2015-10-23 Quarter: 2015-09-30
10-Q 2015-07-24 Quarter: 2015-06-30
10-Q 2015-04-24 Quarter: 2015-03-31
10-K 2015-02-25 Annual: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-10-17 Quarter: 2013-09-30
10-Q 2013-04-18 Quarter: 2013-03-31
10-K 2013-02-20 Annual: 2012-12-31
10-Q 2012-10-17 Quarter: 2012-09-30
10-Q 2012-07-18 Quarter: 2012-06-30
10-Q 2012-04-19 Quarter: 2012-03-31
10-K 2012-02-15 Annual: 2011-12-31
10-Q 2011-10-19 Quarter: 2011-09-30
10-Q 2011-07-20 Quarter: 2011-06-30
10-Q 2011-04-20 Quarter: 2011-03-31
10-K 2011-02-16 Annual: 2010-12-31
10-Q 2010-10-20 Quarter: 2010-09-30
10-Q 2010-07-21 Quarter: 2010-06-30
10-Q 2010-04-21 Quarter: 2010-03-31
10-K 2010-02-17 Annual: 2009-12-31
8-K 2020-01-15 Regulation FD
8-K 2020-01-14 Regulation FD
8-K 2020-01-10 Regulation FD, Exhibits
8-K 2020-01-06 Regulation FD, Exhibits
8-K 2019-12-12 Regulation FD
8-K 2019-11-08 Enter Agreement, Off-BS Arrangement
8-K 2019-11-08 Regulation FD
8-K 2019-10-24 Earnings, Regulation FD, Exhibits
8-K 2019-10-09 Regulation FD, Exhibits
8-K 2019-09-01 Regulation FD
8-K 2019-07-25 Earnings, Regulation FD, Exhibits
8-K 2019-07-14 Regulation FD
8-K 2019-07-10 Regulation FD, Exhibits
8-K 2019-06-18 Enter Agreement, Off-BS Arrangement
8-K 2019-06-12 Shareholder Vote
8-K 2019-06-09 Regulation FD
8-K 2019-05-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-16 Other Events, Exhibits
8-K 2019-05-16 Other Events, Exhibits
8-K 2019-04-26 Earnings, Regulation FD, Exhibits
8-K 2019-04-14 Regulation FD
8-K 2019-04-09 Regulation FD, Exhibits
8-K 2019-03-25 Regulation FD
8-K 2019-02-12 Other Events
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-10 Regulation FD, Exhibits
8-K 2018-12-10 Enter Agreement, Off-BS Arrangement
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-10-09 Regulation FD, Exhibits
8-K 2018-09-17 Enter Agreement, Off-BS Arrangement
8-K 2018-09-05 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Regulation FD, Exhibits
8-K 2018-07-11 Regulation FD, Exhibits
8-K 2018-06-13 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-05-15 Enter Agreement, Off-BS Arrangement
8-K 2018-05-02 Other Events
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-04-25 Other Events, Exhibits
8-K 2018-04-10 Regulation FD, Exhibits
8-K 2018-04-09 Enter Agreement, Leave Agreement, Other Events, Exhibits
8-K 2018-02-20 Other Events, Exhibits
8-K 2018-01-25 Earnings, Regulation FD, Exhibits
8-K 2018-01-10 Regulation FD, Exhibits
AAL 2019-09-30
Part I: Financial Information
Item 1A. Condensed Consolidated Financial Statements of American Airlines Group Inc.
Item 1B. Condensed Consolidated Financial Statements of American Airlines, Inc.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 ex101q31910q.htm
EX-31.1 ex311q31910q.htm
EX-31.2 ex312q31910q.htm
EX-31.3 ex313q31910q.htm
EX-31.4 ex314q31910q.htm
EX-32.1 ex321q31910q.htm
EX-32.2 ex322q31910q.htm

American Airlines Group Earnings 2019-09-30

AAL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
AZUL 25,036 11,793 0 0 0 0 24,665 0%
UAL 22,604 52,150 41,830 42,485 0 2,644 6,344 33,657 0% 5.3 5%
AAL 14,452 61,967 61,989 45,041 0 1,513 4,881 38,977 0% 8.0 2%
ALK 7,759 12,951 7,440 8,440 0 506 1,166 7,967 0% 6.8 4%
JBLU 5,513 11,236 6,539 7,952 0 440 1,130 6,462 0% 5.7 4%
SAVE 3,222 6,663 4,568 3,636 0 360 562 4,354 0% 7.8 5%
SKYW 3,001 6,580 4,528 3,101 500 0 566 5,836 16% 10.3 0%
LTM 2,775 2,729 1,599 1,310 124 111 333 3,942 9% 11.8 4%
ALGT 2,322 2,982 2,178 1,749 0 184 438 3,192 0% 7.3 6%
ATSG 1,362 2,703 2,333 1,168 0 25 313 2,750 0% 8.8 1%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2019
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From                     to
Commission file number 1-8400
 
 
 
American Airlines Group Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
 
75-1825172
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
1 Skyview Drive,
Fort Worth,
Texas
76155
 
 
 
(817)
963-1234
 
 
(Address of principal executive offices, including zip code)
 
 
(Registrant’s telephone number, including area code)
 
4333 Amon Carter Blvd.,
Fort Worth,
Texas
 
 
76155
(Former name or former address if changed since last report.)
Commission file number 1-2691
 
 
 
American Airlines, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
 
13-1502798
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
1 Skyview Drive,
Fort Worth,
Texas
76155
 
 
 
(817)
963-1234
 
 
(Address of principal executive offices, including zip code)
 
 
(Registrant’s telephone number, including area code)
 
4333 Amon Carter Blvd.,
Fort Worth,
Texas
 
 
76155
(Former name or former address if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value per share
 
AAL
 
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
American Airlines Group Inc.
Yes
 
No
American Airlines, Inc.
Yes
 
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
American Airlines Group Inc.
Yes
 
No
American Airlines, Inc.
Yes
 
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Airlines Group Inc.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
American Airlines, Inc.
Large accelerated filer
Accelerated filer

Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
American Airlines Group Inc.
 
American Airlines, Inc.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
American Airlines Group Inc.
Yes
 
No
American Airlines, Inc.
Yes
 
No
As of October 18, 2019, there were 438,057,971 shares of American Airlines Group Inc. common stock outstanding.
As of October 18, 2019, there were 1,000 shares of American Airlines, Inc. common stock outstanding, all of which were held by American Airlines Group Inc.
 




American Airlines Group Inc.
American Airlines, Inc.
Form 10-Q
Quarterly Period Ended September 30, 2019
Table of Contents
 
 
Page
PART I: FINANCIAL INFORMATION
Item 1A.
 
 
 
 
 
 
Item 1B.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II: OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.


1



General
This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to AAG and its consolidated subsidiaries. References in this report to “mainline” refer to the operations of American only and exclude regional operations.
Note Concerning Forward-Looking Statements
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those described below under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part II, Item 1A. Risk Factors and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC).
All of the forward-looking statements are qualified in their entirety by reference to the factors discussed in Part II, Item 1A. Risk Factors and elsewhere in this report. There may be other factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. We do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law. Forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements.

2



PART I: FINANCIAL INFORMATION
This report on Form 10-Q is filed by both AAG and American and includes the Condensed Consolidated Financial Statements of each company in Item 1A and Item 1B, respectively.


3



ITEM 1A. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except shares and per share amounts)(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Operating revenues:
 
 
 
Passenger
$
10,995

 
$
10,561

 
$
31,663

 
$
30,714

Cargo
208

 
260

 
647

 
748

Other
708

 
738

 
2,145

 
2,141

Total operating revenues
11,911

 
11,559

 
34,455

 
33,603

Operating expenses:
 
 
 
 
 
 
 
Aircraft fuel and related taxes
1,989

 
2,234

 
5,710

 
6,100

Salaries, wages and benefits
3,219

 
3,131

 
9,509

 
9,243

Regional expenses
1,933

 
1,833

 
5,582

 
5,323

Maintenance, materials and repairs
610

 
526

 
1,745

 
1,499

Other rent and landing fees
530

 
502

 
1,568

 
1,463

Aircraft rent
335

 
318

 
996

 
939

Selling expenses
424

 
395

 
1,194

 
1,136

Depreciation and amortization
499

 
468

 
1,469

 
1,366

Special items, net
228

 
207

 
487

 
615

Other
1,336

 
1,260

 
3,859

 
3,834

Total operating expenses
11,103

 
10,874

 
32,119

 
31,518

Operating income
808

 
685

 
2,336

 
2,085

Nonoperating income (expense):
 
 
 
 
 
 
 
Interest income
34

 
29

 
103

 
84

Interest expense, net
(284
)
 
(262
)
 
(830
)
 
(788
)
Other income (expense), net
(1
)
 
44

 
76

 
108

Total nonoperating expense, net
(251
)
 
(189
)
 
(651
)
 
(596
)
Income before income taxes
557

 
496

 
1,685

 
1,489

Income tax provision
132

 
124

 
413

 
401

Net income
$
425

 
$
372

 
$
1,272

 
$
1,088

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.96

 
$
0.81

 
$
2.85

 
$
2.34

Diluted
$
0.96

 
$
0.81

 
$
2.84

 
$
2.33

Weighted average shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
441,915

 
460,526

 
446,291

 
465,452

Diluted
442,401

 
461,507

 
447,139

 
466,908

Cash dividends declared per common share
$
0.10

 
$
0.10

 
$
0.30

 
$
0.30

See accompanying notes to condensed consolidated financial statements.

4



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)(Unaudited) 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
425

 
$
372

 
$
1,272

 
$
1,088

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Pension, retiree medical and other postretirement benefits
(19
)
 
(17
)
 
(53
)
 
(49
)
Investments

 

 
3

 

Total other comprehensive loss, net of tax
(19
)
 
(17
)
 
(50
)
 
(49
)
Total comprehensive income
$
406

 
$
355

 
$
1,222

 
$
1,039

See accompanying notes to condensed consolidated financial statements.


5



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except shares and par value)
 
September 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
Current assets
 
 
 
Cash
$
312

 
$
275

Short-term investments
4,856

 
4,485

Restricted cash and short-term investments
158

 
154

Accounts receivable, net
1,850

 
1,706

Aircraft fuel, spare parts and supplies, net
1,800

 
1,522

Prepaid expenses and other
596

 
495

Total current assets
9,572

 
8,637

Operating property and equipment
 
 
 
Flight equipment
42,320

 
41,499

Ground property and equipment
9,232

 
8,764

Equipment purchase deposits
1,567

 
1,278

Total property and equipment, at cost
53,119

 
51,541

Less accumulated depreciation and amortization
(18,500
)
 
(17,443
)
Total property and equipment, net
34,619

 
34,098

Operating lease right-of-use assets
8,842

 
9,151

Other assets
 
 
 
Goodwill
4,091

 
4,091

Intangibles, net of accumulated amortization of $694 and $663, respectively
2,095

 
2,137

Deferred tax asset
666

 
1,145

Other assets
1,290

 
1,321

Total other assets
8,142

 
8,694

Total assets
$
61,175

 
$
60,580

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
 
 
 
Current liabilities
 
 
 
Current maturities of long-term debt and finance leases
$
3,608

 
$
3,294

Accounts payable
1,932

 
1,773

Accrued salaries and wages
1,413

 
1,427

Air traffic liability
5,569

 
4,339

Loyalty program liability
3,197

 
3,267

Operating lease liabilities
1,672

 
1,654

Other accrued liabilities
2,169

 
2,342

Total current liabilities
19,560

 
18,096

Noncurrent liabilities
 
 
 
Long-term debt and finance leases, net of current maturities
21,625

 
21,179

Pension and postretirement benefits
5,609

 
6,907

Loyalty program liability
5,325

 
5,272

Operating lease liabilities
7,535

 
7,902

Other liabilities
1,361

 
1,393

Total noncurrent liabilities
41,455

 
42,653

Commitments and contingencies

 

Stockholders’ equity (deficit)
 
 
 
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 438,035,288 shares issued and outstanding at September 30, 2019; 460,610,870 shares issued and outstanding at December 31, 2018
4

 
5

Additional paid-in capital
4,208

 
4,964

Accumulated other comprehensive loss
(5,946
)
 
(5,896
)
Retained earnings
1,894

 
758

Total stockholders’ equity (deficit)
160

 
(169
)
Total liabilities and stockholders’ equity (deficit)
$
61,175

 
$
60,580

See accompanying notes to condensed consolidated financial statements.

6



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)(Unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
Net cash provided by operating activities
$
3,215

 
$
2,817

Cash flows from investing activities:
 
 
 
Capital expenditures and aircraft purchase deposits
(3,129
)
 
(2,736
)
Proceeds from sale of property and equipment and sale-leaseback transactions
671

 
860

Purchases of short-term investments
(2,878
)
 
(2,590
)
Sales of short-term investments
2,524

 
2,816

Decrease (increase) in restricted short-term investments
(2
)
 
72

Other investing activities
(68
)
 
(5
)
Net cash used in investing activities
(2,882
)
 
(1,583
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of long-term debt
3,550

 
2,149

Payments on long-term debt and finance leases
(2,835
)
 
(2,440
)
Deferred financing costs
(50
)
 
(48
)
Treasury stock repurchases
(825
)
 
(837
)
Dividend payments
(135
)
 
(140
)
Other financing activities
(1
)
 
(2
)
Net cash used in financing activities
(296
)
 
(1,318
)
Net increase (decrease) in cash and restricted cash
37

 
(84
)
Cash and restricted cash at beginning of period
286

 
398

Cash and restricted cash at end of period (1)
$
323

 
$
314

 
 
 
 
Non-cash transactions:
 
 
 
Right-of-use assets obtained in exchange for lease liabilities:
 
 
 
Operating leases
$
854

 
$
761

Finance leases
46

 

Settlement of bankruptcy obligations
7

 

Supplemental information:
 
 
 
Interest paid, net
817

 
801

Income taxes paid
5

 
16

 
   
(1) 
The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
Cash
$
312

 
$
303

Restricted cash included in restricted cash and short-term investments
11

 
11

Total cash and restricted cash
$
323

 
$
314


See accompanying notes to condensed consolidated financial statements.


7



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts)(Unaudited)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
(Deficit)
 
Total
Balance at December 31, 2018
$
5

 
$
4,964

 
$
(5,896
)
 
$
758

 
$
(169
)
Net income

 

 

 
185

 
185

Other comprehensive loss, net

 

 
(13
)
 

 
(13
)
Purchase and retirement of 16,947,393 shares of AAG common stock

 
(610
)
 

 

 
(610
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(46
)
 
(46
)
Issuance of 552,752 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 
(8
)
 

 

 
(8
)
Share-based compensation expense

 
25

 

 

 
25

Balance at March 31, 2019
5

 
4,371

 
(5,909
)
 
897

 
(636
)
Net income

 

 

 
662

 
662

Other comprehensive loss, net

 

 
(18
)
 

 
(18
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(45
)
 
(45
)
Issuance of 1,046,122 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 
(17
)
 

 

 
(17
)
Settlement of single-dip unsecured claims held in Disputed Claims Reserve

 
7

 

 

 
7

Share-based compensation expense

 
25

 

 

 
25

Balance at June 30, 2019
5

 
4,386

 
(5,927
)
 
1,514

 
(22
)
Net income

 

 

 
425

 
425

Other comprehensive loss, net

 

 
(19
)
 

 
(19
)
Purchase and retirement of 7,275,610 shares of AAG common stock
(1
)
 
(200
)
 

 

 
(201
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(45
)
 
(45
)
Issuance of 48,547 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 

 

 

 

Share-based compensation expense

 
22

 

 

 
22

Balance at September 30, 2019
$
4

 
$
4,208

 
$
(5,946
)
 
$
1,894

 
$
160

See accompanying notes to condensed consolidated financial statements.



















8



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts)(Unaudited)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
(Deficit)
 
Total
Balance at December 31, 2017
$
5

 
$
5,714

 
$
(5,776
)
 
$
(723
)
 
$
(780
)
Net income

 

 

 
159

 
159

Other comprehensive loss, net

 

 
(18
)
 

 
(18
)
Purchase and retirement of 8,431,150 shares of AAG common stock

 
(449
)
 

 

 
(449
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(48
)
 
(48
)
Issuance of 313,744 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 
(10
)
 

 

 
(10
)
Share-based compensation expense

 
24

 

 

 
24

Impact of adoption of Accounting Standards Update (ASU) 2016-01 related to financial instruments

 

 

 
60

 
60

Impact of adoption of ASU 2016-02 related to leases

 

 

 
197

 
197

Balance at March 31, 2018
5

 
5,279

 
(5,794
)
 
(355
)
 
(865
)
Net income

 

 

 
556

 
556

Other comprehensive loss, net

 

 
(15
)
 

 
(15
)
Purchase and retirement of 8,175,007 shares of AAG common stock

 
(350
)
 

 

 
(350
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(47
)
 
(47
)
Issuance of 1,286,622 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 
(26
)
 

 

 
(26
)
Share-based compensation expense

 
20

 

 

 
20

Balance at June 30, 2018
5

 
4,923

 
(5,809
)
 
154

 
(727
)
Net income

 

 

 
372

 
372

Other comprehensive loss, net

 

 
(17
)
 

 
(17
)
Dividends declared on AAG common stock ($0.10 per share)

 

 

 
(46
)
 
(46
)
Issuance of 57,374 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes

 

 

 

 

Share-based compensation expense

 
23

 

 

 
23

Balance at September 30, 2018
$
5

 
$
4,946

 
$
(5,826
)
 
$
480

 
$
(395
)
See accompanying notes to condensed consolidated financial statements.

9



NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
(Unaudited)
1. Basis of Presentation and Recent Accounting Pronouncements
(a) Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. 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, impairment of goodwill, impairment of long-lived and intangible assets, the loyalty program, as well as pension and retiree medical and other postretirement benefits.
In the fourth quarter of 2018, we adopted ASU 2016-02: Leases (Topic 842) (the New Lease Standard) as of January 1, 2018. The New Lease Standard did not require the recast of prior periods; however, since we elected to early adopt the New Lease Standard in the fourth quarter of 2018, the three and nine months ended September 30, 2018 have been recast to reflect the effects of adoption. As a result of the adoption of the New Lease Standard, net income increased by $31 million for the three months ended September 30, 2018 and decreased by $6 million for the nine months ended September 30, 2018.
(b) Recent Accounting Pronouncements
ASU 2018-02: Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
This ASU provides the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U.S. federal corporate income tax rate change as a result of H.R. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act). The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previous U.S. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U.S. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations. This standard is effective for interim and annual reporting periods beginning after December 15, 2018. In the first quarter of 2019, we adopted this standard retrospectively as of December 22, 2017, the date the 2017 Tax Act was enacted, which resulted in the recast of prior reporting periods. As a result of the adoption, we reclassified $622 million of stranded tax effects principally related to our pension plans from accumulated other comprehensive loss to retained earnings.

10


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
(Unaudited)


2. Special Items, Net
Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Fleet impairment (1)
$
201

 
$

 
$
201

 
$

Fleet restructuring expenses (2)
72

 
101

 
232

 
327

Litigation reserve adjustments
(53
)
 

 
(53
)
 
45

Merger integration expenses (3)
29

 
68

 
106