FORT WORTH, Texas, July 21, 2022 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its second-quarter 2022 financial results, including:

  • Second-quarter net income of $476 million, or $0.68 per diluted share. Excluding net special items1, second-quarter net income of $533 million, or $0.76 per diluted share.
  • Record second-quarter revenue of $13.4 billion, which represents a 12.2% increase over the same period in 2019, despite flying 8.5% less capacity.
  • Ended the second quarter with $15.6 billion of total available liquidity.
  • Company continues to execute on its plan to pay down approximately $15 billion of total debt2 by the end of 2025.

“We are very pleased to report a quarterly profit, excluding net special items, for the first time since the start of the pandemic, driven by the strong demand environment and the hard work of our team,” said American’s CEO Robert Isom. “The American Airlines team has stepped up to meet the surge in demand for air travel while running a reliable operation in very challenging conditions. We are encouraged by the trends we’re seeing across the business, and we remain well-positioned for the continued recovery.”

Running a reliable operation
In the second quarter, American flew a schedule that was more than 25% larger than its closest competitor as measured by total departures. American and its regional partners operated more than 500,000 flights in the quarter, an 8% increase over the second quarter of 2021, with an average load factor of 87%, which is 10 points higher than the second quarter of 2021. Despite a challenging operating environment in June, American’s on-time departure rate, on-time arrival rate and completion factor for the second quarter of 2022 were each improved versus the second quarter of 2019.

American is proud to offer customers the youngest fleet among U.S. network carriers and the largest network of any U.S. airline, with an expected average of more than 5,400 daily departures for the remainder of the summer.

Returning to profitability
American produced revenues of $13.4 billion in the second quarter, a 12.2% increase versus 2019 and a record for any quarter in company history. This record revenue was achieved while flying 8.5% less capacity than the same period in 2019, and there remains significant revenue potential going forward to the extent business and international travel improve further.

Domestic leisure travel remains very strong and surpassed 2019 levels in the second quarter and American also saw improvements in corporate and government revenue in the quarter. Demand for international travel also improved steadily during the second quarter and the company expects this to continue following the lifting of the COVID-19 testing requirement for inbound travel to the U.S.

Liquidity and balance sheet
American ended the second quarter with $15.6 billion of total available liquidity. Total debt reduction continues to be a top priority and the company remains on track to reduce overall debt levels by $15 billion by the end of 2025.

In the second quarter, the company made $1.0 billion in scheduled debt and finance lease payments, including paying off the remaining $433 million outstanding balance of its $750 million unsecured senior notes that matured in June. To date, American has reduced its overall debt by $5.2 billion from peak levels in the second quarter of 2021.

Guidance and investor update
American will continue to match its forward capacity with the resources required to support its operation. Based on current trends, the company expects its third-quarter total revenue to be 10% to 12% higher versus the third quarter of 2019 on 8% to 10% lower capacity. Based on these demand trends and the current fuel price forecast, the company expects to be profitable in the third quarter.

For additional financial forecasting detail, please refer to the company’s investor update, filed with this press release with the SEC on Form 8-K. This filing will also be available at aa.com/investorrelations.

Conference call and webcast details
The company will conduct a live audio webcast of its financial results conference call at 7:30 a.m. CDT today. The call will be available to the public on a listen-only basis at aa.com/investorrelations. An archive of the webcast will be available on the website through Aug. 21.

Notes
See the accompanying notes in the financial tables section of this press release for further explanation, including a reconciliation of all GAAP to non-GAAP financial information.

  1. The company recognized $84 million of pre-tax net special items in the second quarter of 2022, which principally included mark-to-market net unrealized losses associated with certain equity investments.
  2. Total debt includes debt, finance leases, operating lease liability and pension obligations.

About American Airlines Group
To Care for People on Life’s Journey®. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the company’s stock is included in the S&P 500. Learn more about what’s happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines.

Cautionary statement regarding forward-looking statements and information

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 Exchange Act of 1934, as amended, 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 the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, the continuing availability of borrowings under revolving lines of credit, and other statements that are not historical facts. These forward-looking statements are based on the company’s 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 set forth herein as well as in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. In particular, the consequences of the coronavirus outbreak to economic conditions and the travel industry in general and the financial position and operating results of the company in particular have been material, are changing rapidly, and cannot be predicted. Additionally, there may be other factors of which the company is 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. The company does 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 these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.


American Airlines Group Inc.
Condensed Consolidated Statements of Operations
(In millions, except share and per share amounts)
(Unaudited)
             
  3 Months Ended
June 30,		 Percent
Increase		 6 Months Ended
June 30,		 Percent
Increase
   2022   2021  (Decrease)  2022   2021  (Decrease)
             
Operating revenues:            
Passenger $12,223  $6,545  86.8  $20,041  $9,724  nm 
Cargo  328   326  0.5   692   641  7.8 
Other  871   607  43.5   1,588   1,121  41.7 
Total operating revenues  13,422   7,478  79.5   22,321   11,486  94.3 
                       
Operating expenses:                      
Aircraft fuel and related taxes  4,020   1,611  nm (1) 6,522   2,644  nm 
Salaries, wages and benefits  3,235   2,862  13.0   6,389   5,593  14.2 
Regional expenses:                      
Regional operating expenses  992   558  77.5   1,964   1,102  78.1 
Regional depreciation and amortization  80   77  3.4   160   159  0.7 
Maintenance, materials and repairs  647   459  40.9   1,264   835  51.3 
Other rent and landing fees  694   686  1.2   1,372   1,256  9.2 
Aircraft rent  345   356  (2.9)  698   706  (1.1)
Selling expenses  504   277  82.2   836   427  95.8 
Depreciation and amortization  504   481  4.8   995   959  3.8 
Special items, net  (5)  (1,288) (99.6)  152   (2,996) nm 
Other  1,389   958  45.0   2,675   1,675  59.8 
Total operating expenses  12,405   7,037  76.3   23,027   12,360  86.3 
                       
Operating income (loss)  1,017   441  nm   (706)  (874) (19.2)
                       
Nonoperating income (expense):                      
Interest income  29   5  nm   37   8  nm 
Interest expense, net  (468)  (486) (3.7)  (932)  (856) 8.8 
Other income, net  25   49  (50.4)  118   158  (25.7)
Total nonoperating expense, net  (414)  (432) (4.0)  (777)  (690) 12.6 
                       
Income (loss) before income taxes  603   9  nm   (1,483)  (1,564) (5.2)
                       
Income tax provision (benefit)  127   (10) nm   (324)  (333) (2.8)
                       
Net income (loss) $476  $19  nm  $(1,159) $(1,231) (5.8)
                       
                       
Earnings (loss) per common share:                      
Basic $0.73  $0.03     $(1.78) $(1.92)   
Diluted $0.68  $0.03     $(1.78) $(1.92)   
                       
Weighted average shares outstanding (in thousands):                      
Basic  650,346   644,123      649,925   639,366    
Diluted  718,532   656,372      649,925   639,366    
             
             
Note: Percent change may not recalculate due to rounding.
             
(1) Not meaningful or greater than 100% change.
             


American Airlines Group Inc.
Consolidated Operating Statistics (1)
(Unaudited)
                   
  3 Months Ended
June 30,		 Increase  6 Months Ended
June 30,		 Increase 
  2022  2021  (Decrease)  2022  2021  (Decrease) 
                   
Revenue passenger miles (millions) 57,516  42,022  36.9 % 101,806  64,486  57.9 %
Available seat miles (ASM) (millions) 66,163  54,555  21.3 % 125,697  92,319  36.2 %
Passenger load factor (percent) 86.9  77.0  9.9 pts 81.0  69.9  11.1 pts
Yield (cents) 21.25  15.57  36.4 % 19.69  15.08  30.5 %
Passenger revenue per ASM (cents) 18.47  12.00  54.0 % 15.94  10.53  51.4 %
Total revenue per ASM (cents) 20.29  13.71  48.0 % 17.76  12.44  42.7 %
Cargo ton miles (millions) 500  555  (9.8)% 1,036  1,087  (4.7)%
Cargo yield per ton mile (cents) 65.58  58.86  11.4 % 66.74  59.02  13.1 %
                     
Fuel consumption (gallons in millions) 997  844  18.1 % 1,891  1,452  30.2 %
Average aircraft fuel price including related taxes (dollars per gallon) 4.03  1.91  nm   3.45  1.82  89.4 %
                     
Operating cost per ASM (cents) 18.75  12.90  45.3 % 18.32  13.39  36.8 %
Operating cost per ASM excluding net special items (cents) 18.76  15.57  20.5 % 18.20  17.05  6.8 %
Operating cost per ASM excluding net special items and fuel (cents) 12.68  12.61  0.5 % 13.01  14.18  (8.3)%
                     
Passenger enplanements (thousands) 53,068  44,019  20.6 % 95,790  68,256  40.3 %
Departures (thousands):                    
Mainline 260  220  18.1 % 501  372  34.5 %
Regional 243  247  (1.6)% 474  433  9.5 %
Total 503  467  7.7 % 975  805  21.1 %
Average stage length (miles):                    
Mainline 1,181  1,172  0.8 % 1,170  1,186  (1.3)%
Regional 478  483  (1.0)% 481  492  (2.4)%
Total 841  808  4.2 % 835  813  2.7 %
Aircraft at end of period:                    
Mainline (2) 895  854  4.8 % 895  854  4.8 %
Regional (3) 576  559  3.0 % 576  559  3.0 %
Total 1,471  1,413  4.1 % 1,471  1,413  4.1 %
Full-time equivalent employees at end of period:                    
Mainline 102,100  91,100  12.1 % 102,100  91,100  12.1 %
Regional (4) 27,100  26,300  3.0 % 27,100  26,300  3.0 %
Total 129,200  117,400  10.1 % 129,200  117,400  10.1 %
                   
                   
Note: Amounts may not recalculate due to rounding.                  
                   
(1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.
(2) Excludes 20 Boeing 737-800 mainline aircraft that are in temporary storage at June 30, 2022.
(3) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 15 Embraer 145 and four Embraer 170 regional aircraft that are in temporary storage at June 30, 2022.
(4) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.
                   


American Airlines Group Inc.
Consolidated Revenue Statistics by Region
(Unaudited)
                   
  3 Months Ended
June 30,		 Increase  6 Months Ended
June 30,		 Increase 
  2022  2021  (Decrease)  2022  2021  (Decrease) 
                   
Domestic (1)                  
Revenue passenger miles (millions) 39,488  34,871  13.2 % 72,120  53,408  35.0 %
Available seat miles (ASM) (millions) 43,948  41,037  7.1 % 85,821  68,989  24.4 %
Passenger load factor (percent) 89.9  85.0  4.9 pts 84.0  77.4  6.6 pts
Passenger revenue (dollars in millions) 9,120  5,444  67.5 % 15,180  8,099  87.4 %
Yield (cents) 23.10  15.61  47.9 % 21.05  15.16  38.8 %
Passenger revenue per ASM (cents) 20.75  13.27  56.4 % 17.69  11.74  50.7 %
                     
Latin America (2)                    
Revenue passenger miles (millions) 8,424  5,970  41.1 % 16,077  9,546  68.4 %
Available seat miles (millions) 9,801  8,461  15.8 % 20,112  16,326  23.2 %
Passenger load factor (percent) 86.0  70.6  15.4 pts 79.9  58.5  21.4 pts
Passenger revenue (dollars in millions) 1,534  936  63.9 % 2,761  1,417  94.8 %
Yield (cents) 18.21  15.68  16.1 % 17.17  14.85  15.6 %
Passenger revenue per ASM (cents) 15.65  11.06  41.5 % 13.73  8.68  58.1 %
                     
Atlantic                    
Revenue passenger miles (millions) 9,045  939  nm % 12,649  1,139  nm %
Available seat miles (millions) 11,630  4,035  nm % 18,010  5,186  nm %
Passenger load factor (percent) 77.8  23.3  54.5 pts 70.2  22.0  48.2 pts
Passenger revenue (dollars in millions) 1,481  125  nm % 1,947  147  nm %
Yield (cents) 16.37  13.26  23.5 % 15.39  12.88  19.5 %
Passenger revenue per ASM (cents) 12.73  3.09  nm % 10.81  2.83  nm %
                     
Pacific                    
Revenue passenger miles (millions) 559  242  nm % 960  393  nm %
Available seat miles (millions) 784  1,022  (23.2)% 1,754  1,818  (3.5)%
Passenger load factor (percent) 71.2  23.7  47.5 pts 54.7  21.6  33.1 pts
Passenger revenue (dollars in millions) 88  40  nm % 153  61  nm %
Yield (cents) 15.81  16.71  (5.4)% 15.94  15.49  2.9 %
Passenger revenue per ASM (cents) 11.26  3.96  nm % 8.72  3.35  nm %
                     
Total International                    
Revenue passenger miles (millions) 18,028  7,151  nm % 29,686  11,078  nm %
Available seat miles (millions) 22,215  13,518  64.3 % 39,876  23,330  70.9 %
Passenger load factor (percent) 81.2  52.9  28.3 pts 74.4  47.5  26.9 pts
Passenger revenue (dollars in millions) 3,103  1,101  nm % 4,861  1,625  nm %
Yield (cents) 17.21  15.39  11.8 % 16.38  14.67  11.6 %
Passenger revenue per ASM (cents) 13.97  8.14  71.5 % 12.19  6.97  75.0 %
                   
Note: Amounts may not recalculate due to rounding.               
                   
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands. 
(2) Latin America results include the Caribbean. 
                   


Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
              
American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes 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. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.

The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:

- Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure)
- Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure)
- Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure)
- Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure)
- Operating Income (Loss) (GAAP measure) to Operating Income (Loss) Excluding Net Special Items (non-GAAP measure)

Management uses these non-GAAP financial measures to evaluate the Company's 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 the Company’s core operating performance.

Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items and fuel (non-GAAP measure) and total operating costs per ASM (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 the Company's current operating performance and for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. The adjustment to exclude fuel and net special items allows management an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.
              
   3 Months Ended
June 30,		 Percent
Increase		 6 Months Ended
June 30,		Percent
Increase
 Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items  2022   2021  (Decrease)  2022   2021  (Decrease)
   (in millions, except share and per share amounts)   (in millions, except share and per share amounts)  
              
 Pre-tax income (loss) as reported $603  $9    $(1,483) $(1,564)  
 Pre-tax net special items:            
 Mainline operating special items, net (1)  (5)  (1,288)    152   (2,996)  
 Regional operating special items, net (2)  -   (167)    -   (381)  
 Nonoperating special items, net (3)  89   37     92   13   
 Total pre-tax net special items  84   (1,418)    244   (3,364)  
              
 Pre-tax income (loss) excluding net special items $687  $(1,409) nm $(1,239) $(4,928) (74.8%)
              
              
 Calculation of Pre-Tax Margin            
              
 Pre-tax income (loss) as reported $603  $9    $(1,483) $(1,564)  
              
 Total operating revenues as reported $13,422  $7,478    $22,321  $11,486   
              
 Pre-tax margin  4.5%   0.1%     (6.6%)  (13.6%)  
              
              
 Calculation of Pre-Tax Margin Excluding Net Special Items            
              
 Pre-tax income (loss) excluding net special items $687  $(1,409)   $(1,239) $(4,928)  
              
 Total operating revenues as reported $13,422  $7,478    $22,321  $11,486   
              
 Pre-tax margin excluding net special items  5.1%   (18.8%)    (5.6%)  (42.9%)  
              
              
 Reconciliation of Net Income (Loss) Excluding Net Special Items            
              
 Net income (loss) as reported $476  $19    $(1,159) $(1,231)  
 Net special items:            
 Total pre-tax net special items (1), (2), (3)  84   (1,418)    244   (3,364)  
 Income tax special items, net  (9)  -     (9)  -   
 Net tax effect of net special items  (18)  309     (53)  762   
 Net income (loss) excluding net special items $533  $(1,090) nm $(977) $(3,833) (74.5%)
              
              
 Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items            
              
 Net income (loss) excluding net special items $533  $(1,090)   $(977) $(3,833)  
              
 Shares used for computation (in thousands):            
 Basic  650,346   644,123     649,925   639,366   
 Diluted  718,532   644,123     649,925   639,366   
              
 Earnings (loss) per share excluding net special items:            
 Basic $0.82  $(1.69)   $(1.50) $(6.00)  
 Diluted $0.76  $(1.69)   $(1.50) $(6.00)  
              
   3 Months Ended
June 30,		   6 Months Ended
June 30,		 
 Reconciliation of Operating Income (Loss) Excluding Net Special Items  2022   2021     2022   2021   
   (in millions)   (in millions) 
              
 Operating income (loss) as reported $1,017  $441    $(706) $(874)  
              
 Operating net special items:            
 Mainline operating special items, net (1)  (5)  (1,288)    152   (2,996)  
 Regional operating special items, net (2)  -   (167)    -   (381)  
 Operating income (loss) excluding net special items $1,012  $(1,014)   $(554) $(4,251)  
              
              
 Reconciliation of Total Operating Cost per ASM Excluding Net Special Items and Fuel            
              
 Total operating expenses as reported $12,405  $7,037    $23,027  $12,360   
              
 Operating net special items:            
 Mainline operating special items, net (1)  5   1,288     (152)  2,996   
 Regional operating special items, net (2)  -   167     -   381   
 Total operating expenses excluding net special items  12,410   8,492     22,875   15,737   
              
 Aircraft fuel and related taxes  (4,020)  (1,611)    (6,522)  (2,644)  
 Total operating expenses excluding net special items and fuel $8,390  $6,881    $16,353  $13,093   
              
   (in cents)   (in cents) 
              
 Total operating expenses per ASM as reported  18.75   12.90     18.32   13.39   
              
 Operating net special items per ASM:            
 Mainline operating special items, net (1)  0.01   2.36     (0.12)  3.25   
 Regional operating special items, net (2)  -   0.31     -   0.41   
 Total operating expenses per ASM excluding net special items  18.76   15.57     18.20   17.05   
              
 Aircraft fuel and related taxes per ASM  (6.08)  (2.95)    (5.19)  (2.86)  
 Total operating expenses per ASM excluding net special items and fuel  12.68   12.61     13.01   14.18   
              
 Note: Amounts may not recalculate due to rounding.            
              
 FOOTNOTES:            
              
(1)The 2022 six month period mainline operating special items, net principally included a non-cash impairment charge to write down the carrying value of the Company's retired Airbus A330 fleet to the estimated fair value due to current market conditions for certain used aircraft.The Company retired its Airbus A330 fleet in 2020 as a result of the decline in demand for air travel due to the COVID-19 pandemic.

The 2021 second quarter mainline operating special items, net principally included $1.3 billion of Payroll Support Program (PSP) financial assistance. The 2021 six month period mainline operating special items, net principally included $3.2 billion of PSP financial assistance, offset in part by $168 million of salary and medical costs associated with certain team members who opted into voluntary early retirement programs offered as a result of reductions to the Company's operation due to the COVID-19 pandemic.
              
(2)The 2021 second quarter regional operating special items, net principally included $167 million of PSP financial assistance. The 2021 six month period regional operating special items, net principally included $410 million of PSP financial assistance, offset in part by a $27 million non-cash impairment charge to write down regional aircraft resulting from the retirement of the remaining Embraer 140 fleet earlier than planned.
              
(3)Principally included mark-to-market net unrealized gains and losses associated with certain equity and other investments as well as non-cash charges associated with debt refinancings and extinguishments.
  

 

American Airlines Group Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)(Unaudited)
     
  6 Months Ended
June 30,
   2022   2021 
     
 Net cash provided by operating activities$2,924  $3,644 
 Cash flows from investing activities:   
 Capital expenditures, net of aircraft purchase deposit returns (1,405)  118 
 Airport construction projects, net of reimbursements (156)  (77)
 Proceeds from sale of property and equipment 19   161 
 Proceeds from sale-leaseback transactions -   163 
 Sales of short-term investments 10,135   2,837 
 Purchases of short-term investments (10,083)  (13,840)
 Increase in restricted short-term investments (10)  (404)
 Purchase of equity investment (200)  - 
 Other investing activities -   6 
 Net cash used in investing activities (1,700)  (11,036)
 Cash flows from financing activities:   
 Payments on long-term debt and finance leases (1,659)  (5,040)
 Proceeds from issuance of long-term debt 574   12,096 
 Shares withheld for taxes pursuant to employee stock plans (16)  (13)
 Proceeds from issuance of equity -   460 
 Deferred financing costs -   (166)
 Other financing activities 6   121 
 Net cash provided by (used in) financing activities (1,095)  7,458 
 Net increase in cash and restricted cash 129   66 
 Cash and restricted cash at beginning of period 408   399 
(1)Cash and restricted cash at end of period$537  $465 
     
________________________   
(1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
     
 Cash$401  $325 
 Restricted cash included in restricted cash and short-term investments 136   140 
 Total cash and restricted cash$537  $465 
     


    
American Airlines Group Inc.
Condensed Consolidated Balance Sheets
(In millions, except shares)
    
 June 30, 2022 December 31, 2021
 (unaudited)  
Assets   
    
Current assets   
Cash$401  $273 
Short-term investments 12,121   12,158 
Restricted cash and short-term investments 997   990 
Accounts receivable, net 1,835   1,505 
Aircraft fuel, spare parts and supplies, net 2,273   1,795 
Prepaid expenses and other 898   615 
Total current assets 18,525   17,336 
    
Operating property and equipment   
Flight equipment 38,754   37,856 
Ground property and equipment 9,595   9,335 
Equipment purchase deposits 617   517 
Total property and equipment, at cost 48,966   47,708 
Less accumulated depreciation and amortization (18,972)  (18,171)
Total property and equipment, net 29,994   29,537 
    
Operating lease right-of-use assets 7,510   7,850 
    
Other assets   
Goodwill 4,091   4,091 
Intangibles, net 2,079   1,988 
Deferred tax asset 3,858   3,556 
Other assets 1,906   2,109 
Total other assets 11,934   11,744 
    
Total assets$67,963  $66,467 
    
Liabilities and Stockholders’ Equity (Deficit)   
    
Current liabilities   
Current maturities of long-term debt and finance leases$2,106  $2,489 
Accounts payable 2,733   1,772 
Accrued salaries and wages 1,505   1,489 
Air traffic liability 8,969   6,087 
Loyalty program liability 3,065   2,896 
Operating lease liabilities 1,483   1,507 
Other accrued liabilities 2,909   2,766 
Total current liabilities 22,770   19,006 
    
Noncurrent liabilities   
Long-term debt and finance leases, net of current maturities 34,963   35,571 
Pension and postretirement benefits 4,755   5,053 
Loyalty program liability 6,189   6,239 
Operating lease liabilities 6,313   6,610 
Other liabilities 1,395   1,328 
Total noncurrent liabilities 53,615   54,801 
    
Stockholders' equity (deficit)   
Common stock, 649,779,361 shares outstanding at June 30, 2022 6   6 
Additional paid-in capital 7,259   7,234 
Accumulated other comprehensive loss (5,890)  (5,942)
Retained deficit (9,797)  (8,638)
Total stockholders' deficit (8,422)  (7,340)
    
Total liabilities and stockholders’ equity (deficit)$67,963  $66,467 
    

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