Company Quick10K Filing
Quick10K
American Airlines Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$33.95 445 $15,100
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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 2019-01-24 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 Enter Agreement, Off-BS Arrangement
8-K 2018-05-02 Other Events
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 2018-01-25 Earnings, Regulation FD, Exhibits
8-K 2018-01-10 Regulation FD, Exhibits
CSGP Costar Group 18,080
CVNA Carvana 10,960
JKHY Henry Jack & Associates 10,340
HUBB Hubbell 6,840
MIME Mimecast 3,120
QDEL Quidel 2,410
APAM Artisan Partners Asset Management 2,100
AX Axos Financial 1,840
ARL American Realty Investors 209
LCLP Life Clips 0
AAL 2019-06-30
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 6. Exhibits
EX-10.1 ex101q21910q.htm
EX-10.2 ex102q21910q.htm
EX-31.1 ex311q21910q.htm
EX-31.2 ex312q21910q.htm
EX-31.3 ex313q21910q.htm
EX-31.4 ex314q21910q.htm
EX-32.1 ex321q21910q.htm
EX-32.2 ex322q21910q.htm

American Airlines Group Earnings 2019-06-30

AAL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 June 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.)
 
4333 Amon Carter Blvd.,
Fort Worth,
Texas
76155
 
 
 
(817)
963-1234
 
 
(Address of principal executive offices, including zip code)
 
 
(Registrant’s telephone number, including area code)
 
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.)
 
4333 Amon Carter Blvd.,
Fort Worth,
Texas
76155
 
 
 
(817)
963-1234
 
 
(Address of principal executive offices, including zip code)
 
 
(Registrant’s telephone number, including area code)
 
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 July 19, 2019, there were 445,270,728 shares of American Airlines Group Inc. common stock outstanding.
As of July 19, 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 June 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 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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Operating revenues:
 
 
 
Passenger
$
11,011

 
$
10,674

 
$
20,669

 
$
20,154

Cargo
221

 
261

 
439

 
488

Other
728

 
708

 
1,436

 
1,402

Total operating revenues
11,960

 
11,643

 
22,544

 
22,044

Operating expenses:
 
 
 
 
 
 
 
Aircraft fuel and related taxes
1,995

 
2,103

 
3,722

 
3,866

Salaries, wages and benefits
3,200

 
3,095

 
6,290

 
6,111

Regional expenses
1,886

 
1,793

 
3,648

 
3,490

Maintenance, materials and repairs
575

 
505

 
1,136

 
973

Other rent and landing fees
535

 
495

 
1,039

 
962

Aircraft rent
334

 
311

 
661

 
621

Selling expenses
401

 
385

 
771

 
742

Depreciation and amortization
489

 
457

 
969

 
898

Special items, net
121

 
182

 
259

 
407

Other
1,271

 
1,313

 
2,521

 
2,574

Total operating expenses
10,807

 
10,639

 
21,016

 
20,644

Operating income
1,153

 
1,004

 
1,528

 
1,400

Nonoperating income (expense):
 
 
 
 
 
 
 
Interest income
35

 
30

 
68

 
55

Interest expense, net
(275
)
 
(263
)
 
(546
)
 
(525
)
Other income (expense), net
(31
)
 
(15
)
 
78

 
64

Total nonoperating expense, net
(271
)
 
(248
)
 
(400
)
 
(406
)
Income before income taxes
882

 
756

 
1,128

 
994

Income tax provision
220

 
200

 
281

 
278

Net income
$
662

 
$
556

 
$
847

 
$
716

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.49

 
$
1.20

 
$
1.89

 
$
1.53

Diluted
$
1.49

 
$
1.20

 
$
1.88

 
$
1.52

Weighted average shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
445,008

 
463,533

 
448,479

 
467,915

Diluted
445,587

 
464,618

 
449,508

 
469,608

Cash dividends declared per common share
$
0.10

 
$
0.10

 
$
0.20

 
$
0.20

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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
662

 
$
556

 
$
847

 
$
716

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Pension, retiree medical and other postretirement benefits
(18
)
 
(17
)
 
(34
)
 
(33
)
Investments

 
2

 
3

 

Total other comprehensive loss, net of tax
(18
)
 
(15
)
 
(31
)
 
(33
)
Total comprehensive income
$
644

 
$
541

 
$
816

 
$
683

See accompanying notes to condensed consolidated financial statements.


5



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except shares and par value)
 
June 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
Current assets
 
 
 
Cash
$
319

 
$
275

Short-term investments
5,088

 
4,485

Restricted cash and short-term investments
157

 
154

Accounts receivable, net
1,943

 
1,706

Aircraft fuel, spare parts and supplies, net
1,708

 
1,522

Prepaid expenses and other
635

 
495

Total current assets
9,850

 
8,637

Operating property and equipment
 
 
 
Flight equipment
42,437

 
41,499

Ground property and equipment
9,007

 
8,764

Equipment purchase deposits
1,372

 
1,278

Total property and equipment, at cost
52,816

 
51,541

Less accumulated depreciation and amortization
(18,114
)
 
(17,443
)
Total property and equipment, net
34,702

 
34,098

Operating lease right-of-use assets
9,102

 
9,151

Other assets
 
 
 
Goodwill
4,091

 
4,091

Intangibles, net of accumulated amortization of $683 and $663, respectively
2,105

 
2,137

Deferred tax asset
792

 
1,145

Other assets
1,325

 
1,321

Total other assets
8,313

 
8,694

Total assets
$
61,967

 
$
60,580

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
 
 
 
Current liabilities
 
 
 
Current maturities of long-term debt and finance leases
$
3,500

 
$
3,294

Accounts payable
2,118

 
1,773

Accrued salaries and wages
1,304

 
1,427

Air traffic liability
5,956

 
4,339

Loyalty program liability
3,310

 
3,267

Operating lease liabilities
1,639

 
1,654

Other accrued liabilities
2,296

 
2,342

Total current liabilities
20,123

 
18,096

Noncurrent liabilities
 
 
 
Long-term debt and finance leases, net of current maturities
21,791

 
21,179

Pension and postretirement benefits
5,641

 
6,907

Loyalty program liability
5,249

 
5,272

Operating lease liabilities
7,818

 
7,902

Other liabilities
1,367

 
1,393

Total noncurrent liabilities
41,866

 
42,653

Commitments and contingencies

 

Stockholders’ equity (deficit)
 
 
 
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 445,262,351 shares issued and outstanding at June 30, 2019; 460,610,870 shares issued and outstanding at December 31, 2018
5

 
5

Additional paid-in capital
4,386

 
4,964

Accumulated other comprehensive loss
(5,927
)
 
(5,896
)
Retained earnings
1,514

 
758

Total stockholders’ deficit
(22
)
 
(169
)
Total liabilities and stockholders’ equity (deficit)
$
61,967

 
$
60,580

See accompanying notes to condensed consolidated financial statements.

6



AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)(Unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
Net cash provided by operating activities
$
2,387

 
$
2,894

Cash flows from investing activities:
 
 
 
Capital expenditures and aircraft purchase deposits
(2,323
)
 
(1,731
)
Proceeds from sale of property and equipment and sale-leaseback transactions
537

 
258

Purchases of short-term investments
(2,201
)
 
(1,184
)
Sales of short-term investments
1,611

 
1,579

Decrease (increase) in restricted short-term investments
(2
)
 
43

Other investing activities
(35
)
 

Net cash used in investing activities
(2,413
)
 
(1,035
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of long-term debt
2,589

 
892

Payments on long-term debt and finance leases
(1,781
)
 
(1,884
)
Deferred financing costs
(22
)
 
(28
)
Treasury stock repurchases
(625
)
 
(837
)
Dividend payments
(90
)
 
(94
)
Other financing activities
(1
)
 
(1
)
Net cash provided by (used in) financing activities
70

 
(1,952
)
Net increase (decrease) in cash and restricted cash
44

 
(93
)
Cash and restricted cash at beginning of period
286

 
398

Cash and restricted cash at end of period (1)
$
330

 
$
305

 
 
 
 
Non-cash transactions:
 
 
 
Right-of-use assets obtained in exchange for lease liabilities:
 
 
 
Operating leases
$
708

 
$
315

Finance leases
4

 

Settlement of bankruptcy obligations
7

 

Supplemental information:
 
 
 
Interest paid, net
559

 
542

Income taxes paid
4

 
13

 
   
(1) The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
Cash
$
319

 
$
293

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

 
12

Total cash and restricted cash
$
330

 
$
305


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
)
 
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
)
See accompanying notes to condensed consolidated financial statements.

8



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 six months ended June 30, 2018 have been recast to reflect the effects of adoption. As a result of the adoption of the New Lease Standard, our three and six months ended June 30, 2018 net income decreased by $10 million and $37 million, respectively.
(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.

9


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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Fleet restructuring expenses (1)
$
77

 
$
113

 
$
160

 
$
226

Merger integration expenses (2)
39

 
60

 
76

 
120

Mark-to-market adjustments on bankruptcy obligations, net (3)
5

 
(57
)
 
5

 
(56
)
Intangible asset impairment (4)

 
26

 

 
26

Litigation settlement (5)

 
5

 

 
45

Labor contract expenses

 

 

 
13

Other operating charges, net

 
35

 
18

 
33

Mainline operating special items, net
121

 
182

 
259

 
407

 
 
 
 
 
 
 
 
Mark-to-market adjustments on equity investments, net (6)
52

 
66

 
(25
)
 
66

Debt refinancing and extinguishment charges
8

 
14

 
8

 
14

Other nonoperating charges, net
9

 

 
16

 

Nonoperating special items, net
69

 
80

 
(1
)
 
80

 
 
 
 
 
 
 
 
Income tax special items, net (7)

 
18

 

 
40


     
(1) 
Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned.
(2) 
Merger integration expenses included costs associated with integration projects, principally our technical operations, flight attendant, human resources and payroll systems.
(3) 
Bankruptcy obligations that will be settled in shares of our common stock are marked-to-market based on our stock price.
(4) 
Intangible asset impairment includes a non-cash charge to write-off our Brazil route authority as a result of the U.S.-Brazil open skies agreement.
(5) 
Settlement of a private party antitrust lawsuit. See Note 12 - “Private Party Antitrust Action Related to Passenger Capacity” for further discussion.
(6) 
Mark-to-market adjustments on equity investments relate to net unrealized gains and losses primarily associated with our equity investment in China Southern Airlines Company Limited (China Southern Airlines).
(7) 
Income tax special items for the three months ended June 30, 2018 included an $18 million charge related to an international income tax matter. Additionally, the six months ended June 30, 2018 included a $22 million charge to income tax expense to establish a required valuation allowance related to our estimated refund for Alternative Minimum Tax (AMT) credits.

10


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


3. Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Basic EPS:
 
 
 
 
 
 
 
Net income
$
662

 
$
556

 
$
847

 
$
716

Weighted average common shares outstanding (in thousands)
445,008

 
463,533

 
448,479

 
467,915

Basic EPS
$
1.49

 
$
1.20

 
$
1.89

 
$
1.53

 
 
 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
 
 
Net income for purposes of computing diluted EPS
$
662

 
$
556

 
$
847

 
$
716

Share computation for diluted EPS (in thousands):
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
445,008

 
463,533

 
448,479

 
467,915

Dilutive effect of stock awards
579

 
1,085

 
1,029

 
1,693

Diluted weighted average common shares outstanding
445,587

 
464,618

 
449,508

 
469,608

Diluted EPS
$
1.49

 
$
1.20

 
$
1.88

 
$
1.52

 
 
 
 
 
 
 
 
Restricted stock unit awards excluded from the calculation of diluted EPS because inclusion would be antidilutive (in thousands)
3,087

 
1,690

 
2,677

 
845


4. Share Repurchase Programs and Dividends
In April 2018, we announced that our Board of Directors authorized a $2.0 billion share repurchase program that will expire on December 31, 2020. Since July 2014, our Board of Directors has approved seven share repurchase programs aggregating $13.0 billion of authority. As of June 30, 2019, there was $1.1 billion of remaining authority to repurchase shares under our current $2.0 billion share repurchase program. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice.
During the six months ended June 30, 2019, we repurchased 16.7 million shares of AAG common stock (all of which we purchased during the first quarter of 2019) for $600 million at a weighted average cost per share of $36.02. Since the inception of our share repurchase programs in July 2014 through June 30, 2019, we repurchased 295.6 million shares of AAG common stock for $11.9 billion at a weighted average cost per share of $40.43.
In April 2019, our Board of Directors declared a cash dividend of $0.10 per share for stockholders of record as of May 8, 2019 and paid on May 22, 2019, totaling $44 million. For the first six months of 2019, we paid total quarterly cash dividends of $90 million.

11


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


5. Revenue Recognition
Revenue
The following are the significant categories comprising our reported operating revenues (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Passenger revenue:
 
 
 
 
 
 
 
Passenger travel
$
10,217

 
$
9,877

 
$
18,989

 
$
18,507

Loyalty revenue - travel (1)
794

 
797

 
1,680

 
1,647

Total passenger revenue
11,011

 
10,674

 
20,669

 
20,154

Cargo
221

 
261