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Debt
 3 Months Ended
Mar. 31, 2024
Debt Instrument [Line Items]  
Debt Debt
Long-term debt included in the condensed consolidated balance sheets consisted of (in millions):
March 31, 2024December 31, 2023
Secured
2013 Term Loan Facility, variable interest rate of 8.60%, installments through February 2028
$990 $990 
2014 Term Loan Facility, variable interest rate of 7.07%, installments through January 2027
1,171 1,183 
2023 Term Loan Facility, variable interest rate of 8.77%, installments beginning in December 2024 through June 2029
1,100 1,100 
10.75% senior secured IP notes, interest only payments until due in February 2026
1,000 1,000 
10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026
200 200 
7.25% senior secured notes, interest only payments until due in February 2028
750 750 
8.50% senior secured notes, interest only payments until due in May 2029
1,000 1,000 
5.50% senior secured notes, installments through April 2026 (1)
2,625 2,917 
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)
3,000 3,000 
AAdvantage Term Loan Facility, variable interest rate of 10.33%, installments through April 2028 (1)
2,975 3,150 
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.58%, maturing from 2024 to 2034
7,418 7,657 
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.85%, averaging 6.93%, maturing from 2024 to 2035
3,746 3,612 
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036
967 967 
26,942 27,526 
Unsecured
PSP1 Promissory Note, interest only payments until due in April 20301,757 1,757 
PSP2 Promissory Note, interest only payments until due in January 20311,030 1,030 
PSP3 Promissory Note, interest only payments until due in April 2031959 959 
6.50% convertible senior notes, interest only payments until due in July 2025
1,000 1,000 
3.75% senior notes, interest only payments until due in March 2025
487 487 
5,233 5,233 
Total long-term debt32,175 32,759 
Less: Total unamortized debt discount, premium and issuance costs348 363 
Less: Current maturities3,974 3,501 
Long-term debt, net of current maturities$27,853 $28,895 
(1)Collectively referred to as the AAdvantage Financing.
As of March 31, 2024, the maximum availability under our revolving credit and other facilities is as follows (in millions):
2013 Revolving Facility$736 
2014 Revolving Facility1,631 
April 2016 Revolving Facility446 
Other facilities398 
Total$3,211 
In March 2024, American entered into a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year. As of March 31, 2024, there were no amounts drawn under this facility. Additionally, American currently has $48 million of available borrowing base under a cargo receivables facility that is set to expire in December 2024. The aggregate commitments under the 2013, 2014 and April 2016 Revolving Facilities will be $2.8 billion through October 11, 2024, and thereafter through October 13, 2026, such aggregate commitments will decrease to $2.2 billion.
Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.
6.50% Convertible Senior Notes
At March 31, 2024, the if-converted value of the 6.50% convertible senior notes due 2025 (the Convertible Notes) did not exceed the principal amount. The last reported sale price per share of our common stock (as defined in the indenture governing our Convertible Notes, the Convertible Notes Indenture) did not exceed 130% of the conversion price of the Convertible Notes for at least 20 of the 30 consecutive trading days ending on March 31, 2024. Accordingly, pursuant to the terms of the Convertible Notes Indenture, the holders of the Convertible Notes cannot convert at their option at any time during the quarter ending June 30, 2024. Each $1,000 principal amount of Convertible Notes is convertible at a rate of 61.7284 shares of our common stock, subject to adjustment as provided in the Convertible Notes Indenture. We may settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.
2024 Financing Activities
Equipment Loans and Other Notes Payable Issued in 2024
During the first three months of 2024, American entered into agreements under which it borrowed $251 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2030 through 2035 and bears interest at variable rates (comprised of the Secured Overnight Financing Rate plus an applicable margin) averaging 7.02% as of March 31, 2024.
American Airlines, Inc.  
Debt Instrument [Line Items]  
Debt Debt
Long-term debt included in the condensed consolidated balance sheets consisted of (in millions):
March 31, 2024December 31, 2023
Secured
2013 Term Loan Facility, variable interest rate of 8.60%, installments through February 2028
$990 $990 
2014 Term Loan Facility, variable interest rate of 7.07%, installments through January 2027
1,171 1,183 
2023 Term Loan Facility, variable interest rate of 8.77%, installments beginning in December 2024 through June 2029
1,100 1,100 
10.75% senior secured IP notes, interest only payments until due in February 2026
1,000 1,000 
10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026
200 200 
7.25% senior secured notes, interest only payments until due in February 2028
750 750 
8.50% senior secured notes, interest only payments until due in May 2029
1,000 1,000 
5.50% senior secured notes, installments through April 2026 (1)
2,625 2,917 
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (1)
3,000 3,000 
AAdvantage Term Loan Facility, variable interest rate of 10.33%, installments through April 2028 (1)
2,975 3,150 
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.58%, maturing from 2024 to 2034
7,418 7,657 
Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.85%, averaging 6.93%, maturing from 2024 to 2035
3,746 3,612 
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036
967 967 
Total long-term debt26,942 27,526 
Less: Total unamortized debt discount, premium and issuance costs336 349 
Less: Current maturities3,488 3,501 
Long-term debt, net of current maturities$23,118 $23,676 
(1)Collectively referred to as the AAdvantage Financing.
As of March 31, 2024, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):
2013 Revolving Facility$736 
2014 Revolving Facility1,631 
April 2016 Revolving Facility446 
Other facilities398 
Total$3,211 
In March 2024, American entered into a revolving credit facility that provides for borrowing capacity of up to $350 million, maturing in March 2027 with an option to extend for an additional year. As of March 31, 2024, there were no amounts drawn under this facility. Additionally, American currently has $48 million of available borrowing base under a cargo receivables facility that is set to expire in December 2024. The aggregate commitments under the 2013, 2014 and April 2016 Revolving Facilities will be $2.8 billion through October 11, 2024, and thereafter through October 13, 2026, such aggregate commitments will decrease to $2.2 billion.
Secured financings, including revolving credit and other facilities, are collateralized by assets, consisting primarily of aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots, certain receivables, certain intellectual property and certain loyalty program assets.
2024 Financing Activities
Equipment Loans and Other Notes Payable Issued in 2024
During the first three months of 2024, American entered into agreements under which it borrowed $251 million in connection with the financing of certain aircraft. Debt incurred under these agreements matures in 2030 through 2035 and bears interest at variable rates (comprised of the Secured Overnight Financing Rate plus an applicable margin) averaging 7.02% as of March 31, 2024.