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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
precipitous decline in demand for both domestic and international business and leisure travel. In response to this material deterioration in demand, we took a number of aggressive actions to amelior... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
travelers may continue to forego air travel in favor of remote or flexible working policies and communication alternatives such as videoconferencing. In addition, businesses may seek to reduce travel... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
behavior. As a result of these or other conditions beyond our control, our results of operations could be volatile and subject to rapid and unexpected change. In addition, due to generally weaker de... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 proces... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 n... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 Co... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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, ther... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for several important new labor agreements, including with our mainline pilots, and we anticipate that any new contracts we agree with our labor groups will likewise include material increases in sa... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 m... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 signif... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 hav... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 tim... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 short... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
programs, customer perceptions of our use of social media, or customer perceptions of statements made by us, our employees and executives, agents or other third parties. In addition, we operate in a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 behavio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 opera... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 carr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
partners, and adversely impact our business, results of operations and financial condition.
Changes to our business model that are designed to increase revenues may not be successful and may cause ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 m... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
result in adverse brand perceptions, reputational harm or regulatory scrutiny, and could reduce the demand for air travel on our airline or across the industry in general, particularly if weakened e... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 pro... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
changes to our AAdvantage loyalty 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 busin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ourse... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 proceeding... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
) carried over from prior taxable years. As of December 31, 2022, we had approximately $16.2 billion of gross federal NOLs and $4.3 billion of other carryforwards available to reduce future federal t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the COVID-19 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 car... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 bankr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
forwards 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 carryforwar... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP Extension Law) (PSP2) and the payroll support program established under the American Rescue Plan Act ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that the deterrent mechanism will be effective, and such acquisitions may still occur. In addition, the Tax Benefits Preservation Plan may adversely affect the marketability of AAG common stock by d... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
certain corporations with average adjusted financial statement income over a three-tax year period in excess of $1.0 billion and an excise tax on certain stock repurchases by certain covered corpora... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
If such changes are enacted or 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... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
impairment if conditions indicate that an impairment may have occurred.
Future impairment of goodwill or other long-lived assets could be recorded in results of operations as a result of changes in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and communication alternatives such as videoconferencing. In many of our markets, we compete with at least one low-cost carrier (including so-called ultra-low-cost carriers). Our revenues are sensit... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
including so-called ultra-low-cost carriers) have a profound impact on industry revenues. Using the advantage of low unit costs, these carriers offer lower fares in order to shift demand from larger,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
network carriers have implemented “Basic Economy” fares designed to more effectively compete against low-cost carriers, but we cannot predict whether these initiatives will be successful. While hist... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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, China). Our ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 fr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
governmental authorities for specific areas of cooperation, such as joint pricing decisions. To the extent alliances formed by our competitors can undertake activities that are not available to us, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
antitrust immunity. The transatlantic joint business benefits from a grant of antitrust immunity from the United States Department of Transportation (DOT) and was reviewed by the European Commission... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
investigation into the transatlantic joint business. We continue to fully cooperate with the CMA and, in September 2020 and April 2022, the CMA adopted interim measures that effectively extend the E... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
York (John F. Kennedy International Airport (JFK), LaGuardia Airport (LGA), and Newark Liberty International Airport) and Boston Logan International Airport, and provides for reciprocal loyalty prog... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Blue will also refrain from certain kinds of coordination on certain city pair markets. Upon the DOT’s termination of its review of the proposed alliance, American and JetBlue implemented the propose... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
expected in the second quarter of 2023. Separately, in December 2022, two putative class action lawsuits were filed in the U.S. District Court for the Eastern District of New York also alleging that... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the DOT maintains authority to conduct investigations under the scope of its existing statutes and regulations, including conduct related to this alliance. On September 21, 2021, the DOT published a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
On September 30, 2022, the DOT issued a further statement referencing the prior Clarification Notice and, among other things, indicating its intention to continue working with the DOJ in its efforts... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 comb... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 addit... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
-branded credit card partners. For example, there has previously been bipartisan legislation proposed in Congress called the Credit Card Competition Act designed to increase credit card transaction r... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
codeshare relationships, and, in certain instances, including China Southern Airlines Company Limited, GOL Linhas Aéreas Inteligentes S.A. and JetSmart Airlines SpA, by making an equity investment i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
we may not realize a satisfactory return on our investment or that they may not generate the expected revenue synergies, and they may distract management focus from our operations or other strategic... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. 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 op... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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, pric... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 assur... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
F) 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 come online in comin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Security Administration and several of their respective international counterparts have issued regulations and a number of other directives, that affect the airline industry. These requirements impo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 air... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
duty and rest periods, which will impact our scheduling flexibility. In the future, any new regulatory requirements, particularly requirements that limit our ability to operate or price our products... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
national airspace system, as well as new or increased fees or taxes intended to fund these policies. Any new or enhanced requirements resulting from the FAA Authorization Renewal have the potential ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
airline fares, taxes and baggage fees and is further changing these requirements to increase the number of disclosures and the time at which they must be disclosed. DOT also recently issued a propos... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ref... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
by flight attendants and certain other work groups in California concerning alleged violations of the state’s labor code including, among other things, violations of certain meal and rest break laws... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to be vaccinated or be exempt due to an accommodation for a medical disability or sincerely held religious belief. Enforcement of the federal contractor vaccine mandate has been on
67
Table of Con... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to high-risk occupations or workplaces, which could impact our regional carriers and other service providers.
The results of our operations, demand for air travel, and the manner in which we conduc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, 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 cust... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. The ATC system’s inability to manage existing travel demand has led government agencies to implement short-term capacity constraints during peak travel periods or adverse weather conditions in cert... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 regulato... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 fac... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
those of our partners could be disrupted. This could materially adversely affect our business, results of operations and financial condition. More generally, changes in U.S. or foreign government av... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
countries have largely eliminated their pandemic restrictions, or are in the process of doing so, we can provide no assurance as to when demand for international travel will return to pre-COVID-19 p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 certa... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 uncertain... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 al... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 conne... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 Sta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 custom... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
particular, the International Civil Aviation Organization (ICAO) has adopted rules, including those pertaining to the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), whic... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of eligible carbon offset credits and lower-carbon aircraft fuels.
In addition, our future CORSIA obligations are uncertain because those obligations are based on the growth in emissions of the glo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and other airlines could become subject to an unpredictable and inconsistent array of national or regional emissions restrictions, creating a patchwork of complex regulatory requirements that could ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the U.S. Environmental Protection Agency (EPA) adopted GHG emission standards for new aircraft engines, which are aligned with the 2017 ICAO aircraft engine GHG emission standards. Like the ICAO sta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
challenge and the potential impact of the development of new aircraft GHG emissions standards cannot be predicted at this time.
71
Table of Contents
The EC’s ReFuelEU Aviation initiative (part of... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, a 1% SAF mandate in France that came into force on January 1, 2022. Whether and in what form these regulations will be finalized and the potential effects on our business are uncertain at this time... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of SAF is small in scale and inadequate to meet growing industry demand, and while additional production capacity is expected to come online in coming years, we anticipate that competition for SAF a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, spare parts and airport slots, could lose value as customer demand shifts and economies move to low-carbon alternatives, which may increase our financing cost.
Finally, the potential acute and chr... |
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