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美国证券交易委员会
华盛顿特区20549
表格
10-Q
☒根据《1934年证券交易法》第13或15(d)条款的季度报告
截止至本季度结束 2024年9月30日
☐根据1934年证券交易法第13条或第15(d)条的过渡报告
过渡期从                     到
委员会文件编号 1-8400
公司名称: american airlines group inc.
（依凭章程所载的完整登记名称）
 
特拉华州
75-1825172
(成立地或组织其他管辖区)（联邦税号）
1 Skyview Drive,
Fort Worth,
德克萨斯州
76155
(总部办公地址)（邮递区号）
(682)278-9000
(注册人电话号码，包括区号)
委员会文件编号 1-2691
美国航空
（依凭章程所载的完整登记名称）
 
特拉华州
13-1502798
(成立地或组织其他管辖区)（联邦税号）
1 Skyview Drive,
Fort Worth,德克萨斯州76155
(总部办公地址)（邮递区号）
(682)278-9000
(注册人电话号码，包括区号)
根据法案第12(b)条规定注册的证券：
每种类别的名称 交易标的（s） 每个注册交易所的名称
每股普通股0.01美元
 
公司代号: AAL
 
纳斯达克全球精选市场
优先股购买权
—
(1)
(1) 附加于普通股
标明并以核准符号表示，证券交易法 1934 年第 13 或 15(d) 条要求之申报已经登记来进行报告了，该报告需涵盖过去12个月期间 (或是公司需要进行该等报告的较短期间)，并且过去90天内已经受到相关的申报要求。
公司名称: american airlines group inc.☒
是
 ☐没有
美国航空☒
是
 ☐没有
请用勾记号表示公司是否在过去12个月内（或申报对象所需提交的较短期间内）已递交所有应递交的交互式资料档案，根据S-t法规405条款(本章规232.405节)的要求。
公司名称: american airlines group inc.☒
是
 ☐没有
美国航空☒
是
 ☐没有
请勾选指示登记者是否为大型快速提交人、快速提交人、非快速提交人、较小的报告公司或新兴成长型公司。请参阅交易所法规120亿2条，了解「大型快速提交人」、「快速提交人」、「较小的报告公司」和「新兴成长型公司」的定义。
公司名称: american airlines group inc.☒
大型加速归档人
☐加速档案提交者☐非加速申报公司☐较小报告公司☐新兴成长公司
美国航空☐大型加速归档人☐加速档案提交者
☒

非加速归档人
☐较小报告公司☐新兴成长公司
如果一家新兴成长公司，请勾选该公司是否选择不使用交易所法第13(a)条颁布的任何新的或修订的财务会计准则的延长过渡期来符合要求。
公司名称: american airlines group inc.☐
美国航空☐
勾选表示申报人是否为外壳公司（定义于交易所法规第1202条）。
公司名称: american airlines group inc.☐是 ☒没有
美国航空☐是☒没有
截至2024年10月18日，公司尚有 657,130,996 美国航空集团股份有限公司普通股尚未上市。
截至2024年10月18日，公司尚有 1,000 美国航空股票共有outstanding all股，所有板块均由american airlines group inc. 持有。


公司名称: american airlines group inc.
美国航空
10-Q基本报表
2024年9月30日结束的季度期间
目录
  页面
第一部分：财务资讯
项目1A。
项目10亿。
项目2。
项目3。
项目4。
第II部分：其他资讯
项目 1。
第1项事项
项目5。
第六项。

1

一般事项。
此报告由美国航空集团公司（AAG）及其全资附属公司美国航空公司（美国）提交。本报告中提及的“我们”、“我们”、“我们的”、“公司”和类似词汇指的是AAG及其合并子公司。本报告中提到的“主航线”是指仅涉及美国的运营，不包括区域型运营。
关于前瞻性声明的注意事项
本报告中的某些声明应被视为前瞻性声明，根据1933年修订(证券法)、1934年修订(交换法)和1995年《证券私法诉讼改革法》的含义而言。这些前瞻性声明可能通过「可能」、「将」、「预期」、「意图」、「预期」、「相信」、「估计」、「计划」、「项目」、「可能」、「应该」、「将继续」、「寻求」、「目标」、「指南」、「展望」、「如果目前趋势持续」、「乐观」、「预测」等类似词语加以辨识。此类声明包括但不限于有关我们未来计划、目标、期望、意图、估计和策略，以及非历史事实的其他声明。这些前瞻性声明基于我们目前的目标、信念和期望，并面对可能导致实际结果和财务状况及特定事件的时间安排与前瞻性声明中的信息有显著差异的重大风险和不确定性。这些风险和不确定性包括但不限于以下描述︰第I部分第2项「管理层对财务状况和营运结果的讨论及分析」中所述的，第II部分第1A项「风险因素」以及不时在我们向证券交易委员会(SEC)的申报中列明的其他风险和不确定性。
所有前瞻性声明都以第II部分第1A条的风险因素以及本报告其他部分讨论的因素作为参考进行限定。可能存在我们目前尚不知晓的其他因素，可能影响到前瞻性声明中讨论的事项，并且也可能导致实际结果与所讨论内容有重大差异。我们不承担公开更新或补充任何前瞻性声明以反映实际结果、假设变更或其他影响此类声明的因素变更的义务，除非法律要求。任何前瞻性声明仅代表本报告日期或声明中指示的日期。
2
目录
风险因素摘要
我们的业务受多种风险和不确定性影响，可能会影响我们的业务、经营业绩和财务状况，或者我们普通股或其他证券的交易价格。我们提醒读者，这些风险因素可能并非详尽无遗。我们运营在一个不断变化的商业环境中，新的风险和不确定因素不时出现。管理层无法预测这些新的风险和不确定性，也无法评估以下任何风险因素或任何此类新的风险和不确定性，或者任何以上风险因素或任何此类新的风险和不确定性的影响可能会对我们的业务产生何种影响。这些风险在第二部分，第1A项“风险因素”中更详细描述。这些风险包括但不限于以下内容：
与我们的业务和行业有关的风险
•经济状况的下滑可能会对我们的业务产生不利影响。
•我们需要获得足够的融资或其他资金来顺利运营。
•我们高水平的债务和其他义务可能会限制我们资金一般企业需求和获得额外融资的能力，可能会限制我们对竞争性发展做出灵活反应的能力，可能会导致我们业务容易受到不利经济和行业板块条件的影响。
•我们有重大的养老金和其他离退休福利的资金义务，这可能会对我们的流动性、运营结果和财务状况产生不利影响。
•如果我们的财务状况恶化，我们信用卡处理和其他商业协议中的条款可能会对我们的流动性产生不利影响。
•我们业务的顺利运作依赖于关键人员，如果这些人员离职或者我们无法吸引、培养和留住更多合格的人员，可能会对我们的业务产生不利影响。
•我们的业务已经并将继续受到许多不受控制的经济、地缘政治、商业、监管和其他条件的重大影响，包括影响旅行行为的全球事件，我们的运营结果可能会因这些条件的变化而变得波动和波动很大。
•航空业竞争激烈且充满活力。
•工会纠纷、雇员罢工和其他与劳工有关的中断可能会对我们的运营和财务表现产生不利影响。
•如果我们与任何第三方区域运营商或第三方服务提供商出现问题，由于收入下降或公众对我们服务的负面看法，我们的运营可能会受到不利影响。
•对我们声誉或品牌形象的任何损害可能对我们的业务或财务结果产生不利影响。
•旨在增加收入和降低成本的业务模式变更可能不成功，可能导致运营困难或减少需求。
•我们的知识产权，尤其是我们的品牌权益，具有很大的价值，任何无法保护它们的情况可能对我们的业务和财务结果产生不利影响。
•我们可能会在业务过程中或其他方面参与诉讼，这可能会影响我们的财务状况和流动性。
•我们利用净经营亏损和其他可抵扣款项的能力可能受限，任何新的美国税收立法可能会对我们的业务和财务业绩产生不利影响。
•我们拥有大量的商誉，至少每年评估其减值。此外，我们可能永远无法实现我们无形资产或长期资产的全部价值，导致我们记录重大减值费用。
3
目录
•我们与其他公司建立的商业关系，包括任何相关的股权投资，可能不会产生我们期望的回报或结果。
•我们的业务非常依赖于飞机燃料的价格和供应情况。燃料成本持续波动较高、燃料价格上涨或飞机燃料供应出现重大干扰可能会对消费需求、我们的运营结果和流动性产生重大负面影响。
•我们的业务受到广泛的政府监管，可能会导致成本增加、业务中断、操作灵活性受限、航空旅行需求下降以及竞争劣势。
•我们经营着一个全球性业务，其国际业务受经济和政治不稳定性的影响，过去已经受到了影响，未来可能继续受到无法控制的许多事件、情况或政府行为的不利影响。
•我们可能会受到境外冲突、恐怖袭击或其他暴力行为的不利影响，无论在国内还是国外；旅游行业继续面临持续的安防-半导体担忧。
•我们受气候变化风险的影响，包括增加对温室气体（GHG）排放的监管、消费者偏好的变化以及极端天气事件对我们运营和基础设施的潜在影响。
•飞行员或其他人员短缺过去曾严重影响我们的业务，并可能继续在重大程度上产生不利影响。
•我们依赖有限数量的飞机、飞机发动机和零部件供应商。 计划中飞机交付延误、飞机或发动机由监管机构或我们自行停飞突发、其他损失预期的机队能力，以及新飞机未获得监管批准、生产或按预期时产生的故障，对我们的业务、运营结果和财务状况造成不利影响。
•我们严重依赖技术和自动化系统来经营我们的业务，这些技术或系统的任何故障可能会对我们的业务、运营结果和财务状况造成损害。
•随着数据隐私要求的不断发展（特别是遵守与处理个人信息有关的适用联邦、州和外国法律），我们的成本可能会增加，任何重大的数据隐私事件都可能会扰乱我们的运营，损害我们的声誉，使我们面临法律风险，并且可能会对我们的业务、运营结果和财务状况产生重大不利影响。
•我们面临来自网络攻击的风险，任何涉及我们、我们的第三方服务提供商、AAdvantage合作伙伴或其他业务伙伴的网络安全事件可能会对我们的业务、运营结果和财务状况产生重大不利影响。
•我们依赖第三方分销渠道，必须有效管理这些渠道的成本、权利和功能。
•如果我们无法获得并保持整个系统和部分机场的足够设施和制造行业，甚至在一些机场没有足够的航班时段，我们可能无法运营现有的航班计划，并且无法在未来扩大或更改航线网络，这可能会对我们的运营产生重大不利影响，而在我们的关键设施之一出现服务中断或中断可能会对我们的运营产生重大不利影响。
•保险费用的增加或保险范围的减少可能会对我们的运营和财务结果产生不利影响。
4
目录
第一部分: 财务信息
AAG和美国联合提交了10-Q表上的本报告，并在第1A和Item 10亿中分别包括每家公司的简明合并财务报表。
5
目录
美国航空集团公司的简明合并财务报表第1A项。
美国航空集团公司。
简明合并利润表
(以百万为单位，除股票及每股金额外)(未经审计)
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
营业收入：
乘客$12,523 $12,421 $37,184 $36,502 
货物202 193 584 613 
其他922 868 2,783 2,611 
总营业收入13,647 13,482 40,551 39,726 
运营费用：
飞机燃料和相关税2,874 3,209 8,916 9,098 
工资、工资和福利4,098 3,974 11,917 10,891 
地区开支1,264 1,168 3,733 3,463 
维护、材料和维修989 870 2,823 2,389 
其他租金和着陆费861 745 2,514 2,214 
飞机租金303 342 945 1,031 
销售费用468 430 1,331 1,357 
折旧和摊销479 487 1,424 1,456 
特殊物品，净额554 949 625 962 
其他1,668 1,531 4,843 4,487 
运营费用总额13,558 13,705 39,071 37,348 
营业收入（亏损）89 (223)1,480 2,378 
营业外收入（支出）：
利息收入117 168 363 456 
利息支出，净额(480)(537)(1,464)(1,626)
其他收入（支出），净额18 (98)(20)(119)
非营业支出总额，净额(345)(467)(1,121)(1,289)
所得税前收入（亏损）(256)(690)359 1,089 
所得税准备金（福利）(107)(145)103 286 
净收益（亏损）$(149)$(545)$256 $803 
普通股每股收益（亏损）：
基本$(0.23)$(0.83)$0.39 $1.23 
稀释$(0.23)$(0.83)$0.39 $1.16 
加权平均已发行股数（千股）：
基本657,424 654,119 656,745 653,241 
稀释657,424 654,119 658,775 719,956 

请参阅附注事项的简明合并财务报表。
6
目录
美国航空集团公司。
基本报表综合损益表
(金额单位：百万)(未经审计)
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
净收益（亏损）$(149)$(545)$256 $803 
扣除税款的其他综合收益（亏损）：
养老金、退休人员医疗和其他退休后福利18 (237)55 (203)
投资5 (1)4 — 
扣除税款的其他综合收益（亏损）总额23 (238)59 (203)
综合收益总额（亏损）$(126)$(783)$315 $600 
请参阅附注事项的简明合并财务报表。
7
目录
美国航空集团公司
简明合并资产负债表
(除每股和面值金额外，单位为百万)
2024年9月30日2023年12月31日
 (未经审计) 
资产
流动资产
现金$834 $578 
短期投资7,638 7,000 
限制性现金和短期投资752 910 
2,687,823 1,820 2,026 
飞机燃料、备件和用品净额2,582 2,400 
预付费用和其他830 658 
总流动资产14,456 13,572 
经营性物业和设备
飞行设备43,110 41,794 
土地、房屋及设备10,105 10,307 
设备购买定金1,098 760 
总资产和设备，成本54,313 52,861 
减：累计折旧和摊销(23,467)(22,097)
净房地产和设备总资产30,846 30,764 
经营租赁权使用资产7,709 7,939 
其他
商誉4,091 4,091 
无形资产，减少累积摊销$839 和 $834 的坏账准备
2,046 2,051 
递延税款资产2,768 2,888 
其他1,612 1,753 
其他资产总计10,517 10,783 
总资产$63,528 $63,058 
负债和股东权益（赤字）
流动负债
长期债务和融资租赁的当前到期债务$5,384 $3,632 
应付账款2,623 2,353 
应计工资和工资2,484 2,377 
空中交通责任7,551 6,200 
忠诚计划负债3,584 3,453 
经营租赁负债1,173 1,309 
其他应计负债2,733 2,738 
流动负债合计25,532 22,062 
非流动负债
长期债务和融资租赁，减去当前到期债务26,268 29,270 
养老金和离退休福利2,568 3,044 
忠诚计划负债6,035 5,874 
经营租赁负债6,348 6,452 
其他负债1,631 1,558 
非流动负债合计42,850 46,198 
承诺和 contingencies
股东权益（赤字）
普通股，每股面值为 $0.0001；0.01每股面值; 1,750,000,000 657,102,842 2024年9月30日股份已发行并流通 654,273,192截止2024年3月31日，已发行股票总数为56,637,473股
7 7 
额外实收资本7,407 7,374 
累计其他综合损失(4,835)(4,894)
赤字(7,433)(7,689)
股东赤字总额(4,854)(5,202)
负债和股东权益（赤字）总额$63,528 $63,058 
请参阅附注事项的简明合并财务报表。
8
目录
美国航空集团公司。
现金流量表简明综合报表
(金额单位：百万)(未经审计)
 截至9月30日的九个月
 20242023
经营活动产生的现金流量净额$3,585 $5,154 
投资活动现金流量：
资本支出和飞机采购押金(1,943)(1,753)
出售后租回交易和出售房地产和设备的收益598 219 
购买期权(6,528)(8,323)
短期投资出售额5,901 6,857 
受限短期投资的减少159 39 
其他投资活动(21)300 
投资活动产生的净现金流出(1,834)(2,661)
筹集资金的现金流量：
长期债务和融资租赁的偿付款(2,698)(4,624)
长期债务发行所得1,252 2,324 
其他融资活动(53)(92)
筹集资金净额(1,499)(2,392)
现金及限制性现金净增加额252 101 
期初现金及受限制的现金681 586 
期末现金和受限现金 (1)
$933 $687 
非现金交易:
通过经营租赁获得的使用权资产$775 $748 
通过债务、融资租赁和其他手段获得的房地产和设备193 89 
将经营租赁转换为融资租赁130 — 
将融资租赁转换为经营租赁33 27 
补充信息：
利息净支付额1,512 1,711 
所得税已付款项6 4 
(1)下表提供了现金和受限制现金与在简明综述合并资产负债表中报告的金额之间的调节。
现金$834 $577 
包括在限制性现金和短期投资中的限制性现金99 110 
总现金和限制性现金$933 $687 
请参阅附注事项的简明合并财务报表。
9
目录
美国航空集团公司。
缩表合并的股东赤字表决案
（以百万为计量单位，股份除外）（未经审计）
普通股
股票
额外的
实收资本
资本
累积的
其他
综合
损失
留存收益
$		总费用
2023年12月31日结余为$7 $7,374 $(4,894)$(7,689)$(5,202)
净亏损— — — (312)(312)
其他综合收益，净额— — 17 — 17 
发行1,772,443 根据员工股票计划，扣除现金税款后的AAG普通股份
— (11)— — (11)
基于股份的报酬支出
— 28 — — 28 
股权奖励的修改— (20)— — (20)
2024年3月31日结存余额7 7,371 (4,877)(8,001)(5,500)
净收入— — — 717 717 
其他综合收益，净额— — 19 — 19 
发行562,167 根据员工股票计划，扣除现金税款后的AAG普通股份
— (3)— — (3)
基于股份的报酬支出— 21 — — 21 
2024年6月30日余额7 7,389 (4,858)(7,284)(4,746)
净亏损— — — (149)(149)
其他综合收益，净额— — 23 — 23 
发行495,040 根据员工股票计划，AAG普通股的股份扣除用于支付现金税款的股份
— (4)— — (4)
基于股份的报酬支出— 22 — — 22 
2024年9月30日的余额$7 $7,407 $(4,835)$(7,433)$(4,854)
10
目录
美国航空集团公司。
缩表合并的股东赤字表决案
（以百万为计量单位，股份除外）（未经审计）
普通股
股票
额外的
实收资本
资本
累积的
其他
综合
损失
留存收益
$		总费用
2022年12月31日结存余额$6 $7,291 $(4,585)$(8,511)$(5,799)
净收入— — — 10 10 
其他综合收益，净额— — 18 — 18 
发行2,175,213 根据雇员股票计划，扣除用于现金税的股份后，分销AAG普通股。
1 (16)— — (15)
基于股份的报酬支出
— 15 — — 15 
2023年3月31日的余额7 7,290 (4,567)(8,501)(5,771)
净收入— — — 1,338 1,338 
其他综合收益，净额— — 17 — 17 
发行469,087 根据雇员股票计划，扣除用于现金税的股份后，分销AAG普通股。
— (1)— — (1)
基于股份的报酬支出— 32 — — 32 
2023年6月30日的余额7 7,321 (4,550)(7,163)(4,385)
净亏损— — — (545)(545)
其他综合损益，净额— — (238)— (238)
发行217,302 根据员工股票计划，在扣除用于缴纳现金税款的股份后，持有AAG普通股的股数
— (1)— — (1)
基于股份的报酬支出
— 29 — — 29 
清算争议索赔储备中持有的单次无担保债权— 4 — — 4 
2023年9月30日结余$7 $7,353 $(4,788)$(7,708)$(5,136)
请参阅附注事项的简明合并财务报表。
11
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
1. 报告范围
（a）报表编制方法
美国航空集团有限公司的附属未经审计的简明综合财务报表（我们、我们、我们和类似术语或AAG）应与我们于2023年12月31日结束的年度十大报告中包含的综合财务报表一同阅读。 附属的未经审计的简明综合财务报表包括AAG及其全资子公司的账户。 AAG的主要子公司是美国航空公司（美国）。 所有重大的公司间交易已被消除。
管理层认为，在所呈现的中期未经审计的简明合并财务报表中，已包括了为了公正呈现结果而必要的所有调整，其中包括通常发生的项目。根据美国通用会计准则（GAAP）编制财务报表要求管理层做出一些估计和假设，这些估计和假设会影响资产和负债、收入和支出的报告金额，以及财务报表日期的相关资产和负债的披露。实际结果可能会与这些估计有所不同。最重要的审慎区域涉及客运营收确认、忠诚计划、递延税款资产，以及养老金和退休医疗以及其他退休福利。
(b)劳资关系
2024年9月，美国和代表我们主要航线乘务员的专业飞行乘务员协会批准了一项新的集体谈判协议。 五年 该协议提供了工资涨幅、生活质量福利和其他相关福利项目。已批准的协议还包括一项一次性支付条款。5142024年第三季度，由于批准该新协议而产生的一次性费用被记录为主要航线运营特别项目净额，并包括预计将于2024年11月支付的一次性支付金额为$ 百万。
2. 特殊项目净额
在简化并表利润表中，特殊项目净额包括以下内容（以百万为单位）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
劳动合同费用 (1)
$516 $983 $573 $983 
解雇费用— — 13 21 
其他运营特殊项目，净额38 (34)39 (42)
Mainline operating special items, net554 949 625 962 
区域营运特殊项目净额— 2 — 8 
特殊项目营运净额554 951 625 970 
股权投资的市值调整，净额 (2)
(27)59 23 70 
债务再融资和清偿— 42 7 76 
非经营特殊项目净额(27)101 30 146 
(1)2024年9月30日结束的三个月劳动合同费用与通过与我们的主要航线空乘人员达成新集体谈判协议而产生的一次性费用有关，包括一次性支付$514百万。截至2024年9月30日的九个月，劳动合同费用与通过上述与我们的主要航线空乘人员达成新集体谈判协议以及与我们的主要航线乘客服务团队成员达成的一次性费用有关。
截至2023年9月30日的三个月和九个月的劳动合同费用与我们的主要飞行员新的集体谈判协议批准有关，包括一次性支付$754 百万美元，以及对其他福利相关项目的调整229股票回购活动以及因员工基于股票的补偿目的而重新发行国库股的情况如下：
12
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
(2)净股权投资标记为市场调整包括与某些股权投资相关的未实现收益和损失。
3. 普通股票每股收益（亏损）
以下表格提供了基本和稀释每股收益（EPS）的计算（单位：百万美元，除每股分享和每股金额之外）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
基本每股收益：
$(149)$(545)$256 $803 
加权平均流通在外股份（以千计）657,424 654,119 656,745 653,241 
每股收益$(0.23)$(0.83)$0.39 $1.23 
摊薄后每股收益:
$(149)$(545)$256 $803 
存款的利息支出增加了200万美元，或48.5％，至620万美元，而2023年6月30日的四百二十万美元。平均存款成本上涨了131个基点，从2023年6月30日的2.68％上升至2024年6月30日的3.99％。存款成本上涨主要是由于更高的利率环境和存款组合的变化，存款证书的平均余额从2023年6月30日的4.94亿美元增加了2390万美元至2024年6月30日的5.179亿美元，而这三个月结束于2023年6月30日的NOW /货币市场账户和储蓄账户的平均余额分别减少了2060万美元和480万美元。 6.50%可转换債務
— — — 33 
净利润（亏损）用于计算摊薄后每股收益的目的$(149)$(545)$256 $836 
每股稀释收益的计算（以千为单位）：
基本加权平均每股普通股股数657,424 654,119 656,745 653,241 
受限制股本单位奖励的摊薄效应— — 888 1,677 
特定PSP认股权和国库贷款认股权的摊薄效应— — 1,142 3,310 
假设转换为 6.50%可转换优先票据
— — — 61,728 
稀释后加权平均每股普通股股数657,424 654,119 658,775 719,956 
摊薄后每股收益$(0.23)$(0.83)$0.39 $1.16 
由于包含此类股份将使摊薄后每股收益变得无法实现，因此以下项目未纳入摊薄后每股收益的计算（单位：千）：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
6.50%可转换优先票据
61,728 61,728 61,728 — 
限制性股票单位奖励2,862 3,627 2,717 3,802 
此外，在截至2024年和2023年9月30日的三个和九个月中，由于包含这些股份将导致摊薄后每股收益抗稀释，因此从摊薄后每股收益的计算中排除了某些股份，这些股份是根据（i）根据《冠状病毒援助、救济和经济安全法案》下建立的工资支援计划（PSP1）发行的认股权证所基础的股份，（ii）根据《2021年统编法案第IV卷第N卷A标题下建立的工资支援计划》（PSP2）发行的认股权证所基础的股份，（iii）根据《2021年美国救援计划法案》下建立的工资支援计划（PSP3）发行的认股权证（合称PSP认股权证）以及（iv）与美国财政部签订的贷款和担保协议（财政部贷款认股权证）相关的股份。
下表提供了PSP认股权和国库贷款认股权的摘要:
权证万事通发行(股份，以千为单位)行权价格（美元）有效期
PSP1万事通14,04812.51 2025年4月至2025年9月
PSP2万事通6,57615.66 2026年1月至2026年4月
PSP3认股权4,40721.75 2026年4月至2026年6月
国库贷款认股权4,39612.51 2025年9月
13
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
4. 收入确认
营业收入
以下是构成我们营业收入的重要类别（以百万计）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
客运收入:
其他营业收入内的Loyalty revenue主要由销售TrueBlue的非空运元素组成。$11,539 $11,473 $34,334 $33,821 
忠诚度收入-旅游 (1)
984 948 2,850 2,681 
总客运收入12,523 12,421 37,184 36,502 
货运202 193 584 613 
其他:
忠诚度收入 - 营销服务 779 732 2,363 2,195 
其他收入143 136 420 416 
其他总收入922 868 2,783 2,611 
总营收$13,647 $13,482 $40,551 $39,726 
(1)乘客收入中包含的忠诚度营业收入主要由里程兑换组成，这些里程是通过旅行或与合作品牌的信用卡和其他合作伙伴赚取的。
以下是我们按地理区域划分的总客运收入（以百万美元表示）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
国内$8,681 $8,616 $26,285 $25,848 
拉丁美洲1,433 1,490 4,897 5,045 
大西洋
2,110 2,056 5,122 4,875 
太平洋299 259 880 734 
乘客收入总额$12,523 $12,421 $37,184 $36,502 
我们根据每个航段的起点和终点将乘客收入归因于地理区域。
合同余额
我们的重大合同责任包括：(1) 未兑现的忠诚计划里程积分，可用于未来的航空旅行、非航空旅行和其他奖励，报告在简明综合资产负债表中作为忠诚计划责任；(2) 未提供的运输服务的机票销售额，报告在简明综合资产负债表中作为空中运输责任。
2024年9月30日2023年12月31日
（以百万计）
忠诚计划负债$9,619 $9,327 
空中交通责任7,551 6,200 
总费用$17,170 $15,527 
14
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
忠诚计划负债的余额会根据季节模式波动，这会影响通过旅行颁发的或出售给与合作信用卡及其他合作伙伴的里程积分的成交量（营业收入的递延）以及里程积分兑换产生的营业收入的确认。 忠诚计划负债的变化如下（以百万为单位）：
2023年12月31日结余为$9,327 
收入递延3,105 
营收认定 (1)
(2,813)
2024年9月30日的余额 (2)
$9,619 
(1)主要涉及从兑换飞行里程积分、非飞行里程积分和其他奖励所确认的营业收入。里程积分合并在一个同质池中，无法单独识别。因此，该收入包括了 loyalty program 在期初推迟收入余额中的里程积分，以及该期间发放的里程积分。
(2)里程积分可以随时兑换，并且只要AAdvantage会员每个月都有任何一种合格的活动，通常不会过期 24 月，或者AAdvantage会员是共同持有信用卡的主要持有人。截至2024年9月30日，我们当前的忠诚度计划负债为$3.6 十亿美元，代表了我们对未来 12 个月内预计实现的营业收入的当前估计，基于历史趋势，余额反映在长期忠诚度计划负债中，预计在此后的时间段内作为收入确认。
航空公司的航空交通责任主要代表了美国及合作伙伴航空公司未来旅行所售出的机票。我们航空交通责任的余额也会随季节性旅行模式的变化而波动。乘客机票的合同期一般为 一年。因此，任何与未来旅行所售出的机票相关的营业收入将在 12 个月内确认。截至2024年9月30日的九个月内，已确认了营业收入为4.9 十亿美元，这部分营业收入包含在2023年12月31日的航空交通责任中。
15
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
5. 债务
简明综合资产负债表中包括的长期负债（以百万美元计）：
2024年9月30日2023年12月31日
有担保
2013年期贷款工具，可变利率 7.96，直到2028年2月到期分期付款
$980 $990 
2014年期贷款工具，可变利率 6.45，直到2027年1月到期分期付款
1,171 1,183 
2023年期贷款工具，可变利率 7.21%，分期付款从2024年12月开始，直到2029年6月到期
1,100 1,100 
10.75% 高级担保IP票据，仅限于利息支付，直到2026年2月到期
1,000 1,000 
10.75% 高级担保LGA/DCA票据，仅限于利息支付，直到2026年2月到期
200 200 
7.25% 高级担保票据，仅限于利息支付，直到2028年2月到期
750 750 
8.50% 高级担保票据，仅限于利息支付，直到2029年5月到期
1,000 1,000 
5.50% 高级担保票据，分期付款直到2026年4月到期 (1)
2,042 2,917 
5.75% 高级担保票据，分期付款从2026年7月开始，直到2029年4月到期 (1)
3,000 3,000 
AAdvantage贷款设施，利率期货为变量 10.29%，直到2028年4月到期的分期付款 (1)
2,625 3,150 
增强设备信托证券（EETCs），固定利率范围从 2.88可以降低至0.75%每年7.15%，平均 3.88%，从2024年到2034年到期
7,637 7,657 
设备贷款和其他应付票据，固定和变量利率范围从 2.55可以降低至0.75%每年8.57%，平均 6.70从2024年到2036年到期的%，
3,812 3,612 
特殊设施营收债券，固定的利率期货范围从 2.25可以降低至0.75%每年5.38从2026年到2036年到期的%，
880 967 
26,197 27,526 
无担保
PSP1保票，利息只支付到2030年4月到期为止1,757 1,757 
PSP2保票，利息只支付到2031年1月到期为止1,030 1,030 
PSP3保票，利息只支付到2031年4月到期为止959 959 
6.50%可转换优先票据，直到2025年7月到期之前仅支付利息
1,000 1,000 
3.75%高级票据，直到2025年3月到期之前仅支付利息
487 487 
5,233 5,233 
所有长期债务31,430 32,759 
减：总未摊销债务折扣、溢价和发行成本320 363 
减：流动部分到期债务5,262 3,501 
长期负债净额$25,848 $28,895 
(1)统称为AAdvantage融资。
截至2024年9月30日，我們的循環信用額度和其他融資工具的最大可用性如下（以百萬計）：
2013年的循环授信设施$500 
2014年的循环授信设施1,500 
2023年循环信贷890 
其他设施400 
总费用$3,290 
16
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
2024年3月，美国签署了一项循环信贷协议，提供最高达$350百万的借款额度，到期日为2027年3月，有延长一年的选择。截至2024年9月30日，该协议下已经有 否 美国currently最多可借款额度为$50 百万的货物应收账款信贷额度，该额度将于2024年12月到期。如下文所述，2013年、2014年和2023年循环信贷额度的总承诺为2.9$约40亿，截至2029年6月4日。
担保融资，包括循环信贷和其他设施，抵押资产主要包括飞机、发动机、模拟器、机场登机权租赁权、航线权限、机场时段、某些应收账款、某些知识产权和某些忠诚计划资产。
6.50可转换高级债券
2024年9月30日，可转换价值为 6.50到期日为2025年的可转换优先债券（转换债券）的每股普通股最后报告的销售价格（如我们的转换债券管理指示中所定义的，转换债券管理指示）不超过 130转换债券转换价的%至少持续 20。每期分期付款应于该年的30 截至2024年9月30日的连续交易日。因此，根据转换债券管理指示的条款，转换债券持有人在2024年12月31日结束的季度内不能随时选择转换。每1000美元的转换债券本金金额可按61.7284股我们公司的普通股比率转换，根据转换债券管理指示中提供的调整。我们可以按我们的选择以现金、我们公司的普通股或现金和我们公司的普通股组合支付或交付转换。如果在到期日未满足某些条件，则需要现金结算。
2024年融资活动
2013年授信额度 - 2013年循环授信设施
2024年6月4日，美国航空和AAG签订了经修订和重述的信贷和担保协议第九修正案（第九修正案），修订了截至2015年5月21日的经修订和重述的信贷和担保协议（经修订的2013年信贷协议），根据该修正案，美国终止了2013年信贷协议下的所有现有循环承诺和信用证承诺，并设立了总额为美元的新循环承诺500百万（包括签发总额为美元的信用证的能力100百万）（新设的承诺，即2013年循环基金），到期日为2029年6月4日。此外，根据第九修正案，2013年循环贷款按基准利率计息（下限为 1.00%) 加上适用的利润率 2.00%, 2.25% 或 2.50％，取决于AAG的上市公司信用评级，或者，根据美国航空的选择，期限为一、三或六个月的有担保隔夜融资利率（SOFR），具体取决于美国人选择的利息期（下限为 0.00%)，加上适用的利润率为 3.00%, 3.25% 或 3.50%，取决于AAG的上市公司信用评级。根据第九修正案，2013年循环融资机制下的SOFR借款不受信贷利差调整。
2014年信贷配套措施–2014年循环融资设施
2024年6月4日，美国和AAG签署了第十修订版本的修订和重新确认信贷及担保协议（第十次修订），修订于2015年4月20日的修订和重新确认信贷及担保协议（经修订的2014信贷协议），根据该协议，美国终止了所有现有的可用于2014信贷协议的循环承诺和信用证承诺，并设立了新的循环承诺，总额为$1.5十亿美元（包括发行总额为$200百万美元）的能力（新设立的承诺，2014循环设施），到期日为2029年6月4日。此外，由于第十次修订，2014年循环设施的基本利率为基准利率（须达到 1.00%的底线），再加上 2.00%, 2.25大约2.50%的适用利差，取决于AAG的公开公司信贷评级，或者美国可选择，按照美国所选择的利率期限为一、三或六个月的SOFR利率（须达到 0.00%的底线），再加上 3.00%, 3.25大约3.50%，取决于AAG的公共公司信用评级。第十次修正案还将最低流动性财务契约门槛从$2.2亿美元2.0 十亿美元和降低了进行某些受限制支付的流动性要求从$4.2亿美元4.0 十亿美元。根据第十次修正案，2014年循环融资工具下的SOFR借款不受信用利差调整的影响。
17
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
2023信贷设施
2024年6月4日，美国航空和AAG签订了信贷和担保协议第一修正案（第一修正案）和信贷和担保协议第二修正案（第二修正案），均对截至2023年12月4日的信贷和担保协议（经修订的2023年信贷协议）进行了修订。根据第一修正案，美国建立了循环信贷额度（2023年循环信贷额度），总额为美元890百万，将于2029年6月4日到期。2023年循环贷款按基准利率计息（下限为 1.00%) 加上适用的利润率 2.00%, 2.25% 或 2.50％，取决于AAG的上市公司信用评级，或者，根据美国航空的选择，期限为一、三或六个月的SOFR利率，具体取决于美国人选择的利息期（下限为 0.00%)，加上适用的利润率为 3.00%, 3.25% 或 3.50%，取决于AAG的上市公司信用评级。2023年循环融资机制下的SOFR借款不受信用利差调整的影响。根据第二修正案，美国人取代了美元1.1根据2023年信贷协议发放的10亿美元初始定期贷款，新定期贷款，本金为美元1.1十亿美元（此类新定期贷款，即2023年定期贷款额度）。2023年定期贷款机制按基准利率计息（下限为 1.00%)，加上适用的利润率为 1.50年利率百分比，或根据美国航空的选择，期限为一、三或六个月的SOFR利率，视美国人选择的利息期限而定（下限为 0.00%)，加上适用的利润率为 2.50每年百分比。2023年定期贷款机制下的SOFR借款不受信用利差调整的影响。
2016年4月的循环授信设施
2024年6月4日，美国终止了自2016年4月29日起生效的信贷及担保协议（经修订，以下简称为2016年4月信贷协议）下的所有循环承诺。因此，2016年4月信贷协议被终止，以及担保2016年4月信贷协议的所有留置权也被释放。
2024年发行的EETCs
2024年第三季度，美国签署协议借入$684 百万美元，用于融资早前交付的某些飞机。根据协议产生的债务次于现有设备票据，于2027年至2028年到期，并按固定利率计息。 7.10%.
2024年发行的设备贷款和其他应付款注释
2024年前九个月，美国达成协议，借款$571 百万美元，用于特定飞机融资。根据这些协议产生的债务将于2030年至2036年到期，并按照9月30日截至，利率为不同比例（包括SOFR加上适用的利差）平均为 6.86%。
6. 所得税
到2023年12月31日，我们大约有美元13.7 亿美元的联邦净经营亏损（NOLs）和$4.7亿美元的其他结转额可用于减少未来的联邦应税收入，其中$3.4 亿美元将从2029年开始在未使用时到期，而$15.0 亿美元可以无限期地继续结转。我们在2023年12月31日还有大约$5.5 亿美元的NOL结转额可用于减少未来的州级应税收入，在2023年至2043年的应税年度内过期，如果无法使用的话。
我们的能力使用我们的NOLs和其他可抵扣项目取决于未来时期产生的应税收入数量。我们为我们的递延税资产提供估值准备金，包括我们的NOLs，在某一部分或所有的递延税资产未能实现的情况下。我们考虑所有可获得的积极和消极证据，并在评估我们递延税资产的实现性时做出某些假设。我们考虑了许多因素，影响我们对未来盈利能力的评估，包括那些超出我们控制范围的条件，如经济状况、航空燃料供应和价格波动以及旅行需求的健康状况。我们已确定积极因素在确定我们递延税资产实现性方面的权重大于消极因素。不能保证我们的净递延税资产不需要额外的估值准备金。这种估值准备金可能是实质性的。
18
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
7. 公允价值衡量
以公允价值计量的定期持有的资产
我们利用市场方法来衡量我们的金融资产的公允价值。市场方法使用市场交易生成的价格和其他相关信息，涉及相同或可比资产。我们的开空投资、受限现金和受限开空投资被分类为第2级，利用除活跃市场中的报价价格以外的显著可观输入来对这些证券进行估值。在2024年9月30日结束的九个月内，估值技术或输入未发生变化。
按公允价值计量的资产按以下方式进行分类汇总（以百万计）：
 2024年9月30日的公允价值衡量
 总费用一级二级三级
短期投资 (1), (2):
货币市场基金$780 $780 $— $— 
公司债务4,154 — 4,154 — 
银行票据/存款凭证/定期存款2,154 — 2,154 — 
回购协议550 — 550 — 
7,638 780 6,858 — 
限制性现金和短期投资 (1), (3)
752 416 336 — 
长期投资 (4)
141 141 — — 
总费用$8,531 $1,337 $7,194 $— 
(1)所有短期投资均被分类为可供出售金融资产，并按公允价值计量。未实现的可出售金融资产的收益和损失被记录在每个报告期的累计其他综合收益中。本期未发生信用损失。
(2)我们的短期投资在一年或更短时间内到期。
(3)受限现金和开空期投资主要包括用于支持工伤赔偿义务和支付AAdvantage融资利息的抵押品。 受限开空期投资的到期期限为一年或更短，除了9月30日，2024年为止的1000万美元。175 1000万美元截至2024年9月30日。
(4)长期投资包括我们在南方航空公司有限公司（南方航空）、Vertical Aerospace Ltd.（Vertical）和GOL Linias Aéreas Inteligentes S.A.（GOL）的股权投资。有关我们股权投资的更多信息，请参见注释8。
债务公允价值
我们的长期负债的公允值是使用报价市场价格或基于我们当前估计的类似借款安排的增量借款利率的折现现金流分析来估计的。如果我们的长期负债以公允价值衡量，它将被分类为第2级，除了$3.7 十亿美元截至2024年9月30日和2023年12月31日的那部分，将被归类为公允价值层次中的第3级，其公允价值分别为$3.4私人股权和其他投资的金额分别为52.27亿美元和53.98亿美元，截至2023年7月31日和2023年1月31日。3.7 十亿美元，作为2024年9月30日和2023年12月31日，分别作为第2级分类的可转换票据的公允值为$1.0私人股权和其他投资的金额分别为52.27亿美元和53.98亿美元，截至2023年7月31日和2023年1月31日。1.1 十亿美元，作为2024年9月30日和2023年12月31日的可转换票据的公允值，分别被归类为第2级。
我们的长期债务的账面价值和预计公允价值，包括当前到期债务，如下（以百万美元计）：
 2024年9月30日2023年12月31日
 
搬运
数值
一般
数值
搬运
数值
一般
数值
长期债务，包括流动资金$31,110 $30,924 $32,396 $32,310 
19
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
8. 投资
为了扩大我们的网络，并作为我们对可持续发展的持续承诺的一部分，我们与其他航空公司和公司进入各种商业关系或其他战略合作伙伴关系，包括股本投资。 我们的股本投资反映在我们简明合并资产负债表中的其他资产中。我们对股权法下投资者的财务业绩和公允价值变动的份额记录在简明合并运营报表的非经营其他收入（费用），净额中。
我们的股本投资所有权利益和账面价值如下：
持股比例价值携带（以百万计）
会计处理2024年9月30日2023年12月31日2024年9月30日2023年12月31日
共和国航空控股公司权益法25.0 %25.0 %$247 $240 
南方航空公正价值1.5 %1.5 %129 115 
其他投资 (1)
各种各样119 186 
总费用$495 $541 
(1)主要包括我们对JetSMARt控股有限公司的投资，该投资按权益法核算，以及我们对Vertical和GOL的投资，分别按公允价值计量。
9. 员工福利计划
下表列出了净周期福利成本（收入）的组成部分（以百万计）：
 养老金福利退休人员医疗及其他
退休后福利
截至9月30日的三个月2024202320242023
服务成本$— $1 $8 $4 
利息成本180 188 17 12 
预期资产回报率(245)(230)(2)(2)
摊销：
先前的服务成本（收益）— 4 3 (3)
未确认的净亏损（收益）26 25 (6)(10)
净定期福利成本（收入）$(39)$(12)$20 $1 
 养老金福利退休人员医疗及其他
退休后福利
截至9月30日的九个月2024202320242023
服务成本$1 $2 $23 $10 
利息成本542 568 51 36 
预期资产回报率(733)(690)(7)(7)
摊销：
先前的服务成本（收益）— 18 11 (10)
未确认的净亏损（收益）79 80 (19)(27)
净定期福利成本（收入）$(111)$(22)$59 $2 
自2012年11月1日起，我们的绝大部分的即期福利养老金计划已经冻结。
净周期福利成本（收入）的服务成本元件包括在营业费用中，而净周期福利成本（收入）的其他元件包括在其他非营业性收入（费用），在综合损益表中。
2024年前九个月，我们对养老金计划进行了所需的$捐款284 百万美元和额外的$百万美元补充捐款12 百万美元，用于我们的特定养老金计划。
20
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
10. 累计其他综合损失
累积其他综合亏损(AOCI)的组成如下(单位：百万)：
 养老金,
退休人士
医疗和
其他
养老金和其他事后福利责任
福利		投资未实现收益（损失）
所得税准备金(1)
总费用
2023年12月31日结余为$(3,380)$(2)$(1,512)$(4,894)
其他综合收益（损失）在再分类之前— 5 (1)4 
由AOCI重分类的金额71 — (16)(2)55 
净本期其他综合收益（损失）71 5 (17)59 
2024年9月30日的余额$(3,309)$3 $(1,529)$(4,835)
(1)主要涉及将不会在净利润（损失）中承认直至责任完全消除的养老金、退休医疗和其他雇后福利义务。
(2)涉及养老金、退休医疗和其他离退休福利义务，并在所得税费用中予以确认，包括在简明合并利润表中。
AOCI的重新分类如下（单位：百万美元）：
 从 AOCI 中重新分类的金额受影响的订单项目
压缩合并
运营报表
AOCI 组件截至9月30日的三个月九个月已结束
九月三十日
2024202320242023
养老金、退休人员医疗和其他退休后福利的摊销：
先前的服务成本$3 $1 $9 $6 营业外其他收入（支出），净额
精算损失15 12 46 41 营业外其他收入（支出），净额
扣除税款后的本期重新分类总额$18 $13 $55 $47 
11. 区域性支出
我们的区域型航空公司以“美鹰服饰”品牌提供定期空运服务。“美鹰服饰”航空公司包括我们的全资区域型航空公司以及第三方区域型航空公司。我们的区域型航空公司安排以购买航空运力协议形式展开。与“美鹰服饰”运营相关的费用被列为在经营利润简明合并报表中的区域性费用。
截至2024年9月30日的三个月区域型费用和2023年均包括$801百万美元和79百万折旧和摊销费用，分别包括$2 百万飞机租赁费用。截至2024年9月30日的九个月区域型费用和2023年分别包括$238万美元和239 百万折旧和摊销费用，分别包括$7万美元和5 百万飞机租赁费用，分别包括。
在2024年9月30日及2023年的三个月内，我们确认了$ 的费用153 百万美元的费用，根据我们与共和国航空公司（共和国）的容量购买协议。在2024年9月30日及2023年的九个月内，我们分别确认了$ 的费用，根据我们与共和国航空公司的容量购买协议。452万美元和489 我们持有 25%的股权投资共和国航空控股公司，即共和国的母公司。
21
目录
美国航空集团公司的简明合并财务报表注释。
(未经审计)
12. 法律诉讼
关于东北联盟的政府反垄断行动。 2021年9月21日，美国司法部联合来自六个州和哥伦比亚特区的检察长，在马萨诸塞州地方法院对美国和捷蓝航空公司（JetBlue）提起反垄断诉讼，称美国和捷蓝在东北联盟安排（NEA）方面违反了美国的反垄断法。2023年5月19日，马萨诸塞州地方法院发布了一项永久性禁令，禁止美国和捷蓝继续实施NEA。2023年6月，捷蓝递交了一份终止NEA的通知，生效日期为2023年7月29日，两家航空公司已基本完成了清算工作。经各方提交书面材料并于2023年7月26日进行听证会后，马萨诸塞州地方法院于2023年7月28日作出了最终裁决和进入永久性禁令的命令。各方正在遵守最终裁决和进入永久性禁令的条款，包括完成与NEA相关的清算工作。美国在2023年9月25日向第一巡回区联邦上诉法院上诉，并该上诉仍在审理中。
与东北联盟有关的私人反垄断行动。 在 2022 年 12 月 5 日和 2022 年 12 月 7 日， 二 私人当事方原告向美国纽约东区地方法院对美国航空和捷蓝航空提起了假定的集体诉讼反垄断申诉，指控美国航空和捷蓝航空违反了与先前披露的国家能源局有关的美国反垄断法。这些行动已于 2023 年 1 月 10 日合并。私人当事方原告于2023年2月3日提出了修订后的合并申诉。2023 年 2 月 2 日和 2023 年 2 月 15 日，私人当事方原告提起诉讼 二 美国马萨诸塞州地方法院和美国纽约东区地方法院分别对美国航空和捷蓝航空提出了其他假定的集体诉讼反垄断申诉。2023年3月，美国就马萨诸塞州特区案向美国地方法院提出动议，要求将该案移交给美国纽约东区地方法院，并将其与该地点的未决案件合并。美国马萨诸塞州地方法院批准了该动议。其余案件与纽约东区的其他行动合并。2023年6月，私人当事方原告提出了第二份修正后的合并申诉，随后于2023年8月提出了第三次修正申诉。2023年9月，美国航空与捷蓝航空一起提出动议，要求驳回第三次修正后的申诉。2024年9月，法院驳回了该动议。我们认为这些诉讼毫无法律依据，正在大力为之辩护。
证券诉讼。 2024年7月18日，美国航空集团及其现任和前任高管被列为被告，在德克萨斯北区联邦地方法院被提起一项名为的集体诉讼。 Qawasmi诉美国航空集团公司等。Qawasmi 原告声称代表在2024年1月25日至2024年5月28日期间收购了美国航空集团证券的投资者。于2024年8月28日，美国航空集团及其现任和前任高管被列为第二个被告，在同一法院提起了另一起集体诉讼，标题为 Thornburg诉美国航空集团公司等。工业电动机市场Thornburg 原告自称代表那些在2023年7月20日至2024年5月28日期间收购AAG证券的投资者。两份 Qawasmi和页面。Thornburg 投诉声称违反了《交易所法》第10（b）和20(a)条款，原因是在相关时期内，AAG对其财务前景和某些商业倡议的材料事实进行了误述和/或省略。2024年9月16日，某些自称为AAG投资者的人士提出要求合并 Qawasmi和页面。Thornburg 行动以及被任命为首席原告，这些动议仍在等待中。
此外，2024年9月19日，AAG的部分现任和前任董事和高管被指名为被告，涉及一起股东衍生诉讼（AAG是名义被告）在美国德克萨斯州北区联邦地区法院提起，标题为 霍林 诉 伊索姆等工业电动机市场霍林 投诉声称违反《证券交易法》第10（b）条，违反受托责任，并主张不正当获利和公司滥用。2024年9月26日，同一法院提起第二项衍生诉讼，类似地指定AAG的部分现任和前任董事和高管（以及AAG作为名义被告），标题为 莱昂 诉 伊索姆等。莱昂 投诉指控违反《证券交易法》第14(a)条款，违反受托人责任，要求不当得利，滥用控制，严重管理不善，浪费公司资产，并要求贡献。 霍林 和框架。有关详细信息，请参阅UBS集团报酬报告利昂 投诉通常指控与证券集体诉讼中所指控的同样不当行为。我们认为证券集体诉讼和股东衍生诉讼均毫无根据，并打算积极进行抗辩。
一般。 除了明确定义的法律诉讼外，我们及我们的子公司有时还会参与其他法律诉讼。法律诉讼可能会复杂，需要很长时间，甚至几年才能得出结论，最终结果取决于许多变量，其中一些是我们无法控制的。因此，尽管我们将积极为上述各项行动和其他法律诉讼进行辩护，但它们的最终解决方案及对我们的潜在财务和其他影响是不确定的，但可能是重要的。
22
目录
AMERICAN AIRLINES, INC.的简明合并财务报表
美国航空公司。
简明合并利润表
(金额单位：百万)(未经审计)
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
营业收入：
乘客$12,523 $12,421 $37,184 $36,502 
货物202 193 584 613 
其他920 867 2,778 2,608 
总营业收入13,645 13,481 40,546 39,723 
运营费用：
飞机燃料和相关税2,874 3,209 8,916 9,098 
工资、工资和福利4,096 3,972 11,911 10,885 
地区开支1,268 1,149 3,725 3,442 
维护、材料和维修989 870 2,823 2,389 
其他租金和着陆费861 745 2,514 2,214 
飞机租金303 342 945 1,031 
销售费用468 430 1,331 1,357 
折旧和摊销477 484 1,416 1,449 
特殊物品，净额554 949 625 962 
其他1,665 1,533 4,844 4,488 
运营费用总额13,555 13,683 39,050 37,315 
营业收入（亏损）90 (202)1,496 2,408 
营业外收入（支出）：
利息收入268 297 805 810 
利息支出，净额(505)(555)(1,536)(1,668)
其他收入（支出），净额18 (99)(21)(119)
非营业支出总额，净额(219)(357)(752)(977)
所得税前收入（亏损）(129)(559)744 1,431 
所得税准备金（福利）(88)(107)208 375 
净收益（亏损）$(41)$(452)$536 $1,056 
请参阅附注事项的简明合并财务报表。

23
目录
美国航空公司。
基本报表综合损益表
(金额单位：百万)(未经审计)
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
净收益（亏损）$(41)$(452)$536 $1,056 
扣除税款的其他综合收益（亏损）：
养老金、退休人员医疗和其他退休后福利18 (237)55 (203)
投资5 (1)4 — 
扣除税款的其他综合收益（亏损）总额23 (238)59 (203)
综合收益总额（亏损）$(18)$(690)$595 $853 
请参阅附注事项的简明合并财务报表。

24
目录
美国航空公司。
简明合并资产负债表
(除每股和面值金额外，单位为百万)
2024年9月30日2023年12月31日
(未经审计)
资产
流动资产
现金$825 $567 
短期投资7,635 6,998 
限制性现金和短期投资752 910 
2,687,823 1,790 1,995 
关联方应收款项净额7,558 7,070 
飞机燃料、备件和用品净额2,424 2,266 
预付费用和其他733 561 
总流动资产21,717 20,367 
经营性物业和设备
飞行设备42,748 41,440 
土地、房屋及设备9,622 9,848 
设备购买定金1,098 760 
总资产和设备，成本53,468 52,048 
减：累计折旧和摊销(22,928)(21,588)
净房地产和设备总资产30,540 30,460 
经营租赁权使用资产7,648 7,886 
其他
商誉4,091 4,091 
无形资产，减少累积摊销$839 和 $834 的坏账准备
2,046 2,051 
递延税款资产2,364 2,589 
其他1,490 1,630 
其他资产总计9,991 10,361 
总资产$69,896 $69,074 
负债和股东权益
流动负债
长期债务和融资租赁的当前到期债务$3,903 $3,625 
应付账款2,544 2,232 
应计工资和工资2,312 2,210 
空中交通责任7,551 6,200 
忠诚计划负债3,584 3,453 
经营租赁负债1,162 1,292 
其他应计负债2,618 2,605 
流动负债合计23,674 21,617 
非流动负债
长期债务和融资租赁，减去当前到期债务22,524 24,050 
养老金和离退休福利2,548 3,020 
忠诚计划负债6,035 5,874 
经营租赁负债6,298 6,416 
其他负债1,594 1,520 
非流动负债合计38,999 40,880 
承诺和 contingencies
股东权益
普通股，每股面值为 $0.0001；1.00每股面值; 1,000已授权、发行和流通的股份
— — 
额外实收资本17,386 17,335 
累计其他综合损失(4,940)(4,999)
赤字(5,223)(5,759)
股东权益总计7,223 6,577 
负债和股东权益总计$69,896 $69,074 
请参阅附注事项的简明合并财务报表。
25
目录
美国航空公司。
现金流量表简明综合报表
(金额单位：百万)(未经审计)
 截至9月30日的九个月
 20242023
经营活动提供的净现金$3,517 $5,081 
来自投资活动的现金流：
资本支出和飞机购买存款(1,900)(1,718)
售后回租交易以及不动产和设备销售的收益598 219 
购买短期投资(6,527)(8,322)
短期投资的销售5,901 6,857 
限制性短期投资减少159 39 
其他投资活动(21)300 
用于投资活动的净现金(1,790)(2,625)
来自融资活动的现金流：
长期债务和融资租赁的付款(2,691)(4,604)
发行长期债务的收益1,252 2,324 
其他筹资活动(34)(74)
用于融资活动的净现金(1,473)(2,354)
现金和限制性现金净增加254 102 
期初的现金和限制性现金670 575 
期末现金和限制性现金 (1)
$924 $677 
非现金交易：
通过经营租赁获得的使用权（ROU）资产$754 $742 
通过债务、融资租赁和其他方式获得的财产和设备193 89 
运营租赁转换为融资租赁130 — 
融资租赁转换为运营租赁33 27 
补充信息：
已支付的利息，净额1,391 1,589 
缴纳的所得税6 4 
(1)下表提供了现金和受限现金在简明合并资产负债表中报告的金额的调账情况：
现金$825 $567 
包括在限制性现金和短期投资中的限制性现金99 110 
总现金和限制性现金$924 $677 
请参阅附注事项的简明合并财务报表。

26
目录
美国航空公司。
压缩的股东权益综合报表
(金额单位：百万)(未经审计)
常见
股票		额外
付费
资本		累积
其他
全面
损失		已保留
赤字		总计
截至2023年12月31日的余额$— $17,335 $(4,999)$(5,759)$6,577 
净亏损— — — (216)(216)
其他综合收益，净额— — 17 — 17 
基于股份的薪酬支出— 27 — — 27 
修改基于股份的奖励— (20)— — (20)
公司间股权转让— 1 — — 1 
截至 2024 年 3 月 31 日的余额— 17,343 (4,982)(5,975)6,386 
净收入— — — 793 793 
其他综合收益，净额— — 19 — 19 
基于股份的薪酬支出— 20 — — 20 
公司间股权转让— 1 — — 1 
截至 2024 年 6 月 30 日的余额— 17,364 (4,963)(5,182)7,219 
净亏损— — — (41)(41)
其他综合收益，净额— — 23 — 23 
基于股份的薪酬支出— 21 — — 21 
公司间股权转让— 1 — — 1 
截至 2024 年 9 月 30 日的余额$— $17,386 $(4,940)$(5,223)$7,223 
常见
股票		额外
付费
资本		累积
其他
全面
损失		已保留
赤字		总计
截至2022年12月31日的余额$— $17,230 $(4,690)$(6,947)$5,593 
净收入— — — 85 85 
其他综合收益，净额— — 18 — 18 
基于股份的薪酬支出— 14 — — 14 
截至2023年3月31日的余额— 17,244 (4,672)(6,862)5,710 
净收入— — — 1,423 1,423 
其他综合收益，净额— — 17 — 17 
基于股份的薪酬支出— 32 — — 32 
截至 2023 年 6 月 30 日的余额— 17,276 (4,655)(5,439)7,182 
净亏损— — — (452)(452)
其他综合亏损，净额— — (238)— (238)
基于股份的薪酬支出— 28 — — 28 
公司间股权转让— 5 — — 5 
截至 2023 年 9 月 30 日的余额$— $17,309 $(4,893)$(5,891)$6,525 
请参阅附注事项的简明合并财务报表。
27
目录
美国航空公司简明财务报表注释
(未经审计)
1. 报告范围
（a）报表编制方法
美国航空公司（美国）的附表未经审计的简明合并财务报表应与美国截至2023年12月31日的年度报告中包含的合并财务报表一起阅读。 美国是美国航空集团股份有限公司（AAG）的主要全资子公司。 所有重要的公司间交易都已经被消除。
管理层认为，在所呈现的中期未经审计的简明合并财务报表中，已包括了为了公正呈现结果而必要的所有调整，其中包括通常发生的项目。根据美国通用会计准则（GAAP）编制财务报表要求管理层做出一些估计和假设，这些估计和假设会影响资产和负债、收入和支出的报告金额，以及财务报表日期的相关资产和负债的披露。实际结果可能会与这些估计有所不同。最重要的审慎区域涉及客运营收确认、忠诚计划、递延税款资产，以及养老金和退休医疗以及其他退休福利。
(b)劳资关系
2024年9月，美国和代表美国主线空服员的职业空服员协会签署了新的集体谈判协议。 五年 该协议提供了工资涨幅、生活质量福利和其他相关福利项目。已批准的协议还包括一项一次性支付条款。5142024年第三季度，由于批准该新协议而产生的一次性费用被记录为主要航线运营特别项目净额，并包括预计将于2024年11月支付的一次性支付金额为$ 百万。
2. 特殊项目净额
在简化并表利润表中，特殊项目净额包括以下内容（以百万为单位）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
劳动合同费用 (1)
$516 $983 $573 $983 
解雇费用— — 13 21 
其他经营特殊项目，净额 38 (34)39 (42)
Mainline operating special items, net554 949 625 962 
股权投资的市值调整，净额 (2)
(27)59 23 70 
债务再融资和清偿— 42 7 76 
非经营特殊项目净额(27)101 30 146 
(1)截至2024年9月30日为止的三个月的劳动合同费用与美国主干航班乘务员新的集体协商协议的批准相关的一次性费用，包括一次性支付$514百万。截至2024年9月30日为止的九个月，劳动合同费用与美国主干航班乘务员的新集体协商协议的批准相关的一次性费用，如上所述，以及与美国主干客票服务团队成员的协商。
2023年9月30日结束的三个月和九个月的劳动合同费用，与美国主线飞行员新集体谈判协议的批准相关，包括一次性支付$的一次性费用。754 百万美元，以及对其他福利相关项目的调整229股票回购活动以及因员工基于股票的补偿目的而重新发行国库股的情况如下：
(2)净股权投资标记为市场调整包括与某些股权投资相关的未实现收益和损失。
28
目录
美国航空公司简明财务报表注释
(未经审计)

3. 收入确认
营业收入
以下是美国运营收入的重要类别（以百万美元计）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
乘客收入：
乘客旅行$11,539 $11,473 $34,334 $33,821 
忠诚度收入-旅行 (1)
984 948 2,850 2,681 
乘客收入总额12,523 12,421 37,184 36,502 
货物202 193 584 613 
其他：
忠诚度收入-营销服务779 732 2,363 2,195 
其他收入141 135 415 413 
其他收入总额920 867 2,778 2,608 
总营业收入$13,645 $13,481 $40,546 $39,723 
(1)乘客收入中包含的忠诚度营业收入主要由里程兑换组成，这些里程是通过旅行或与合作品牌的信用卡和其他合作伙伴赚取的。
以下是美国的各地域板块乘客营业收入总额（单位：百万美元）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
国内$8,681 $8,616 $26,285 $25,848 
拉丁美洲1,433 1,490 4,897 5,045 
大西洋
2,110 2,056 5,122 4,875 
太平洋299 259 880 734 
乘客收入总额$12,523 $12,421 $37,184 $36,502 
美国根据每个航班段的起点和终点来按地理区域列示乘客收入。
合同余额
美国重要的合同责任包括：(1)未来可以用于兑换未来航空旅行、非航空旅行和其他奖励的未履行的忠诚计划里程积分，在简明合并资产负债表中报告为忠诚计划责任；和(2)尚未提供的运输机票销售额，在简明合并资产负债表中作为航空交通责任报告。
2024年9月30日2023年12月31日
（以百万计）
忠诚计划负债$9,619 $9,327 
空中交通责任7,551 6,200 
总费用$17,170 $15,527 
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忠诚计划责任的余额根据季节模式波动，这影响了通过旅行发放的里程积分量或销售给联名信用卡和其他合作伙伴（收入的推迟）以及兑换的里程积分（收入的确认）。忠诚计划责任的变动如下（单位：百万美元）：
2023年12月31日结余为$9,327 
收入递延3,105 
营收认定 (1)
(2,813)
2024年9月30日的余额 (2)
$9,619 
(1)主要涉及从兑换飞行里程积分、非飞行里程积分和其他奖励所确认的营业收入。里程积分合并在一个同质池中，无法单独识别。因此，该收入包括了 loyalty program 在期初推迟收入余额中的里程积分，以及该期间发放的里程积分。
(2)里程积分可以随时兑换，并且只要AAdvantage会员每个月都有任何一种合格的活动，通常不会过期 24 如果AAdvantage会员开通与合作信用卡，随后的 months months 或拥有该信用卡的主要持有人。截至2024年9月30日，美国当前的忠诚计划负债为$3.6 十亿美元，这代表美国预计将在接下来的 营业收入 营业收入 中确认的当前估计值 12 个月内预计实现的营业收入的当前估计，基于历史趋势，余额反映在长期忠诚度计划负债中，预计在此后的时间段内作为收入确认。
航空公司的航空交通责任主要代表了美国和合作伙伴航空公司未来旅行的机票销售。美国的航空交通责任余额也会随着季节性旅行模式波动。乘客机票的合同期限通常是 一年。因此，任何与未来旅行所售出的机票相关的营业收入将在 12 个月内确认。截至2024年9月30日的九个月内，已确认了营业收入为4.9 在2023年12月31日，美国航空公司的航空交通责任中包含了亿美元的客运营业收入。
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4. 债务
简明综合资产负债表中包括的长期负债（以百万美元计）：
2024年9月30日2023 年 12 月 31 日
安全
2013 年定期贷款额度，浮动利率为 7.96%，分期付款至 2028 年 2 月到期
$980 $990 
2014 年定期贷款额度，浮动利率为 6.45%，分期付款至 2027 年 1 月到期
1,171 1,183 
2023 年定期贷款额度，浮动利率为 7.21%，从 2024 年 12 月开始分期付款，直到 2029 年 6 月到期
1,100 1,100 
10.75优先担保知识产权票据百分比，2026年2月到期的纯利息付款
1,000 1,000 
10.75优先担保 LGA/DCA 票据百分比，2026 年 2 月到期的纯利息付款
200 200 
7.25优先担保票据百分比，2028年2月到期的纯利息付款
750 750 
8.50优先担保票据百分比，2029年5月到期的仅利息付款
1,000 1,000 
5.50优先担保票据百分比，分期付款至2026年4月到期 (1)
2,042 2,917 
5.75优先担保票据百分比，从2026年7月开始分期付款，直至2029年4月到期 (1)
3,000 3,000 
AAdvantage 定期贷款额度，浮动利率为 10.29%，分期付款至 2028 年 4 月到期 (1)
2,625 3,150 
增强型设备信托证书 (EETC)，固定利率范围从 2.88% 到 7.15%，平均值 3.88%，从 2024 年到 2034 年到期
7,637 7,657 
设备贷款和其他应付票据、固定和浮动利率不等 2.55% 到 8.57%，平均值 6.70%，从 2024 年到 2036 年到期
3,812 3,612 
特殊设施收入债券，固定利率范围从 2.25% 到 5.38%，从 2026 年到 2036 年到期
880 967 
长期债务总额26,197 27,526 
减去：未摊销债务折扣、溢价和发行成本总额313 349 
减去：当前到期日3,775 3,501 
长期债务，扣除当前到期日$22,109 $23,676 
(1)统称为AAdvantage融资。
截至2024年9月30日，美国的循环信贷和其他融资工具的最大可用额为（以百万美元计）：
2013年的循环授信设施$500 
2014年的循环授信设施1,500 
2023年循环信贷890 
其他设施400 
总费用$3,290 
2024年3月，美国签署了一项循环信贷协议，提供最高达$350百万的借款额度，到期日为2027年3月，有延长一年的选择。截至2024年9月30日，该协议下已经有 否 美国currently最多可借款额度为$50 百万的货物应收账款信贷额度，该额度将于2024年12月到期。如下文所述，2013年、2014年和2023年循环信贷额度的总承诺为2.9$约40亿，截至2029年6月4日。
担保融资，包括循环信贷和其他设施，抵押资产主要包括飞机、发动机、模拟器、机场登机权租赁权、航线权限、机场时段、某些应收账款、某些知识产权和某些忠诚计划资产。
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2024年融资活动
2013年授信额度 - 2013年循环授信设施
2024年6月4日，美国和AAG签署了修订和重新订立的信贷和担保协议第九修正案（第九修正案）, 修订了2015年5月21日的修订和重新订立信贷和担保协议（经修订的部分，2013年信贷协议）, 根据该协议，美国终止了所有现有的在2013年信贷协议下可用的循环信贷承诺和信用证承诺，并设立了新的循环信贷承诺，总额为$500 百万（包括发行总额为$100 百万的信用证的能力）（新设立的承诺，2013年循环设施） ，到期日为2029年6月4日。此外，根据第九修正案的结果，2013年循环设施的基本利率取决于AAG的公开企业信用评级，或者根据美国的选择，以一个、三或六个月的期限计算的担保隔夜融资利率（SOFR）（取决于美国选择的利息期限）（最低要求为 1.00%的底线），再加上 2.00%, 2.25大约2.50%） 0.00%的底线），再加上 3.00%, 3.25大约3.50取决于AAG的公共公司信用评级，%. 根据第九修正案，2013年循环融资工具下的SOFR借款不受信贷利差调整约束。
2014年信贷配套措施–2014年循环融资设施
2024年6月4日，美国和AAG签署了第十修订版本的修订和重新确认信贷及担保协议（第十次修订），修订于2015年4月20日的修订和重新确认信贷及担保协议（经修订的2014信贷协议），根据该协议，美国终止了所有现有的可用于2014信贷协议的循环承诺和信用证承诺，并设立了新的循环承诺，总额为$1.5十亿美元（包括发行总额为$200百万美元）的能力（新设立的承诺，2014循环设施），到期日为2029年6月4日。此外，由于第十次修订，2014年循环设施的基本利率为基准利率（须达到 1.00%的底线），再加上 2.00%, 2.25大约2.50%的适用利差，取决于AAG的公开公司信贷评级，或者美国可选择，按照美国所选择的利率期限为一、三或六个月的SOFR利率（须达到 0.00%的底线），再加上 3.00%, 3.25大约3.50%，取决于AAG的公共公司信用评级。第十次修正案还将最低流动性财务契约门槛从$2.2亿美元2.0 十亿美元和降低了进行某些受限制支付的流动性要求从$4.2亿美元4.0 十亿美元。根据第十次修正案，2014年循环融资工具下的SOFR借款不受信用利差调整的影响。
2023信贷设施
2024年6月4日，美国及AAG签订了《信贷及担保协议的第一修正案》（第一修正案）和《信贷及担保协议的第二修正案》（第二修正案），分别修订了自2023年12月4日起生效的信贷及担保协议（经修订后的2023年信贷协议）。根据第一修正案，美国建立了一个循环信贷设施（2023年循环设施），总金额为$890百万，于2029年6月4日到期。2023年循环设施按照基础利率计息（以 1.00%的底线），再加上 2.00%, 2.25大约2.50%的适用利差，取决于AAG的公开公司信贷评级，或者美国可选择，按照美国所选择的利率期限为一、三或六个月的SOFR利率（须达到 0.00%的底线），再加上 3.00%, 3.25大约3.50%为底，根据AAG的公开企业信贷评级而定。基于SOFR的借款不受2023年循环设施的信贷差价调整约束。根据第二修正案，美国取代了$1.1根据2023年授信协议提供的首次贷款总额为________美元的新贷款1.1________亿美元（此类新贷款，即2023年贷款设施）。2023年贷款设施按基本利率计息（以______基准利率，或美国选择的SOFR率计息，计息期为一、三或六个月，视美国选择的利息期而定，最低为______% 每年。2023年贷款设施下的SOFR借款不受信用利差调整的影响。 1.00%的底线），再加上 1.50______% 每年。 2023年贷款工具的SOFR借款不受信用利差调整的影响。 0.00%的底线），再加上 2.50______每年。2023年贷款工具下的SOFR借款不受信用利差调整的影响。
2016年4月的循环授信设施
2024年6月4日，美国终止了自2016年4月29日起生效的信贷及担保协议（经修订，以下简称为2016年4月信贷协议）下的所有循环承诺。因此，2016年4月信贷协议被终止，以及担保2016年4月信贷协议的所有留置权也被释放。
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2024年发行的EETCs
2024年第三季度，美国签署协议借入$684 百万美元，用于融资早前交付的某些飞机。根据协议产生的债务次于现有设备票据，于2027年至2028年到期，并按固定利率计息。 7.10%.
2024年发行的设备贷款和其他应付款注释
2024年前九个月，美国达成协议，借款$571 百万美元，用于特定飞机融资。根据这些协议产生的债务将于2030年至2036年到期，并按照9月30日截至，利率为不同比例（包括SOFR加上适用的利差）平均为 6.86%。
5. 所得税
截至2023年12月31日，美国约有价值10亿美元的其他可抵扣金额，可用于减少未来的联邦应税收入。13.7 亿美元的联邦净经营亏损（NOLs）和$3.6 对其他部分溢抵款的有效期截至2033年开始，如果未使用将会失效，金额为10亿美元。3.8 约有10亿美元可以无限期往后抵扣。美国属于AAG的合并联邦和某些州收入报税范围。13.5 此外，美国还拥有大约10亿美元的其他金额。5.3 亿美元的NOL结转额可用于减少未来的州级应税收入，在2023年至2043年的应税年度内过期，如果无法使用的话。
美国能否利用其NOL和其他可抵扣项目取决于未来期间产生的应税所得额。美国为其递延税资产提供评估准备金，其中包括NOL，当某一部分或所有递延税资产不能实现时，更可能是不会实现的时候。美国考虑所有可获得的正面和负面证据，对递延税资产的实现性进行评估时做出某些假设。考虑了影响美国未来盈利能力的许多因素，包括那些超出其控制范围的条件，如经济状况、飞机燃料的可获得性和价格波动以及旅行需求。美国已确定正面因素在决定其递延税资产的实现性方面为主导。不能保证美国的净递延税资产上不需要额外的评估准备金。这样的评估准备金可能是重要的。
6. 公允价值衡量
以公允价值计量的定期持有的资产
美国利用市场方法来衡量其金融资产的公允价值。市场方法使用市场交易生成的价格和其他相关信息，涉及相同或可比资产。美国的短期投资、受限现金和受限短期投资被分类为二级，利用除活跃市场报价之外的重要可观察输入进行这些证券的估值。在2024年9月30日结束的九个月内，估值技术或输入未发生变化。
按公允价值计量的资产按以下方式进行分类汇总（以百万计）：
 截至2024年9月30日的公允价值衡量
 总计第 1 级第 2 级第 3 级
短期投资 (1), (2):
货币市场基金$778 $778 $— $— 
公司义务4,154 — 4,154 — 
银行票据/存款证/定期存款2,153 — 2,153 — 
回购协议550 — 550 — 
7,635 778 6,857 — 
限制性现金和短期投资 (1), (3)
752 416 336 — 
长期投资 (4)
141 141 — — 
总计$8,528 $1,335 $7,193 $— 
(1)所有短期投资均被分类为可供出售金融资产，并按公允价值计量。未实现的可出售金融资产的收益和损失被记录在每个报告期的累计其他综合收益中。本期未发生信用损失。
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(2)美国的短期投资在一年或更短的时间内到期。
(3)受限现金和开空期投资主要包括用于支持工伤赔偿义务和支付AAdvantage融资利息的抵押品。 受限开空期投资的到期期限为一年或更短，除了9月30日，2024年为止的1000万美元。175 1000万美元截至2024年9月30日。
(4)开多期投资包括美国在中国南方航空股份有限公司（中国南方航空）、垂直航空航天有限公司（垂直）和GOL智能航空公司（GOL）的股权投资。有关美国股权投资的更多信息，请参阅附注7。
债务公允价值
使用美国当前估计的类似借款安排的增量借贷利率，根据报价市场价格或基于贴现现金流分析，估计美国的长期债务的公允价值。如果美国的长期债务以公允价值计量，它将被分类为2级。
美国长期负债的账面价值和估计的公允价值，包括当前到期债务，如下（单位：百万美元）：
 2024年9月30日2023年12月31日
 搬运
数值		一般
数值		搬运
数值		一般
数值
长期债务，包括流动资金$25,884 $26,040 $27,177 $27,008 
7. 投资
为了帮助扩大美国的网络并作为对可持续发展的持续承诺的一部分，美国与其他航空公司和公司达成各种商业关系或其他战略合作伙伴关系，包括股权投资。 美国的股权投资反映在其简明合并资产负债表的其他资产中。美国对股权法下投资者的财务业绩和公平价值变动的份额记录在简明合并利润表的营业外其他收入（费用）净额中。
美国的股权投资所有权利益和账面价值如下：
所有权权益账面价值（单位：百万）
会计待遇2024年9月30日2023 年 12 月 31 日2024年9月30日2023 年 12 月 31 日
共和航空控股公司权益法25.0 %25.0 %$247 $240 
中国南方航空公允价值1.5 %1.5 %129 115 
其他投资 (1)
各种各样119 186 
总计$495 $541 
(1)主要包括美国对JetSMARt Holdings Limited的投资，该投资按权益法核算，以及美国对Vertical和GOL的投资，分别按公允价值核算。
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8. 员工福利计划
下表列出了净周期福利成本（收入）的组成部分（以百万计）：
 养老金福利退休人员医疗及其他
退休后福利
截至9月30日的三个月2024202320242023
服务成本$— $— $8 $4 
利息成本178 187 17 12 
预期资产回报率(243)(228)(2)(2)
摊销：
先前的服务成本（收益）— 4 3 (3)
未确认的净亏损（收益）26 25 (6)(10)
净定期福利成本（收入）$(39)$(12)$20 $1 
 养老金福利退休人员医疗及其他
退休后福利
截至9月30日的九个月2024202320242023
服务成本$1 $1 $23 $10 
利息成本539 564 51 36 
预期资产回报率(729)(685)(7)(7)
摊销：
先前的服务成本（收益）— 18 11 (10)
未确认的净亏损（收益）79 80 (19)(27)
净定期福利成本（收入）$(110)$(22)$59 $2 
从2012年11月1日起，美国几乎所有的定义利益养老金计划已冻结。
净周期福利成本（收入）的服务成本元件包括在营业费用中，而净周期福利成本（收入）的其他元件包括在其他非营业性收入（费用），在综合损益表中。
2024年前九个月，美国向其养老金计划进行了所需的$捐款280 百万美元和额外的$百万美元补充捐款12 百万美元。
9. 累计其他综合损失
累积其他综合亏损(AOCI)的组成如下(单位：百万)：
 养老金，
退休人员
医疗和
其他
退休后
好处		投资的未实现收益（亏损）
所得税条款(1)
总计
截至2023年12月31日的余额$(3,376)$(2)$(1,621)$(4,999)
重新分类前的其他综合收益（亏损）— 5 (1)4 
从 AOCI 中重新分类的金额71 — (16)(2)55 
本期其他综合收益净额（亏损）71 5 (17)59 
截至 2024 年 9 月 30 日的余额$(3,305)$3 $(1,638)$(4,940)
(1)主要涉及将不会在净利润（损失）中承认直至责任完全消除的养老金、退休医疗和其他雇后福利义务。
(2)涉及养老金、退休医疗和其他离退休福利义务，并在所得税费用中予以确认，包括在简明合并利润表中。
35
目录
美国航空公司简明财务报表注释
(未经审计)

AOCI的重新分类如下（单位：百万美元）：
 从AOCI重新分类的金额简明合并运营报表中受影响的细列项目
AOCI 组件截至9月30日的三个月九个月已结束
九月三十日
2024202320242023
养老金、退休人员医疗和其他退休后福利的摊销：
先前的服务成本$3 $1 $9 $6 营业外其他收入（支出），净额
精算损失15 12 46 41 营业外其他收入（支出），净额
扣除税款后的本期重新分类总额$18 $13 $55 $47 
10. 区域性支出
美国的区域型航空公司以“美国鹰服饰”品牌提供定期空运服务。美国鹰航空公司包括AAG全资拥有的区域型航空公司以及第三方区域型航空公司。美国的区域型航空公司安排采用容量购买协议形式。与美国鹰航空公司运营相关的费用被列为在纽约交易所交易的区域费用。
截至2024年9月30日的三个月区域型费用和2023年均包括$701百万美元和67 百万美元的折旧和摊销分别为$2 百万飞机租赁费用。截至2024年9月30日的九个月区域型费用和2023年分别包括$208万美元和203 百万折旧和摊销费用，分别包括$7万美元和5 百万飞机租赁费用，分别包括。
在截至2024年和2023年9月30日的每个三个月内，美国识别了$153 百万的费用，根据其与共和航空公司（Republic）的产能购买协议。在截至2024年和2023年9月30日的九个月内，美国确认了$452万美元和489 百万美元的费用，分别根据其与共和航空公司的产能购买协议。美国持有一家 25%的股权投资共和国航空控股公司，即共和国的母公司。
11. 关联方交易
以下数字表示与关联方的应收（应付）账款（单位：百万）：
2024年9月30日2023年12月31日
AAG$9,648 $9,144 
AAG的全资子公司 (1)
(2,090)(2,074)
总费用$7,558 $7,070 
(1)AAG全资子公司应付款主要包括根据AAG全资区域航空公司的品牌名称美国鹰运营的区域容量购买协议所欠金额。
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目录
美国航空公司简明财务报表注释
(未经审计)

12. 法律诉讼
关于东北联盟的政府反垄断行动。 2021年9月21日，美国司法部联合来自六个州和哥伦比亚特区的检察长，在马萨诸塞州地方法院对美国和捷蓝航空公司（JetBlue）提起反垄断诉讼，称美国和捷蓝在东北联盟安排（NEA）方面违反了美国的反垄断法。2023年5月19日，马萨诸塞州地方法院发布了一项永久性禁令，禁止美国和捷蓝继续实施NEA。2023年6月，捷蓝递交了一份终止NEA的通知，生效日期为2023年7月29日，两家航空公司已基本完成了清算工作。经各方提交书面材料并于2023年7月26日进行听证会后，马萨诸塞州地方法院于2023年7月28日作出了最终裁决和进入永久性禁令的命令。各方正在遵守最终裁决和进入永久性禁令的条款，包括完成与NEA相关的清算工作。美国在2023年9月25日向第一巡回区联邦上诉法院上诉，并该上诉仍在审理中。
与东北联盟相关的私人派对反托拉斯行动。 2022年12月5日和2022年12月7日， 两个 私人原告在美国东部纽约州地区法院对美国和捷蓝提起了关于之前披露的NEA违反美国反托拉斯法的集体诉讼。这些诉讼在2023年1月10日合并。私人原告在2023年2月3日提交了修订后的合并投诉。2023年2月2日和2023年2月15日，私人原告在马萨诸塞州地区法院和美国纽约东区法院相继提交了额外的关于美国和捷蓝的拟议集体诉讼反托拉斯投诉。 2023年3月，美国在马萨诸塞州地区法院提交动议，要求将案件转至纽约东区联合待审案件，并与那里待审案件合并。马萨诸塞州地区法院批准了该动议。其余案件与纽约东区的其他案件合并。2023年6月，私人原告提交了第二次修订的合并投诉，随后又在2023年8月提交了第三次修订投诉。 2023年9月，美国与捷蓝一起提交申请，要求驳回第三次修订投诉。 2024年9月，法院驳回了该动议。美国认为这些诉讼毫无根据，并正积极进行辩护。 两个 2023年，美国和捷蓝在马萨诸塞州地区法院和纽约东区联邦地区法院分别被私人原告提起了额外的关于反托拉斯的拟议集体诉讼。2023年3月，美国在马萨诸塞州地区法院提交动议，要求将案件转至纽约东区联合待审案件，并与那里待审案件合并。马萨诸塞州地区法院批准了该动议。其余案件与纽约东区的其他案件合并。2023年6月，私人原告提交了第二次修订的合并投诉，随后又在2023年8月提交了第三次修订投诉。2023年9月，美国与捷蓝一起提交申请，要求驳回第三次修订投诉。 2024年9月，法院驳回了该动议。美国认为这些诉讼毫无根据，并正积极进行辩护。
证券诉讼。 2024年7月18日，美国航空集团及其现任和前任高管被列为被告，在德克萨斯北区联邦地方法院被提起一项名为的集体诉讼。 Qawasmi诉美国航空集团公司等。Qawasmi 原告声称代表在2024年1月25日至2024年5月28日期间收购了美国航空集团证券的投资者。于2024年8月28日，美国航空集团及其现任和前任高管被列为第二个被告，在同一法院提起了另一起集体诉讼，标题为 索伦堡诉美国航空集团公司等。Thornburg 原告自称代表那些在2023年7月20日至2024年5月28日期间收购AAG证券的投资者。两份 Qawasmi和页面。Thornburg 投诉声称违反了《交易所法》第10（b）和20(a)条款，原因是在相关时期内，AAG对其财务前景和某些商业倡议的材料事实进行了误述和/或省略。2024年9月16日，某些自称为AAG投资者的人士提出要求合并 Qawasmi和页面。Thornburg 行动以及被任命为首席原告，这些动议仍在等待中。
此外，2024年9月19日，AAG的部分现任和前任董事和高管被指名为被告，涉及一起股东衍生诉讼（AAG是名义被告）在美国德克萨斯州北区联邦地区法院提起，标题为 霍林 诉 伊索姆等工业电动机市场霍林 投诉声称违反《证券交易法》第10（b）条，违反受托责任，并主张不正当获利和公司滥用。2024年9月26日，同一法院提起第二项衍生诉讼，类似地指定AAG的部分现任和前任董事和高管（以及AAG作为名义被告），标题为 莱昂 诉 伊索姆等。利昂 投诉指控违反《证券交易法》第14(a)条款，违反受托人责任，要求不当得利，滥用控制，严重管理不善，浪费公司资产，并要求贡献。 霍林 和框架。有关详细信息，请参阅UBS集团报酬报告利昂 投诉通常指控的行为与证券集体诉讼中所指控的行为相同。美国认为证券集体诉讼和股东衍生诉讼都是毫无根据的，并打算积极进行抗辩。
一般。 除了特别标识的法律诉讼外，美国及其子公司偶尔也会参与其他法律诉讼。法律诉讼可能复杂并需要很长时间，甚至数月甚至数年才能解决，最终结果取决于许多因素，其中一些不在美国的控制范围内。因此，尽管美国将会在上述每一项和其他法律诉讼中积极进行自我辩护，但这些事务的最终解决方案以及对美国的潜在财务和其他影响是不确定的，但可能是重大的。
37
目录
项目2. 财务状况和经营业绩管理层讨论与分析
本报告的第I部分第2项应与AAG和美国公司截至2023年12月31日的年度报告10-K的第II部分第7项结合阅读（2023年形式10-K）。本文所含信息并非关于AAG和美国公司财务状况和经营业绩的全面讨论和分析，而是更新了在2023年形式10-K中披露的内容。
财务总览
AAG公司2024年第三季度业绩报告
下面所展示的选定财务数据来源于AAG公司的未经审计的简明合并财务报表，应连同这些财务报表和相关附注一起阅读。
 截至9月30日的三个月增长
（减少）
百分比
增加（减少）
 20242023
 (以百万为单位，除百分比变化外)
乘客收入$12,523 $12,421 $102 0.8
货运收入202 193 9 5.0
其他营业收入922 868 54 6.0
总营收13,647 13,482 165 1.2
机场燃油及相关税费2,874 3,209 (335)(10.4)
工资、工资和福利4,098 3,974 124 3.1
营业费用总计13,558 13,705 (147)(1.1)
业务利润（亏损）89 (223)(312)
nm (2)
税前亏损(256)(690)(434)(62.9)
所得税收益(107)(145)(38)(26.0)
净亏损(149)(545)(396)(72.7)
税前亏损 - 美国通用会计准则（GAAP）$(256)$(690)$(434)(62.9)
调整为：税前净特殊项目 (1)
527 1,052 (525)(49.9)
扣除净特殊项目前的税前收入$271 $362 $(91)(25.2)
(1)请参阅规则13d-7(b)以获取应抄送副本的其他各方。“基本报表与非基本报表财务指标的调节” 请参阅AAG第I部分，项目1A中的附注2，查看净特殊项目的元件详情。
(2)无意义或大于100％的变化。
税前亏损和净亏损
2024年第三季度的税前亏损和净亏损分别为25600万美元和14900万美元。相比之下，2023年第三季度的税前亏损和净亏损分别为69000万美元和54500万美元。根据GAAP标准，税前亏损的逐期减少主要是由于税前净特别项目的减少以及航空燃料和相关税收的成本降低，部分抵消了包括工资、薪水和福利、维护、材料和维修以及其他费用等某些营业费用的增加。
在不考虑税前特殊项目的影响下，2024年第三季度税前收入为27100万美元，而2023年为36200万美元。除税前净特殊项目外，我们税前收入同比下降的主要原因是某些营业费用的增加，这些费用如前述所述，部分抵消了飞机燃油和相关税收的降低成本。
38
目录
In September 2024, American and the Association of Professional Flight Attendants (APFA), the union representing our mainline flight attendants, ratified a new collective bargaining agreement. This five-year agreement provides wage rate increases, quality-of-life benefits and other benefit-related items. The ratified agreement also included a provision for a one-time payment. During the third quarter of 2024, one-time charges resulting from the ratification of this new agreement were recorded as mainline operating special items, net in the condensed consolidated statement of operations, including the one-time payment of $514 million which is expected to be paid in November 2024.
Revenue
In the third quarter of 2024, we reported total operating revenues of $13.6 billion, an increase of $165 million, or 1.2%, as compared to the third quarter of 2023. Passenger revenue was $12.5 billion and remained relatively flat as compared to the third quarter of 2023. In the third quarter of 2024, we experienced a 5.2% decrease in passenger yield on a 3.2% capacity growth year-over-year, as measured by available seat miles (ASMs). Load factor was 86.6% for the third quarter of 2024, compared to 84.0% for the third quarter of 2023. Our passenger revenue performance improved through the third quarter of 2024 as industry domestic capacity growth decelerated from July 2024. While we continue to see the impact of certain commercial initiatives we had previously deployed, we have made progress to regain our share of revenue lost as we continue to reset these initiatives.
Cargo revenue increased $9 million, or 5.0%, in the third quarter of 2024 from the third quarter of 2023, primarily due to a 10.5% increase in cargo ton miles, offset in part by a 5.0% decrease in cargo yield driven by increased air freight capacity.
Other operating revenue increased $54 million, or 6.0%, in the third quarter of 2024 from the third quarter of 2023, driven primarily by higher revenue associated with our loyalty program. During the three months ended September 30, 2024 and 2023, cash payments from co-branded credit card and other partners were $1.4 billion and $1.3 billion, respectively.
Our total revenue per available seat mile (TRASM) was 18.04 cents in the third quarter of 2024, a 2.0% decrease as compared to 18.40 cents in the third quarter of 2023.
Fuel
Aircraft fuel and related taxes was $2.9 billion in the third quarter of 2024, which was $335 million, or 10.4%, lower as compared to the third quarter of 2023. This was primarily due to a 14.0% decrease in the average price per gallon of aircraft fuel including related taxes to $2.50 in the third quarter of 2024 from $2.91 in the third quarter of 2023, offset in part by a 4.1% increase in gallons of fuel consumed due to increased capacity.
As of September 30, 2024, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See Part II, Item 1A. Risk Factors – “Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity.”
Other Costs
We remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: general economic conditions and the price of fuel.
Our 2024 third quarter total operating cost per available seat mile (CASM) was 17.92 cents, a decrease of 4.2% from 18.70 cents in the third quarter of 2023.
Our 2024 third quarter CASM excluding net special items and fuel was 13.39 cents, an increase of 2.8% from 13.02 cents in the third quarter of 2023.
For a reconciliation of CASM to CASM excluding net special items and fuel, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
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Table of Contents
Liquidity
As of September 30, 2024, we had $11.8 billion in total available liquidity, consisting of $8.5 billion in unrestricted cash and short-term investments, and $3.3 billion in total undrawn capacity under revolving credit and other facilities.
During the first nine months of 2024, we completed the following financing transactions (see Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on 2024 financing activities):
•entered into a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year;
•amended the 2013, 2014 and 2023 Credit Agreements to reduce the applicable interest rate margins, and terminated all revolving commitments under the April 2016 Credit Agreement, increasing overall available revolving credit capacity from $2.8 billion to $2.9 billion, maturing in June 2029;
•amended the 2023 Term Loan Facility to reduce the applicable interest rate margin;
•issued $684 million of enhanced equipment trust certificates (EETCs) in connection with the financing of certain aircraft that had been previously delivered; and
•issued $571 million of equipment loans and other notes payable in connection with the financing of certain aircraft.
Reconciliation of GAAP to Non-GAAP Financial Measures
We sometimes use financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with accounting principles generally accepted in the U.S. (GAAP) to understand and evaluate our current operating performance and to allow for period-to-period comparisons. We believe these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. We are providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
The following table presents the reconciliation of pre-tax income (loss) (GAAP measure) to pre-tax income excluding net special items (non-GAAP measure). Management uses this non-GAAP financial measure to evaluate our current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items allows management an additional tool to understand our core operating performance.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
(In millions)
Reconciliation of Pre-Tax Income Excluding Net Special Items:
Pre-tax income (loss) – GAAP$(256)$(690)$359 $1,089 
Pre-tax net special items (1):
Mainline operating special items, net554 949 625 962 
Regional operating special items, net— 2 — 8 
Nonoperating special items, net(27)101 30 146 
Total pre-tax net special items527 1,052 655 1,116 
Pre-tax income excluding net special items$271 $362 $1,014 $2,205 
(1)See Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items.
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Additionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure) and CASM to CASM excluding net special items and fuel. Management uses total operating costs excluding net special items and fuel and CASM excluding net special items and fuel to evaluate our current operating performance and for period-to-period comparisons. The price of fuel, over which we have no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude net special items and fuel allows management an additional tool to understand and analyze our non-fuel costs and core operating performance. Amounts may not recalculate due to rounding.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Reconciliation of CASM Excluding Net Special Items and Fuel:
(In millions)
Total operating expenses – GAAP$13,558 $13,705 $39,071 $37,348 
Operating net special items (1):
Mainline operating special items, net
(554)(949)(625)(962)
Regional operating special items, net
— (2)— (8)
Aircraft fuel and related taxes(2,874)(3,209)(8,916)(9,098)
Total operating expenses, excluding net special items and fuel$10,130 $9,545 $29,530 $27,280 
Total available seat miles (ASM)75,665 73,285 221,445 207,950 
(In cents)
CASM17.92 18.70 17.64 17.96 
Operating net special items per ASM (1):
Mainline operating special items, net (0.73)(1.29)(0.28)(0.46)
Regional operating special items, net— — — — 
Aircraft fuel and related taxes per ASM(3.80)(4.38)(4.03)(4.38)
CASM, excluding net special items and fuel13.39 13.02 13.34 13.12 
(1)See Note 2 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for further information on net special items.
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AAG’s Results of Operations
Operating Statistics
The table below sets forth selected operating data for the three and nine months ended September 30, 2024 and 2023. Amounts may not recalculate due to rounding.
 Three Months Ended
September 30,		Increase
(Decrease)		Nine Months Ended
September 30,		Increase
(Decrease)
 2024202320242023
Revenue passenger miles (millions) (a)
65,502 61,561 6.4%188,120 173,595 8.4%
Available seat miles (millions) (b)
75,665 73,285 3.2%221,445 207,950 6.5%
Passenger load factor (percent) (c)
86.6 84.0 2.6pts85.0 83.5 1.5pts
Yield (cents) (d)
19.12 20.18 (5.2)%19.77 21.03 (6.0)%
Passenger revenue per available seat mile (cents) (e)
16.55 16.95 (2.3)%16.79 17.55 (4.3)%
Total revenue per available seat mile (cents) (f)
18.04 18.40 (2.0)%18.31 19.10 (4.1)%
Fuel consumption (gallons in millions)
1,147 1,102 4.1%3,322 3,107 6.9%
Average aircraft fuel price including related taxes (dollars per gallon)
2.50 2.91 (14.0)%2.68 2.93 (8.3)%
Total operating cost per available seat mile (cents) (g)
17.92 18.70 (4.2)%17.64 17.96 (1.8)%
Aircraft at end of period (h)
1,546 1,499 3.1%1,546 1,499 3.1%
Full-time equivalent employees at end of period
134,200 132,800 1.1%134,200 132,800 1.1%
    
(a)Revenue passenger mile (RPM) – A basic measure of sales volume. One RPM represents one passenger flown one mile.
(b)Available seat mile (ASM) – A basic measure of production. One ASM represents one seat flown one mile.
(c)Passenger load factor – The percentage of available seats that are filled with revenue passengers.
(d)Yield – A measure of airline revenue derived by dividing passenger revenue by RPMs.
(e)Passenger revenue per available seat mile (PRASM) – Passenger revenue divided by ASMs.
(f)Total revenue per available seat mile (TRASM) – Total revenues divided by ASMs.
(g)Total operating cost per available seat mile (CASM) – Total operating expenses divided by ASMs.
(h)Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are 52 regional aircraft in temporary storage as of September 30, 2024 as follows: 51 Embraer 145 and one Embraer 170.
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Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Operating Revenues
 Three Months Ended
September 30,		Increase
Percent
Increase
 20242023
 (In millions, except percentage changes)
Passenger$12,523 $12,421 $102 0.8
Cargo202 193 9 5.0
Other922 868 54 6.0
Total operating revenues$13,647 $13,482 $165 1.2
This table presents our passenger revenue and the period-over-period change in certain operating statistics:
  
Increase (Decrease)
vs. Three Months Ended September 30, 2023
 Three Months Ended
September 30, 2024		RPMsASMs
Load
Factor
Passenger
Yield
PRASM
 (In millions)     
Passenger revenue$12,523 6.4%3.2%2.6pts(5.2)%(2.3)%
Passenger revenue remained relatively flat in the third quarter of 2024 from the third quarter of 2023. In the third quarter of 2024, we experienced a 5.2% decrease in passenger yield on a 3.2% capacity growth year-over-year, as measured by ASMs. Load factor was 86.6% for the third quarter of 2024, compared to 84.0% for the third quarter of 2023. Our passenger revenue performance improved through the third quarter of 2024 as industry domestic capacity growth decelerated from July 2024. While we continue to see the impact of certain commercial initiatives we had previously deployed, we have made progress to regain our share of revenue lost as we continue to reset these initiatives.
Cargo revenue increased $9 million, or 5.0%, in the third quarter of 2024 from the third quarter of 2023, primarily due to a 10.5% increase in cargo ton miles, offset in part by a 5.0% decrease in cargo yield driven by increased air freight capacity.
Other operating revenue increased $54 million, or 6.0%, in the third quarter of 2024 from the third quarter of 2023, driven primarily by higher revenue associated with our loyalty program. During the three months ended September 30, 2024 and 2023, cash payments from co-branded credit card and other partners were $1.4 billion and $1.3 billion, respectively.
Total operating revenues increased $165 million, or 1.2%, in the third quarter of 2024 from the third quarter of 2023. Our TRASM was 18.04 cents in the third quarter of 2024, a 2.0% decrease as compared to 18.40 cents in the third quarter of 2023.
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Operating Expenses
 Three Months Ended
September 30,		Increase
(Decrease)		Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Aircraft fuel and related taxes$2,874 $3,209 $(335)(10.4)
Salaries, wages and benefits4,098 3,974 124 3.1
Regional expenses1,264 1,168 96 8.2
Maintenance, materials and repairs989 870 119 13.8
Other rent and landing fees861 745 116 15.5
Aircraft rent303 342 (39)(11.4)
Selling expenses468 430 38 8.8
Depreciation and amortization479 487 (8)(1.5)
Mainline operating special items, net554 949 (395)(41.6)
Other1,668 1,531 137 8.8
Total operating expenses$13,558 $13,705 $(147)(1.1)
Aircraft fuel and related taxes decreased $335 million, or 10.4%, in the third quarter of 2024 from the third quarter of 2023, primarily due to a 14.0% decrease in the average price per gallon of aircraft fuel including related taxes to $2.50 in the third quarter of 2024 from $2.91 in the third quarter of 2023, offset in part by a 4.1% increase in gallons of fuel consumed due to increased capacity.
Regional expenses increased $96 million, or 8.2%, in the third quarter of 2024 from the third quarter of 2023, primarily due to an increase in regional flight operations at our wholly-owned regional carriers and higher maintenance, materials and repair costs driven by an increase in the volume of engine overhauls and airframe heavy checks.
Maintenance, materials and repairs increased $119 million, or 13.8%, in the third quarter of 2024 from the third quarter of 2023, primarily due to increased costs for engine overhauls and component part repairs driven by higher volume, as well as airframe heavy checks.
Other rent and landing fees increased $116 million, or 15.5%, in the third quarter of 2024 from the third quarter of 2023, primarily driven by rate increases at certain airports as a result of extensive redevelopment projects at various airports and a 7.6% increase in the number of departures.
Aircraft rent decreased $39 million, or 11.4%, in the third quarter of 2024 from the third quarter of 2023, primarily due to decreased rental payments associated with aircraft operating lease extensions.
Selling expenses increased $38 million, or 8.8%, in the third quarter of 2024 from the third quarter of 2023, primarily due to increases in commissions and advertising expenses.
Other operating expenses increased $137 million, or 8.8%, in the third quarter of 2024 from the third quarter of 2023, primarily driven by increased costs for passenger accommodation, onboard food and catering, crew travel, ground handling and airport lounge operations, as well as certain general and administrative expenses.
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Operating Special Items, Net
 Three Months Ended September 30,
 20242023
(In millions)
Labor contract expenses (1)
$516 $983 
Other operating special items, net38 (34)
Mainline operating special items, net554 949 
Regional operating special items, net— 2 
Operating special items, net$554 $951 
(1)Labor contract expenses for the three months ended September 30, 2024 related to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants, including a one-time payment of $514 million.
Labor contract expenses for the three months ended September 30, 2023 related to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $229 million.
Nonoperating Results
 Three Months Ended September 30,
Increase
(Decrease)
Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Interest income$117 $168 $(51)(30.3)
Interest expense, net(480)(537)57 (10.7)
Other income (expense), net18 (98)116  nm
Total nonoperating expense, net$(345)$(467)$122 (26.2)
Interest income decreased $51 million, or 30.3%, in the third quarter of 2024 from the third quarter of 2023, primarily due to a decrease in short-term investments subsequent to the third quarter of 2023. Interest expense, net decreased $57 million, or 10.7%, in the third quarter of 2024 from the third quarter of 2023, primarily due to lower outstanding debt subsequent to the third quarter of 2023.
In the third quarter of 2024, other nonoperating income, net primarily included $27 million of non-service related pension and other postretirement benefit plan income and $27 million of net special credits for mark-to-market net unrealized gains associated with certain equity investments, offset in part by $21 million of foreign currency losses.
In the third quarter of 2023, other nonoperating expense, net primarily included $101 million of net special charges for mark-to-market net unrealized losses associated with certain equity investments and debt extinguishments, offset in part by $16 million of non-service related pension and other postretirement benefit plan income.
Income Taxes
In the third quarter of 2024, we recorded an income tax benefit of $107 million. Substantially all of our loss before income taxes is attributable to the United States.
See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes.
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Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Operating Revenues
 Nine Months Ended
September 30,
Increase
(Decrease)		Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Passenger$37,184 $36,502 $682 1.9
Cargo584 613 (29)(4.7)
Other2,783 2,611 172 6.5
Total operating revenues$40,551 $39,726 $825 2.1
This table presents our passenger revenue and the period-over-period change in certain operating statistics: 
  
Increase (Decrease)
vs. Nine Months Ended September 30, 2023
 Nine Months Ended
September 30, 2024		RPMsASMs
Load
Factor
Passenger
Yield
PRASM
 (In millions)     
Passenger revenue$37,184 8.4%6.5%1.5pts(6.0)%(4.3)%
Passenger revenue increased $682 million, or 1.9%, in the first nine months of 2024 from the first nine months of 2023. In the first nine months of 2024, we experienced a 6.0% decrease in passenger yield on a 6.5% capacity growth year-over-year, as measured by ASMs. Load factor was 85.0% for the first nine months of 2024, compared to 83.5% for the first nine months of 2023. Our passenger revenue performance improved through the first nine months of 2024 as industry domestic capacity growth decelerated from July 2024. While we continue to see the impact of certain commercial initiatives we had previously deployed, we have made progress to regain our share of revenue lost as we continue to reset these initiatives.
Cargo revenue decreased $29 million, or 4.7%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a 17.2% decrease in cargo yield driven by increased air freight capacity, offset in part by a 15.1% increase in cargo ton miles.
Other operating revenue increased $172 million, or 6.5%, in the first nine months of 2024 from the first nine months of 2023, driven primarily by higher revenue associated with our loyalty program. During the nine months ended September 30, 2024 and 2023, cash payments from co-branded credit card and other partners were $4.4 billion and $4.0 billion, respectively.
Total operating revenues increased $825 million, or 2.1%, in the first nine months of 2024 from the first nine months of 2023, driven primarily by the increase in passenger revenue as described above. Our TRASM was 18.31 cents in the first nine months of 2024, a 4.1% decrease as compared to 19.10 cents in the first nine months of 2023.
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Operating Expenses
 Nine Months Ended
September 30,		Increase
(Decrease)		Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Aircraft fuel and related taxes$8,916 $9,098 $(182)(2.0)
Salaries, wages and benefits11,917 10,891 1,026 9.4
Regional expenses3,733 3,463 270 7.8
Maintenance, materials and repairs2,823 2,389 434 18.2
Other rent and landing fees2,514 2,214 300 13.5
Aircraft rent945 1,031 (86)(8.3)
Selling expenses1,331 1,357 (26)(1.9)
Depreciation and amortization1,424 1,456 (32)(2.2)
Mainline operating special items, net625 962 (337)(35.1)
Other4,843 4,487 356 7.9
Total operating expenses$39,071 $37,348 $1,723 4.6
Aircraft fuel and related taxes decreased $182 million, or 2.0%, in the first nine months of 2024 from the first nine months of 2023, primarily due to an 8.3% decrease in the average price per gallon of aircraft fuel including related taxes to $2.68 in the first nine months of 2024 from $2.93 in the first nine months of 2023, offset in part by a 6.9% increase in gallons of fuel consumed due to increased capacity.
Salaries, wages and benefits increased $1.0 billion, or 9.4%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by higher wage rates and costs for benefit-related items associated with the ratification of a new collective bargaining agreement with our mainline pilots in August 2023.
Regional expenses increased $270 million, or 7.8%, in the first nine months of 2024 from the first nine months of 2023, primarily due to an increase in regional flight operations at our wholly-owned regional carriers and higher maintenance, materials and repair costs driven by an increase in the volume of engine overhauls and airframe heavy checks.
Maintenance, materials and repairs increased $434 million, or 18.2%, in the first nine months of 2024 from the first nine months of 2023, primarily due to increased costs for engine overhauls, airframe heavy checks and component part repairs driven by higher volume.
Other rent and landing fees increased $300 million, or 13.5%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by rate increases at certain airports as a result of extensive redevelopment projects at various airports and an 8.3% increase in the number of departures, as well as incremental engine leases.
Aircraft rent decreased $86 million, or 8.3%, in the first nine months of 2024 from the first nine months of 2023, primarily due to decreased rental payments associated with aircraft operating lease extensions.
Selling expenses decreased $26 million, or 1.9%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a decrease in commissions expense, offset in part by higher credit card fees driven by the overall increase in passenger revenues, and an increase in advertising expense.
Other operating expenses increased $356 million, or 7.9%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by the increase in flight operations, including increased costs for onboard food and catering, crew travel, passenger accommodation, ground handling and airport lounge operations, as well as certain general and administrative expenses.
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Operating Special Items, Net
 Nine Months Ended September 30,
 20242023
 (In millions)
Labor contract expenses (1)
$573 $983 
Severance expenses13 21 
Other operating special items, net39 (42)
Mainline operating special items, net625 962 
Regional operating special items, net— 8 
Operating special items, net$625 $970 
(1)Labor contract expenses for the nine months ended September 30, 2024 related to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline flight attendants, including a one-time payment of $514 million, and from the ratification of a new collective bargaining agreement with our mainline passenger service team members.
Labor contract expenses for the nine months ended September 30, 2023 related to one-time charges resulting from the ratification of a new collective bargaining agreement with our mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $229 million.
Nonoperating Results
 Nine Months Ended September 30,Increase
(Decrease)		Percent
Decrease
 20242023
 (In millions, except percentage changes)
Interest income$363 $456 $(93)(20.4)
Interest expense, net(1,464)(1,626)162 (10.0)
Other expense, net(20)(119)99 (83.0)
Total nonoperating expense, net$(1,121)$(1,289)$168 (13.0)
Interest income decreased $93 million, or 20.4%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a decrease in short-term investments subsequent to the third quarter of 2023. Interest expense, net decreased $162 million, or 10.0%, in the first nine months of 2024 from the first nine months of 2023, primarily due to lower outstanding debt subsequent to the third quarter of 2023.
In the first nine months of 2024, other nonoperating expense, net included $31 million of foreign currency losses and $30 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments, offset in part by $76 million of non-service related pension and other postretirement benefit plan income.
In the first nine months of 2023, other nonoperating expense, net primarily included $146 million of net special charges for debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $32 million of non-service related pension and other postretirement benefit plan income.
Income Taxes
In the first nine months of 2024, we recorded an income tax provision of $103 million. Substantially all of our income before income taxes is attributable to the United States.
See Note 6 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A for additional information on income taxes.
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American’s Results of Operations
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Operating Revenues
 Three Months Ended
September 30,		IncreasePercent
Increase
 20242023
 (In millions, except percentage changes)
Passenger$12,523 $12,421 $102 0.8
Cargo202 193 9 5.0
Other920 867 53 6.0
Total operating revenues$13,645 $13,481 $164 1.2
Passenger revenue remained relatively flat in the third quarter of 2024 from the third quarter of 2023. In the third quarter of 2024, American experienced a decrease in passenger yield on higher capacity growth year-over-year, as measured by ASMs. American’s passenger revenue performance improved through the third quarter of 2024 as industry domestic capacity growth decelerated from July 2024. While American continues to see the impact of certain commercial initiatives it had previously deployed, American has made progress to regain its share of revenue lost as it continues to reset these initiatives.
Cargo revenue increased $9 million, or 5.0%, in the third quarter of 2024 from the third quarter of 2023, primarily due to an increase in cargo ton miles, offset in part by a decrease in cargo yield driven by increased air freight capacity.
Other operating revenue increased $53 million, or 6.0%, in the third quarter of 2024 from the third quarter of 2023, driven primarily by higher revenue associated with American’s loyalty program. During the three months ended September 30, 2024 and 2023, cash payments from co-branded credit card and other partners were $1.4 billion and $1.3 billion, respectively.
Total operating revenues increased $164 million, or 1.2%, in the third quarter of 2024 from the third quarter of 2023.
Operating Expenses 
 Three Months Ended
September 30,		Increase
(Decrease)		Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Aircraft fuel and related taxes$2,874 $3,209 $(335)(10.4)
Salaries, wages and benefits4,096 3,972 124 3.1
Regional expenses1,268 1,149 119 10.3
Maintenance, materials and repairs989 870 119 13.8
Other rent and landing fees861 745 116 15.5
Aircraft rent303 342 (39)(11.4)
Selling expenses468 430 38 8.8
Depreciation and amortization477 484 (7)(1.5)
Mainline operating special items, net554 949 (395)(41.6)
Other1,665 1,533 132 8.6
Total operating expenses$13,555 $13,683 $(128)(0.9)
Aircraft fuel and related taxes decreased $335 million, or 10.4%, in the third quarter of 2024 from the third quarter of 2023, primarily due to a 14.0% decrease in the average price per gallon of aircraft fuel including related taxes to $2.50 in the third quarter of 2024 from $2.91 in the third quarter of 2023, offset in part by a 4.1% increase in gallons of fuel consumed due to increased capacity.
Regional expenses increased $119 million, or 10.3%, in the third quarter of 2024 from the third quarter of 2023, primarily due to an increase in regional flight operations and costs at American’s regional carriers.
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Maintenance, materials and repairs increased $119 million, or 13.8%, in the third quarter of 2024 from the third quarter of 2023, primarily due to increased costs for engine overhauls and component part repairs driven by higher volume, as well as airframe heavy checks.
Other rent and landing fees increased $116 million, or 15.5%, in the third quarter of 2024 from the third quarter of 2023, primarily driven by rate increases at certain airports as a result of extensive redevelopment projects at various airports and an increase in the number of departures.
Aircraft rent decreased $39 million, or 11.4%, in the third quarter of 2024 from the third quarter of 2023, primarily due to decreased rental payments associated with aircraft operating lease extensions.
Selling expenses increased $38 million, or 8.8%, in the third quarter of 2024 from the third quarter of 2023, primarily due to increases in commissions and advertising expenses.
Other operating expenses increased $132 million, or 8.6%, in the third quarter of 2024 from the third quarter of 2023, primarily driven by increased costs for passenger accommodation, onboard food and catering, crew travel, ground handling and airport lounge operations, as well as certain general and administrative expenses.
Operating Special Items, Net
Three Months Ended September 30,
20242023
(In millions)
Labor contract expenses (1)
$516 $983 
Other operating special items, net 38 (34)
Mainline operating special items, net$554 $949 
(1)Labor contract expenses for the three months ended September 30, 2024 related to one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline flight attendants, including a one-time payment of $514 million.
Labor contract expenses for the three months ended September 30, 2023 related to one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $229 million.
Nonoperating Results
 Three Months Ended September 30,
Increase
(Decrease)
Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Interest income$268 $297 $(29)(9.8)
Interest expense, net(505)(555)50 (9.1)
Other income (expense), net18 (99)117 nm
Total nonoperating expense, net$(219)$(357)$138 (38.7)
Interest income decreased $29 million, or 9.8%, in the third quarter of 2024 from the third quarter of 2023, primarily due to a decrease in short-term investments subsequent to the third quarter of 2023. Interest expense, net decreased $50 million, or 9.1%, in the third quarter of 2024 from the third quarter of 2023, primarily due to lower outstanding debt subsequent to the third quarter of 2023.
In the third quarter of 2024, other nonoperating income, net primarily included $27 million of non-service related pension and other postretirement benefit plan income and $27 million of net special credits for mark-to-market net unrealized gains associated with certain equity investments, offset in part by $21 million of foreign currency losses.
In the third quarter of 2023, other nonoperating expense, net primarily included $101 million of net special charges for mark-to-market net unrealized losses associated with certain equity investments and debt extinguishments, offset in part by $15 million of non-service related pension and other postretirement benefit plan income.
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Income Taxes
American is a member of AAG’s consolidated federal and certain state income tax returns.
In the third quarter of 2024, American recorded an income tax benefit of $88 million. Substantially all of American’s income before income taxes is attributable to the United States.
See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Operating Revenues 
 Nine Months Ended
September 30,
Increase
(Decrease)		Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Passenger$37,184 $36,502 $682 1.9
Cargo584 613 (29)(4.7)
Other2,778 2,608 170 6.5
Total operating revenues$40,546 $39,723 $823 2.1
Passenger revenue increased $682 million, or 1.9%, in the first nine months of 2024 from the first nine months of 2023. In the first nine months of 2024, American experienced a decrease in passenger yield on higher capacity growth year-over-year, as measured by ASMs. American’s passenger revenue performance improved through the first nine months of 2024 as industry domestic capacity growth decelerated from July 2024. While American continues to see the impact of certain commercial initiatives it had previously deployed, American has made progress to regain its share of revenue lost as it continues to reset these initiatives.
Cargo revenue decreased $29 million, or 4.7%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a decrease in cargo yield driven by increased air freight capacity, offset in part by an increase in cargo ton miles.
Other operating revenue increased $170 million, or 6.5%, in the first nine months of 2024 from the first nine months of 2023, driven primarily by higher revenue associated with American’s loyalty program. During the nine months ended September 30, 2024 and 2023, cash payments from co-branded credit card and other partners were $4.4 billion and $4.0 billion, respectively.
Total operating revenues increased $823 million, or 2.1%, in the first nine months of 2024 from the first nine months of 2023, driven primarily by the increase in passenger revenue as described above.
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Operating Expenses
 Nine Months Ended
September 30,		Increase
(Decrease)		Percent
Increase
(Decrease)
 20242023
 (In millions, except percentage changes)
Aircraft fuel and related taxes$8,916 $9,098 $(182)(2.0)
Salaries, wages and benefits11,911 10,885 1,026 9.4
Regional expenses3,725 3,442 283 8.2
Maintenance, materials and repairs2,823 2,389 434 18.2
Other rent and landing fees2,514 2,214 300 13.5
Aircraft rent945 1,031 (86)(8.3)
Selling expenses1,331 1,357 (26)(1.9)
Depreciation and amortization1,416 1,449 (33)(2.3)
Mainline operating special items, net625 962 (337)(35.1)
Other4,844 4,488 356 7.9
Total operating expenses$39,050 $37,315 $1,735 4.6
Aircraft fuel and related taxes decreased $182 million, or 2.0%, in the first nine months of 2024 from the first nine months of 2023, primarily due to an 8.3% decrease in the average price per gallon of aircraft fuel including related taxes to $2.68 in the first nine months of 2024 from $2.93 in the first nine months of 2023, offset in part by a 6.9% increase in gallons of fuel consumed due to increased capacity.
Salaries, wages and benefits increased $1.0 billion, or 9.4%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by higher wage rates and costs for benefit-related items associated with the ratification of a new collective bargaining agreement with American’s mainline pilots in August 2023.
Regional expenses increased $283 million, or 8.2%, in the first nine months of 2024 from the first nine months of 2023, primarily due to an increase in regional flight operations and costs at American’s regional carriers.
Maintenance, materials and repairs increased $434 million, or 18.2%, in the first nine months of 2024 from the first nine months of 2023, primarily due to increased costs for engine overhauls, airframe heavy checks and component part repairs driven by higher volume.
Other rent and landing fees increased $300 million, or 13.5%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by rate increases at certain airports as a result of extensive redevelopment projects at various airports and an increase in the number of departures, as well as incremental engine leases.
Aircraft rent decreased $86 million, or 8.3%, in the first nine months of 2024 from the first nine months of 2023, primarily due to decreased rental payments associated with aircraft operating lease extensions.
Selling expenses decreased $26 million, or 1.9%, in the first nine months of 2024 from the first nine months of 2023, primarily due to a decrease in commissions expense, offset in part by higher credit card fees driven by the overall increase in passenger revenues, and an increase in advertising expense.
Other operating expenses increased $356 million, or 7.9%, in the first nine months of 2024 from the first nine months of 2023, primarily driven by the increase in flight operations, including increased costs for onboard food and catering, crew travel, passenger accommodation, ground handling and airport lounge operations, as well as certain general and administrative expenses.
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Operating Special Items, Net
Nine Months Ended September 30,
20242023
(In millions)
Labor contract expenses (1)
$573 $983 
Severance expenses13 21 
Other operating special items, net 39 (42)
Mainline operating special items, net$625 $962 
(1)Labor contract expenses for the nine months ended September 30, 2024 related to one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline flight attendants, including a one-time payment of $514 million, and from the ratification of a new collective bargaining agreement with American’s mainline passenger service team members.
Labor contract expenses for the nine months ended September 30, 2023 related to one-time charges resulting from the ratification of a new collective bargaining agreement with American’s mainline pilots, including a one-time payment of $754 million as well as adjustments to other benefit-related items of $229 million.
Nonoperating Results 
 Nine Months Ended September 30,Increase
(Decrease)		Percent
Decrease
 20242023
 (In millions, except percentage changes)
Interest income$805 $810 $(5)(0.7)
Interest expense, net(1,536)(1,668)132 (7.9)
Other expense, net(21)(119)98 (82.3)
Total nonoperating expense, net$(752)$(977)$225 (23.0)
Interest expense, net decreased $132 million, or 7.9%, in the first nine months of 2024 from the first nine months of 2023 primarily due to lower outstanding debt subsequent to the third quarter of 2023.
In the first nine months of 2024, other nonoperating expense, net included $31 million of foreign currency losses and $30 million of net special charges primarily for mark-to-market net unrealized losses associated with certain equity investments, offset in part by $75 million of non-service related pension and other postretirement benefit plan income.
In the first nine months of 2023, other nonoperating expense, net primarily included $146 million of net special charges for debt refinancings and extinguishments and mark-to-market net unrealized losses associated with certain equity investments, offset in part by $31 million of non-service related pension and other postretirement benefit plan income.
Income Taxes
American is a member of AAG’s consolidated federal and certain state income tax returns.
In the first nine months of 2024, American recorded an income tax provision of $208 million. Substantially all of American’s income before income taxes is attributable to the United States.
See Note 5 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B for additional information on income taxes.
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Liquidity and Capital Resources
Liquidity
At September 30, 2024, AAG had $11.8 billion in total available liquidity and $752 million in restricted cash and short-term investments. Additional detail regarding our available liquidity is provided in the table below (in millions): 
 AAGAmerican
 September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Cash$834 $578 $825 $567 
Short-term investments7,638 7,000 7,635 6,998 
Undrawn facilities3,290 2,862 3,290 2,862 
Total available liquidity$11,762 $10,440 $11,750 $10,427 
In the ordinary course of our business, we or our affiliates may, at any time and from time to time, seek to prepay, retire or repurchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, prepayments, retirements or exchanges, if any, will be conducted on such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, legal and contractual restrictions and other factors. The amounts involved may be material.
Certain Covenants
Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, may restrict the ability of us and our subsidiaries to incur additional indebtedness, pay dividends or repurchase stock. Our debt agreements also contain customary change of control provisions, which may require us to repay or redeem such indebtedness upon certain events constituting a change of control under the relevant agreement, in certain cases at a premium. Additionally, certain of our debt financing agreements (including our secured notes, term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) or collateral coverage ratio covenants and certain agreements require us to appraise the related collateral annually or semiannually. Pursuant to such agreements, if the applicable LTV or collateral coverage ratio exceeds or falls below a specified threshold, as the case may be, we will be required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), withhold additional cash in certain accounts, or pay down such financing, in whole or in part, or the interest rate for the relevant financing will be increased. Additionally, a significant portion of our debt financing agreements contain covenants requiring us to maintain an aggregate of at least $2.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities, and our 5.50% senior secured notes due 2026, 5.75% senior secured notes due 2029 and AAdvantage Term Loan Facility (collectively, the AAdvantage Financing) contain a peak debt service coverage ratio, pursuant to which failure to comply with a certain threshold may result in early repayment, in whole or in part, of the AAdvantage Financing. As of the most recent applicable measurement dates, we were in compliance with each of the foregoing covenants.
Sources and Uses of Cash
AAG
Operating Activities
Our net cash provided by operating activities was $3.6 billion and $5.2 billion for the first nine months of 2024 and 2023, respectively, a period-over-period decrease of $1.6 billion. This decrease in operating cash flows from the 2023 period to the 2024 period was due to lower profitability in the first nine months of 2024 and net working capital changes. In addition, we contributed $296 million to our defined benefit pension plans in the first nine months of 2024 as compared to $68 million in the first nine months of 2023.
Investing Activities
Our net cash used in investing activities was $1.8 billion and $2.7 billion for the first nine months of 2024 and 2023, respectively.
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Our principal investing activities in the first nine months of 2024 included $1.9 billion of capital expenditures, which primarily related to the purchase of 12 Embraer 175 aircraft, three Boeing 737 MAX aircraft, three Boeing 737-800 aircraft lease repurchases, two Airbus A321neo aircraft, 39 aircraft engines and aircraft purchase deposits. Additionally, we had $627 million in net purchases of short-term investments. These cash outflows were offset in part by $598 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at Los Angeles International Airport (LAX).
Our principal investing activities in the first nine months of 2023 included $1.8 billion of capital expenditures, which primarily related to the purchase of 11 Boeing 737 MAX aircraft, six Embraer 175 aircraft, three used Bombardier CRJ 900 aircraft, two Airbus A321neo aircraft and 22 spare engines. Additionally, we had $1.5 billion in net purchases of short-term investments. These cash outflows were offset in part by $219 million of proceeds from sale-leaseback transactions and sale of property and equipment.
Financing Activities
Our net cash used in financing activities was $1.5 billion and $2.4 billion for the first nine months of 2024 and 2023, respectively.
Our principal financing activities in the first nine months of 2024 included $2.7 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset in part by $1.3 billion of proceeds from issuance of long-term debt, consisting of $684 million from the issuance of EETCs in connection with the financing of certain aircraft that had been previously delivered and $571 million from the issuance of equipment loans and other notes payable.
Our principal financing activities in the first nine months of 2023 included $2.3 billion in net repayments of debt and finance lease obligations primarily due to scheduled debt repayments. We refinanced approximately $1.8 billion in aggregate principal amount of term loans outstanding under the 2013 Term Loan Facility by extending the maturity of $1.0 billion in term loans under the 2013 Term Loan Facility and issuing $750 million in aggregate principal amount of the 7.25% Senior Secured Notes. In addition, we borrowed $663 million in connection with the financing of certain aircraft and repurchased $552 million of secured and unsecured notes in the open market.
American
Operating Activities
American’s net cash provided by operating activities was $3.5 billion and $5.1 billion for the first nine months of 2024 and 2023, respectively, a period-over-period decrease of $1.6 billion. This decrease in operating cash flows from the 2023 period to the 2024 period was due to lower profitability in the first nine months of 2024 and net working capital changes. In addition, American contributed $292 million to its defined benefit pension plans in the first nine months of 2024 as compared to $67 million in the first nine months of 2023.
Investing Activities
American’s net cash used in investing activities was $1.8 billion and $2.6 billion for the first nine months of 2024 and 2023, respectively.
American’s principal investing activities in the first nine months of 2024 included $1.9 billion of capital expenditures, which primarily related to the purchase of 12 Embraer 175 aircraft, three Boeing 737 MAX aircraft, three Boeing 737-800 aircraft lease repurchases, two Airbus A321neo aircraft, 39 aircraft engines and aircraft purchase deposits. Additionally, American had $626 million in net purchases of short-term investments. These cash outflows were offset in part by $598 million of proceeds from sale-leaseback transactions and sale of property and equipment, which primarily related to the modernization of Terminals 4 and 5 at LAX.
American’s principal investing activities in the first nine months of 2023 included $1.7 billion of capital expenditures, which primarily related to the purchase of 11 Boeing 737 MAX aircraft, six Embraer 175 aircraft, three used Bombardier CRJ 900 aircraft, two Airbus A321neo aircraft and 22 spare engines. Additionally, American had $1.5 billion in net purchases of short-term investments. These cash outflows were offset in part by $219 million of proceeds from sale-leaseback transactions and sale of property and equipment.
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Financing Activities
American’s net cash used in financing activities was $1.5 billion and $2.4 billion for the first nine months of 2024 and 2023, respectively.
American’s principal financing activities in the first nine months of 2024 included $2.7 billion in scheduled repayments of debt and finance lease obligations. These cash outflows were offset in part by $1.3 billion of proceeds from issuance of long-term debt, consisting of $684 million from the issuance of EETCs in connection with the financing of certain aircraft that had been previously delivered and $571 million from the issuance of equipment loans and other notes payable.
American’s principal financing activities in the first nine months of 2023 included $2.3 billion in net repayments of debt and finance lease obligations primarily due to scheduled debt repayments. American refinanced approximately $1.8 billion in aggregate principal amount of term loans outstanding under the 2013 Term Loan Facility by extending the maturity of $1.0 billion in term loans under the 2013 Term Loan Facility and issuing $750 million in aggregate principal amount of the 7.25% Senior Secured Notes. In addition, American borrowed $663 million in connection with the financing of certain aircraft and repurchased $539 million of secured notes in the open market.
Commitments
Significant Indebtedness
As of September 30, 2024, AAG had $31.4 billion in long-term debt, including current maturities of $5.3 billion. As of September 30, 2024, American had $26.2 billion in long-term debt, including current maturities of $3.8 billion. All material changes in our significant indebtedness since our 2023 Form 10-K are discussed in Note 5 to AAG’s Condensed Consolidated Financial Statements in Part I, Item 1A and Note 4 to American’s Condensed Consolidated Financial Statements in Part I, Item 1B.
Aircraft and Engine Purchase Commitments
As of September 30, 2024, we had definitive purchase agreements for the acquisition of the following new aircraft (1): 
Remainder
of 2024		20252026202720282029 and ThereafterTotal
Airbus
A320neo Family3 7 28 34 14 64 150 
Boeing
737 MAX Family (2)
— 17 23 — 20 95 155 
787 Family1 10 4 5 5 5 30 
Embraer
1753 15 18 15 15 30 96 
Total7 49 73 54 54 194 431 
(1)Delivery schedule represents our best estimate as of the date of this report as described in footnote (d) to the “Contractual Obligations” table below. Actual delivery dates are subject to change, which could be material, based on various potential factors including production delays by the manufacturer and regulatory concerns. See Part II, Item 1A. Risk Factors – “We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition.”
(2)As of the date of this report, due to a strike action affecting certain of its production facilities, The Boeing Company (Boeing) has suspended production of 737 MAX Family aircraft.
In addition, we have committed to purchase 14 used Bombardier CRJ 900 aircraft which are scheduled to be delivered from 2024 through 2026. We also have agreements for 61 spare engines to be delivered in the fourth quarter of 2024 and beyond. The “Contractual Obligations” table below reflects these commitments.
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We currently have financing commitments in place for all new aircraft scheduled to be delivered in 2024. Our ability to draw on the financing commitments we have in place is subject to (1) the satisfaction of various terms and conditions including, in some cases, on our acquisition of the aircraft by a certain date and (2) the performance by the relevant financing counterparty of its obligations thereunder.
Off-Balance Sheet Arrangements
An off-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us.
There have been no material changes in our off-balance sheet arrangements as discussed in our 2023 Form 10-K.
Labor Contracts
In January 2024, a new five-year collective bargaining agreement was ratified by the Communications Workers of America and International Brotherhood of Teamsters for our mainline passenger service team members, which is amendable in 2029.
In September 2024, a new five-year collective bargaining agreement was ratified by the APFA for our mainline flight attendants, which is amendable in 2029.
Also in September 2024, the Transport Workers Union and International Association of Machinists & Aerospace
Workers announced a tentative agreement for a two-year contract extension for our mainline maintenance and fleet service team members. The tentative agreement remains subject to ratification by the union’s membership, which we expect to occur in the fourth quarter of 2024.
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Contractual Obligations
The following table provides details of our estimated material cash requirements from contractual obligations as of September 30, 2024 (in millions). The table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time and is subject to other conventions as set forth in the applicable accompanying footnotes.
 Payments Due by Period
 Remainder
of 2024		20252026202720282029 and ThereafterTotal
American
Long-term debt:
Principal amount (a), (c)
$979 $3,866 $4,748 $4,957 $5,278 $6,369 $26,197 
Interest obligations (b), (c)
379 1,429 1,088 786 500 553 4,735 
Finance lease obligations45 155 129 89 54 198 670 
Aircraft and engine purchase commitments (d)
328 2,774 4,044 3,505 3,365 12,396 26,412 
Operating lease commitments427 1,652 1,495 1,325 1,188 4,452 10,539 
Regional capacity purchase agreements (e)
616 2,001 1,708 1,477 697 1,343 7,842 
Minimum pension obligations (f)
— 251 244 165 140 65 865 
Retiree medical and other postretirement benefits
31 131 137 137 135 606 1,177 
Other purchase obligations (g)
1,109 2,611 1,557 1,073 264 3,300 9,914 
Total American Contractual Obligations3,914 14,870 15,150 13,514 11,621 29,282 88,351 
AAG Parent and Other AAG Subsidiaries
Long-term debt:
Principal amount (a)
— 1,487 — — — 3,746 5,233 
Interest obligations (b)
— 145 152 188 190 392 1,067 
Operating lease commitments5 13 13 8 7 46 92 
Minimum pension obligations (f)
— 2 2 1 1 3 9 
Total AAG Contractual Obligations$3,919 $16,517 $15,317 $13,711 $11,819 $33,469 $94,752 
(a)Amounts represent contractual amounts due. Excludes $313 million and $7 million of unamortized debt discount, premium and issuance costs as of September 30, 2024 for American and AAG Parent, respectively. For additional information, see Note 5 and Note 4 to AAG’s and American’s Condensed Consolidated Financial Statements in Part I, Items 1A and 1B, respectively.
(b)For variable-rate debt, future interest obligations are estimated using the current forward rates at September 30, 2024.
(c)截至2024年9月30日，包括未来76亿美元的本金支付和未来94800万美元的利息支付，与某些飞机和备用发动机的抵押融资相关的EETCs有关。
(d)参见“”了解证券交易委员会对此类赔偿条款的立场飞机和发动机采购承诺 有关公司确定的飞机交付时间表的额外信息，请特别参阅下表的脚注，了解可能会对该交付时间表进行更改的情况。由于某些飞机交付时间存在不确定性，表中的金额代表我们根据合同交付时间表进行的最新估计，根据适用设备制造商向管理层通报的更新和修订后时间表进行调整。然而，实际交付时间表可能会有所不同，可能会有较大变化，这取决于各种潜在因素，包括制造商的生产延迟和监管问题。此外，表中的金额不包括分别预定于2024年和2025年交付的一架和四架波音787家族飞机，针对这些情况，我们已获得了承诺的租赁融资。此融资已反映在上述运营租赁承诺额中。
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(e)代表与第三方区域型航空公司的容量购买协议下的最低支付额。 这些承诺是基于假定的达到最低飞行量的成本估算得出的，美国的实际支付可能会有实质差异。 在这些容量购买协议下飞行的某些飞机的营运租赁租金将在上述营运租赁承诺行中反映。
(f)根据2023年12月的精算估计，代表截至2033年的预计支付基础最低养老金缴费。2024年前九个月，我们向我们的确定利益养老金计划进行了28400万美元的必需缴款和1200万美元的补充缴款。
(g)包括飞机燃油、飞行设备维护和信息技术支持的购买承诺，不包括某些燃油接收协议或其他协议下的义务，其相关支出时间不确定，或者受到施工等重大不确定性条件的约束。
资金筹集活动及其他可能行动
鉴于我们与现有债务和设备租赁安排以及新的飞行设备相关的重大财务承诺，我们及我们的子公司将定期考虑，并进行与资本筹集和责任管理活动相关的谈判，其中可能包括参与租赁交易并未来发行、以及用于管理担保或非担保债务义务的时间和金额的交易，以及公开或私人发行的额外权益或权益相关证券的交易。然而，经营活动（如有）和这些来源提供的现金可能不足以支付我们的现金义务，因为经济因素可能会减少运营现金的生成或增加成本。例如，经济衰退或由军事行动、恐怖主义、疾病爆发（如COVID-19大流行）、自然灾害或其他原因引起的全球普遍不稳定可能会减少对航空旅行的需求，从而减少运营现金数量。请参阅第二部分，项目1A。风险因素 - “经济状况的下滑可能会对我们的业务产生不利影响” 供进一步讨论。成本增加，无论是由于借贷成本增加导致的信用评级降低，或是由于燃料、维护、飞机、飞机发动机或零部件成本的增加，都可能减少用于支付现金合同义务的现金金额。此外，我们的某些融资安排包含重要的最低现金余额或类似流动性要求。因此，我们无法利用所有可用的现金资助运营、资本支出和现金义务，否则将违反这些要求。
过去，我们时不时地重新融资、赎回或回购我们的债务，并采取其他措施来减少或以其他方式管理我们的债务、租赁和其他义务的总额和成本，或以其他方式改善我们的资产负债表。未来，取决于市场条件、我们的现金状况和其他考虑，我们可能会继续采取这些行动，涉及的金额可能是重大的。
关键会计政策和估计
有关我们重要会计政策和估计的信息，请参阅我们2023年第10-K表格中包含的合并财务报表和附注披露。
项目3.关于市场风险的定量和定性披露
AAG公司和美国市场风险敏感的工具和头寸
我们主要的市场风险敞口包括航空燃料价格、外汇兑换汇率和利率风险。我们对这些市场风险的敞口从我们在2023年第10-k表中讨论的敞口没有发生实质性变化，除非如下更新。
飞机燃料
截至2024年9月30日，我们没有任何未平仓的燃油套期交易合同，用于套期保值燃油消耗。我们目前的政策是不进行燃油套期交易，尽管我们会根据市场条件和其他因素定期审查该政策。因此，假设我们不会进行任何未来的燃油套期交易，那么我们将继续充分承担燃油价格波动的风险。根据我们2024年预测的燃油消耗，我们估计每加仑飞机燃油价格每增加一美分，将使我们2024年燃油费用增加约4500万美元。请参阅第二部分，项目1A。风险因素 - “我们的业务非常
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取决于飞机燃料价格和供应情况。燃料成本持续波动、燃料价格上升或者飞机燃料供应出现重大中断都可能对消费者需求、我们的营运结果和流动性带来重大负面影响。
外币
我们受到汇率波动对以美元计价的外币交易价值的影响。 我们最大的风险来自欧元、加币、英镑和各种拉丁美洲货币（主要是巴西里亚尔）。 我们目前没有外币对冲计划。
一般来说，包括货币贬值在内的外汇波动是无法由我们预测的，可能会显著影响我们位于美国以外地区的资产价值。这些控件，以及任何进一步的延误、贬值或实施更严格的资本回流限制，可能会严重影响我们的业务、运营结果和财务状况。请参阅第二部分，项目1A. 风险因素 - “我们经营一项全球业务，国际业务受经济和政治不稳定性影响，过去已经受到许多事件、情况或政府行动的不利影响，未来可能继续受到这些影响，而这些影响超出了我们的控制范围” 以及其他货币风险的讨论。
利息
我们的收入和现金流受到利率期货变动的影响，因为这些变化对我们的变量利率债务工具的利息支出和我们的短期利息-bearing投资的利息收入产生影响。如果年利率上涨100个基点，基于我们2024年9月30日的变量利率债务和短期投资余额，变量利率债务的年利息支出大约会增加9000万美元，短期投资的年利息收入大约会增加8000万美元。
第4项。控制和程序
管理层对披露控制和流程进行了评估。
“披露控制与程序”一词在1934年修订的《证券交易法》第13a-15(e)和第15d-15(e)条款中有定义。此术语指的是公司旨在确保公司在《交易法》项下提交的报告中所需披露信息按照SEC规则和表格规定的时间范围被记录、处理、汇总和报告，并且被累积并传达给公司管理层，包括首席执行官和信安金融主管，或具有类似职能的人员，以便及时做出有关所需披露的决策。对AAG和美国公司披露控制与程序的有效性评估是在AAG和美国公司及AAG和美国公司管理层的监督和参与下于2024年9月30日进行的，其中包括AAG和美国公司的首席执行官，即首席执行官(CEO)，和信安金融主管，即首席财务官(CFO)。基于该评估，AAG和美国公司的管理层，包括AAG和美国公司的首席执行官和首席财务官，得出结论认为在2024年9月30日，AAG和美国公司的披露控制与程序在合理保证水平上是有效的。
财务报告内部控制的变化
截至2024年9月30日的季度结束时，AAG或美国的财务报告内部控制未发生任何重大影响或有可能重大影响AAG和美国的财务报告内部控制。
对控制措施的有效性的限制
我们相信，无论控制系统设计和运作得多么完善，都无法绝对保证控制系统的目标得以实现，对控制进行评估也无法绝对保证所有控制问题和公司内欺诈行为（如果有的话）都已被检测到。我们的信息披露控制和程序旨在提供合理保证，正如上文所述，澳洲到美国CEO和CFO相信，截至2024年9月30日，我们的信息披露控制和程序在合理保证水平上是有效的。
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第II部分：其他信息
详见本季度10-Q表中我们的简明合并财务报表的注释12——承诺和事项，以获取有关我们的法律诉讼的信息。
请参阅AAG和美国的基本报表附注12，分别在第I部分，第I，第10亿项，了解法律诉讼信息。
第1A项。风险因素
以下是可能影响我们的业务、运营结果和财务状况或普通股票或其他证券交易价格的某些风险因素。我们提醒读者，这些风险因素可能不是穷尽的。我们在不断变化的商业环境中运营，会不时出现新的风险和不确定性。管理层无法预测这些新的风险和不确定性，也无法评估以下任何风险因素或任何此类新的风险和不确定性，或其任何组合对我们业务的影响程度。
与我们的业务和行业有关的风险
经济形势的下行可能会对我们的业务产生不利影响。
由于业务和休闲旅行支出的自由性质以及航空行业的高度竞争性，我们的收入受美国经济和全球其他地区经济状况的影响较大。这些更广泛经济领域的不利条件已导致并可能会在未来导致航空旅行乘客需求减少、预订方式变化以及竞争对手作出的相关反应，所有这些又已对我们的业务产生了重大负面影响，且在未来可能继续如此。例如，COVID-19大流行及相关经济活动下降和失业率上升严重而持久地影响了全球经济，进而导致了航空旅行需求长期低迷。此外，COVID-19大流行高峰后的快速经济扩张导致了某些货币的显著通货膨胀压力和波动性，这导致我们的飞机燃油、工资和福利以及其他必需品和服务的成本增加，同时还增加了我们可变利率负债的利息支出。
我们需要获得足够的融资或其他资金来顺利运营。
我们的业务计划考虑到继续对我们的舰队进行重大投资，改善客户体验并更新我们的设施。执行此计划将需要大量资本资源。我们估计，基于截至2024年9月30日的承诺，我们计划的飞机购买承诺和某些引擎在2024年至2028年期间的合并基础上的支出约为$140亿。我们也可能需要融资来重新融资到期债务，并提供流动性以满足其他公司需求的资金。因此，我们将需要大量的流动性、融资或其他资本资源来为这些飞机和引擎提供融资，并满足其他流动性需求。如有需要，我们可能会难以以可接受的条件或根本无法就融资条件筹集到额外资本，原因包括但不限于：我们大量的现有债务水平，尤其是在我们为应对COVID-19大流行影响而完成的交易之后；我们的非投资级信用评级；市场波动或其他不利条件；以及可用于作为贷款或其他债务抵押品的资产的可用性，由于自2020年初以来我们进行的某些融资交易大幅削减，且可能会进一步削减。如果我们无法按照惯例的预付率和对我们可接受的条款和条件安排所需的融资，我们可能需要使用运营现金或现有资金购买飞机和引擎或为其他公司需求提供资金，或者可能寻求与适用制造商就这些飞机和引擎议定推迟或推迟公司义务。取决于我们寻求资本时所适用的诸多因素，其中许多因素不在我们的控制范围内，例如国内和全球经济状况、资本和信贷市场对我们前景和航空业整体的看法，以及债务和股本资金的普遍可获性，我们所需的融资或其他资本资源可能无法获得，或者仅可获得应对苛刻的条件和条款。此外，我们持有大额现金和短期投资余额，包括必要用于日常运营的部分存放在超过政府提供的存款保险的商业银行存款账户中。我们无法保证我们将成功获得融资或其他所需的资本来源以成功运营或为我们承诺的支出提供资金。如果无法以可接受的条件获得必要融资，将限制我们执行必要资本项目的能力，并对我们的业务、运营结果和财务状况产生重大不利影响。
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我们高水平的债务和其他义务可能会限制我们资金一般企业需求和获得额外融资的能力，可能会限制我们对竞争性发展做出灵活反应的能力，可能会导致我们业务容易受到不利经济和行业板块条件的影响。
我们有大量的债务和其他财务义务，包括养老金义务、未来支付飞机设备和物业租赁款项的义务，以及与机场和其他设施相关的租赁款项，以及飞机和相关备用发动机采购协议下的大额不可取消的义务。此外，目前我们资产的很大部分都被抵押以保障我们的债务。我们庞大的债务和其他义务，一般而言，都超过了竞争对手的债务和其他义务，可能会产生重要后果。例如，它们可能：
•使我们更难满足我们的债务义务。
•限制我们获取额外资金用于营运资金、资本支出、收购、投资和一般公司用途的能力，并可能对获取资金的条件造成负面影响；
•要求我们将我们的大部分流动性或来自经营活动的现金流用于偿还我们的债务和其他义务，从而减少用于其他目的的所有基金类型；
•使我们在经济衰退、行业条件和灾难性外部事件方面变得更容易受到影响，特别是相对于财务杠杆水平较低的竞争对手；
•显著限制我们对自身运营、美国或全球经济以及我们所经营的行业中的突发干扰做出响应或快速响应的能力，或者利用可能改善我们的业务、运营或竞争地位的机会。
•限制我们抵抗竞争压力的能力，降低我们在应对不断变化的业务和经济条件时的灵活性；
•利率期货是根据浮动利率计息，使我们在利率波动时面临利息支出的波动；
•包括财务契约，其中要求保持至少20亿美元的无限制现金及现金等价物和可撤回信贷额度，以及担保覆盖比率和峰值债务偿付比率；
•影响循环信贷额度下借款的可用性；和
•包含限制性条款，可能包括：
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。限制了我们合并、整合、卖出资产、负担额外债务、发行优先股、进行投资和支付分红派息的能力；和
◦控制支出，同时继续在我们认为对长期成功至关重要的领域进行投资。如果违约，将导致我们其他债务的违约事件。
此外，在COVID-19大流行期间，我们被要求从各种来源获得大量额外融资，我们无法保证将来不需要再融资。此类融资可能包括发行额外的无担保或有担保债券、股票和股权链接证券，以及额外的双边和银团有担保和/或无担保授信额度，等等。对于任何此类融资交易的时间，不能保证，可能即将进行，或者我们能否以优惠条件或根本无法获得此类额外融资。任何此类行动可能具有重大性质，可能导致重大额外负债或股权的发行，并可能对我们目前不受限制的重大契约和限制条款。此外，由于我们在应对COVID-19大流行期间进行的融资活动，适用于此类契约和条款的融资数量增加，因此，如果发生违约情况，我们将面临更严重的交叉违约和加速风险，并且未来寻求额外流动性时，可能会使我们受到其他契约和条款的约束。
上述讨论的义务，包括由于我们可能进行的任何额外融资而导致的义务，也可能影响我们获取必要的额外融资的能力，以及在开展业务时的灵活性，并可能在重大程度上对我们的流动性、经营结果和财务状况产生不利影响。
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此外，我们的长期负债中有相当高比例的负债采用浮动利率，这些利率往往会根据一般短期利率、美联储以及其他央行制定的利率、金库回购或其他市场上的信用供应与需求以及一般经济状况而波动。我们未对我们的浮动利率债务进行利率敞口对冲。因此，我们任何特定期间的利息支出将根据相关基准利率和其他可变利率而波动。在2022年和2023年，由于通胀上升与经济活动迅速反弹相吻合，各国政府放松限制并在新冠疫情后重新开放经济，全球各央行包括美联储、欧洲央行和英格兰银行等相继实施加息周期，进而增加了我们支付的浮动利率负债的利息额。如果适用于我们浮动利率债务的利率保持高位或继续上升，我们的利息支出将增加，届时我们可能难以进行利息支付并筹资支付其他固定成本，我们用于一般企业需求的现金流可能受到不利影响。
我们有重大的养老金和其他离退休福利的资金义务，这可能会对我们的流动性、运营结果和财务状况产生不利影响。
我们的养老金融资义务非常重要。我们的养老金融资义务金额将取决于养老金计划信托持有的投资表现，用于确定责任的利率期货和精算经验。我们还有重大的退休医疗和其他离退休福利义务。
此外，我们参与了美国国家养老基金（IAM养老基金）。IAM养老基金的资金状况受到其他雇主可能未能履行其义务的风险影响，这在某些情况下可能会导致我们的义务增加。2019年3月29日，IAM养老基金的精算师证实，尽管报告的资金状况超过80％，但该基金处于“濒临”状态。此外，IAM养老基金董事会在2019年4月17日自愿决定进入“危急”状态。进入危急状态后，根据法律规定，IAM养老基金被要求制定旨在恢复养老金计划财务健康的康复计划，并在2019年4月17日（康复计划）制定了此计划。根据康复计划，美国将根据不重要的捐款附加费规定，该规定将于2019年6月14日根据康复计划强制采用的捐款时间表停止适用。捐款时间表要求其捐款率每年增加2.5％。此捐款时间表将持续有效，直至2031年12月31日或IAM养老基金摆脱危急状态之前的日期。此外，如果我们选择退出IAM养老基金，如果IAM养老基金终止，或者如果IAM养老基金出现大规模撤资，我们可能会根据法律规定承担责任。
如果我们的财务状况恶化，我们信用卡处理和其他商业协议中的条款可能会对我们的流动性产生不利影响。
我们与处理客户信用卡交易以销售空运和其他服务的公司达成协议。根据这些协议，这些信用卡处理公司在某些情况下（包括与某些协议相关，我们未能维持一定的流动性水平），可以持有我们现金的一部分（称为保留款），金额相当于已通过该信用卡处理器处理但我们尚未提供空运的部分或全部预售机票销售额。此外，这些信用卡处理公司可能要求建立现金或其他抵押金储备。目前这些信用卡处理公司不具备根据这些要求维持任何保留款的权利。这些保留款要求可以在发生特定事件，包括我们财务状况出现重大不利变化或触发流动性条款时，由信用卡处理公司自行实施。实施保留款要求，甚至包括高达100%相关预售机票销售额，将显著降低我们的流动性。同样，我们其他商业协议包含条款，允许交易对手在我们的财务状况发生重大不利变化时实施不利条款，包括加速到期金额。例如，我们保持某些信用证以及与保险和保证有关的协议，根据这些协议，交易对手可能要求提供抵押品，包括现金抵押。
我们业务的顺利运作依赖于关键人员，如果这些人员离职或者我们无法吸引、培养和留住更多合格的人员，可能会对我们的业务产生不利影响。
我们相信我们未来的成功在很大程度上取决于我们吸引、培养和留住高素质的管理、技术和其他人员的能力。我们可能无法成功吸引、培养或留住关键人员或其他高素质人员。此外，对于熟练人才的竞争日益激烈，如果整个行业的能力继续增加并且/或者我们遭受高于
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我们在历史上。任何无法吸引、培养和留住大量合格的管理和其他人员的能力都会对我们的业务、运营结果和财务状况产生重大不利影响。
我们的业务已经并将继续受到许多不受我们控制的经济、地缘政治、商业、监管和其他条件的影响，包括影响旅行行为的全球事件，我们的运营结果可能会因此类条件的变化而变得不稳定且波动较大。
我们的业务、经营业绩和财务状况受到许多不受我们控制的经济、地缘政治、商业、监管和其他条件的影响，包括但不限于:
•国际、国家、区域型和本地经济、业务和金融状况的实际或潜在变化，包括衰退、通货膨胀和利率期货的上升；
•战争、冲突、恐怖袭击和地缘政治不稳定的发生；
•消费者偏好、观念、消费模式和人口统计趋势的变化；
•由于行业整合、航空联盟关系变化、我们商业策略或竞争对手的改变以及其他因素而导致的竞争环境变化;
•航空器交付计划延迟、监管机构或我们意外停飞飞机或航空发动机，或其他预期舰队容量的损失，以及新飞机或与飞机相关的设备未能获得监管批准、生产或在预期的时间表上表现。
•对美国国家空域系统（ATC系统）的实际或潜在干扰；
•环保母基、安防-半导体措施成本增加，或者遵守新的或更加严格的消费保护法律或法规的成本增加;
•成本增加与实现我们的气候目标或义务相关，包括为了过渡到增加可持续航空燃料（SAF）的使用而产生的费用，以取代传统的航空燃料；
•疾病爆发或其他影响旅行行为的公共卫生或安全问题，例如COVID-19大流行期间发生的情况；以及
•天气和自然灾害，包括由于气候变化导致天气变得更加严重，频繁或持续时间加长的灾害，以及由此产生的相关成本。
COVID-19的潜在复发，或其他传染病的爆发，例如过去出现的埃博拉病毒、中东呼吸综合症、严重急性呼吸综合症、H1N1流感病毒、禽流感、寨卡病毒或任何其他类似疾病，如果与航空旅行有关或持续一段时间，可能会对航空业和我们产生重大影响，降低收入，不利地影响我们的运营和乘客的出行行为。政府可能实施旅行限制，包括测试制度、“居家隔离”和隔离令，限制公共聚会，取消公共活动或采取或强制其他措施，这可能导致国内外商务和休闲旅行需求显著下降。无法保证我们采取的任何缓解行动将足以避免我们业务、财务状况和运营结果恶化。由于这些或其他控件之外的情况，我们的运营结果可能波动并且可能会快速且意外地变化。
此外，COVID-19大流行需要业务实践的变化，这些变化可能会持续下去。例如，企业和其他旅行者可能会继续选择远程或灵活的工作政策和视频会议等通信替代方案，而不再选择乘坐飞机旅行。此外，企业可能会通过要求购买更便宜的机票来降低旅行成本，从而可能影响我们每个座里可用英里的平均营业收入。
此外，由于冬季航空旅行需求普遍较弱，本年第一季度和第四季度的收入可能会低于本年第二季度和第三季度的收入。
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航空业竞争激烈且充满活力。
我们的竞争对手包括其他主要国内航空公司、外国、区域型新航空公司，以及由其中一些航空公司组成的合资企业，其中许多拥有比我们更多的财务或其他资源和/或更低的成本结构，以及其他运输形式，例如铁路和私人汽车，或者代替通勤或商务旅行的选择，包括远程或灵活的工作政策和通信替代方案，如视频会议。在我们的许多市场，我们与至少一家低成本航空公司竞争（包括所谓的超低成本航空公司）。我们的收入对许多领域的其他航空公司的行动敏感，包括定价、航班安排、航班容量、费用（包括退票、改签和行李费）、便利设施、忠诚度福利和促销活动，这些都可能对我们的收入产生严重的负面影响，甚至对整个行业收入产生影响。这些因素在行业经历巨大亏损时可能变得更加重要（例如在COVID-19大流行期间发生的情况），因为处于财务困境或破产状态的航空公司可能会实施旨在吸引更多客户以实现短期生存而牺牲长期生存能力的定价或费用结构。
低成本航空公司（包括所谓的超低成本航空公司）对行业收入产生了深远影响。利用低单元成本的优势，这些航空公司提供更低的票价，以转移需求，从而与更大、更成熟的航空公司竞争，并代表了重要的竞争对手，特别是对于那些不经常乘坐飞机或对价格敏感，因此不会忠于任何一家特定航空公司的客户。许多这些航空公司，包括最近开始运营的几家，已宣布增长战略，包括承诺在未来几年购买大量新飞机。这些低成本航空公司正试图通过增长和整合来继续增加其市场份额，预计将继续对我们的收入和整体表现产生影响。我们和其他几家大型网络航空公司已经推出“基本经济”票价，旨在更有效地与低成本航空公司竞争，但我们无法预测这些举措是否会成功。低成本航空公司也可能实施，有些情况下已经实施过，改变其策略或业务模式，这可能会直接使其与网络航空公司竞争。尽管在历史上，这些航空公司在国内市场提供了竞争，但我们最近在国际航线上遇到了来自低成本航空公司的新竞争，包括执行国际长途扩张战略的廉价航空公司，这一趋势有可能继续，特别是在未来几年计划引入远程窄体飞机。此外，其他专注于高端客机旅行的航空公司正试图实施增长战略。现有或未来航空公司的行动，包括上面描述的行动，可能对我们的运营和财务表现产生重大不利影响。
In certain instances, other air carriers are operating scheduled service with a business model that relies on the Federal Aviation Administration (FAA) Part 135, a regulatory environment that is generally less stringent than the rules applicable to our airline and similar airlines that operate under FAA Part 121 and which provides those airlines certain competitive advantages that Part 121 airlines cannot replicate. We have objected to the United States Department of Transportation (DOT) and the Transportation Security Administration (TSA) that the less stringent Part 135 rules were never intended as a basis for scheduled passenger service and that business model should not be permissible, and the agencies’ review is ongoing. While both the DOT and TSA are actively reviewing these operations, if they ultimately allow scheduled passenger service in any form under Part 135 and the actions of existing or future carriers using that business model, including those described above, it could adversely impact our business, financial condition and results of operations.
We provide air travel internationally, directly as well as through joint businesses, strategic alliances, codeshare and similar arrangements to which we are a party. While our network is comprehensive, compared to some of our key global competitors, we generally have somewhat greater relative exposure to certain regions (for example, Latin America) and somewhat lower relative exposure to others (for example, Asia). Our financial performance relative to our key competitors will therefore be influenced significantly by macro-economic conditions in particular regions around the world and the relative exposure of our network to the markets in those regions, including the duration of any declines in demand for travel to specific regions as a result of health emergencies (such as during the COVID-19 pandemic), geopolitical instability or other factors, and the speed with which demand for travel to these regions returns.
Our international service exposes us to foreign economies and the potential for reduced demand when any foreign country we serve suffers adverse local economic conditions or if governments restrict commercial air service to or from any of these markets. For example, the COVID-19 pandemic resulted in a precipitous and prolonged decline in demand for air travel, in particular international travel, in part as a result of the imposition by the U.S. and foreign governments of restrictions on travel from certain regions. In addition, “open skies” agreements, which are now in place with a substantial number of countries around the world, provide international airlines with open access to U.S. markets, potentially subjecting us to increased competition on our international routes. See also “Our business is subject to extensive
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government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages.”
To the extent alliances formed by our competitors can undertake activities that are not available to us, including as to regulatory approvals, access slots, gates and routes and other matters, our ability to effectively compete may be hindered. Our ability to attract and retain customers is dependent upon, among other things, our ability to offer our customers convenient access to desired markets. Our business could be adversely affected if we are unable to maintain or obtain alliance and marketing relationships with other air carriers in desired markets.
American has established a transatlantic joint business with British Airways, Aer Lingus, Iberia and Finnair, a transpacific joint business with Japan Airlines and a joint business relating to Australia and New Zealand with Qantas. We have also established a strategic alliance with Alaska Airlines relating to certain routes on the West Coast of the United States and a strategic alliance relating to the Middle East with Qatar Airways. In July 2010, in connection with a regulatory review related to our transatlantic joint business, we provided certain commitments to the European Commission (EC) regarding, among other things, the availability of take-off and landing slots at London Heathrow (LHR) or London Gatwick airports. The commitments accepted by the EC were binding for 10 years. In anticipation of both the exit of the United Kingdom (UK) from the European Union (EU), commonly referred to as Brexit, and the expiry of the EC commitments in July 2020, the United Kingdom Competition and Markets Authority (CMA), in October 2018, opened an investigation into the transatlantic joint business. In September 2020 and April 2022, the CMA adopted interim measures that effectively extend the EC commitments until March 2026 in light of the uncertainty and other impacts resulting from the COVID-19 pandemic. The CMA restarted its investigation in September 2023 after a pause related to the COVID-19 pandemic and plans to complete the investigation before the scheduled expiration of the interim measures in March 2026. We continue to cooperate fully with the CMA. The foregoing arrangements are important aspects of our international network and we are dependent on the performance and continued cooperation of the other airlines party to those arrangements.
On May 19, 2023, the U.S. District Court for the District of Massachusetts issued an order permanently enjoining American and JetBlue from continuing and further implementing the Northeast Alliance arrangement (NEA). In June 2023, JetBlue delivered a notice of termination of the NEA, effective July 29, 2023, and the carriers have substantially completed wind-down activities. American has appealed the District Court’s decision to the U.S. Court of Appeals for the First Circuit; such appeal remains pending. Separately, in December 2022, two putative class action lawsuits were filed 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. In February 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. All cases have since been consolidated in the U.S. District Court for the Eastern District of New York. We believe these complaints are without merit and are defending against them vigorously.
No assurances can be given as to any benefits that we may derive from any of the foregoing arrangements or any other arrangements that may ultimately be implemented, or whether regulators will, or if granted continue to, approve or impose material conditions on our business activities.
Other mergers and other forms of airline partnerships, including regulatory approvals such as antitrust immunity grants, may take place and may not involve us as a participant, or could result in unforeseen impacts on the industry generally and our company in particular. Depending on which carriers combine or integrate and which assets, if any, are sold or otherwise transferred to other carriers in connection with any such transactions, our competitive position relative to the post-transaction carriers or other carriers that acquire such assets could be harmed. In addition, as carriers combine through traditional mergers or integrate their operations through other arrangements, their route networks will grow, and that growth will result in greater overlap with our network, which in turn could decrease our overall market share and revenues. Such combination or collaboration is not limited to the U.S., but could include further transactions among international carriers in Europe and elsewhere that result in broader networks offered by rival airlines.
Additionally, our AAdvantage program, which is an important element of our business, faces significant and increasing competition from the loyalty programs offered by other travel companies, as well as from similar loyalty benefits offered by banks and other financial services companies. Competition among loyalty programs is intense regarding the rewards, fees, required usage, and other terms and conditions of these programs. In addition, we have used certain assets from our AAdvantage program as collateral for the AAdvantage Financing, which contains covenants that impose restrictions on certain amendments or changes to certain of our AAdvantage program agreements provided as collateral under the AAdvantage Financing and other aspects of the AAdvantage program. These competitive factors and covenants (to the
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extent applicable) may affect our ability to attract and retain customers, increase usage of our loyalty program and maximize the revenue generated by our loyalty program.
We may also be impacted by competition regulations affecting certain of our major commercial partners, including our co-branded credit card partners or our loyalty program. For example, there has been bipartisan legislation proposed in Congress called the Credit Card Competition Act designed to increase credit card transaction routing options for merchants which, if enacted, could result in a reduction of the fees levied on credit card transactions. If this legislation or any similar legislation or regulation were enacted, it could fundamentally alter the profitability of our agreements with co-branded credit card partners and the benefits we provide to our consumers through the co-branded credit cards issued by these partners. Additionally, the DOT recently launched an inquiry into certain airline loyalty programs, including AAdvantage, to investigate potential competition or consumer protection issues in airlines’ administration of these programs, and draft legislation introduced in Congress called the Protect Your Points Act similarly aims to regulate the management of these programs. If regulatory or legislative efforts to impose restrictions on airline loyalty programs were successful, they could materially reduce the revenues we derive from the AAdvantage program and adversely impact our results of operations.
Union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance.
Relations between air carriers and labor unions in the U.S. are governed by the Railway Labor Act (RLA). Under the RLA, collective bargaining agreements (CBAs) generally contain “amendable dates” rather than expiration dates, and the RLA requires that a carrier maintain the existing terms and conditions of employment following the amendable date through a multi-stage and usually lengthy series of bargaining processes overseen by the National Mediation Board (NMB). As of December 31, 2023, approximately 87% of our employees were represented for collective bargaining purposes by labor unions, and 34% were covered by CBAs that are currently amendable or that will become amendable within one year. For the dates that the CBAs with our major work groups become amendable under the RLA, see “Labor Relations” under Part I, Item 1. Business – “Sustainability – Our People” in our 2023 Form 10-K.
In the case of a CBA that is amendable under the RLA, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties. Either party may decline to submit to arbitration, and if arbitration is rejected by either party, a 30-day “cooling off” period commences. During or after that period, a Presidential Emergency Board (PEB) may be established, which examines the parties’ positions and recommends a solution. The PEB process lasts for 30 days and is followed by another 30-day “cooling off” period. At the end of this “cooling off” period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise “self-help,” such as a strike, which could materially adversely affect our business, results of operations and financial condition.
None of the unions representing our employees presently may lawfully engage in concerted slowdowns or refusals to work, such as strikes, sick-outs or other similar activity, against us. Nonetheless, there is a risk that employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance. Additionally, some of our unions have brought and may continue to bring grievances to binding arbitration, including those related to wages. If successful, there is a risk these arbitral avenues could result in material additional costs that we did not anticipate.
Personnel shortages, and general wage inflation have impacted and are expected to continue to impact our labor costs. We recently reached agreements with the unions representing mainline pilots, flight attendants and passenger service team members, and in September 2024, we reached a tentative agreement for a two-year contract extension with the union representing our mainline mechanic and fleet service workgroups. These agreements include significant increases in pay and benefits, in many cases in line with agreements recently concluded by our large network competitors with their unions. We remain in negotiations for other new labor agreements and anticipate that any new contracts we agree to with our labor groups will include increases in salaries and other benefits, which will increase our labor expense.
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If we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services.
A significant portion of our regional operations are conducted by third-party operators on our behalf and are provided for under capacity purchase agreements. Due to our reliance on third parties to provide these essential services, we are subject to the risk of disruptions to their operations, which has in the past and may in the future result from many of the same risk factors disclosed in this report, such as the impact of adverse economic conditions, the inability of third parties to hire or retain skilled personnel, including in particular pilots and mechanics, and other risk factors, such as an out-of-court or bankruptcy restructuring of any of our regional operators. Several of these third-party regional operators provide significant regional capacity that we would be unable to replace in a short period of time should that operator fail to perform its obligations to us. Disruptions to capital markets, shortages of pilots, mechanics and other skilled personnel and adverse economic conditions in general have subjected certain of these third-party regional operators to significant financial pressures, which have in the past and may in the future lead to bankruptcies among these operators. In particular, the severe decline in demand for air travel resulting from the COVID-19 pandemic and related governmental restrictions on travel materially impacted demand for services provided by our regional carriers and, as a result, we temporarily significantly reduced our regional capacity. Further, as airlines restored capacity in line with increased demand for air travel following the height of the COVID-19 pandemic, these third-party operators experienced difficulties in recruiting and retaining sufficient personnel to operate significantly increased schedules, and have in some instances been required to offer significant increases in pay and other benefits to recruit and retain pilots and other personnel. Periods of volatility in travel demand have the potential to adversely affect our regional operators, some of whom may experience significant financial stress, declare bankruptcy or otherwise cease to operate. We may also experience disruption to our regional operations or incur financial damages if we terminate the capacity purchase agreement with one or more of our current operators or transition the services to another provider. Any significant disruption to our regional operations would have a material adverse effect on our business, results of operations and financial condition.
In addition, our reliance upon others to provide essential services on our behalf in our operations may result in our relative inability to control the efficiency and timeliness of contract services. We have entered into agreements with contractors to provide various facilities and services required for our operations, including distribution and sale of airline seat inventory, reservations, provision of information technology and services, regional operations, aircraft maintenance, fueling, catering, ground services and facilities and baggage handling. Similar agreements may be entered into in any new markets we decide to serve. These agreements are generally subject to termination after notice by the third-party service provider. We are also at risk should one of these service providers cease operations, and there is no guarantee that we could replace these providers on a timely basis with comparably priced providers, or at all. These third parties have faced challenges retaining and recruiting people with the appropriate skills to meet our requirements. We rely on the operation of complex supply chains and a large number of third parties for the procurement and fulfillment of parts, components, consumable or disposable goods and other products and services essential to our business. The COVID-19 pandemic also caused significant disruption in global supply chains and staffing shortages, which affected and, if there is a resurgence, or similar event in the future, may affect the availability and timely delivery and fulfillment of many goods, including certain of those that we purchase directly or which are required by third parties to perform contracted services for us. Following a faster than expected return of demand for air travel as COVID-19 cases declined worldwide and governments lifted travel restrictions, suppliers and many of the airports we serve experienced acute shortages of personnel, resulting in increased delays, cancellations and, in certain cases, restrictions on passenger numbers or the number of flights to or from certain airports. We cannot guarantee that, as a result of ongoing or future supply chain disruptions or staffing shortages, we, our third-party partners, or the airports we serve will be able to timely source all of the products and services we require in the course of our business, or that we will be successful in procuring suitable alternatives. Any material problems with the adequacy, efficiency and timeliness of contract services, resulting from financial hardships, personnel shortages or otherwise, could have a material adverse effect on our business, results of operations and financial condition.
Any damage to our reputation or brand image could adversely affect our business or financial results.
Maintaining a good reputation globally is critical to our business. Our reputation or brand image could be adversely impacted by, among other things, any failure to maintain high ethical, social and environmental sustainability practices for all of our operations and activities, our impact on the environment, public pressure from investors or policy groups to change our policies, such as movements to institute a “living wage,” customer perceptions of our advertising campaigns, sponsorship arrangements or marketing programs, customer perceptions of our use of social media, customer concerns in the nature of “greenwashing” allegations that may surround any of our advertising campaigns, marketing programs or commercial offerings related to our sustainability initiatives, or customer perceptions of statements made by us, our
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employees and executives, agents or other third parties. In addition, we operate in a highly visible industry that has significant exposure to social media. Negative publicity, including as a result of misconduct by our customers, vendors or employees, can spread rapidly through social media. Should we not respond in a timely and appropriate manner to address negative publicity, our brand and reputation may be significantly harmed. Damage to our reputation or brand image or loss of customer confidence in our services could adversely affect our business and financial results, as well as require additional resources to rebuild our reputation.
Moreover, an outbreak and spread of an infectious disease could adversely impact consumer perceptions of the health and safety of travel, and in particular airline travel, such as occurred during the COVID-19 pandemic. Actual or perceived risk of infection on our flights could have a material adverse effect on the public’s perception of us and may harm our reputation and business. We have in the past, and may in the future be required to take extensive measures to reassure our team members and the traveling public of the safety of air travel, and we could incur significant costs implementing safety, hygiene-related or other actions to limit the actual or perceived threat of infection among our employees and passengers. However, we cannot assure that any actions we might take in response to an infectious disease outbreak will be sufficient to restore the confidence of consumers in the safety of air travel. In addition, as a result of mask mandates and other mitigating measures that airports and carriers were required by law to implement to limit the spread of COVID-19, we experienced an increase in the incidence of aggressive customer behavior and physical confrontation on our flights, certain of which resulted in injuries to our personnel. While the rate of these incidents declined following the lifting of mask mandates and other COVID-19 measures, if our employees feel unsafe or believe that we are not doing enough to prevent and prosecute such incidents, we could experience higher rates of employee absence or attrition and we may suffer reputational harm which could make it more difficult to attract and retain employees, and which could in turn negatively affect our business, financial condition and results of operations.
We are at risk of losses and adverse publicity stemming from any public incident involving our company, our people or our brand, including any accident or other public incident involving our personnel or aircraft, or the personnel or aircraft of our regional, codeshare or joint business operators.
We are at risk of adverse publicity stemming from any public incident involving our company, our people or our brand, particularly given the ease with which individuals can now capture and rapidly disseminate information via social media. Such an incident could involve the actual or alleged behavior of any of our employees, contractors or passengers. Further, if our personnel, one of our aircraft, a type of aircraft in our fleet, or personnel of, or an aircraft that is operated under our brand by, one of our regional operators or an airline with which we have a marketing alliance, joint business or codeshare relationship, were to be involved in a public incident, accident, catastrophe or regulatory enforcement action, we could be exposed to significant reputational harm and potential legal liability. The insurance we carry may be inapplicable or inadequate to cover any such incident, accident, catastrophe or action. In the event that our insurance is inapplicable or inadequate, we may be forced to bear substantial losses from an incident or accident. In addition, any such incident, accident, catastrophe or action involving our personnel, one of our aircraft (or personnel and aircraft of our regional operators and our codeshare partners), or a type of aircraft in our fleet could create an adverse public perception, which could harm our reputation, result in air travelers being reluctant to fly on our aircraft or those of our regional operators or codeshare partners, and adversely impact our business, results of operations and financial condition.
Changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand.
We have in the past instituted, and intend to institute in the future, changes to our business model designed to increase revenues and offset costs. These measures include further segmentation of the classes of service we offer, such as Premium Economy service and Basic Economy service, enhancements to our AAdvantage program, charging separately for services that had previously been included within the price of a ticket, changes to our practices and contracts with providers of distribution systems to provide additional content flexibility, commercial practices related to ticket distribution channels, including efforts by us to migrate an increasing portion of our customers to our modern, direct distribution channels in lieu of third party channels, changing (whether it be increasing, decreasing or eliminating) other pre-existing fees, reconfiguration of our aircraft cabins, and efforts to optimize our network including by focusing growth on a limited number of large hubs and entering into agreements with other airlines. For example, in 2020, we eliminated change fees for most domestic and international tickets, which has reduced our change fee revenue, a trend which is expected to continue assuming this policy remains in place. In addition, as previously reported, during the second quarter of 2024 we concluded that certain changes to our distribution strategy contributed to softness in customer bookings relative to our expectations and we reversed many of these measures late in the quarter. We may introduce additional initiatives in the future; however, as time goes on, we expect that it will be more difficult to identify and implement additional initiatives. We cannot assure that these measures or any future initiatives will be successful in increasing our revenues or offsetting our
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costs. Additionally, the implementation of these initiatives may create logistical challenges that could harm the operational performance of our airline or result in decreased demand. Also, our implementation of any new or increased fees, or changes to the operation of or benefits offered by our loyalty program, could reduce the demand for air travel on our airline or across the industry in general, particularly if weakened economic conditions make our customers more sensitive to increased travel costs or provide a significant competitive advantage to other carriers that determine not to institute similar changes. Such changes could result in adverse brand perceptions, reputational harm or regulatory scrutiny. For example, the DOT recently launched an inquiry into certain airline loyalty programs, including our AAdvantage program, to investigate potential competition or consumer protection issues in airlines’ administration of these programs, and draft legislation introduced in Congress called the Protect Your Points Act similarly aims to regulate the management of these programs. If regulatory or legislative efforts to impose restrictions on airline loyalty programs were successful, they could materially reduce the revenues we derive from the AAdvantage program and adversely impact our results of operations.
Our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results.
We consider our intellectual property rights, particularly our branding rights such as our trademarks applicable to our airline and AAdvantage program, to be a significant and valuable aspect of our business. We protect our intellectual property rights through a combination of trademark, copyright and other forms of legal protection, contractual agreements and policing of third-party misuses of our intellectual property. Our failure to obtain or adequately protect our intellectual property or any change in law that lessens or removes the current legal protections of our intellectual property may diminish our competitiveness and adversely affect our business and financial results. Any litigation or disputes regarding intellectual property may be costly and time-consuming and may divert the attention of our management and key personnel from our business operations, either of which may adversely affect our business and financial results.
In addition, we have used certain of our branding and AAdvantage program intellectual property as collateral for various financings (including the AAdvantage Financing), which contain covenants that impose restrictions on the use of such intellectual property and, in the case of the AAdvantage Financing, on certain amendments or changes to our AAdvantage program. These covenants may have an adverse effect on our ability to use such intellectual property.
We may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity.
From time to time, we are a party to or otherwise involved in legal proceedings, claims and government inspections or investigations and other legal matters, both inside and outside the United States, arising in the ordinary course of our business or otherwise. We are currently involved in various legal proceedings and claims that have not yet been fully resolved, and additional claims may arise in the future. 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. Litigation is subject to significant uncertainty and may be expensive, time-consuming, and disruptive to our operations. Although we will vigorously defend ourselves in such legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain. For these and other reasons, we may choose to settle legal proceedings and claims, regardless of their actual merit. If a legal proceeding is resolved against us, it could result in significant compensatory damages, and in certain circumstances punitive or trebled damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief imposed on us. If our existing insurance does not cover the amount or types of damages awarded, or if other resolution or actions taken as a result of the legal proceeding were to restrain our ability to operate or market our services, our consolidated financial position, results of operations or cash flows could be materially adversely affected. In addition, legal proceedings, and any adverse resolution thereof, can result in adverse publicity and damage to our reputation, which could adversely impact our business. Additional information regarding certain legal matters in which we are involved can be found in Note 12 to each of AAG’s and American’s Condensed Consolidated Financial Statements in Part I, Item 1A and Part I, Item 1B, respectively.
Our ability to utilize our NOLs and other carryforwards may be limited.
Under the Internal Revenue Code of 1986, as amended (the Code), a corporation is generally allowed a deduction for net operating losses (NOLs) carried over from prior taxable years. At December 31, 2023, we had approximately $13.7 billion of gross federal NOLs and $4.7 billion of other carryforwards available to reduce future federal taxable income, of which $3.4 billion will expire beginning in 2029 if unused and $15.0 billion can be carried forward indefinitely. We also had approximately $5.5 billion of NOL carryforwards to reduce future state taxable income at December 31, 2023, which will expire in taxable years 2023 through 2043 if unused. Our NOL carryforwards are subject to adjustment on audit by the Internal Revenue Service and the respective state taxing authorities. Additionally, due to the impact of the COVID-19
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pandemic and other economic factors, certain of the NOL carryforwards may expire before we can generate sufficient taxable income to use them.
Our ability to use our NOLs and other carryforwards depends on the amount of taxable income generated in future periods. There can be no assurance that an additional valuation allowance on our net deferred tax assets will not be required should our financial performance be negatively impacted in the future. Such valuation allowance could be material.
A corporation’s ability to deduct its federal NOL carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the Code (Section 382) if it undergoes an “ownership change” as defined in Section 382 (generally where cumulative stock ownership changes among material stockholders exceed 50% during a rolling three-year period). In 2013, we experienced an ownership change in connection with our emergence from bankruptcy and US Airways Group, Inc. (US Airways Group) experienced an ownership change in connection with the merger of US Airways Group and AMR Corporation (the Merger). The general limitation rules for a debtor in a bankruptcy case are liberalized where the ownership change occurs upon emergence from bankruptcy. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9.0 billion (with $3.0 billion of unlimited NOLs still remaining at December 31, 2023) of our federal NOL carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382. If the special rules are determined not to apply, our ability to utilize such federal NOL carryforwards may be subject to limitation. Potential future transactions involving warrants, stock options, common or preferred stock or other equity, may increase the possibility that the Company will experience a future “ownership change” under Section 382. Substantially all of our remaining federal NOL carryforwards attributable to US Airways Group and its subsidiaries are subject to limitation under Section 382 as a result of the Merger; however, our ability to utilize such NOL carryforwards is not anticipated to be effectively constrained as a result of such limitation. Similar limitations may apply for state income tax purposes.
Notwithstanding the foregoing, an ownership change may severely limit or effectively eliminate our ability to utilize our NOL carryforwards and other tax attributes. In connection with the expiration in December 2021 of certain transfer restrictions applicable to substantial shareholders contained in our Certificate of Incorporation, the Board of Directors of AAG adopted a tax benefits preservation plan (the Tax Benefit Preservation Plan) in order to preserve our ability to use our NOLs and certain other tax attributes to reduce potential future income tax obligations. The Tax Benefit Preservation Plan was subsequently ratified by our stockholders at the 2022 Annual Meeting of Stockholders of AAG and will expire in December 2024 unless extended by our Board of Directors. The Tax Benefit Preservation Plan is designed to reduce the likelihood that we experience an ownership change by deterring certain acquisitions of AAG common stock. There is no assurance, however, that the deterrent mechanism will be effective, and such acquisitions may still occur. In addition, the Tax Benefit Preservation Plan may adversely affect the marketability of AAG common stock by discouraging existing or potential investors from acquiring AAG common stock or additional shares of AAG common stock, because any non-exempt third party that acquires 4.9% or more of the then-outstanding shares of AAG common stock would suffer substantial dilution of its ownership interest in AAG.
New U.S. tax legislation may adversely affect our financial condition, results of operations and cash flows.
We are subject to taxation at the federal, state and local levels in the United States. The U.S. government may enact significant changes to the taxation of business entities. For example, on August 16, 2022, the Inflation Reduction Act was signed into law, introducing, among other changes, a corporate minimum tax on certain corporations and an excise tax on certain stock repurchases by certain corporations. With numerous provisions of the Tax Cuts and Jobs Act set to expire in 2025, we expect that consideration of legislation related to tax laws is likely in coming quarters, but the likelihood of any proposed changes to the tax law being enacted or implemented is unclear, and we are currently unable to predict whether such changes will occur. If changes to tax laws are implemented, we are currently unable to predict the ultimate impact on our business and therefore there can be no assurance our business will not be adversely affected.
We have a significant amount of goodwill, which is assessed for impairment at least annually. In addition, we may never realize the full value of our intangible assets or long-lived assets, causing us to record material impairment charges.
Goodwill and indefinite-lived intangible assets are not amortized, but are assessed for impairment at least annually, or more frequently if conditions indicate that an impairment may have occurred. In accordance with applicable accounting standards, we first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. In addition, we are required to assess certain of our other long-lived assets for impairment if conditions indicate that an impairment may have occurred.
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Future impairment of goodwill, intangible assets or other long-lived assets could be recorded in results of operations as a result of changes in assumptions, estimates, or circumstances, some of which are beyond our control. There can be no assurance that a material impairment charge of goodwill or tangible or intangible assets will be avoided. The value of our aircraft could be impacted in future periods by changes in supply and demand for these aircraft. Such changes in supply and demand for certain aircraft types could result from grounding of aircraft by us or other airlines, including as a result of significant or prolonged declines in demand for air travel and corresponding reductions to capacity. We can provide no assurance that a material impairment loss of tangible or intangible assets will not occur in a future period; we have previously incurred significant impairment charges associated with our decision to retire certain aircraft as a result of the severe decline in demand for air travel due to the COVID-19 pandemic, and the risk of future material impairments remains uncertain. Such impairment charges could have a material adverse effect on our business, results of operations and financial condition.
The commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect.
An important part of our strategy to expand our network has been to initiate or expand our commercial relationships with other airlines, such as by entering into global alliance, joint business and codeshare relationships, and, in certain instances, including China Southern Airlines Company Limited, GOL Linhas Aéreas Inteligentes S.A. (GOL) and JetSMART Holdings Limited, by making an equity investment in another airline in connection with initiating or expanding such a commercial relationship. We may explore additional investments in, and joint ventures and strategic alliances with, other carriers as part of our global business strategy. We face competition in forming and maintaining these commercial relationships since there are a limited number of potential arrangements and other airlines are looking to enter into similar relationships, and our inability to form or maintain these relationships, or inability to form as many of these relationships as our competitors, may have an adverse effect on our business. Any such existing or future investment could involve significant challenges and risks, including that we may not realize a satisfactory return on our investment, if any, or that they may not generate the expected revenue synergies, and they may distract management focus from our operations or other strategic options. We may also be subject to consequences from any illegal conduct of joint business partners as well as to any political or regulatory change that negatively impacts or prohibits our arrangements with any such business partners. In addition, volatility in demand for air travel, such as occurred during the COVID-19 pandemic, could materially disrupt our partners’ abilities to provide air service, the timely execution of our strategic operating plans, including the finalization, approval and implementation of new strategic relationships or the maintenance or expansion of existing relationships. If any carriers with which we partner or in which we hold an equity stake were to cease trading or be declared insolvent, we could lose the value of any such investment or experience significant operational disruption, which is a risk that we are subject to with respect to our investment in and commercial arrangements with GOL in light of its commencement in January 2024 of bankruptcy proceedings in the U.S. Federal Bankruptcy Court for the Southern District of New York. These events could have a material adverse effect on our business, results of operations and financial condition.
We may also from time to time pursue commercial relationships with companies outside the airline industry, which relationships may include equity investments or other financial commitments. Any such relationship or related investment could involve unique risks, particularly where these relationships involve new industry participants, emerging technologies or industries with which we are unfamiliar.
Our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity.
Our operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business and thus is a significant factor in the price of airline tickets. Market prices for aircraft fuel have fluctuated substantially over the past several years and prices continue to be highly volatile, with market spot prices ranging from a low of approximately $1.32 per gallon to a high of approximately $4.40 per gallon during the period from January 1, 2021 to September 30, 2024. Aircraft fuel prices reflect not only the price of underlying crude oil, but also the price charged to refine crude oil into aircraft fuel (often referred to as the “crack spread”), transportation costs, handling costs and taxes, and increases in any of these underlying components would increase the price we ultimately pay for aircraft fuel.
Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our operating results and liquidity. Due to the competitive nature of the airline industry and unpredictability of the market for air travel, we can offer no assurance that we may be able to increase our
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fares, impose fuel surcharges or otherwise increase revenues or decrease other operating costs sufficiently to offset fuel price increases. Similarly, we cannot predict actions that may be taken by our competitors in response to changes in fuel prices.
We cannot predict the future availability, price volatility or cost of aircraft fuel. Natural disasters (including hurricanes or similar events in the U.S. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or armed conflicts involving oil-producing countries or impacting global trade routes, changes in production levels of individual nations or associations of oil-producing states, economic sanctions imposed against oil-producing countries or specific industry participants, changes in fuel-related governmental policy, the strength of the U.S. dollar against foreign currencies, changes in the cost to transport or store petroleum products and any related staffing or transportation equipment shortages, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events, may result in fuel supply shortages, variations in the applicable crack spread, distribution challenges, additional fuel price volatility and cost increases in the future. Any of these factors or events could cause a disruption in or increased demands on oil production, refinery operations, pipeline capacity or terminal access and possibly result in significant increases in the price of aircraft fuel and diminished availability of aircraft fuel supply.
Our aviation fuel purchase contracts generally do not provide meaningful price protection against increases in fuel costs. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors. Accordingly, as of September 30, 2024, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices. See also the discussion in Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk – “Aircraft Fuel.”
In addition, as part of our emissions reduction goals, we and other airlines have publicly announced long-term targets for the increased use of SAF in our fleet. Currently, industrial production of SAF is small in scale and inadequate to meet growing industry demand, and while additional production capacity is expected to become operational in the coming years, we anticipate that competition for SAF among industry participants will remain intense. As a result, SAF may be significantly more costly than conventional jet fuel. To secure future SAF supply, we have entered into multiple agreements for the purchase of future SAF production, and we continue to engage with producers regarding potential future SAF purchases, which may include investments and other commitments to support these producers. Certain existing or potential future agreements pertain to SAF production from facilities that are planned but not yet financed, and which may utilize technology that has not been proven at commercial scale. There is no assurance that these facilities will be built or that they will meet contracted production timelines and volumes. In the event that the SAF is not delivered on schedule or in sufficient volumes, there can be no assurance that we will be able to source a supply of SAF sufficient to meet our stated goals, or that we will be able to do so on favorable economic terms.
Our business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages.
Airlines are subject to extensive domestic and international regulatory requirements. In the last several years, Congress and state and local governments have passed laws and regulatory initiatives, and the DOT, the FAA, the TSA, the Centers for Disease Control and several of their respective international counterparts have issued regulations and a number of other directives that affect the airline industry. These requirements impose substantial costs on us and restrict the ways we may conduct our business.
For example, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that require significant expenditures or operational restrictions. These requirements can be issued with little or no notice, or can otherwise impact our ability to efficiently or fully utilize our aircraft, and in some instances have resulted in the temporary and prolonged grounding of aircraft or engine types altogether including, for example, the March 2019 grounding of all Boeing 737 MAX Family aircraft, which was not lifted in the United States until November 2020, the January 2024 grounding of 737-9 MAX aircraft (a model that we do not operate), and the significant limitations imposed on the use of Pratt & Whitney GTF aircraft engines on certain Airbus aircraft (an engine that we do not use in our fleet), or otherwise caused substantial disruption and resulted in material costs to us and lost revenues. The recent telecom industry roll-out of 5G technology, and concerns regarding its possible interference with aircraft navigation systems, also resulted in regulatory uncertainty and the potential for operational impacts, including possible suspension of service to certain airports or the operation of certain aircraft, though the issue has since been resolved. See “We rely heavily on technology and automated systems to operate our business, and any failure of these technologies or systems
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could harm our business, results of operations and financial condition.” The FAA also exercises comprehensive regulatory authority over nearly all technical aspects of our operations. Our failure to comply with such requirements has in the past and may in the future result in fines and other enforcement actions by the FAA or other regulators. In the future, any new regulatory requirements, particularly requirements that limit our ability to operate or price our products, could have a material adverse effect on us and the industry.
In May 2024, Congress passed a five-year funding authorization for the FAA (FAA Authorization Renewal). Among other things, the FAA Authorization Renewal increased the authorized funding level for the FAA and required the hiring of additional air traffic controllers, an effort to address staffing and resource shortages and improve the operation of the ATC system in the U.S. The FAA Authorization Renewal also codified several consumer protection rulemakings that could be challenging to implement and have negative financial impacts. Any new or enhanced requirements resulting from the FAA Authorization Renewal, including any new fees, costs we may be required to incur to comply with new rules and compensation or other penalties we may be required to pay for violations of such rules, have the potential to increase our costs or adversely impact our operation.
DOT consumer rules, and rules promulgated by certain analogous agencies in other countries we serve, dictate procedures for many aspects of our customer’s journey, including at the time of ticket purchase, at the airport and onboard the aircraft. In April 2024, the DOT issued a final rule mandating refunds in certain circumstances, and a final rule requiring disclosure of certain ancillary fees by air carriers and travel agents. In August 2024, the U.S. Court of Appeals for the Fifth Circuit granted the airline associations and individual airlines’ motion for a stay of the ancillary fee rule. Also in August 2024, the DOT issued a proposed rulemaking on family seating, which would require airlines to seat children aged 13 and under adjacent to at least one accompanying adult at no additional cost beyond the fare, subject to limited exceptions. We are still evaluating the impacts of this proposed rule. Finally, the DOT has continued to work through proposals for a number of disability regulations that will impact us, including penalties for wheelchair loss or damage and prompt wheelchair assistance.
The Aviation and Transportation Security Act mandates the federalization of certain airport security procedures and imposes additional security requirements on airports and airlines, most of which are funded by a per-ticket tax on passengers and a tax on airlines. Present and potential future security requirements can have the effect of imposing costs and inconvenience on travelers, potentially reducing the demand for air travel.
Similarly, there are a number of legislative and regulatory initiatives and reforms at the state and local levels in the U.S. These initiatives include increasingly stringent laws to protect the environment, wage/hour requirements, mandatory paid sick or family leave and healthcare mandates. These laws could affect our relationship with our workforce and the vendors that serve our airline and cause our expenses to increase without an ability to pass through these costs. In recent years, the airline industry has experienced an increase in litigation over the application of state and local employment laws, particularly in California. Application of these laws may result in operational disruption, increased litigation risk and impact our negotiated labor agreements. For example, we are currently involved in legal proceedings in California concerning alleged violations of the state’s labor code including, among other things, violations of certain meal and rest break laws, and an adverse determination in any of these cases could adversely impact our operational flexibility and result in the imposition of damages and fines, which could potentially be significant. We recently settled a class litigation brought by flight attendants in California, which covered all wage and hour claims brought by the class through January 1, 2024. In addition, legislation passed by the California legislature in March 2023 should effectively foreclose future meal and rest break claims from flight attendants in California. However, there is still risk of future litigation from flight attendants and other work groups involving other types of wage and hour laws in California and other jurisdictions which have or could seek to implement similar laws.
The results of our operations, demand for air travel and the manner in which we conduct business each may be affected by changes in law and future actions taken by governmental agencies, including:
•changes in law that affect the services that can be offered by airlines in particular markets and at particular airports, or the types of fares offered or fees that can be charged to passengers;
•the granting and timing of certain governmental approvals (including antitrust or foreign government approvals) needed for codesharing alliances, joint businesses and other arrangements with other airlines, and the imposition of regulatory investigations or commencement of litigation related to any of the foregoing;
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•restrictions on competitive practices (for example, court orders, or agency regulations or orders, that would curtail an airline’s ability to respond to a competitor);
•the adoption of new passenger security standards or regulations that impact customer service standards;
•restrictions on airport operations, such as restrictions on the use of slots at airports or the auction or reallocation of slot rights currently held by us;
•the adoption of more restrictive locally-imposed noise restrictions; and
•restrictions on travel or special guidelines regarding aircraft occupancy or hygiene in response to outbreaks of illness, such as occurred during the COVID-19 pandemic, including the imposition of preflight testing regimes or vaccination confirmation requirements which have in the past and may in the future have the effect of reducing demand for air travel in the markets where such requirements are imposed.
Each additional regulation or other form of regulatory oversight increases costs and adds greater complexity to airline operations and, in some cases, may reduce the demand for air travel. There can be no assurance that the increased costs or greater complexity associated with our compliance with new rules, anticipated rules or other forms of regulatory oversight will not have a material adverse effect on us.
Any significant reduction in air traffic capacity at and in the airspace serving key airports in the U.S. or overseas could have a material adverse effect on our business, results of operations and financial condition. In addition, the ATC system is not successfully modernizing to meet the growing demand for U.S. air travel. Air traffic controllers rely on outdated procedures and technologies that routinely compel airlines, including ourselves, to fly inefficient routes or take significant delays on the ground. The ATC system’s inability to manage existing travel demand, including due to significant staffing shortages, has led government agencies to implement short-term capacity constraints during peak travel periods or adverse weather conditions in certain markets, resulting in delays and disruptions of air traffic. The outdated technologies also cause the ATC system to be less resilient in the event of a failure, and past system disruptions have resulted in large-scale flight cancellations and delays. We experienced this challenge in January 2023 when an outage in the ATC Notice to Air Missions system led to a nationwide ground-stop for nearly two hours, resulting in significant operational disruption throughout the day.
In the early 2000s, the FAA embarked on a path to modernize the national airspace system, including migration from the current radar-based ATC system to a GPS-based system. This modernization of the ATC system, generally referred to as “NextGen,” has been plagued by delays and cost overruns, and it remains uncertain when the full array of benefits expected from this modernization will be available to the public and the airlines, including ourselves. Failure to update the ATC system and the substantial costs that may be imposed on airlines, including ourselves, to fund a modernized ATC system may have a material adverse effect on our business.
Further, our business has been adversely impacted when government agencies have ceased to operate as expected, including due to partial shutdowns, sequestrations or similar events and the COVID-19 pandemic. These events have resulted in, among other things, reduced demand for air travel, an actual or perceived reduction in air traffic control and security screening resources and related travel delays, as well as disruption in the ability of the FAA to grant required regulatory approvals, such as those that are involved when a new aircraft is first placed into service.
Our operating authority in international markets is subject to aviation agreements between the U.S. and the respective countries or governmental authorities, such as the EU, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments. Moreover, alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies. The U.S. government has negotiated “open skies” agreements with more than 130 trading partners, which agreements allow unrestricted route authority access between the U.S. and the foreign markets. While the U.S. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements. For example, the open skies air services agreement between the U.S. and the EU, which took effect in March 2008, provides airlines from the U.S. and EU member states open access to each other’s markets, with freedom of pricing and unlimited rights to fly from the U.S. to any airport in the EU. As a result of the agreement and a subsequent open skies agreement involving the U.S. and the United Kingdom, which was agreed in anticipation of Brexit, we face increased competition in these markets, including LHR. Bilateral and multilateral agreements among the U.S. and various foreign governments of countries we serve but which are not covered by an open skies treaty are subject to periodic renegotiation. We currently operate a number of international routes under government arrangements that limit the number of airlines permitted to operate on
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the route, the capacity of the airlines providing services on the route, or the number of airlines allowed access to particular airports. If an open skies policy were to be adopted for any of these markets, it could adversely impact us and could result in impairments of our related tangible and intangible assets. In addition, competition from foreign airlines, revenue-sharing joint ventures, joint business agreements, and other alliance arrangements by and among other airlines could impair the value of our business and assets on the open skies routes.
On May 1, 2021 the EU and United Kingdom entered into a new trade and cooperation agreement (the EU-UK Trade and Cooperation Agreement) to govern certain aspects of their relationship following Brexit. We continue to face risks associated with Brexit, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom. The EU-UK Trade and Cooperation Agreement includes provisions in relation to commercial air service that we expect to be sufficient to sustain our current services under the transatlantic joint business. However, the scope of traffic rights under the EU-UK Trade and Cooperation Agreement is less extensive than before Brexit and therefore the full impact of the EU-UK Trade and Cooperation Agreement is uncertain. As a result, the continuation of our current services, and those of our partners could be disrupted. This could materially adversely affect our business, results of operations and financial condition. The recent change in government in the United Kingdom may lead to new aviation policies that could materially adversely affect our business, results of operations and financial condition. More generally, changes in U.S. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of route authorities, slots or other assets located abroad, or otherwise adversely affect our international operations.
We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control.
We operate a global business with significant operations outside of the U.S. Our current international activities and prospects have been, and in the future could be, adversely affected by government policies, reversals or delays in the opening of foreign markets, increased competition in international markets, the performance of our alliance, joint business and codeshare partners in a given market, exchange controls or other restrictions on repatriation of funds, currency and political risks (including changes in exchange rates and currency devaluations), environmental regulation, increases in taxes and fees and changes in international governmental regulation of our operations, including the inability to obtain or retain needed route authorities and/or slots, and new or evolved policies related to consumer protections. In particular, the COVID-19 pandemic severely impacted the demand for international travel for a prolonged period, and resulted in the imposition of significant governmental restrictions on commercial air service to or from certain regions. We responded by temporarily suspending a significant portion of our long-haul international flights and delaying the introduction of certain new long-haul international routes. In spite of the elimination of COVID-19 related travel restrictions, we can provide no assurance as to when demand for international travel will return to pre-COVID-19 pandemic levels in certain markets, if at all, or whether certain international destinations we previously served will be economical in the future.
We are subject to varying registration requirements and ongoing reporting obligations in the countries where we operate. Our permission to continue doing business in these countries may depend on our ability to timely fulfil or remedy any noncompliance with these and other governmental requirements. We may also be subject to the risk that relevant government agencies will be delayed in granting or renewing required approvals, including as a result of shutdowns (such as occurred in certain jurisdictions during the COVID-19 pandemic), cybersecurity incidents or other events. Any lapse, revocation, suspension or delay in approval of our authority to do business in a given jurisdiction may prevent us from serving certain destinations and could adversely impact our business, financial condition and results of operations.
More generally, our industry may be affected by any deterioration in global trade relations, including shifts in the trade policies of individual nations. For example, much of the demand for international air travel is the result of business travel in support of global trade. Should protectionist governmental policies, such as increased tariff or other trade barriers, travel limitations and other regulatory actions, have the effect of reducing global commercial activity, the result could be a material decrease in the demand for international air travel. Additionally, certain of the products and services that we purchase, including certain of our aircraft and related parts, are sourced from suppliers located outside the U.S., and the imposition of new tariffs, or any increase in existing tariffs, by the U.S. government in respect of the importation of such products could materially increase the amounts we pay for them.
We continue to face risks associated with Brexit, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom. The EU-UK Trade and Cooperation Agreement includes provisions in relation to commercial air service that we expect to be sufficient to sustain our current services under the transatlantic joint business. However, the scope of traffic rights under the EU-UK Trade and Cooperation
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Agreement is less extensive than before Brexit and therefore the full impact of the EU-UK Trade and Cooperation Agreement is uncertain. As a result, the continuation of our current services, and those of our partners could be disrupted. Moreover, Brexit has created uncertainty as to the future trade relationship between the EU and the United Kingdom, including air traffic services. LHR is presently a very important element of our international network, however it may become less desirable as a destination or as a hub location after Brexit when compared to other airports in Europe, where we do not have as strong a presence. This could materially adversely affect our business, results of operations and financial condition. The recent change in government in the United Kingdom may lead to new aviation policies that could materially adversely affect our business, results of operations and financial condition.
Brexit has also led to legal and regulatory uncertainty such as new regulatory action and/or potentially divergent treaties, laws and regulations as the United Kingdom determines which EU treaties, laws and regulations to replace or replicate, including those governing aviation, labor, environmental, data protection/privacy, competition and other matters applicable to the provision of air transportation services by us or our alliance, joint business or codeshare partners. The impact on our business of any treaties, laws and regulations that replace the existing EU counterparts, or other governmental or regulatory actions taken by the United Kingdom or the EU in connection with or subsequent to Brexit, cannot be predicted, including whether or not regulators will continue to approve or impose material conditions on our business activities such as the transatlantic joint business. See also “The airline industry is intensely competitive and dynamic.” Any of these effects, and others we cannot anticipate, could materially adversely affect our business, results of operations and financial condition.
Additionally, fluctuations in foreign currencies, including devaluations, exchange controls and other restrictions on the repatriation of funds, have significantly affected and may continue to significantly affect our operating performance, liquidity and the value of any cash held outside the U.S. in local currency. Such fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition.
We may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns.
Acts of terrorism and other violence, domestically or abroad, or fear of such attacks, including elevated national threat warnings, wars or other military conflicts, may depress air travel, particularly on international routes, and cause declines in revenues and increases in costs. The attacks of September 11, 2001 and continuing terrorist threats, attacks and attempted attacks materially impacted and continue to impact air travel. Increased security procedures introduced at airports since the attacks of September 11, 2001 and any other such measures that may be introduced in the future generate higher operating costs for airlines. The Aviation and Transportation Security Act mandated improved flight deck security, deployment of federal air marshals on-board flights, improved airport perimeter access security, airline crew security training, enhanced security screening of passengers, baggage, cargo, mail, employees and vendors, enhanced training and qualifications of security screening personnel, additional provision of passenger data to the U.S. Customs and Border Protection Agency and enhanced background checks. A concurrent increase in airport security charges and procedures, such as restrictions on carry-on baggage, has also had and may continue to have a disproportionate impact on short-haul travel, which constitutes a significant portion of our flying and revenue. Implementation of and compliance with increasingly complex security and customs requirements will continue to result in increased costs for us and our passengers, and have caused and likely will continue to cause periodic service disruptions and delays. We have at times found it necessary or desirable to make significant expenditures to comply with security-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports. As a result of competitive pressure, and the need to improve security screening throughput to support the pace of our operations, it is unlikely that we will be able to capture all security-related costs through increased fares. We cannot forecast what new security requirements may be imposed in the future, or their impact on our business. In addition, avoiding areas of armed conflict or locations inaccessible to us due to geopolitical factors can impact our operations and financial results. For instance, airspace closures or restrictions may require us to alter flight paths or make further operational adjustments, such as changes to preferred diversion locations, thereby increasing the distance, duration and amount of fuel required to operate certain international flights, in particular relative to competitors not subject to these airspace restrictions. Armed conflicts in or affecting international markets we serve could also adversely impact our business by, among other things, depressing demand for travel to certain regions or requiring us to suspend air service to certain destinations. For example, in October 2023, we suspended our service to Tel Aviv, Israel, and cannot predict when, or if, we will be in a position to restore such service. The outbreak or spread of armed conflict could force us to make additional reductions or changes to our service and could result in volatility in oil markets and disruptions to global trade,
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which could materially increase our costs or impact our supply chains.
We are subject to risks associated with climate change, including increased regulation of our GHG emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure.
Efforts to combat climate change have increased the focus by regulators worldwide on the need to reduce greenhouse gas (GHG) emissions, including those from the airline industry. Concerns over GHG emissions have prompted regulators around the world, including but not limited to the EU and UK, to develop ambitious regulations to increase demand and investments in SAF. These mandates are likely to result in further attempts to adopt requirements or change business environments related to aviation that, if successful, may result in increased costs to the airline industry and us. In addition, several countries and U.S. states have adopted or are considering adopting programs, including potentially new taxes, to regulate GHG emissions. In addition, certain airports have proposed, and could in the future adopt, GHG emission or climate-related goals or measures that could impact our operations or require us to make changes or investments in our infrastructure. In particular, the International Civil Aviation Organization (ICAO) has adopted rules, including those pertaining to the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which will require us to mitigate the growth of GHG emissions associated with a significant majority of our international flights.
At this time, the costs of complying with our future obligations under CORSIA are uncertain, primarily due to significant uncertainty with respect to the future growth of covered GHG emissions, the supply and price of eligible carbon credits and the future development of the market for eligible renewable fuels. Due to the competitive nature of the airline industry and unpredictability of the market for air travel, we can offer no assurance that we may be able to increase our fares, impose surcharges or otherwise increase revenues or decrease other operating costs sufficiently to offset the costs of meeting our obligations under CORSIA.
Due to the uncertainty surrounding the applicability of CORSIA to our operations in the long-term, we and other airlines are increasingly subject to an unpredictable and inconsistent array of national or regional emissions restrictions, creating a patchwork of complex regulatory requirements that could lead to increased expenses related to the emissions of our flights. Furthermore, recent implementation of and potential for other new regulatory initiatives to reduce airline GHG emissions may increase our compliance costs. For more information on these regulatory developments, see “Environmental Matters” under Part I, Item 1. Business – “Domestic and Global Regulatory Landscape” in our 2023 Form 10-K.
In addition, as part of our emissions reduction goals, we and other airlines have publicly announced long-term targets for the increased use of SAF in our fleet. Currently, industrial production of SAF is small in scale and inadequate to meet growing industry demand, and while additional production capacity is expected to become operational in the coming years, we anticipate that competition for SAF among industry participants will remain intense. As a result, SAF may be significantly more costly than conventional jet fuel. To secure future SAF supply, we have entered into multiple agreements for the purchase of future SAF production, and we continue to engage with producers regarding potential future SAF purchases, which may include investments and other commitments to support these producers. Certain existing or potential future agreements pertain to SAF production from facilities that are planned but not yet financed, and which may utilize technology that has not been proven at commercial scale. There is no assurance that these facilities will be built or that they will meet contracted production timelines and volumes. In the event that the SAF is not delivered on schedule or in sufficient volumes, there can be no assurance that we will be able to source a supply of SAF sufficient to meet our stated goals, or that we will be able to do so on favorable economic terms.
Additionally, growing recognition among consumers of the dangers of climate change may mean some customers choose to fly less frequently or fly on an airline they perceive as operating in a manner that produces fewer GHG emissions. Business customers may choose to use alternatives to travel, such as virtual meetings and workspaces. Greater development of high-speed rail in markets now served by short-haul flights could provide passengers with lower-carbon alternatives to flying with us. Customers may also elect to travel on flights that produce comparatively fewer GHG emissions, particularly after commencement of the EU environmental labelling scheme for flights in 2025. Our collateral to secure loans, in the form of aircraft, airport slots, gates and routes, could lose value as customer demand shifts and economies move to low-carbon alternatives, which may increase our financing cost.
We have published a number of sustainability-related targets and goals, including with respect to reducing our GHG emissions. These goals are often long-term in nature, and in many cases rely on assumptions about the future availability and efficacy of technologies that do not yet exist or are not yet commercially viable. Our ability to meet our publicly stated targets is dependent on a number of factors outside our control, including but not limited to the ability of third parties, such
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as engine and airframe manufacturers, SAF producers and other industry participants, to timely develop and commercialize these technological solutions. Additionally, we face risks associated with allegations or similar claims that our public statements concerning our sustainability efforts or our advertising campaigns, marketing programs or commercial offerings are exaggerated, unsubstantiated or inconsistent with then-current regulations, sometimes referred to as “greenwashing,” and could be subject to litigation or regulatory enforcement actions challenging the basis for such statements which could be costly and disruptive, whether or not meritorious.
Finally, the potential acute and chronic physical effects of climate change, such as increased frequency and severity of storms, floods, fires, sea-level rise, excessive heat, longer-term changes in weather patterns and other climate-related events, could affect our operations, infrastructure and financial results as well as the safety of our team members. Operational impacts, such as more frequent or widespread flight cancellations, could result in loss of revenue. We could incur significant costs to improve the climate resiliency of our infrastructure and otherwise prepare for, respond to, and mitigate such physical effects of climate change. We are not able to predict accurately the materiality of any potential losses or costs associated with the physical effects of climate change.
We are subject to many forms of environmental and noise regulation and may incur substantial costs as a result.
We are subject to a number of increasingly stringent federal, state, local and foreign laws, regulations and ordinances relating to the protection of human health and the environment and noise reduction, including those relating to emissions to the air, discharges to land and surface and subsurface waters, safe drinking water, and the management of hazardous substances, oils and waste materials. This universe of substances is evolving to encompass many substances not previously regulated. Compliance with environmental laws and regulations can require significant expenditures, and violations can lead to significant fines and penalties, as well as civil liability.
We are also subject to other environmental laws and regulations, including those that require us to investigate and remediate soil or groundwater to meet certain remediation standards. Under federal law, generators of waste materials, and current and former owners or operators of facilities, can be subject to liability for investigation and remediation costs at locations that have been identified as requiring response actions. Liability under these laws may be retroactive, strict, joint and several, meaning that we could be liable for the costs of cleaning up environmental contamination regardless of when it occurred, fault or the amount of waste directly attributable to us. We have liability for investigation and remediation costs at various domestic sites, although such costs currently are not expected to have a material adverse effect on our business.
Governmental authorities in the U.S. and abroad are increasingly focused on potential contamination resulting from the use of certain chemicals, most notably per- and polyfluoroalkyl, substances (PFAS). Products containing PFAS have been used in manufacturing, industrial, and consumer applications over many decades, including those related to aviation. Among other things, recent changes to federal requirements for firefighting foams containing PFAS, as well as related state regulations affecting their use, will require operational and infrastructure changes. In February 2024, the EPA published, for public comment, a new rulemaking to list nine PFAS as hazardous constituents under the Resource Conservation and Recovery Act. In April 2024, the EPA published a final rule designating two PFAS substances (perfluorooctanoic acid and perfluorooctanesulfonic acid) as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act. This new rule requires entities to immediately report current and past releases of such substances that meet or exceed the reportable quantity to EPA’s National Response Center. These rulemakings could require additional oversight and management of PFAS-containing waste. We may incur costs in connection with current and future reporting obligations, costs related to materials management and historic usage and disposal of PFAS-containing materials, transitioning away from the usage of PFAS-containing products and firefighting systems, or remediating any environmental impacts.
We have various leases and agreements with respect to real property, tanks and pipelines with airports and other operators. Under these leases and agreements, we have agreed to indemnify the lessor or operator against environmental liabilities associated with the real property or operations described under the agreement, even in certain cases where we are not the party responsible for the initial event that caused the environmental damage. We also participate in leases with other airlines in fuel consortiums and fuel committees at airports, and such indemnities are generally joint and several among the participating airlines.
Governmental authorities in several U.S. and foreign cities are also considering, or have already implemented, aircraft noise reduction programs, including the imposition of nighttime curfews and limitations on daytime take offs and landings as well as setting an annual flight cap from specific cities. We have been able to accommodate local noise restrictions
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imposed to date, but our operations could be adversely affected if locally-imposed regulations become more restrictive or widespread. The FAA is also currently evaluating possible changes to how aircraft noise is measured, and the resulting standards that are based on them. Ultimately, these changes could have an impact on, or limit, our operations, or make it more difficult for the FAA to modernize and increase the efficiency of the airspace and airports we utilize.
A high level of pilot retirements, stringent duty time regulations, increased flight hour requirements for commercial airline pilots, reductions in the number of military pilots entering the commercial workforce, increased training requirements and other factors have caused a shortage of pilots that could materially adversely affect our business.
Commencing in 2013, the time and cost commitment required to become licensed to fly commercial aircraft has increased. Additionally, the number of military pilots being trained by the U.S. armed forces and available as commercial pilots upon their retirement from military service has decreased.
These and other factors have contributed to a prolonged shortage of pilots and increased compensation costs. We believe that pilot shortages will remain a problem for the foreseeable future. Our recruitment efforts or other incentives to recruit pilots may not be successful. Our regional airline subsidiaries and other regional partners have been unable to hire adequate numbers of pilots to meet their needs, resulting in a reduction in the number of flights offered, operational disruptions, increased compensation expense and costs of operations, financial difficulties and other adverse effects.
We depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition.
We depend on a limited number of suppliers for aircraft, aircraft engines and many aircraft and engine parts. For example, all of our mainline aircraft were manufactured by either Airbus or Boeing and all of our regional aircraft were manufactured by either Bombardier or Embraer. Further, our supplier base continues to consolidate as evidenced by recent transactions involving Airbus and Bombardier and Mitsubishi and Bombardier, and the cessation of production of certain Bombardier regional aircraft that we and our regional partners currently operate in large numbers. Due to the limited number of suppliers, constraints on production capacity, large order books and long production lead times, manufacturers have faced and are expected to continue to face challenges in timely fulfilling our aircraft on order, and we may face competition from other carriers in securing an adequate supply of aircraft in the future. If new aircraft orders are not filled on a timely basis, we could face higher financing and operating costs than planned. The limited number of these suppliers may also result in reduced competition and potentially higher prices than if the supplier base was less concentrated. In addition, we are vulnerable to any problems associated with the performance of these suppliers’ obligation to supply key aircraft, parts and engines, including design defects, mechanical problems, contractual performance by suppliers or adverse perception by the public that would result in customer avoidance of any of our aircraft. We may also experience delivery delays with respect to components or equipment that we have contracted to purchase from third-party suppliers (so-called “buyer-furnished equipment”) and required for the outfitting of our aircraft. Failure of our suppliers to timely deliver such components or equipment could delay certification of these aircraft and their entry into service, and could prevent us from financing such aircraft, requiring us to pay for new deliveries using cash on hand. If the aircraft we receive do not meet expected performance or quality standards, including with respect to fuel efficiency, safety and reliability, we could also face higher financing and operating costs than planned and our business, results of operations and financial condition could be adversely impacted. We are also subject to the risk that action by the FAA or any other regulatory authority could result in an inability to certify or operate our aircraft, even temporarily. For instance, in March 2019, the FAA ordered the grounding of all Boeing 737 MAX Family aircraft, which remained in place for over a year and was not lifted in the United States until November 2020. An additional grounding of Boeing aircraft occurred in January 2024 involving the Boeing 737-9 MAX, a model that we do not operate. Further, significant limitations imposed on the use of Pratt & Whitney GTF aircraft engines (an engine that we do not use in our fleet) on certain Airbus aircraft have resulted in very significant numbers of the related aircraft being grounded while awaiting refurbished engines. Regulatory concerns raised by the FAA also previously forced Boeing to suspend deliveries of certain 787 aircraft, temporarily resulting in significant reductions to our planned long-haul flying. More generally, we have recently experienced delivery delays across manufacturers due to regulatory matters such as those described above, regulatory restrictions on production rate increases (such as those that the FAA has recently imposed on Boeing 737 production), supply chain limitations, development delays, and other factors, which have created significant challenges in planning our fleet, and the FAA has publicly stated that the restrictions on Boeing’s production rate are likely to continue for the foreseeable future. For example, as of the date of this report, due to a strike action affecting certain of its production
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facilities, Boeing has suspended production of 737 MAX Family aircraft. Depending on the duration of this strike action and the subsequent time period required to reinstate production capacity, certain of our Boeing 737 MAX Family aircraft on order could be delayed, and such delays could be significant. There is also the prospect that new aircraft models will continue to face certification delays further impeding the delivery of new aircraft to the airline industry and increasing competition for the production capacity that is available.
The success of our business depends on, among other things, effectively managing the number and types of aircraft we operate. If, for any reason, we are unable to accept or secure deliveries of new aircraft on contractually scheduled delivery timelines, our business, results of operations and financial condition could be negatively impacted. Our failure to integrate newly purchased aircraft into our fleet as planned might require us to seek extensions of the terms for some leased aircraft or otherwise delay the exit of certain aircraft from our fleet, and in certain cases, may require us to undertake costly refurbishments or maintenance of such aircraft. Such unanticipated extensions or delays, which as noted above have recently been relatively commonplace among manufacturers of commercial aircraft, may require us to operate existing aircraft beyond the point at which it is economically optimal to retire them, resulting in increased maintenance costs, or reductions to our schedule, thereby reducing revenues. Repeated or prolonged delays in the production, delivery or induction of our new aircraft could also require us to scale back our growth plans, reduce frequencies or forgo service entirely to certain markets, which could adversely affect our business, financial condition and results of operations.
We rely heavily on technology and automated systems to operate our business, and any failure of these technologies or systems could harm our business, results of operations and financial condition.
We are highly dependent on existing and emerging technology and automated systems to operate our business. These technologies and systems include but may not be limited to our computerized airline reservation system, flight operations and crew scheduling systems, financial planning, management and accounting systems, telecommunications systems, website, maintenance systems and check-in kiosks. In order for our operations to work efficiently, our website and reservation system must be able to accommodate a high volume of traffic, maintain secure information and deliver flight information, as well as issue electronic tickets and process critical financial information in a timely manner. Substantially all of our tickets are issued to passengers as electronic tickets. We depend on our reservation system, which is hosted and maintained under a long-term contract by a third-party service provider, to be able to issue, track and accept these electronic tickets. If our technologies or automated systems are not functioning or if our third-party service providers were to fail to adequately provide technical support, system maintenance or timely software upgrades for any one of our key existing systems, we could experience service disruptions or delays, which could harm our business and result in the loss of important data, increase our expenses and decrease our revenues. Furthermore, certain critical aspects of our operation rely on legacy technological systems which may grow more difficult or expensive to support and maintain over time, and such systems may fail to perform as required or become more vulnerable to malfunction or failure over time. In the event that one or more of our primary technology or systems vendors goes into bankruptcy, ceases operations or fails to perform as promised, replacement services may not be readily available on a timely basis, at competitive rates or at all, and any transition time to a new system may be significant.
Our aircraft employ a number of sophisticated radio and satellite-based navigation and safety technologies, and we are subject to risks associated with the introduction or expansion of technologies that could interfere with the safe operation of these flight systems. For example, telecommunications companies are expanding and increasing the commercial and consumer applications of 5G cellular communication networks, and regulators, manufacturers and operators have expressed concerns that certain 5G applications could interfere with certain flight systems. In December 2021, the FAA issued a special airworthiness information bulletin (SAIB), in which it indicated that further testing and assessment is needed regarding the effects of 5G on certain aircraft equipped with radar altimeters, which measure the aircraft’s altitude and guide pilots during landings. While the FAA and the telecommunications industry reached an agreement to delay the full implementation of 5G deployment near airports until 2028, there could be future impacts once the current agreement expires. Additionally, there has been an increase in the reported use of jamming or “spoofing” technologies by bad actors intended to disrupt the operation of GPS navigation and other flight systems by relaying fake or erroneous flight information and signals to crews. These technologies could pose risks to the safe operation of aircraft by diverting pilots’ attention and potentially resulting in operational disruptions.
Our technologies and automated systems are not completely protected against events that are beyond our control, including natural disasters, power failures, terrorist attacks, cyberattacks, data theft, defects, errors, equipment and software failures, computer viruses or telecommunications failures. For example, the CrowdStrike-caused systems outage in July 2024 significantly impacted airline operations, including our own, and forced several carriers to ground flights for a prolonged period and incur significant costs associated with reaccommodating and compensating affected passengers. When service interruptions occur as a result of any of the aforementioned events, we address them in accordance with
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applicable laws, rules and regulations. However, substantial or sustained system failures could cause service delays or failures and result in our customers purchasing tickets from other airlines. We cannot assure that our security measures, change control procedures or disaster recovery plans are adequate to prevent disruptions or delays. Disruption in or changes to these technologies or systems could result in a disruption to our business and the loss of important data. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition.
Evolving data privacy requirements (in particular, compliance with applicable federal, state and foreign laws relating to handling of personal information about individuals) could increase our costs, and any significant data privacy incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition.
In the normal course of our business, we collect, process, use and disclose personal information about individuals and rely on third party service providers to host or otherwise process personal information. Many federal, state and foreign governmental bodies and agencies have adopted, or are considering adopting, laws and regulations that impose limits on the collection, processing, use, disclosure and security of personal information about individuals. In some cases, such laws and regulations can be enforced by private parties in addition to government entities. In addition, privacy advocacy and industry groups may propose new and different self-regulatory standards or guidance that may legally or contractually apply to us and our vendors. These non-uniform laws, regulations, standards and guidance are complex and currently evolving and can be subject to significant change and interpretation, and may be inconsistently applied and enforced from one jurisdiction to another.
Our business requires the secure processing and storage of personal information relating to our customers, employees, business partners and others, and other data such as confidential information. However, like any global enterprise operating in today’s digital business environment, we and our third party service providers have experienced cybersecurity incidents and data breaches. We react and respond to these cybersecurity incidents in accordance with the applicable legal requirements, our own cybersecurity protocols, as well as our commercial partners’ standards (as appropriate), but we cannot ensure that our responses (or those of our partners and service providers) will be sufficient to prevent or mitigate the potential adverse impacts of these cybersecurity incidents, which may be material.
There has been heightened legislative and regulatory focus on data privacy and cybersecurity in the U.S., EU, U.K., China and elsewhere, particularly with respect to critical infrastructure providers, including those in the transportation sector. For example, in March 2024, the DOT launched a privacy review of the ten largest U.S. airlines’ collection, handling, maintenance and use of passengers’ personal information, indicating the DOT may seek to increase its regulation, investigation, and enforcement of airlines’ privacy practices, including ours. As a result, we must comply with a proliferating and fast-evolving set of legal requirements in this area, including substantive data privacy and cybersecurity standards as well as requirements for notifying regulators and affected individuals in the event of a cybersecurity incident. In addition, we are subject to an increasing number of reporting obligations in respect of certain cybersecurity incidents. These reporting requirements have been proposed or implemented by a number of regulators in different jurisdictions, may vary in their scope and application, and could contain conflicting requirements. Certain of these rules and regulations may require us to report a cybersecurity incident before we have been able to fully assess its impact or remediate the underlying issue. Efforts to comply with such reporting requirements could divert management’s attention from our cybersecurity incident response and could potentially reveal system vulnerabilities to threat actors. Failure to timely report cybersecurity incidents under these rules could also result in regulatory investigations, litigation, monetary fines, sanctions, or subject us to other forms of liability. Even though we believe we and our third party service providers are generally in compliance with applicable laws, rules and regulations relating to privacy and data security, the regulatory environment is increasingly challenging as data privacy and cybersecurity laws, rules, regulations, industry standards and other requirements are continually developing. These changing requirements, along with their evolving application, interpretation, and amendment, may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks.
In addition, many of our commercial partners, including credit card companies, have imposed data security standards that we must meet. In particular, we are required by the Payment Card Industry Security Standards Council, founded by the credit card companies, to comply with their highest level of data security standards (the Payment Card Industry Data Security Standard (PCI DSS)). While we and our service providers continue our efforts to meet these standards, new and revised standards may be imposed that may be difficult for us to meet and could increase our costs, and if we are unable to comply with revised standards, we may be subject to fines, restrictions or other liability, which could materially and adversely affect our business. Moreover, it is not guaranteed that PCI DSS compliance will prevent illegal or improper use of our payment systems or the theft, loss or misuse of payment card data or transaction information.
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Litigation, claims and enforcement related to data privacy, biometrics and other provisions of state privacy laws may involve new interpretations of privacy laws. There has also been a noticeable uptick in class actions in the U.S. wherein plaintiffs have utilized a variety of laws, including state wiretapping laws, in relation to companies’ use of tracking technologies, such as cookies and pixels. Compliance with these laws and regulations may be inconsistent from jurisdiction to jurisdiction, increasing the cost of compliance and our risk of liability from litigation. Any litigation, claims or enforcement actions to which we are or become a party could potentially result in substantial monetary damages or fines, and negative reputational impacts that cause us to lose existing or future customers, which could materially adversely affect our business, results of operations and financial condition.
We are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners, could materially adversely affect our business, results of operations and financial condition.
Significant cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners, have in the past and may in the future result in a range of potentially material negative consequences for us, including unauthorized access to, disclosure, modification, misuse, loss or destruction of company systems or data; theft of sensitive, regulated or confidential data, such as personal information or our intellectual property; the loss of functionality of critical systems through ransomware, denial of service or other cyberattacks; a diminished ability to retain or attract new customers; a deterioration in our relationships with business partners and other third parties; interruptions or failures in our payment related systems; and business delays, service or system disruptions, damage to equipment and injury to persons or property. The methods used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and may be difficult to anticipate or to detect for long periods of time. The constantly changing nature of the threats means that we cannot and have not been able to prevent all data security breaches or misuse of data, and there is a risk that our security measures will not be fully effective in the future. Similarly, we depend on the ability of our key commercial partners, including AAdvantage partners, other business partners, our regional carriers, distribution partners and technology vendors, to conduct their businesses in a manner that complies with applicable security standards and assures their ability to perform on a timely basis. A security failure, including a failure to meet PCI DSS requirements, breach or other significant cybersecurity incident affecting one of our partners, interruptions or failures in our payment related systems, could result in potentially material negative consequences for us, including loss of critical data, service interruptions, delays in operations, and the potential for fines, restrictions and expulsion from card acceptance programs. In addition, we use third party service providers to help us deliver services to customers. These service providers may store personal information, credit card information and/or other confidential information. Such information has been and will be the target of unauthorized access or subject to security breaches because of third-party action, employee error, malfeasance or otherwise. Any of these could (a) result in the loss of information, litigation, indemnity obligations, expensive and inconsistent cybersecurity incident and data breach notification requirements, damage to our reputation, regulatory scrutiny, and other liability, or (b) have a material adverse effect on our business, financial condition and results of operations.
The threat of cybersecurity incidents continues to increase as the frequency, intensity and sophistication of cyberattacks and intrusions increase around the world. Diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as diverse attack vectors such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, denial of service attacks or exploitation of vulnerabilities, threaten the confidentiality, integrity, and availability of our and our third party service providers’ information systems, personal information and confidential information. Geopolitical issues also continue to increase our cybersecurity risk and potential for cybersecurity incidents, for example, the conflict involving Russia and Ukraine, which has resulted in a heightened risk of cyberattacks against companies like ours that have operations, vendors and/or supply chain providers located in or around the region of conflict or are otherwise related to the conflict. Despite ongoing efforts to maintain and improve the security of our information systems and digital information, individuals, including employees, contractors, and external threat actors, may be able to circumvent the security measures we put in place, and we may be unable to anticipate new techniques used for these attacks and intrusions, such as the use of artificial intelligence applications, and implement adequate preventative measures. We, our business partners and service providers have been the target of cybersecurity attacks in the past and expect that we, our business and service partners, will continue to experience cybersecurity incidents in the future.
The costs and operational consequences of defending against, preparing for, responding to and remediating a cybersecurity incident are substantial. As cybersecurity incidents become more frequent, intense and sophisticated, costs of proactive defense measures are increasing. Further, we could be exposed to litigation, regulatory enforcement or other legal action as a result of an incident, carrying the potential for damages, fines, sanctions or other penalties, as well as
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injunctive relief and enforcement actions requiring costly compliance measures. A significant number of recent data privacy and cybersecurity incidents, including those involving other large airlines, have resulted in very substantial adverse financial consequences to those companies. A cybersecurity incident could also impact our brand, including that of the AAdvantage program, harm our reputation and adversely impact our relationship with our customers, employees and stockholders. The increased regulatory focus on data privacy practices apart from how personal information is secured, such as how personal information is collected, used for marketing purposes, and shared with third parties, also may require changes to our processes and increase compliance costs. There is also an increased risk to our business in the event of a significant cybersecurity or data privacy violation, including additional compliance costs, reputational harm, disruption to the manner in which we provide our services, including the geographies we service, and being subject to complaints and/or regulatory investigations, significant monetary liability, fines, penalties, regulatory enforcement, individual or class action lawsuits, public criticism, loss of customers, loss of goodwill or other additional liabilities, such as claims by industry groups or other third parties. Accordingly, failure to appropriately address data privacy and cybersecurity issues could result in material financial and other liabilities and cause significant reputational harm to our company.
We rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels.
While our priority is to migrate an increasing portion of our customers to our modern, direct distribution channels in lieu of third party channels, we continue to rely on third-party distribution channels, including those provided by or through global distribution systems (GDSs) (e.g., Amadeus, Sabre and Travelport), conventional travel agents, travel management companies and online travel agents (OTAs) (e.g., Expedia, including its booking sites Orbitz and Travelocity, and Booking Holdings, including its booking sites Kayak and Priceline), to distribute a significant portion of our airline tickets, and we expect in the future to continue to rely on these channels. We are also dependent upon the ability and willingness of these distribution channels to expand their ability to distribute and collect revenues for ancillary products (e.g., fees for selective seating). These distribution channels are more expensive and at present have less functionality in respect of ancillary product offerings than those we operate ourselves, such as our website at www.aa.com. Certain of these distribution channels also effectively restrict the manner in which we distribute our products generally.
To remain competitive, we will need to manage successfully our distribution costs and rights, increase our distribution flexibility, continue to migrate the distribution of tickets to our proprietary and other modern distribution channels, and improve the functionality of our distribution channels, while maintaining an industry-competitive cost structure and a high level of customer satisfaction. Further, as distribution technology changes, we will need to continue to update our technology by acquiring new technology from third parties, building the functionality ourselves, or a combination, which in any event will likely entail significant technological and commercial risk and involve potentially material investments. These imperatives may affect our relationships with conventional travel agents, travel management companies, GDSs and OTAs, including if consolidation of conventional travel agents, travel management companies, GDSs or OTAs continues, or should any of these parties seek to acquire other technology providers thereby potentially limiting our technology alternatives. For example, as previously reported, during the second quarter of 2024 we concluded that certain commercial initiatives designed to, among other things, migrate customers to our modern, direct distribution channels contributed to softness in customer bookings relative to our expectations, and we reversed many of these measures late in the quarter. Any inability to manage our third-party distribution costs, rights and functionality at a competitive level or any material diminishment or disruption in the distribution of our tickets could have a material adverse effect on our business, results of operations and financial condition.
If we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations.
In order to operate our existing and proposed flight schedule and, where desirable, add service along new or existing routes, we must be able to maintain and/or obtain adequate gates, check-in counters, operations areas, operations control facilities and administrative support space. As airports around the world become more congested, it may not be possible for us to ensure that our plans for new service can be implemented in a commercially viable manner, given operating constraints at airports throughout our network, including those imposed by inadequate facilities at desirable airports.
In light of constraints on existing facilities, there is presently a significant amount of capital spending underway at major airports in the United States, including large projects underway at a number of airports where we have significant operations, such as O’Hare International Airport, Dallas/Fort Worth International Airport, Charlotte Douglas International Airport and Los Angeles International Airport. More generally, following long periods of underinvestment, there is a trend
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among airports in the United States to engage in significant, expensive expansion, remodeling and infrastructure improvement projects. This spending is expected to result in increased costs to airlines and the traveling public that use those facilities as the airports seek to recover their investments through increased rental, landing and other facility costs. In some circumstances, such costs could be imposed by the relevant airport authority without our approval. Accordingly, our operating costs are expected to increase significantly at many airports at which we operate, including a number of our hubs and gateways, as a result of capital spending projects currently underway and additional projects that we expect to commence over the next several years. Escalating airport costs, especially at one of our major hubs, could also force us to revise our growth plans or redirect flying to more cost-effective airports.
In addition, operations at three major domestic airports, certain smaller domestic airports and many foreign airports we serve are regulated by governmental entities through allocations of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports. Each slot represents the authorization to land at or take off from the particular airport during a specified time period and may impose other operational restrictions as well. In the U.S., the DOT and the FAA currently regulate the allocation of slots or slot exemptions at Ronald Reagan Washington National Airport (DCA) and two New York City airports: John F. Kennedy International Airport and LaGuardia Airport (LGA). Our operations at these airports generally require the allocation of slots or similar regulatory authority. In addition to slot restrictions, operations at DCA and LGA are also limited based on a so-called “perimeter rule” which generally limits the stage length of the flights that can be operated from those airports to 1,250 and 1,500 miles, respectively. Similarly, our operations at LHR, international airports in Frankfurt, Paris, Tokyo and other airports outside the U.S. are regulated by local slot authorities pursuant to the International Airline Trade Association Worldwide Scheduling Guidelines and/or applicable local law. Termination of slot controls or other operational restrictions at some or all of the foregoing airports could affect our operational performance and competitive position. We currently have sufficient slots or analogous authorizations to operate our existing flights and we have generally, but not always, been able to obtain the rights to expand our operations and to change our schedules. However, there is no assurance that we will be able to obtain sufficient slots or analogous authorizations in the future or as to the cost of acquiring such rights because, among other reasons, such allocations are often sought after by other airlines and are subject to changes in governmental policies. During periods of reduced demand for air travel, such as during the COVID-19 pandemic, we presently and may in the future rely on exemptions granted by applicable authorities from the requirement that we continuously use certain slots, gates and routes or risk having such operating rights revoked, and depending on the applicable authority these exemptions can vary in the way they are structured and applied. We cannot predict whether such exemptions will be made available, whether they will be granted on the same or similar terms as in past instances, or whether we ultimately could be at risk of losing valuable operating rights. If we are forced to surrender slots or other rights, we may be unable to provide our desired level of service to or from certain destinations in the future. We cannot provide any assurance that regulatory changes resulting in changes in the application of slot controls or the allocation of or any reallocation of existing slots, the continued enforcement or termination of a perimeter rule or similar regulatory regime will not have a material adverse impact on our operations.
Our ability to provide service can also be impaired at airports where the airport gates and other facilities are currently inadequate to accommodate all of the service that we would like to provide, or where we have no access to gates at all.
Any limitation on our ability to acquire or maintain adequate gates, ticketing facilities, operations areas, operations control facilities, slots (where applicable), or office space could have a material adverse effect on our business, results of operations and financial condition.
Interruptions or disruptions in service at one of our key facilities could have a material adverse impact on our operations.
We operate principally through our hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. and partner gateways including London Heathrow (among others). Substantially all of our flights either originate at or fly into one of these locations. A significant interruption or disruption in service at one of our hubs, gateways or other airports where we have a significant presence, resulting from air traffic control delays, weather conditions, natural disasters, growth constraints, performance by third-party service providers (such as electric utility or telecommunications providers), failure of computer systems, disruptions at airport facilities or other key facilities used by us to manage our operations (including as a result of social or environmental activism), labor relations, power supplies, fuel supplies, terrorist activities, or otherwise could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a severe impact on our business, results of operations and financial condition. We have limited control, particularly in the short term, over the operation, quality or maintenance of many of the services on which our operations depend and over whether vendors of such services will improve or continue to provide services that are essential to our business.
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Increases in insurance costs or reductions in insurance coverage may adversely impact our operations and financial results.
The terrorist attacks of September 11, 2001 led to a significant increase in insurance premiums and a decrease in the insurance coverage available to commercial air carriers. Accordingly, our insurance costs increased significantly, and our ability to continue to obtain insurance even at current prices remains uncertain. The occurrence or persistence of certain events, including armed conflicts, could also impact our ability to obtain commercial insurance coverage against certain risks, or to obtain such insurance on commercially acceptable terms. If we are unable to maintain adequate insurance coverage or to secure suitable alternatives outside the commercial insurance markets, our business could be materially and adversely affected. Additionally, severe disruptions in the domestic and global financial markets could adversely impact the claims paying ability of some insurers. Future downgrades in the ratings of enough insurers could adversely impact both the availability of appropriate insurance coverage and its cost. Because of competitive pressures in our industry, our ability to pass along additional insurance costs to passengers is limited. As a result, further increases in insurance costs or reductions in available insurance coverage could have an adverse impact on our financial results.
The airline industry is heavily taxed.
The airline industry is subject to extensive government fees and taxation that negatively impact our revenue and profitability. The U.S. airline industry is one of the most heavily taxed of all industries. These fees and taxes have grown significantly in the past decade for domestic flights, and various U.S. fees and taxes also are assessed on international flights. For example, as permitted by federal legislation, most major U.S. airports impose a per-passenger facility charge on us. In addition, the governments of foreign countries in which we operate impose on U.S. airlines, including us, various fees and taxes, and these assessments have been increasing in number and amount in recent years. Moreover, we are obligated to collect a federal excise tax, commonly referred to as the “ticket tax,” on domestic and international air transportation. We collect the excise tax, along with certain other U.S. and foreign taxes and user fees on air transportation (such as passenger security fees), and pass along the collected amounts to the appropriate governmental agencies. Although these taxes and fees are not our operating expenses, they represent an additional cost to our customers. There are continuing efforts in Congress and in other countries to raise different portions of the various taxes, fees, and charges imposed on airlines and their passengers, including the passenger facility charge, and we may not be able to recover all of these charges from our customers. Increases in such taxes, fees and charges could negatively impact our business, results of operations and financial condition.
Under DOT regulations, all governmental taxes and fees must be included in the prices we quote or advertise to our customers. Due to the competitive revenue environment, many increases in these fees and taxes have been absorbed by the airline industry rather than being passed on to the customer. Further increases in fees and taxes may reduce demand for air travel, and thus our revenues.
Risks Related to Ownership of AAG Common Stock and Convertible Notes
The price of AAG common stock has been and may in the future be volatile.
The market price of AAG common stock has fluctuated substantially in the past, and may fluctuate substantially in the future, due to a variety of factors, many of which are beyond our control, including:
•the effects of external events, such as the COVID-19 pandemic, on our business or the U.S. and global economies;
•macro-economic conditions, including the price of fuel;
•changes in market values of airline companies as well as general market conditions;
•our operating and financial results failing to meet the expectations of securities analysts or investors;
•changes in financial estimates or recommendations by securities analysts;
•changes in our level of outstanding indebtedness and other obligations;
•changes in our credit ratings;
•material announcements by us or our competitors;
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•expectations regarding any future capital deployment program, including share repurchase programs and any future dividend payments that may be declared by our Board of Directors, or any subsequent determination to cease repurchasing stock or paying dividends;
•new regulatory pronouncements and changes in regulatory guidelines;
•general and industry-specific economic conditions;
•changes in our key personnel;
•inclusion of our common stock in broad market indexes favored by passive investors;
•investor preferences to invest in certain sectors, including large technology companies in lieu of industrial or transportation companies;
•public or private sales of a substantial number of shares of AAG common stock or issuances of AAG common stock upon the exercise or conversion of restricted stock unit awards, stock appreciation rights, or other securities that may be issued from time to time, including warrants we have issued in connection with our receipt of funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (the PSP Extension Law) and the American Rescue Plan Act of 2021 (ARP);
•increases or decreases in reported holdings by insiders or other significant stockholders;
•fluctuations in trading volume; and
•technical factors in the public trading market for our stock that may produce price movements that may or may not comport with macro, industry or company-specific fundamentals, including, without limitation, the sentiment of retail investors (including as may be expressed on financial trading and other social media sites), the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our common stock and any related hedging and other technical trading factors.
The closing price of our common stock on the Nasdaq Global Select Market varied from $10.92 to $18.80 during 2023 and $9.26 to $15.68 during 2024 year-to-date through October 18, 2024. At times, fluctuations in our stock price have been rapid, imposing risks on investors due to the possibility of significant, short-term price volatility. While we believe that in recent years this wide range of trading prices has largely reflected the changing prospects for a large airline facing the challenges imposed by the COVID-19 pandemic, we also believe, based in part on the commentary of market analysts, that the trading price of our common stock has at times been influenced by the technical trading factors discussed in the last bullet above. On some occasions, market analysts have explained fluctuations in our stock price by reference to purported “short squeeze” activity. A “short squeeze” is a technical market condition that occurs when the price of a stock increases substantially, forcing market participants who had taken a position that its price would fall (i.e., who had sold the stock “short”), to buy it, which in turn may create significant, short-term demand for the stock not for fundamental reasons, but rather due to the need for such market participants to acquire the stock in order to forestall the risk of even greater losses. A “short squeeze” condition in the market for a stock can lead to short-term conditions involving very high volatility and trading that may or may not track fundamental valuation models.
If we decide to make repurchases of or pay dividends on our common stock, we cannot guarantee that we will continue to do so or that such a capital deployment program will enhance long-term stockholder value.
If we determine to make any share repurchases in the future, such repurchases may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions. Our future repurchases of AAG common stock, if any, may be limited, suspended or discontinued at any time at our discretion and without prior notice.
If we determine to make any dividends in the future, such dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors. The amount and timing of any future dividends, if any, may vary, and the payment of any dividend does not assure that we will pay dividends in the future.
In addition, any future repurchases of AAG common stock or payment of dividends, or any determination to cease repurchasing stock or paying dividends, could affect our stock price and increase its volatility. The existence of a future
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share repurchase program and any future dividends could cause our stock price to be higher than it would otherwise be and could potentially reduce the market liquidity for our stock. Additionally, any future repurchases of AAG common stock or payment of dividends will diminish our cash reserves, which may impact our ability to finance future growth and to pursue possible future strategic opportunities and acquisitions. Further, our repurchase of AAG common stock may fluctuate such that our cash flow may be insufficient to fully cover our share repurchases. We generally are subject to an excise tax on the fair market value of AAG common stock repurchased (less the fair market value of AAG common stock issued and subject to certain adjustments and exceptions) during any year after December 31, 2022. Although our share repurchase programs are intended to enhance long-term stockholder value, there is no assurance that they will do so.
AAG’s Certificate of Incorporation, Bylaws and Tax Benefit Preservation Plan include provisions that limit voting and acquisition and disposition of our equity interests and specify an exclusive forum for certain stockholder disputes.
Our Certificate of Incorporation and Bylaws include significant provisions that limit voting and ownership and disposition of our equity interests as described in Part II, Item 5. Market for American Airlines Group’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities – “Ownership Restrictions” in our 2023 Form 10-K and AAG’s Description of the Registrants’ Securities Registered Pursuant to Section 12 of the Exchange Act, which is filed as Exhibit 4.1 to our 2023 Form 10-K. Further restrictions are set forth in our Tax Benefit Preservation Plan, which was filed as Exhibit 4.1 to AAG’s Current Report on Form 8-K filed on December 22, 2021. These restrictions may adversely affect the ability of certain holders of AAG common stock and our other equity interests to vote such interests and adversely affect the ability of persons to acquire shares of AAG common stock and our other equity interests.
Our Certificate of Incorporation also specifies that the Court of Chancery of the State of Delaware shall be the exclusive forum for substantially all disputes between us and our stockholders. Because the applicability of the exclusive forum provision is limited to the extent permitted by applicable law, we do not intend for the exclusive forum provision to apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction, and acknowledge that federal courts have concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act of 1933 (Securities Act). We note that there is uncertainty as to whether a court would enforce the provision as it applies to the Securities Act and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. This provision may have the effect of discouraging lawsuits against our directors and officers.
Certain provisions of AAG’s Certificate of Incorporation and Bylaws make it difficult for stockholders to change the composition of our Board of Directors and may discourage takeover attempts that some of our stockholders might consider beneficial.
Certain provisions of our Certificate of Incorporation and Bylaws, as currently in effect, may have the effect of delaying or preventing changes in control if our Board of Directors determines that such changes in control are not in our best interest and the best interest of our stockholders. These provisions include, among other things, the following:
•advance notice procedures for stockholder proposals to be considered at stockholders’ meetings;
•the ability of our Board of Directors to fill vacancies on the board;
•a prohibition against stockholders taking action by written consent;
•stockholders are restricted from calling a special meeting unless they hold at least 20% of our outstanding shares and follow the procedures provided for in the amended Bylaws;
•a requirement that holders of at least 80% of the voting power of the shares entitled to vote in the election of directors approve any amendment of our Bylaws submitted to stockholders for approval; and
•super-majority voting requirements to modify or amend specified provisions of our Certificate of Incorporation.
These provisions are not intended to prevent a takeover, but are intended to protect and maximize the value of the interests of our stockholders. While these provisions have the effect of encouraging persons seeking to acquire control of our company to negotiate with our Board of Directors, they could enable our Board of Directors to prevent a transaction that some, or a majority, of our stockholders might believe to be in their best interest and, in that case, may prevent or discourage attempts to remove and replace incumbent directors. In addition, we are subject to the provisions of
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Section 203 of the Delaware General Corporation Law, which prohibits business combinations with interested stockholders. Interested stockholders do not include stockholders whose acquisition of our securities is approved by the Board of Directors prior to the investment under Section 203.
The issuance or sale of shares of our common stock or rights to acquire shares of our common stock could depress the trading price of our common stock and the Convertible Notes.
We may conduct future offerings of material amounts of our common stock, preferred stock or other securities that are convertible into or exercisable for our common stock to finance our operations, to fund acquisitions, or for any other purposes at any time and from time to time. Further, additional shares of our common stock may be issued in connection with the exercise of warrants originally issued by AAG to the U.S. Department of Treasury and/or the conversion of the 6.50% convertible senior notes due 2025 (the Convertible Notes). If these additional shares or securities are issued or sold, or if it is perceived that they will be sold, the trading price of our common stock and the Convertible Notes could decline substantially. If we issue additional shares of our common stock or rights to acquire shares of our common stock, if any of our existing stockholders sells a substantial amount of our common stock, or if the market perceives that such issuances or sales may occur, then the trading price of our common stock and the Convertible Notes could decline substantially.
ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
On August 23, 2024, Robert D. Isom, Chief Executive Officer and President, adopted a Rule 10b5-1 trading agreement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 150,000 shares of AAG’s common stock until June 30, 2025.
Other than noted above, during the quarter ended September 30, 2024 none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of AAG securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
On July 24, 2024, the Board of Directors of AAG voted to adopt the Fourth Amended and Restated Bylaws (as amended prior to the date hereof, the “A&R Bylaws”), which became effective immediately upon adoption. The A&R Bylaws amend and restate AAG’s previously existing bylaws in their entirety to, among other things, (i) remove certain informational requirements concerning stockholders seeking to nominate directors and bring matters before an annual meeting, (ii) narrow the scope of persons that the information set forth in (i) must be provided for and (iii) implement technical amendments to the procedures of preparing for, holding and adjourning a meeting of stockholders. The foregoing is qualified in its entirety by reference to the text of the A&R Bylaws, a copy of which was filed as Exhibit 3.1 to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
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ITEM 6. EXHIBITS
Exhibits required to be filed by Item 601 of Regulation S-K: Where the amount of securities authorized to be issued under any of our long-term debt agreements does not exceed 10% of our assets, pursuant to paragraph (b)(4) of Item 601 of Regulation S-K, in lieu of filing such as an exhibit, we hereby agree to furnish to the Commission upon request a copy of any agreement with respect to such long-term debt.
Exhibit
Number
Description
10.1
10.2
10.3
10.4
10.5
31.1
31.2
31.3
31.4
32.1
32.2
101.1Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language).
104.1Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101.1).
* Portions of this exhibit have been omitted in accordance with Item 601(b)(10) of Regulation S-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 American Airlines Group Inc.
Date: October 24, 2024By: /s/ Devon E. May
 Devon E. May
 Executive Vice President and Chief Financial Officer
 (Duly Authorized Officer and Principal Financial Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 American Airlines, Inc.
Date: October 24, 2024By: /s/ Devon E. May
 Devon E. May
 Executive Vice President and Chief Financial Officer
 (Duly Authorized Officer and Principal Financial Officer)

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