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aal:lawsuit
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarterly Period Ended June 30, 2019 |
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☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Transition Period From to Commission file number 1-8400
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American Airlines Group Inc. |
(Exact name of registrant as specified in its charter) |
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Delaware | | | 75-1825172 | |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
4333 Amon Carter Blvd., | Fort Worth, | Texas | 76155 | | | | (817) | 963-1234 | | |
(Address of principal executive offices, including zip code) | | | (Registrant’s telephone number, including area code) | |
Commission file number 1-2691
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American Airlines, Inc. |
(Exact name of registrant as specified in its charter) |
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Delaware | | | 13-1502798 | |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
4333 Amon Carter Blvd., | Fort Worth, | Texas | 76155 | | | | (817) | 963-1234 | | |
(Address of principal executive offices, including zip code) | | | (Registrant’s telephone number, including area code) | |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | | AAL | | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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American Airlines Group Inc. | ☒ | Yes | | ☐ | No |
American Airlines, Inc. | ☒ | Yes | | ☐ | No |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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American Airlines Group Inc. | ☒ | Yes | | ☐ | No |
American Airlines, Inc. | ☒ | Yes | | ☐ | No |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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American Airlines Group Inc. | ☒ | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company |
American Airlines, Inc. | ☐ | Large accelerated filer | ☐ | Accelerated filer | ☒
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company |
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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American Airlines Group Inc. | ☐ | |
American Airlines, Inc. | ☐ | |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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American Airlines Group Inc. | ☐ | Yes | | ☒ | No |
American Airlines, Inc. | ☐ | Yes | | ☒ | No |
As of July 19, 2019, there were 445,270,728 shares of American Airlines Group Inc. common stock outstanding.
As of July 19, 2019, there were 1,000 shares of American Airlines, Inc. common stock outstanding, all of which were held by American Airlines Group Inc.
American Airlines Group Inc.
American Airlines, Inc.
Form 10-Q
Quarterly Period Ended June 30, 2019
Table of Contents
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PART I: FINANCIAL INFORMATION |
Item 1A. | | |
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Item 1B. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
PART II: OTHER INFORMATION |
Item 1. | | |
Item 1A. | | |
Item 6. | | |
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General
This report is filed by American Airlines Group Inc. (AAG) and its wholly-owned subsidiary American Airlines, Inc. (American). References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to AAG and its consolidated subsidiaries. References in this report to “mainline” refer to the operations of American only and exclude regional operations.
Note Concerning Forward-Looking Statements
Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those described below under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Part II, Item 1A. Risk Factors and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC).
All of the forward-looking statements are qualified in their entirety by reference to the factors discussed in Part II, Item 1A. Risk Factors and elsewhere in this report. There may be other factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. We do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law. Forward-looking statements speak only as of the date of this report or as of the dates indicated in the statements.
PART I: FINANCIAL INFORMATION
This report on Form 10-Q is filed by both AAG and American and includes the Condensed Consolidated Financial Statements of each company in Item 1A and Item 1B, respectively.
ITEM 1A. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except shares and per share amounts)(Unaudited)
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| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Operating revenues: | | | |
Passenger | $ | 11,011 |
| | $ | 10,674 |
| | $ | 20,669 |
| | $ | 20,154 |
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Cargo | 221 |
| | 261 |
| | 439 |
| | 488 |
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Other | 728 |
| | 708 |
| | 1,436 |
| | 1,402 |
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Total operating revenues | 11,960 |
| | 11,643 |
| | 22,544 |
| | 22,044 |
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Operating expenses: | | | | | | | |
Aircraft fuel and related taxes | 1,995 |
| | 2,103 |
| | 3,722 |
| | 3,866 |
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Salaries, wages and benefits | 3,200 |
| | 3,095 |
| | 6,290 |
| | 6,111 |
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Regional expenses | 1,886 |
| | 1,793 |
| | 3,648 |
| | 3,490 |
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Maintenance, materials and repairs | 575 |
| | 505 |
| | 1,136 |
| | 973 |
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Other rent and landing fees | 535 |
| | 495 |
| | 1,039 |
| | 962 |
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Aircraft rent | 334 |
| | 311 |
| | 661 |
| | 621 |
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Selling expenses | 401 |
| | 385 |
| | 771 |
| | 742 |
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Depreciation and amortization | 489 |
| | 457 |
| | 969 |
| | 898 |
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Special items, net | 121 |
| | 182 |
| | 259 |
| | 407 |
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Other | 1,271 |
| | 1,313 |
| | 2,521 |
| | 2,574 |
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Total operating expenses | 10,807 |
| | 10,639 |
| | 21,016 |
| | 20,644 |
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Operating income | 1,153 |
| | 1,004 |
| | 1,528 |
| | 1,400 |
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Nonoperating income (expense): | | | | | | | |
Interest income | 35 |
| | 30 |
| | 68 |
| | 55 |
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Interest expense, net | (275 | ) | | (263 | ) | | (546 | ) | | (525 | ) |
Other income (expense), net | (31 | ) | | (15 | ) | | 78 |
| | 64 |
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Total nonoperating expense, net | (271 | ) | | (248 | ) | | (400 | ) | | (406 | ) |
Income before income taxes | 882 |
| | 756 |
| | 1,128 |
| | 994 |
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Income tax provision | 220 |
| | 200 |
| | 281 |
| | 278 |
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Net income | $ | 662 |
| | $ | 556 |
| | $ | 847 |
| | $ | 716 |
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Earnings per common share: | | | | | | | |
Basic | $ | 1.49 |
| | $ | 1.20 |
| | $ | 1.89 |
| | $ | 1.53 |
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Diluted | $ | 1.49 |
| | $ | 1.20 |
| | $ | 1.88 |
| | $ | 1.52 |
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Weighted average shares outstanding (in thousands): | | | | | | | |
Basic | 445,008 |
| | 463,533 |
| | 448,479 |
| | 467,915 |
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Diluted | 445,587 |
| | 464,618 |
| | 449,508 |
| | 469,608 |
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Cash dividends declared per common share | $ | 0.10 |
| | $ | 0.10 |
| | $ | 0.20 |
| | $ | 0.20 |
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See accompanying notes to condensed consolidated financial statements.
AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)(Unaudited)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net income | $ | 662 |
| | $ | 556 |
| | $ | 847 |
| | $ | 716 |
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Other comprehensive income (loss), net of tax: | | | | | | | |
Pension, retiree medical and other postretirement benefits | (18 | ) | | (17 | ) | | (34 | ) | | (33 | ) |
Investments | — |
| | 2 |
| | 3 |
| | — |
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Total other comprehensive loss, net of tax | (18 | ) | | (15 | ) | | (31 | ) | | (33 | ) |
Total comprehensive income | $ | 644 |
| | $ | 541 |
| | $ | 816 |
| | $ | 683 |
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See accompanying notes to condensed consolidated financial statements.
AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except shares and par value)
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| June 30, 2019 | | December 31, 2018 |
| (Unaudited) | | |
ASSETS | |
Current assets | | | |
Cash | $ | 319 |
| | $ | 275 |
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Short-term investments | 5,088 |
| | 4,485 |
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Restricted cash and short-term investments | 157 |
| | 154 |
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Accounts receivable, net | 1,943 |
| | 1,706 |
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Aircraft fuel, spare parts and supplies, net | 1,708 |
| | 1,522 |
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Prepaid expenses and other | 635 |
| | 495 |
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Total current assets | 9,850 |
| | 8,637 |
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Operating property and equipment | | | |
Flight equipment | 42,437 |
| | 41,499 |
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Ground property and equipment | 9,007 |
| | 8,764 |
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Equipment purchase deposits | 1,372 |
| | 1,278 |
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Total property and equipment, at cost | 52,816 |
| | 51,541 |
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Less accumulated depreciation and amortization | (18,114 | ) | | (17,443 | ) |
Total property and equipment, net | 34,702 |
| | 34,098 |
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Operating lease right-of-use assets | 9,102 |
| | 9,151 |
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Other assets | | | |
Goodwill | 4,091 |
| | 4,091 |
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Intangibles, net of accumulated amortization of $683 and $663, respectively | 2,105 |
| | 2,137 |
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Deferred tax asset | 792 |
| | 1,145 |
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Other assets | 1,325 |
| | 1,321 |
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Total other assets | 8,313 |
| | 8,694 |
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Total assets | $ | 61,967 |
| | $ | 60,580 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | |
Current liabilities | | | |
Current maturities of long-term debt and finance leases | $ | 3,500 |
| | $ | 3,294 |
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Accounts payable | 2,118 |
| | 1,773 |
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Accrued salaries and wages | 1,304 |
| | 1,427 |
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Air traffic liability | 5,956 |
| | 4,339 |
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Loyalty program liability | 3,310 |
| | 3,267 |
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Operating lease liabilities | 1,639 |
| | 1,654 |
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Other accrued liabilities | 2,296 |
| | 2,342 |
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Total current liabilities | 20,123 |
| | 18,096 |
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Noncurrent liabilities | | | |
Long-term debt and finance leases, net of current maturities | 21,791 |
| | 21,179 |
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Pension and postretirement benefits | 5,641 |
| | 6,907 |
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Loyalty program liability | 5,249 |
| | 5,272 |
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Operating lease liabilities | 7,818 |
| | 7,902 |
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Other liabilities | 1,367 |
| | 1,393 |
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Total noncurrent liabilities | 41,866 |
| | 42,653 |
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Commitments and contingencies |
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Stockholders’ equity (deficit) | | | |
Common stock, $0.01 par value; 1,750,000,000 shares authorized, 445,262,351 shares issued and outstanding at June 30, 2019; 460,610,870 shares issued and outstanding at December 31, 2018 | 5 |
| | 5 |
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Additional paid-in capital | 4,386 |
| | 4,964 |
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Accumulated other comprehensive loss | (5,927 | ) | | (5,896 | ) |
Retained earnings | 1,514 |
| | 758 |
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Total stockholders’ deficit | (22 | ) | | (169 | ) |
Total liabilities and stockholders’ equity (deficit) | $ | 61,967 |
| | $ | 60,580 |
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See accompanying notes to condensed consolidated financial statements.
AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)(Unaudited)
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| | | | | | | |
| Six Months Ended June 30, |
| 2019 | | 2018 |
Net cash provided by operating activities | $ | 2,387 |
| | $ | 2,894 |
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Cash flows from investing activities: | | | |
Capital expenditures and aircraft purchase deposits | (2,323 | ) | | (1,731 | ) |
Proceeds from sale of property and equipment and sale-leaseback transactions | 537 |
| | 258 |
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Purchases of short-term investments | (2,201 | ) | | (1,184 | ) |
Sales of short-term investments | 1,611 |
| | 1,579 |
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Decrease (increase) in restricted short-term investments | (2 | ) | | 43 |
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Other investing activities | (35 | ) | | — |
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Net cash used in investing activities | (2,413 | ) | | (1,035 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of long-term debt | 2,589 |
| | 892 |
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Payments on long-term debt and finance leases | (1,781 | ) | | (1,884 | ) |
Deferred financing costs | (22 | ) | | (28 | ) |
Treasury stock repurchases | (625 | ) | | (837 | ) |
Dividend payments | (90 | ) | | (94 | ) |
Other financing activities | (1 | ) | | (1 | ) |
Net cash provided by (used in) financing activities | 70 |
| | (1,952 | ) |
Net increase (decrease) in cash and restricted cash | 44 |
| | (93 | ) |
Cash and restricted cash at beginning of period | 286 |
| | 398 |
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Cash and restricted cash at end of period (1) | $ | 330 |
| | $ | 305 |
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Non-cash transactions: | | | |
Right-of-use assets obtained in exchange for lease liabilities: | | | |
Operating leases | $ | 708 |
| | $ | 315 |
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Finance leases | 4 |
| | — |
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Settlement of bankruptcy obligations | 7 |
| | — |
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Supplemental information: | | | |
Interest paid, net | 559 |
| | 542 |
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Income taxes paid | 4 |
| | 13 |
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(1)
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Cash | $ | 319 |
| | $ | 293 |
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Restricted cash included in restricted cash and short-term investments | 11 |
| | 12 |
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Total cash and restricted cash | $ | 330 |
| | $ | 305 |
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See accompanying notes to condensed consolidated financial statements.
AMERICAN AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts)(Unaudited)
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| Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings (Deficit) | | Total |
Balance at December 31, 2018 | $ | 5 |
| | $ | 4,964 |
| | $ | (5,896 | ) | | $ | 758 |
| | $ | (169 | ) |
Net income | — |
| | — |
| | — |
| | 185 |
| | 185 |
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Other comprehensive loss, net | — |
| | — |
| | (13 | ) | | — |
| | (13 | ) |
Purchase and retirement of 16,947,393 shares of AAG common stock | — |
| | (610 | ) | | — |
| | — |
| | (610 | ) |
Dividends declared on AAG common stock ($0.10 per share) | — |
| | — |
| | — |
| | (46 | ) | | (46 | ) |
Issuance of 552,752 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | — |
| | (8 | ) | | — |
| | — |
| | (8 | ) |
Share-based compensation expense | — |
| | 25 |
| | — |
| | — |
| | 25 |
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Balance at March 31, 2019 | 5 |
| | 4,371 |
| | (5,909 | ) | | 897 |
| | (636 | ) |
Net income | — |
| | — |
| | — |
| | 662 |
| | 662 |
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Other comprehensive loss, net | — |
| | — |
| | (18 | ) | | — |
| | (18 | ) |
Dividends declared on AAG common stock ($0.10 per share) | — |
| | — |
| | — |
| | (45 | ) | | (45 | ) |
Issuance of 1,046,122 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | — |
| | (17 | ) | | — |
| | — |
| | (17 | ) |
Settlement of single-dip unsecured claims held in Disputed Claims Reserve | — |
| | 7 |
| | — |
| | — |
| | 7 |
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Share-based compensation expense | — |
| | 25 |
| | — |
| | — |
| | 25 |
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Balance at June 30, 2019 | $ | 5 |
| | $ | 4,386 |
| | $ | (5,927 | ) | | $ | 1,514 |
| | $ | (22 | ) |
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| Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings (Deficit) | | Total |
Balance at December 31, 2017 | $ | 5 |
| | $ | 5,714 |
| | $ | (5,776 | ) | | $ | (723 | ) | | $ | (780 | ) |
Net income | — |
| | — |
| | — |
| | 159 |
| | 159 |
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Other comprehensive loss, net | — |
| | — |
| | (18 | ) | | — |
| | (18 | ) |
Purchase and retirement of 8,431,150 shares of AAG common stock | — |
| | (449 | ) | | — |
| | — |
| | (449 | ) |
Dividends declared on AAG common stock ($0.10 per share) | — |
| | — |
| | — |
| | (48 | ) | | (48 | ) |
Issuance of 313,744 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | — |
| | (10 | ) | | — |
| | — |
| | (10 | ) |
Share-based compensation expense | — |
| | 24 |
| | — |
| | — |
| | 24 |
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Impact of adoption of Accounting Standards Update (ASU) 2016-01 related to financial instruments | — |
| | — |
| | — |
| | 60 |
| | 60 |
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Impact of adoption of ASU 2016-02 related to leases | — |
| | — |
| | — |
| | 197 |
| | 197 |
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Balance at March 31, 2018 | 5 |
| | 5,279 |
| | (5,794 | ) | | (355 | ) | | (865 | ) |
Net income | — |
| | — |
| | — |
| | 556 |
| | 556 |
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Other comprehensive loss, net | — |
| | — |
| | (15 | ) | | — |
| | (15 | ) |
Purchase and retirement of 8,175,007 shares of AAG common stock | — |
| | (350 | ) | | — |
| | — |
| | (350 | ) |
Dividends declared on AAG common stock ($0.10 per share) | — |
| | — |
| | — |
| | (47 | ) | | (47 | ) |
Issuance of 1,286,622 shares of AAG common stock pursuant to employee stock plans net of shares withheld for cash taxes | — |
| | (26 | ) | | — |
| | — |
| | (26 | ) |
Share-based compensation expense | — |
| | 20 |
| | — |
| | — |
| | 20 |
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Balance at June 30, 2018 | $ | 5 |
| | $ | 4,923 |
| | $ | (5,809 | ) | | $ | 154 |
| | $ | (727 | ) |
See accompanying notes to condensed consolidated financial statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
(Unaudited)
1. Basis of Presentation and Recent Accounting Pronouncements
(a) Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of American Airlines Group Inc. (we, us, our and similar terms, or AAG) should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying unaudited condensed consolidated financial statements include the accounts of AAG and its wholly-owned subsidiaries. AAG’s principal subsidiary is American Airlines, Inc. (American). All significant intercompany transactions have been eliminated.
Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited condensed consolidated financial statements for the interim periods presented. The preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long-lived and intangible assets, the loyalty program, as well as pension and retiree medical and other postretirement benefits.
In the fourth quarter of 2018, we adopted ASU 2016-02: Leases (Topic 842) (the New Lease Standard) as of January 1, 2018. The New Lease Standard did not require the recast of prior periods; however, since we elected to early adopt the New Lease Standard in the fourth quarter of 2018, the three and six months ended June 30, 2018 have been recast to reflect the effects of adoption. As a result of the adoption of the New Lease Standard, our three and six months ended June 30, 2018 net income decreased by $10 million and $37 million, respectively.
(b) Recent Accounting Pronouncements
ASU 2018-02: Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
This ASU provides the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U.S. federal corporate income tax rate change as a result of H.R. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act). The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previous U.S. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U.S. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations. This standard is effective for interim and annual reporting periods beginning after December 15, 2018. In the first quarter of 2019, we adopted this standard retrospectively as of December 22, 2017, the date the 2017 Tax Act was enacted, which resulted in the recast of prior reporting periods. As a result of the adoption, we reclassified $622 million of stranded tax effects principally related to our pension plans from accumulated other comprehensive loss to retained earnings.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
(Unaudited)
2. Special Items, Net
Special items, net in the condensed consolidated statements of operations consisted of the following (in millions):
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Fleet restructuring expenses (1) | $ | 77 |
| | $ | 113 |
| | $ | 160 |
| | $ | 226 |
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Merger integration expenses (2) | 39 |
| | 60 |
| | 76 |
| | 120 |
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Mark-to-market adjustments on bankruptcy obligations, net (3) | 5 |
| | (57 | ) | | 5 |
| | (56 | ) |
Intangible asset impairment (4) | — |
| | 26 |
| | — |
| | 26 |
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Litigation settlement (5) | — |
| | 5 |
| | — |
| | 45 |
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Labor contract expenses | — |
| | — |
| | — |
| | 13 |
|
Other operating charges, net | — |
| | 35 |
| | 18 |
| | 33 |
|
Mainline operating special items, net | 121 |
| | 182 |
| | 259 |
| | 407 |
|
| | | | | | | |
Mark-to-market adjustments on equity investments, net (6) | 52 |
| | 66 |
| | (25 | ) | | 66 |
|
Debt refinancing and extinguishment charges | 8 |
| | 14 |
| | 8 |
| | 14 |
|
Other nonoperating charges, net | 9 |
| | — |
| | 16 |
| | — |
|
Nonoperating special items, net | 69 |
| | 80 |
| | (1 | ) | | 80 |
|
| | | | | | | |
Income tax special items, net (7) | — |
| | 18 |
| | — |
| | 40 |
|
| |
(1) | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned. |
| |
(2) | Merger integration expenses included costs associated with integration projects, principally our technical operations, flight attendant, human resources and payroll systems. |
| |
(3) | Bankruptcy obligations that will be settled in shares of our common stock are marked-to-market based on our stock price. |
| |
(4) | Intangible asset impairment includes a non-cash charge to write-off our Brazil route authority as a result of the U.S.-Brazil open skies agreement. |
| |
(5) | Settlement of a private party antitrust lawsuit. See Note 12 - “Private Party Antitrust Action Related to Passenger Capacity” for further discussion. |
| |
(6) | Mark-to-market adjustments on equity investments relate to net unrealized gains and losses primarily associated with our equity investment in China Southern Airlines Company Limited (China Southern Airlines). |
| |
(7) | Income tax special items for the three months ended June 30, 2018 included an $18 million charge related to an international income tax matter. Additionally, the six months ended June 30, 2018 included a $22 million charge to income tax expense to establish a required valuation allowance related to our estimated refund for Alternative Minimum Tax (AMT) credits. |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
(Unaudited)
3. Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Basic EPS: | | | | | | | |
Net income | $ | 662 |
| | $ | 556 |
| | $ | 847 |
| | $ | 716 |
|
Weighted average common shares outstanding (in thousands) | 445,008 |
| | 463,533 |
| | 448,479 |
| | 467,915 |
|
Basic EPS | $ | 1.49 |
| | $ | 1.20 |
| | $ | 1.89 |
| | $ | 1.53 |
|
| | | | | | | |
Diluted EPS: | | | | | | | |
Net income for purposes of computing diluted EPS | $ | 662 |
| | $ | 556 |
| | $ | 847 |
| | $ | 716 |
|
Share computation for diluted EPS (in thousands): | | | | | | | |
Basic weighted average common shares outstanding | 445,008 |
| | 463,533 |
| | 448,479 |
| | 467,915 |
|
Dilutive effect of stock awards | 579 |
| | 1,085 |
| | 1,029 |
| | 1,693 |
|
Diluted weighted average common shares outstanding | 445,587 |
| | 464,618 |
| | 449,508 |
| | 469,608 |
|
Diluted EPS | $ | 1.49 |
| | $ | 1.20 |
| | $ | 1.88 |
| | $ | 1.52 |
|
| | | | | | | |
Restricted stock unit awards excluded from the calculation of diluted EPS because inclusion would be antidilutive (in thousands) | 3,087 |
| | 1,690 |
| | 2,677 |
| | 845 |
|
4. Share Repurchase Programs and Dividends
In April 2018, we announced that our Board of Directors authorized a $2.0 billion share repurchase program that will expire on December 31, 2020. Since July 2014, our Board of Directors has approved seven share repurchase programs aggregating $13.0 billion of authority. As of June 30, 2019, there was $1.1 billion of remaining authority to repurchase shares under our current $2.0 billion share repurchase program. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice.
During the six months ended June 30, 2019, we repurchased 16.7 million shares of AAG common stock (all of which we purchased during the first quarter of 2019) for $600 million at a weighted average cost per share of $36.02. Since the inception of our share repurchase programs in July 2014 through June 30, 2019, we repurchased 295.6 million shares of AAG common stock for $11.9 billion at a weighted average cost per share of $40.43.
In April 2019, our Board of Directors declared a cash dividend of $0.10 per share for stockholders of record as of May 8, 2019 and paid on May 22, 2019, totaling $44 million. For the first six months of 2019, we paid total quarterly cash dividends of $90 million.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC.
(Unaudited)
5. Revenue Recognition
Revenue
The following are the significant categories comprising our reported operating revenues (in millions):
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Passenger revenue: | | | | | | | |
Passenger travel | $ | 10,217 |
| | $ | 9,877 |
| | $ | 18,989 |
| | $ | 18,507 |
|
Loyalty revenue - travel (1) | 794 |
| | 797 |
| | 1,680 |
| | 1,647 |
|
Total passenger revenue | 11,011 |
| | 10,674 |
| | 20,669 |
| | 20,154 |
|
Cargo | 221 |
| | 261 |
| | 439 |
| | 488 |
|
Other: | | | | | | | |
Loyalty revenue - marketing services | 594 |
| | 582 |
| | 1,172 |
| | 1,152 |
|
Other revenue | 134 |
| | 126 |
| | 264 |
| | 250 |
|
Total other revenue | 728 |
| | 708 |
| | 1,436 |
| | 1,402 |
|
Total operating revenues | $ | 11,960 |
| | $ | 11,643 |
| | $ | 22,544 |
| | $ | 22,044 |
|
| |
(1) | Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions earned through travel and mileage credits sold to co-branded credit card and other partners. |
The following is our total passenger revenue by geographic region (in millions):
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Domestic | $ | 8,009 |
| | $ | 7,685 |
| | $ | 15,235 |
| | $ | 14,648 |
|
Latin America | 1,241 |
| | 1,284 |
| | 2,612 |
| | 2,729 |
|
Atlantic | 1,407 |
| | 1,298 |
| | 2,080 |
| | 1,967 |
|
Pacific | 354 |
| | 407 |
| | 742 |
|
|