Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Instrument [Line Items]

Schedule of Long-Term Debt

Long-term debt included on our consolidated balance sheets consisted of (in millions):

	December 31,
	2021		2020
Secured
2013 Term Loan Facility, variable interest rate of 1.85%, installments through 2025 (a)	$	1,770	$	1,788
2013 Revolving Facility (a)	—		750
2014 Term Loan Facility, variable interest rate of 1.85%, installments through 2027 (a)	1,208		1,220
2014 Revolving Facility (a)	—		1,643
April 2016 Spare Parts Term Loan Facility (a)	—		960
April 2016 Revolving Facility (a)	—		450
December 2016 Term Loan Facility, variable interest rate of 2.11%, installments through 2023 (a)	1,188		1,200
11.75% senior secured notes, interest only payments until due in July 2025 (b)	2,500		2,500
10.75% senior secured IP notes, interest only payments until due in February 2026 (b)	1,000		1,000
10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026 (b)	200		200
Treasury Term Loan Facility (c)	—		550
5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (d)	3,500		—
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (d)	3,000		—
AAdvantage Term Loan Facility, variable interest rate of 5.50%, installments beginning in July 2023 through April 2028 (d)	3,500		—
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 8.39%, averaging 3.84%, maturing from 2022 to 2034 (e)	9,357		11,013
Equipment loans and other notes payable, fixed and variable interest rates ranging from 1.27% to 4.64%, averaging 1.82%, maturing from 2022 to 2032	3,433		4,417
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 (f)	1,129		1,064
	31,785		28,755
Unsecured
PSP1 Promissory Note, interest only payments until due in April 2030 (g)	1,765		1,765
PSP2 Promissory Note, interest only payments until due in January 2031 (g)	1,035		—
PSP3 Promissory Note, interest only payments until due in April 2031 (g)	946		—
6.50% convertible senior notes, interest only payments until due in July 2025 (h)	1,000		1,000
5.000% senior notes, interest only payments until due in June 2022 (i)	750		750
3.75% senior notes, interest only payments until due in March 2025 (i)	500		500
	5,996		4,015
Total long-term debt	37,781		32,770
Less: Total unamortized debt discount, premium and issuance costs	458		749
Less: Current maturities	2,315		2,697
Long-term debt, net of current maturities	$	35,008	$	29,324

Certain information regarding the 2021-1 Aircraft EETC equipment notes, as of December 31, 2021, is set forth in the table below.

	2021-1 Aircraft EETCs
	Series A	Series B
Aggregate principal issued	$758 million	$202 million
Remaining escrowed proceeds	$684 million	$182 million
Fixed interest rate per annum	2.875%	3.95%
Maturity date	July 2034	July 2030

The details of our 5.000% and 3.75% Senior Notes are shown in the table below as of December 31, 2021:

	5.000% Senior Notes	3.75% Senior Notes
Aggregate principal issued and outstanding	$750 million	$500 million
Maturity date	June 2022	March 2025
Fixed interest rate per annum	5.000%	3.75%
Interest payments	Semi-annually in arrears in June and December	Semi-annually in arrears in March and September

Schedule of Credit Facilities

As of December 31, 2021, the maximum availability under our revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	750
2014 Revolving Facility	1,643
April 2016 Revolving Facility	450
Short-term Revolving and Other Facilities	568
Total	$	3,411

Certain details of our 2013 Credit Facilities, 2014 Credit Facilities, April 2016 Credit Facilities and December 2016 Credit Facilities (collectively referred to as the Credit Facilities) are shown in the table below as of December 31, 2021:

	2013 Credit Facilities		2014 Credit Facilities		April 2016 Credit Facilities	December 2016 Credit Facilities
	2013 Term Loan	2013  Revolving Facility	2014 Term Loan	2014  Revolving Facility	April 2016  Revolving Facility	December 2016 Term Loan
Aggregate principal issued    or credit facility availability    (in millions)	$1,919	$750	$1,280	$1,643	$450	$1,250
Principal outstanding or    drawn (in millions)	$1,770	$—	$1,208	$—	$—	$1,188
Maturity date	June 2025	October 2024	January 2027	October 2024	October 2024	December 2023
LIBOR margin	1.75%	2.00%	1.75%	2.00%	2.00%	2.00%

Schedule of Maturities of Long-Term Debt and Capital Lease Obligations

At December 31, 2021, the maturities of long-term debt are as follows (in millions):

2022	$	2,387
2023	4,167
2024	3,467
2025	9,249
2026	4,412
2027 and thereafter	14,099
Total	$	37,781

Schedule of Convertible Debt

As previously discussed in Note 1(c), as of January 1, 2021, we early adopted the New Convertible Debt Standard. Accordingly, our unamortized debt discount as of January 1, 2021 was reduced by $389 million, increasing the liability and decreasing the effective interest rate on the Convertible Notes from approximately 20% at December 31, 2020 to approximately 7% at December 31, 2021. We recognized $70 million of interest expense in 2021 including $5 million of non-cash amortization of the debt discount and $65 million of contractual coupon interest. As of December 31, 2021, our unamortized debt discount on the Convertible Notes was $22 million.

Schedule of Collateral Coverage Tests

Specifically, we are required to meet certain collateral coverage tests for our Credit Facilities, 10.75% Senior Secured Notes and 11.75% Senior Secured Notes, as described below:

	2013 Credit  Facilities	2014 Credit  Facilities	April 2016 Credit Facilities	December 2016 Credit Facilities	10.75% Senior Secured Notes	11.75% Senior Secured Notes
Frequency of Appraisals of Appraised Collateral	Annual	Annual	Annual	Annual	Annual	Semi-Annual
LTV Requirement	1.6x Collateral valuation to amount of debt outstanding (62.5% LTV)
LTV as of Last Measurement Date	38.4%	18.0%	Not Applicable	53.5%	53.5%	33.5%
Collateral Description	Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate all services between the U.S. and South America	Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and European Union (including London Heathrow)	Generally, certain spare parts	Generally, certain Ronald Reagan Washington National Airport (DCA) slots, certain LaGuardia Airport (LGA) slots, certain simulators and certain leasehold rights	Generally, certain DCA slots, certain LGA slots, certain simulators and certain leasehold rights and, in the case of the IP Notes, certain intellectual property of American	Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and the Caribbean, Central America and various other countries

American Airlines, Inc.

Debt Instrument [Line Items]

Schedule of Long-Term Debt

Long-term debt included on American’s consolidated balance sheets consisted of (in millions):

	December 31,
	2021		2020
Secured
2013 Term Loan Facility, variable interest rate of 1.85%, installments through 2025 (a)	$	1,770	$	1,788
2013 Revolving Facility (a)	—		750
2014 Term Loan Facility, variable interest rate of 1.85%, installments through 2027 (a)	1,208		1,220
2014 Revolving Facility (a)	—		1,643
April 2016 Spare Parts Term Loan Facility (a)	—		960
April 2016 Revolving Facility (a)	—		450
December 2016 Term Loan Facility, variable interest rate of 2.11%, installments through 2023 (a)	1,188		1,200
11.75% senior secured notes, interest only payments until due in July 2025 (b)	2,500		2,500
10.75% senior secured IP notes, interest only payments until due in February 2026 (b)	1,000		1,000
10.75% senior secured LGA/DCA notes, interest only payments until due in February 2026 (b)	200		200
Treasury Term Loan Facility (c)	—		550
5.50% senior secured notes, installments beginning in July 2023 until due in April 2026 (d)	3,500		—
5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (d)	3,000		—
AAdvantage Term Loan Facility, variable interest rate of 5.50%, installments beginning in July 2023 through April 2028 (d)	3,500		—
Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 8.39%, averaging 3.84%, maturing from 2022 to 2034 (e)	9,357		11,013
Equipment loans and other notes payable, fixed and variable interest rates ranging from 1.27% to 4.64%, averaging 1.82%, maturing from 2022 to 2032	3,433		4,417
Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 (f)	1,129		1,040
Total long-term debt	31,785		28,731
Less: Total unamortized debt discount, premium and issuance costs	428		321
Less: Current maturities	1,568		2,700
Long-term debt, net of current maturities	$	29,789	$	25,710

Schedule of Credit Facilities

As of December 31, 2021, the maximum availability under American’s revolving credit and other facilities is as follows (in millions):

2013 Revolving Facility	$	750
2014 Revolving Facility	1,643
April 2016 Revolving Facility	450
Short-term Revolving and Other Facilities	568
Total	$	3,411

Certain details of American’s 2013 Credit Facilities, 2014 Credit Facilities, April 2016 Credit Facilities and December 2016 Credit Facilities (collectively referred to as the Credit Facilities) are shown in the table below as of December 31, 2021:

	2013 Credit Facilities		2014 Credit Facilities		April 2016 Credit Facilities	December 2016 Credit Facilities
	2013 Term Loan	2013  Revolving Facility	2014 Term Loan	2014  Revolving Facility	April 2016  Revolving Facility	December 2016 Term Loan
Aggregate principal issued    or credit facility availability    (in millions)	$1,919	$750	$1,280	$1,643	$450	$1,250
Principal outstanding or    drawn (in millions)	$1,770	$—	$1,208	$—	$—	$1,188
Maturity date	June 2025	October 2024	January 2027	October 2024	October 2024	December 2023
LIBOR margin	1.75%	2.00%	1.75%	2.00%	2.00%	2.00%

Schedule of Maturities of Long-Term Debt and Capital Lease Obligations

At December 31, 2021, the maturities of long-term debt are as follows (in millions):

2022	$	1,637
2023	4,167
2024	3,467
2025	7,749
2026	4,412
2027 and thereafter	10,353
Total	$	31,785

Schedule of Collateral Coverage Tests

Specifically, American is required to meet certain collateral coverage tests for its Credit Facilities, 10.75% Senior Secured Notes and 11.75% Senior Secured Notes, as described below:

	2013 Credit Facilities	2014 Credit Facilities	April 2016 Credit Facilities	December 2016 Credit Facilities	10.75% Senior Secured Notes	11.75% Senior Secured Notes
Frequency of Appraisals of Appraised Collateral	Annual	Annual	Annual	Annual	Annual	Semi-Annual
LTV Requirement	1.6x Collateral valuation to amount of debt outstanding (62.5% LTV)
LTV as of Last Measurement Date	38.4%	18.0%	Not Applicable	53.5%	53.5%	33.5%
Collateral Description	Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate all services between the U.S. and South America	Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and European Union (including London Heathrow)	Generally, certain spare parts	Generally, certain Ronald Reagan Washington National Airport (DCA) slots, certain LaGuardia Airport (LGA) slots, certain simulators and certain leasehold rights	Generally, certain DCA slots, certain LGA slots, certain simulators and certain leasehold rights and, in the case of the IP Notes, certain intellectual property of American	Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and the Caribbean, Central America and various other countries