Debt (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Debt Instrument [Line Items] |
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| Schedule of Long-Term Debt |
Long-term debt included on our consolidated balance sheets consisted of (in millions): | | | | | | | | | | | | | | December 31, | | | 2023 | | 2022 | | Secured | | | | 2013 Term Loan Facility, variable interest rate of 8.60%, installments through February 2028 (a) | $ | 990 | | | $ | 1,752 | | 2014 Term Loan Facility, variable interest rate of 7.32%, installments through January 2027 (a) | 1,183 | | | 1,196 | | 2023 Term Loan Facility, variable interest rate of 8.87%, installments beginning in December 2024 through June 2029 (a) | 1,100 | | | — | | 11.75% senior secured notes, interest only payments until due in July 2025 (b) | — | | | 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 | | 7.25% senior secured notes, interest only payments until due in February 2028 (b) | 750 | | | — | | 8.50% senior secured notes, interest only payments until due in May 2029 (b) | 1,000 | | | — | | 5.50% senior secured notes, installments through April 2026 (c) | 2,917 | | | 3,500 | | 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (c) | 3,000 | | | 3,000 | | AAdvantage Term Loan Facility, variable interest rate of 10.43%, installments through April 2028 (c) | 3,150 | | | 3,500 | | Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.60%, maturing from 2024 to 2034 | 7,657 | | | 9,175 | | Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.90%, averaging 6.98%, maturing from 2024 to 2035 (d) | 3,612 | | | 3,170 | | Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 | 967 | | | 1,050 | | | 27,526 | | | 30,043 | | | Unsecured | | | | PSP1 Promissory Note, interest only payments until due in April 2030 (e) | 1,757 | | | 1,757 | | PSP2 Promissory Note, interest only payments until due in January 2031 (e) | 1,030 | | | 1,030 | | PSP3 Promissory Note, interest only payments until due in April 2031 (e) | 959 | | | 959 | | 6.50% convertible senior notes, interest only payments until due in July 2025 (f) | 1,000 | | | 1,000 | | 3.75% senior notes, interest only payments until due in March 2025 (g) | 487 | | | 500 | | | 5,233 | | | 5,246 | | | Total long-term debt | 32,759 | | | 35,289 | | | Less: Total unamortized debt discount, premium and issuance costs | 363 | | | 386 | | | Less: Current maturities | 3,501 | | | 3,059 | | | Long-term debt, net of current maturities | $ | 28,895 | | | $ | 31,844 | |
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| Schedule of Credit Facilities |
As of December 31, 2023, the maximum availability under our revolving credit and other facilities is as follows (in millions): | | | | | | | 2013 Revolving Facility | $ | 736 | | | 2014 Revolving Facility | 1,631 | | | April 2016 Revolving Facility | 446 | | | Other short-term facility | 49 | | | Total | $ | 2,862 | |
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| Schedule of Maturities of Long-Term Debt and Capital Lease Obligations |
At December 31, 2023, the maturities of long-term debt are as follows (in millions): | | | | | | | 2024 | $ | 3,501 | | | 2025 | 5,189 | | | 2026 | 4,582 | | | 2027 | 4,618 | | | 2028 | 5,060 | | | 2029 and thereafter | 9,809 | | | Total | $ | 32,759 | |
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| Schedule of Convertible Debt |
The following table provides information relating to the Convertible Notes as of December 31, 2023 and 2022 (in millions): | | | | | | | | | | | | | | December 31, | | | 2023 | | 2022 | | Principal amount | $ | 1,000 | | | $ | 1,000 | | | Unamortized debt discount | (10) | | | (16) | | | Net carrying amount | $ | 990 | | | $ | 984 | |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2022 | | 2021 | | Contractual coupon interest | $ | 65 | | | $ | 65 | | | $ | 65 | | | Non-cash amortization of debt discount | 6 | | | 6 | | | 5 | | | Total interest expense | $ | 71 | | | $ | 71 | | | $ | 70 | |
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| Schedule of Collateral Coverage Tests |
Specifically, we are required to meet certain collateral coverage tests for our Credit Facilities, April 2016 Revolving Facility, 2023 Term Loan Facility, 7.25% Senior Secured Notes, 8.50% Senior Secured Notes and 10.75% Senior Secured Notes, as described below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 Credit
Facilities | | 7.25% Senior Secured Notes | | 2014 Credit
Facilities | | April 2016
Revolving Facility | | 2023 Term Loan Facility | | 8.50% Senior Secured Notes | | 10.75% Senior Secured Notes | | LTV Requirement | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | LTV as of Last Measurement Date | 34.2% | | 16.4% | | Not Applicable | | 25.9% | | 6.9% | | Frequency of Appraisals of Appraised Collateral | Semi-Annual | | Annual | | Collateral Description | Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and South America and New Zealand | | 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 slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and Australia, Canada, the Caribbean, Central America, China, Hong Kong, Japan, Mexico, South Korea and Switzerland | | 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 |
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| American Airlines, Inc. |
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| Debt Instrument [Line Items] |
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| Schedule of Long-Term Debt |
Long-term debt included on American’s consolidated balance sheets consisted of (in millions): | | | | | | | | | | | | | | December 31, | | | 2023 | | 2022 | | Secured | | | | 2013 Term Loan Facility, variable interest rate of 8.60%, installments through February 2028 (a) | $ | 990 | | | $ | 1,752 | | 2014 Term Loan Facility, variable interest rate of 7.32%, installments through January 2027 (a) | 1,183 | | | 1,196 | | 2023 Term Loan Facility, variable interest rate of 8.87%, installments beginning in December 2024 through June 2029 (a) | 1,100 | | | — | | 11.75% senior secured notes, interest only payments until due in July 2025 (b) | — | | | 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 | | 7.25% senior secured notes, interest only payments until due in February 2028 (b) | 750 | | | — | | 8.50% senior secured notes, interest only payments until due in May 2029 (b) | 1,000 | | | — | | 5.50% senior secured notes, installments through April 2026 (c) | 2,917 | | | 3,500 | | 5.75% senior secured notes, installments beginning in July 2026 until due in April 2029 (c) | 3,000 | | | 3,000 | | AAdvantage Term Loan Facility, variable interest rate of 10.43%, installments through April 2028 (c) | 3,150 | | | 3,500 | | Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 2.88% to 5.90%, averaging 3.60%, maturing from 2024 to 2034 | 7,657 | | | 9,175 | | Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.55% to 8.90%, averaging 6.98%, maturing from 2024 to 2035 (d) | 3,612 | | | 3,170 | | Special facility revenue bonds, fixed interest rates ranging from 2.25% to 5.38%, maturing from 2026 to 2036 | 967 | | | 1,050 | | | | | | | Total long-term debt | 27,526 | | | 30,043 | | | Less: Total unamortized debt discount, premium and issuance costs | 349 | | | 364 | | | Less: Current maturities | 3,501 | | | 3,059 | | | Long-term debt, net of current maturities | $ | 23,676 | | | $ | 26,620 | |
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| Schedule of Credit Facilities |
As of December 31, 2023, the maximum availability under American’s revolving credit and other facilities is as follows (in millions): | | | | | | | 2013 Revolving Facility | $ | 736 | | | 2014 Revolving Facility | 1,631 | | | April 2016 Revolving Facility | 446 | | | Other short-term facility | 49 | | | Total | $ | 2,862 | |
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| Schedule of Maturities of Long-Term Debt and Capital Lease Obligations |
At December 31, 2023, the maturities of long-term debt are as follows (in millions): | | | | | | | 2024 | $ | 3,501 | | | 2025 | 3,702 | | | 2026 | 4,582 | | | 2027 | 4,618 | | | 2028 | 5,060 | | | 2029 and thereafter | 6,063 | | | Total | $ | 27,526 | |
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| Schedule of Collateral Coverage Tests |
Specifically, American is required to meet certain collateral coverage tests for its Credit Facilities, April 2016 Revolving Facility, 2023 Term Loan Facility, 7.25% Senior Secured Notes, 8.50% Senior Secured Notes and 10.75% Senior Secured Notes, as described below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 Credit Facilities | | 7.25% Senior Secured Notes | | 2014 Credit Facilities | | April 2016 Revolving Facility | | | | 2023 Term Loan Facility | | 8.50% Senior Secured Notes | | 10.75% Senior Secured Notes | | LTV Requirement | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | LTV as of Last Measurement Date | 34.2% | | 16.4% | | Not Applicable | | | | 25.9% | | 6.9% | | Frequency of Appraisals of Appraised Collateral | Semi-Annual | | Annual | | Collateral Description | Generally, certain slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and South America and New Zealand | | 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 slots, route authorities and airport gate leasehold rights used by American to operate certain services between the U.S. and Australia, Canada, the Caribbean, Central America, China, Hong Kong, Japan, Mexico, South Korea and Switzerland | | 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 |
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