(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
N/A | ||
(Former name or former address if changed since last report.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Emerging growth company |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits. | ||
Exhibit No. | Description | |
99.1 | ||
104.1 | Cover page interactive data file (embedded within the Inline XBRL document). |
AMERICAN AIRLINES GROUP INC. | |||
Date: April 30, 2020 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
AMERICAN AIRLINES, INC. | |||
Date: April 30, 2020 | By: | /s/ Derek J. Kerr | |
Derek J. Kerr | |||
Executive Vice President and Chief Financial Officer |
![]() | Corporate Communications | |
mediarelations@aa.com | ||
Investor Relations | ||
investor.relations@aa.com |
• | First-quarter net loss of $2.2 billion, or ($5.26) per share. Excluding net special items1, first-quarter net loss of $1.1 billion, or ($2.65) per share. |
• | Ended first quarter with $6.8 billion of available liquidity and expects to end second quarter with approximately $11 billion of liquidity. |
• | Enhanced its cleaning procedures through expanded fogging and the use of an EPA-approved disinfectant in high-touch areas. |
• | Purchased face masks for frontline team members and made them required for flight attendants starting May 1. |
• | Began distributing sanitizing wipes or gels and face masks to customers. This will expand to all flights as supplies and operational conditions allow. |
• | Temporarily relaxed its seating policies and adjusted airport procedures to encourage social distancing. |
• | Reduced onboard food and beverage service to limit contact. |
• | Extended waivers for travel occurring through the end of September 2020, enabling customers to change plans and travel through December 2021, and waived change fees for customers who purchase new tickets by May 31, 2020, for future travel. |
• | Introduced flexible travel waivers and name changes for corporate customers. |
• | Made it easier for top-tier customers to earn AAdvantage® elite status this year. |
• | Extended 2020 AAdvantage status into early 2022 for all members. |
• | Extended all paid Admirals Club memberships by six months. |
• | Launched the company’s first cargo-only flights since 1984 to transport critical goods between the U.S. and Europe, Asia and Latin America. American is currently able to transport more than 6.5 million pounds of critical goods weekly on its cargo-only flights. |
• | Donated more than 100 tons of food to food banks in the company’s hub cities. |
• | Raised, with customer participation, approximately $3 million for the American Red Cross to support workers on the front lines of the COVID-19 pandemic. |
• | Donated thousands of supply kits to patients and healthcare workers and care packages to U.S. military members in quarantine. |
• | Reduced system capacity by approximately 80% in both April and May, and 70% in June, including schedule changes announced today. |
• | Accelerated the retirement of four aircraft types, consisting of 20 Embraer 190s, 34 Boeing 757s, 17 Boeing 767s and nine Airbus A330-300s, along with a number of older regional aircraft. These changes remove operating complexity and bring forward cost savings and efficiencies associated with operating fewer aircraft types. |
• | Suspended all nonessential hiring, paused noncontractual pay increases, reduced executive and board compensation, and implemented voluntary leave and early retirement programs to reduce labor costs. In total, nearly 39,000 team members have opted for an early retirement, a reduced work schedule or a partially paid leave. |
• | Deferred marketing expenditures and reduced contractor, event and training expenses. |
• | Consolidated its footprint at its airport facilities. |
• | Ended the first quarter with $6.8 billion of available liquidity, including approximately $2 billion raised during the quarter. |
• | Obtained the right to access $10.6 billion in financial assistance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. |
• | Recently had its unencumbered assets appraised and believes the value of those assets is in excess of $10 billion, excluding the value of the AAdvantage program. The company expects to pledge a portion of its assets as collateral for future financings, including the approximately $4.75 billion secured loan American has applied for under the CARES Act. |
• | Suspended its capital return program, including share repurchases and the payment of future dividends, in accordance with the CARES Act. |
• | Does not have any large non-aircraft debt maturities for more than 24 months, outside of the recently arranged $1 billion, 364-day delayed draw term loan facility. |
1. | In the first quarter of 2020, the company recognized $1.4 billion in net special items before the effect of income taxes. The 2020 first quarter mainline operating special items, net principally included $744 million of fleet impairment charges, which consisted of a $676 million non-cash write-down of aircraft and spare parts and $68 million in write-offs of right-of-use assets and lease return costs associated with the company's mainline fleet, principally Boeing 757, Boeing 767, Airbus A330-300, and Embraer 190 aircraft, which are being retired earlier than previously planned as a result of the decline in demand for travel due to COVID-19. The company also recognized $218 million of one-time labor contract expenses resulting from the ratification of a new contract with its maintenance and fleet service team members, including signing bonuses and adjustments to vacation accruals resulting from pay rate increases, and $205 million of salary and medical costs associated with certain team members who opted in to a voluntary early retirement program. |
3 Months Ended March 31, | Percent Change | ||||||||||
2020 | 2019 | ||||||||||
Operating revenues: | |||||||||||
Passenger | $ | 7,681 | $ | 9,658 | (20.5 | ) | |||||
Cargo | 147 | 218 | (32.7 | ) | |||||||
Other | 687 | 708 | (2.9 | ) | |||||||
Total operating revenues | 8,515 | 10,584 | (19.6 | ) | |||||||
Operating expenses: | |||||||||||
Aircraft fuel and related taxes | 1,395 | 1,726 | (19.2 | ) | |||||||
Salaries, wages and benefits | 3,140 | 3,090 | 1.6 | ||||||||
Regional expenses: | |||||||||||
Fuel | 389 | 423 | (8.1 | ) | |||||||
Depreciation and amortization | 83 | 79 | 5.7 | ||||||||
Other | 1,452 | 1,261 | 15.2 | ||||||||
Maintenance, materials and repairs | 629 | 561 | 12.1 | ||||||||
Other rent and landing fees | 468 | 503 | (7.1 | ) | |||||||
Aircraft rent | 334 | 327 | 2.4 | ||||||||
Selling expenses | 305 | 370 | (17.7 | ) | |||||||
Depreciation and amortization | 560 | 480 | 16.7 | ||||||||
Special items, net | 1,132 | 138 | nm | (1) | |||||||
Other | 1,177 | 1,251 | (5.9 | ) | |||||||
Total operating expenses | 11,064 | 10,209 | 8.4 | ||||||||
Operating income (loss) | (2,549 | ) | 375 | nm | |||||||
Nonoperating income (expense): | |||||||||||
Interest income | 21 | 33 | (35.8 | ) | |||||||
Interest expense, net | (257 | ) | (271 | ) | (5.0 | ) | |||||
Other income (expense), net | (105 | ) | 108 | nm | |||||||
Total nonoperating expense, net | (341 | ) | (130 | ) | nm | ||||||
Income (loss) before income taxes | (2,890 | ) | 245 | nm | |||||||
Income tax provision (benefit) | (649 | ) | 60 | nm | |||||||
Net income (loss) | $ | (2,241 | ) | $ | 185 | nm | |||||
Earnings (loss) per common share: | |||||||||||
Basic | $ | (5.26 | ) | $ | 0.41 | ||||||
Diluted | $ | (5.26 | ) | $ | 0.41 | ||||||
Weighted average shares outstanding (in thousands): | |||||||||||
Basic | 425,713 | 451,951 | |||||||||
Diluted | 425,713 | 453,429 |
(1) | Not meaningful. |
3 Months Ended March 31, | Change | |||||||
2020 | 2019 | |||||||
Mainline | ||||||||
Revenue passenger miles (millions) | 39,313 | 48,481 | (18.9 | )% | ||||
Available seat miles (ASM) (millions) | 53,189 | 58,323 | (8.8 | )% | ||||
Passenger load factor (percent) | 73.9 | 83.1 | (9.2 | )pts | ||||
Passenger enplanements (thousands) | 30,353 | 36,546 | (16.9 | )% | ||||
Departures (thousands) | 253 | 271 | (6.7 | )% | ||||
Aircraft at end of period | 942 | 962 | (2.1 | )% | ||||
Block hours (thousands) | 759 | 835 | (9.2 | )% | ||||
Average stage length (miles) | 1,153 | 1,178 | (2.2 | )% | ||||
Fuel consumption (gallons in millions) | 763 | 853 | (10.5 | )% | ||||
Average aircraft fuel price including related taxes (dollars per gallon) | 1.83 | 2.02 | (9.7 | )% | ||||
Full-time equivalent employees at end of period | 104,400 | 103,500 | 0.9 | % | ||||
Regional (1) | ||||||||
Revenue passenger miles (millions) | 5,858 | 6,321 | (7.3 | )% | ||||
Available seat miles (millions) | 8,910 | 8,351 | 6.7 | % | ||||
Passenger load factor (percent) | 65.7 | 75.7 | (10.0 | )pts | ||||
Passenger enplanements (thousands) | 11,848 | 13,389 | (11.5 | )% | ||||
Aircraft at end of period | 542 | 602 | (10.0 | )% | ||||
Fuel consumption (gallons in millions) | 209 | 200 | 4.5 | % | ||||
Average aircraft fuel price including related taxes (dollars per gallon) | 1.86 | 2.12 | (12.1 | )% | ||||
Full-time equivalent employees at end of period (2) | 27,100 | 26,300 | 3.0 | % | ||||
Total Mainline & Regional | ||||||||
Revenue passenger miles (millions) | 45,171 | 54,802 | (17.6 | )% | ||||
Available seat miles (millions) | 62,099 | 66,674 | (6.9 | )% | ||||
Passenger load factor (percent) | 72.7 | 82.2 | (9.5 | )pts | ||||
Yield (cents) | 17.00 | 17.62 | (3.5 | )% | ||||
Passenger revenue per ASM (cents) | 12.37 | 14.49 | (14.6 | )% | ||||
Total revenue per ASM (cents) | 13.71 | 15.87 | (13.6 | )% | ||||
Cargo ton miles (millions) | 436 | 624 | (30.2 | )% | ||||
Cargo yield per ton mile (cents) | 33.62 | 34.86 | (3.5 | )% | ||||
Passenger enplanements (thousands) | 42,201 | 49,935 | (15.5 | )% | ||||
Aircraft at end of period (3) | 1,484 | 1,564 | (5.1 | )% | ||||
Fuel consumption (gallons in millions) | 972 | 1,053 | (7.6 | )% | ||||
Average aircraft fuel price including related taxes (dollars per gallon) | 1.83 | 2.04 | (10.1 | )% | ||||
Full-time equivalent employees at end of period | 131,500 | 129,800 | 1.3 | % | ||||
Operating cost per ASM (cents) | 17.82 | 15.31 | 16.3 | % | ||||
Operating cost per ASM excluding net special items (cents) | 15.84 | 15.11 | 4.9 | % | ||||
Operating cost per ASM excluding net special items and fuel (cents) | 12.97 | 11.88 | 9.2 | % |
(1) | Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers. |
(2) | Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries. |
(3) | Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excludes 49 regional aircraft that are in temporary storage as follows: 17 Embraer 145, 15 Embraer 175, nine Embraer 140 and eight Bombardier CRJ200 aircraft. |
3 Months Ended March 31, | ||||||
2020 | 2019 | Change | ||||
Domestic (1) | ||||||
Revenue passenger miles (millions) | 31,856 | 37,717 | (15.5 | )% | ||
Available seat miles (ASM) (millions) | 44,238 | 45,282 | (2.3 | )% | ||
Passenger load factor (percent) | 72.0 | 83.3 | (11.3 | )pts | ||
Passenger revenue (dollars in millions) | 5,780 | 7,226 | (20.0 | )% | ||
Yield (cents) | 18.14 | 19.16 | (5.3 | )% | ||
Passenger revenue per ASM (cents) | 13.07 | 15.96 | (18.1 | )% | ||
Latin America (2) | ||||||
Revenue passenger miles (millions) | 7,116 | 8,351 | (14.8 | )% | ||
Available seat miles (millions) | 9,068 | 10,208 | (11.2 | )% | ||
Passenger load factor (percent) | 78.5 | 81.8 | (3.3 | )pts | ||
Passenger revenue (dollars in millions) | 1,180 | 1,371 | (14.0 | )% | ||
Yield (cents) | 16.57 | 16.42 | 0.9 | % | ||
Passenger revenue per ASM (cents) | 13.01 | 13.43 | (3.2 | )% | ||
Atlantic | ||||||
Revenue passenger miles (millions) | 4,185 | 5,042 | (17.0 | )% | ||
Available seat miles (millions) | 6,239 | 6,825 | (8.6 | )% | ||
Passenger load factor (percent) | 67.1 | 73.9 | (6.8 | )pts | ||
Passenger revenue (dollars in millions) | 523 | 673 | (22.3 | )% | ||
Yield (cents) | 12.50 | 13.35 | (6.4 | )% | ||
Passenger revenue per ASM (cents) | 8.39 | 9.86 | (15.0 | )% | ||
Pacific | ||||||
Revenue passenger miles (millions) | 2,014 | 3,692 | (45.5 | )% | ||
Available seat miles (millions) | 2,554 | 4,359 | (41.4 | )% | ||
Passenger load factor (percent) | 78.8 | 84.7 | (5.9 | )pts | ||
Passenger revenue (dollars in millions) | 198 | 388 | (48.9 | )% | ||
Yield (cents) | 9.84 | 10.50 | (6.3 | )% | ||
Passenger revenue per ASM (cents) | 7.76 | 8.90 | (12.8 | )% | ||
Total International | ||||||
Revenue passenger miles (millions) | 13,315 | 17,085 | (22.1 | )% | ||
Available seat miles (millions) | 17,861 | 21,392 | (16.5 | )% | ||
Passenger load factor (percent) | 74.5 | 79.9 | (5.4 | )pts | ||
Passenger revenue (dollars in millions) | 1,901 | 2,432 | (21.9 | )% | ||
Yield (cents) | 14.28 | 14.24 | 0.3 | % | ||
Passenger revenue per ASM (cents) | 10.64 | 11.37 | (6.4 | )% |
(1) | Domestic results include Canada, Puerto Rico and U.S. Virgin Islands. |
(2) | Latin America results include the Caribbean. |
• | 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) |
Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items | 3 Months Ended March 31, | Percent Change | ||||||||
2020 | 2019 | |||||||||
(in millions, except per share amounts) | ||||||||||
Pre-tax income (loss) as reported | $ | (2,890 | ) | $ | 245 | |||||
Pre-tax net special items: | ||||||||||
Mainline operating special items, net (1) | 1,132 | 138 | ||||||||
Regional operating special items, net (2) | 93 | — | ||||||||
Nonoperating special items, net (3) | 217 | (69 | ) | |||||||
Total pre-tax net special items | 1,442 | 69 | ||||||||
Pre-tax income (loss) excluding net special items | $ | (1,448 | ) | $ | 314 | nm | ||||
Calculation of Pre-Tax Margin | ||||||||||
Pre-tax income (loss) as reported | $ | (2,890 | ) | $ | 245 | |||||
Total operating revenues as reported | $ | 8,515 | $ | 10,584 | ||||||
Pre-tax margin | -33.9 | % | 2.3 | % | ||||||
Calculation of Pre-Tax Margin Excluding Net Special Items | ||||||||||
Pre-tax income (loss) excluding net special items | $ | (1,448 | ) | $ | 314 | |||||
Total operating revenues as reported | $ | 8,515 | $ | 10,584 | ||||||
Pre-tax margin excluding net special items | -17.0 | % | 3.0 | % | ||||||
Reconciliation of Net Income (Loss) Excluding Net Special Items | ||||||||||
Net income (loss) as reported | $ | (2,241 | ) | $ | 185 | |||||
Net special items: | ||||||||||
Total pre-tax net special items (1), (2), (3) | 1,442 | 69 | ||||||||
Net tax effect of net special items | (330 | ) | (17 | ) | ||||||
Net income (loss) excluding net special items | $ | (1,129 | ) | $ | 237 | nm | ||||
Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items | ||||||||||
Net income (loss) excluding net special items | $ | (1,129 | ) | $ | 237 | |||||
Shares used for computation (in thousands): | ||||||||||
Basic | 425,713 | 451,951 | ||||||||
Diluted | 425,713 | 453,429 | ||||||||
Earnings (loss) per share excluding net special items: | ||||||||||
Basic | $ | (2.65 | ) | $ | 0.53 | |||||
Diluted | $ | (2.65 | ) | $ | 0.52 |
Reconciliation of Operating Income (Loss) Excluding Net Special Items | 3 Months Ended March 31, | |||||||
2020 | 2019 | |||||||
(in millions) | ||||||||
Operating income (loss) as reported | $ | (2,549 | ) | $ | 375 | |||
Operating net special items: | ||||||||
Mainline operating special items, net (1) | 1,132 | 138 | ||||||
Regional operating special items, net (2) | 93 | — | ||||||
Operating income (loss) excluding net special items | $ | (1,324 | ) | $ | 513 | |||
Reconciliation of Total Operating Cost per ASM Excluding Net Special Items and Fuel | ||||||||
Total operating expenses as reported | $ | 11,064 | $ | 10,209 | ||||
Operating net special items: | ||||||||
Mainline operating special items, net (1) | (1,132 | ) | (138 | ) | ||||
Regional operating special items, net (2) | (93 | ) | — | |||||
Total operating expenses, excluding net special items | 9,839 | 10,071 | ||||||
Fuel: | ||||||||
Aircraft fuel and related taxes - mainline | (1,395 | ) | (1,726 | ) | ||||
Aircraft fuel and related taxes - regional | (389 | ) | (423 | ) | ||||
Total operating expenses, excluding net special items and fuel | $ | 8,055 | $ | 7,922 | ||||
(in cents) | ||||||||
Total operating expenses per ASM as reported | 17.82 | 15.31 | ||||||
Operating net special items per ASM: | ||||||||
Mainline operating special items, net (1) | (1.82 | ) | (0.21 | ) | ||||
Regional operating special items, net (2) | (0.15 | ) | — | |||||
Total operating expenses per ASM, excluding net special items | 15.84 | 15.11 | ||||||
Fuel per ASM: | ||||||||
Aircraft fuel and related taxes - mainline | (2.25 | ) | (2.59 | ) | ||||
Aircraft fuel and related taxes - regional | (0.63 | ) | (0.63 | ) | ||||
Total operating expenses per ASM, excluding net special items and fuel | 12.97 | 11.88 |
(1) | The 2020 first quarter mainline operating special items, net principally included $744 million of fleet impairment charges, $218 million of one-time labor contract expenses resulting from the ratification of a new contract with our maintenance and fleet service team members, including signing bonuses and adjustments to vacation accruals resulting from pay rate increases, and $205 million of salary and medical costs associated with certain team members who opted in to a voluntary early retirement program. |
(2) | The 2020 first quarter regional operating special items, net primarily included an $88 million non-cash write-down of regional aircraft, principally certain Embraer 140 and certain Bombardier CRJ200 aircraft, which are being retired earlier than previously planned as a result of the decline in demand for air travel due to COVID-19. |
(3) | Principally included mark-to-market net unrealized gains and losses associated with certain equity investments and treasury rate lock derivative instruments. |
March 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash | $ | 474 | $ | 280 | |||
Short-term investments | 3,102 | 3,546 | |||||
Restricted cash and short-term investments | 157 | 158 | |||||
Accounts receivable, net | 1,020 | 1,750 | |||||
Aircraft fuel, spare parts and supplies, net | 1,772 | 1,851 | |||||
Prepaid expenses and other | 650 | 621 | |||||
Total current assets | 7,175 | 8,206 | |||||
Operating property and equipment | |||||||
Flight equipment | 39,305 | 42,537 | |||||
Ground property and equipment | 9,602 | 9,443 | |||||
Equipment purchase deposits | 1,740 | 1,674 | |||||
Total property and equipment, at cost | 50,647 | 53,654 | |||||
Less accumulated depreciation and amortization | (16,441 | ) | (18,659 | ) | |||
Total property and equipment, net | 34,206 | 34,995 | |||||
Operating lease right-of-use assets | 8,619 | 8,737 | |||||
Other assets | |||||||
Goodwill | 4,091 | 4,091 | |||||
Intangibles, net | 2,059 | 2,084 | |||||
Deferred tax asset | 1,237 | 645 | |||||
Other assets | 1,193 | 1,237 | |||||
Total other assets | 8,580 | 8,057 | |||||
Total assets | $ | 58,580 | $ | 59,995 | |||
Liabilities and Stockholders’ Equity (Deficit) | |||||||
Current liabilities | |||||||
Current maturities of long-term debt and finance leases | $ | 3,518 | $ | 2,861 | |||
Accounts payable | 1,648 | 2,062 | |||||
Accrued salaries and wages | 1,633 | 1,541 | |||||
Air traffic liability | 5,473 | 4,808 | |||||
Loyalty program liability | 3,094 | 3,193 | |||||
Operating lease liabilities | 1,752 | 1,708 | |||||
Other accrued liabilities | 2,095 | 2,138 | |||||
Total current liabilities | 19,213 | 18,311 | |||||
Noncurrent liabilities | |||||||
Long-term debt and finance leases, net of current maturities | 21,564 | 21,454 | |||||
Pension and postretirement benefits | 6,107 | 6,052 | |||||
Loyalty program liability | 5,757 | 5,422 | |||||
Operating lease liabilities | 7,239 | 7,421 | |||||
Other liabilities | 1,336 | 1,453 | |||||
Total noncurrent liabilities | 42,003 | 41,802 | |||||
Stockholders' equity (deficit) | |||||||
Common stock | 4 | 4 | |||||
Additional paid-in capital | 3,861 | 3,945 | |||||
Accumulated other comprehensive loss | (6,480 | ) | (6,331 | ) | |||
Retained earnings (deficit) | (21 | ) | 2,264 | ||||
Total stockholders' deficit | (2,636 | ) | (118 | ) | |||
Total liabilities and stockholders’ equity (deficit) | $ | 58,580 | $ | 59,995 |
3 Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net cash provided by (used in) operating activities | $ | (168 | ) | $ | 1,651 | ||
Cash flows from investing activities: | |||||||
Capital expenditures and aircraft purchase deposits | (845 | ) | (1,305 | ) | |||
Proceeds from sale-leaseback transactions | 280 | 352 | |||||
Proceeds from sale of property and equipment | 35 | 7 | |||||
Purchases of short-term investments | (820 | ) | (570 | ) | |||
Sales of short-term investments | 1,237 | 1,051 | |||||
Other investing activities | (49 | ) | (15 | ) | |||
Net cash used in investing activities | (162 | ) | (480 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 1,698 | 400 | |||||
Payments on long-term debt and finance leases | (926 | ) | (849 | ) | |||
Deferred financing costs | (31 | ) | (6 | ) | |||
Treasury stock repurchases | (171 | ) | (608 | ) | |||
Dividend payments | (43 | ) | (46 | ) | |||
Other financing activities | (1 | ) | — | ||||
Net cash provided by (used in) financing activities | 526 | (1,109 | ) | ||||
Net increase in cash and restricted cash | 196 | 62 | |||||
Cash and restricted cash at beginning of period | 290 | 286 | |||||
Cash and restricted cash at end of period (1) | $ | 486 | $ | 348 | |||
(1) | The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: |
Cash | $ | 474 | $ | 337 | |||
Restricted cash included in restricted cash and short-term investments | 12 | 11 | |||||
Total cash and restricted cash | $ | 486 | $ | 348 |
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