Debt (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Debt Instrument [Line Items] |
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Schedule of Long-Term Debt |
Long-term debt and capital lease obligations included in the consolidated balance sheets consisted of (in millions): | | | | | | | | | | December 31, | | 2017 | | 2016 | Secured | | | | 2013 Credit Facilities, variable interest rate of 3.55%, installments through 2020 (a) | $ | 1,825 |
| | $ | 1,843 |
| 2014 Credit Facilities, variable interest rate of 3.43%, installments through 2021 (a) | 728 |
| | 735 |
| April 2016 Credit Facilities, variable interest rate of 3.57%, installments through 2023 (a) | 990 |
| | 1,000 |
| December 2016 Credit Facilities, variable interest rate of 3.48%, installments through 2023 (a) | 1,238 |
| | 1,250 |
| Aircraft enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3.00% to 9.75%, averaging 4.30%, maturing from 2018 to 2029 (b) | 11,881 |
| | 10,912 |
| Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.34% to 8.48%, averaging 3.29%, maturing from 2018 to 2029 (c) | 5,259 |
| | 5,343 |
| Special facility revenue bonds, fixed interest rates ranging from 5.00% to 8.00%, maturing from 2018 to 2035 | 857 |
| | 891 |
| Other secured obligations, fixed interest rates ranging from 3.81% to 12.24%, maturing from 2018 to 2028 | 773 |
| | 849 |
| | 23,551 |
| | 22,823 |
| Unsecured | | | | 5.50% senior notes, interest only payments until due in 2019 (d) | 750 |
| | 750 |
| 6.125% senior notes, interest only payments until due in 2018 (d) | 500 |
| | 500 |
| 4.625% senior notes, interest only payments until due in 2020 (d) | 500 |
| | 500 |
| | 1,750 |
| | 1,750 |
| Total long-term debt and capital lease obligations | 25,301 |
| | 24,573 |
| Less: Total unamortized debt discount, premium and issuance costs | 236 |
| | 229 |
| Less: Current maturities | 2,554 |
| | 1,855 |
| Long-term debt and capital lease obligations, net of current maturities | $ | 22,511 |
| | $ | 22,489 |
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Schedule of Credit Facilities |
Certain details of our 2013, 2014, April 2016 and December 2016 Credit Facilities (collectively referred to as the Credit Facilities) are shown in the table below as of December 31, 2017: | | | | | | | | | | | | | | | | 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 Term Loan | | April 2016 Revolving Facility | | December 2016 Term Loan | Aggregate principal issued or credit facility availability (in millions) | $1,900 | | $1,200 | | $750 | | $1,000 | | $1,000 | | $300 | | $1,250 | Principal outstanding or drawn (in millions) | $1,825 | | $— | | $728 | | $— | | $990 | | $— | | $1,238 | Maturity date | June 2020 | | October 2022 | | October 2021 | | October 2022 | | April 2023 | | October 2022 | | December 2023 | LIBOR margin | 2.00% | | 2.25% | | 2.00% | | 2.25% | | 2.00% | | 2.25% | | 2.00% |
The table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of December 31, 2017 (in millions): | | | | | 2013 Revolving Facility | $ | 1,200 |
| 2014 Revolving Facility | 1,000 |
| April 2016 Revolving Facility | 300 |
| Total | $ | 2,500 |
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Schedule of Maturities of Long-Term Debt and Capital Lease Obligations |
At December 31, 2017, the maturities of long-term debt and capital lease obligations are as follows (in millions): | | | | | 2018 | $ | 2,598 |
| 2019 | 2,868 |
| 2020 | 4,069 |
| 2021 | 2,856 |
| 2022 | 1,288 |
| 2023 and thereafter | 11,622 |
| Total | $ | 25,301 |
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Schedule of Collateral Coverage Tests |
Specifically, we are required to meet certain collateral coverage tests on an annual basis for four credit facilities, as described below: | | | | | | | | | | 2013 Credit Facilities | | 2014 Credit Facilities | | April 2016 Credit Facilities | | December 2016 Credit Facilities | Frequency of Appraisals of Appraised Collateral | Annual | | Annual | | Annual | | Annual | LTV Requirement | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | LTV as of Last Measurement Date | 33.9% | | 23.1% | | 42.7% | | 59.0% | 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 London Heathrow | | Generally, certain spare parts | | Generally, certain Ronald Reagan Washington National Airport (DCA) slots, certain La Guardia Airport (LGA) slots, certain simulators and certain leasehold rights |
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Secured Debt [Member] | Enhanced Equipment Trust Certificates (EETC) [Member] |
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Debt Instrument [Line Items] |
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Schedule of Long-Term Debt |
December 31, 2017, is set forth in the table below. | | | | | | | | 2017-2 EETCs | | Series AA | | Series A | | Series B | Aggregate principal issued | $545 million | | $252 million | | $221 million | Remaining escrowed proceeds | $152 million | | $70 million | | $61 million | Fixed interest rate per annum | 3.35% | | 3.60% | | 3.70% | Maturity date | October 2029 | | October 2029 | | October 2025 |
Certain information regarding the 2016-3 EETC equipment notes, as of December 31, 2017, is set forth in the table below. | | | | | | | | 2016-3 EETCs | | Series AA | | Series A | | Series B | Aggregate principal issued | $558 million | | $256 million | | $193 million | Fixed interest rate per annum | 3.00% | | 3.25% | | 3.75% | Maturity date | October 2028 | | October 2028 | | October 2025 |
Certain information regarding the 2017-1 EETC equipment notes, as of December 31, 2017, is set forth in the table below. | | | | | | | | 2017-1 EETCs | | Series AA | | Series A | | Series B | Aggregate principal issued | $537 million | | $248 million | | $198 million | Fixed interest rate per annum | 3.65% | | 4.00% | | 4.95% | Maturity date | February 2029 | | February 2029 | | February 2025 |
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Unsecured Debt [Member] | Senior Notes [Member] |
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Debt Instrument [Line Items] |
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Schedule of Long-Term Debt |
The details of our 6.125%, 5.50% and 4.625% senior notes are shown in the table below as of December 31, 2017: | | | | | | | | 6.125% Senior Notes | | 5.50% Senior Notes | | 4.625% Senior Notes | Aggregate principal issued and outstanding | $500 million | | $750 million | | $500 million | Maturity date | June 2018 | | October 2019 | | March 2020 | Fixed interest rate per annum | 6.125% | | 5.50% | | 4.625% | Interest payments | Semi-annually in arrears in June and December | | Semi-annually in arrears in April and October | | Semi-annually in arrears in March and September |
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American Airlines, Inc. [Member] |
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Debt Instrument [Line Items] |
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Schedule of Long-Term Debt |
Long-term debt and capital lease obligations included in the consolidated balance sheets consisted of (in millions): | | | | | | | | | | December 31, | | 2017 | | 2016 | Secured | | | | 2013 Credit Facilities, variable interest rate of 3.55%, installments through 2020 (a) | $ | 1,825 |
| | $ | 1,843 |
| 2014 Credit Facilities, variable interest rate of 3.43%, installments through 2021 (a) | 728 |
| | 735 |
| April 2016 Credit Facilities, variable interest rate of 3.57%, installments through 2023 (a) | 990 |
| | 1,000 |
| December 2016 Credit Facilities, variable interest rate of 3.48%, installments through 2023 (a) | 1,238 |
| | 1,250 |
| Aircraft enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3.00% to 9.75%, averaging 4.30%, maturing from 2018 to 2029 (b) | 11,881 |
| | 10,912 |
| Equipment loans and other notes payable, fixed and variable interest rates ranging from 2.34% to 8.48%, averaging 3.29%, maturing from 2018 to 2029 (c) | 5,259 |
| | 5,343 |
| Special facility revenue bonds, fixed interest rates ranging from 5.00% to 5.50%, maturing from 2018 to 2035 | 828 |
| | 862 |
| Other secured obligations, fixed interest rates ranging from 3.81% to 12.24%, maturing from 2018 to 2028 | 772 |
| | 848 |
| Total long-term debt and capital lease obligations | 23,521 |
| | 22,793 |
| Less: Total unamortized debt discount, premium and issuance costs | 227 |
| | 216 |
| Less: Current maturities | 2,058 |
| | 1,859 |
| Long-term debt and capital lease obligations, net of current maturities | $ | 21,236 |
| | $ | 20,718 |
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Schedule of Credit Facilities |
Certain details of American’s 2013, 2014, April 2016 and December 2016 Credit Facilities (collectively referred to as the Credit Facilities) are shown in the table below as of December 31, 2017: | | | | | | | | | | | | | | | | 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 Term Loan | | April 2016 Revolving Facility | | December 2016 Term Loan | Aggregate principal issued or credit facility availability (in millions) | $1,900 | | $1,200 | | $750 | | $1,000 | | $1,000 | | $300 | | $1,250 | Principal outstanding or drawn (in millions) | $1,825 | | $— | | $728 | | $— | | $990 | | $— | | $1,238 | Maturity date | June 2020 | | October 2022 | | October 2021 | | October 2022 | | April 2023 | | October 2022 | | December 2023 | LIBOR margin | 2.00% | | 2.25% | | 2.00% | | 2.25% | | 2.00% | | 2.25% | | 2.00% |
The table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of December 31, 2017 (in millions): | | | | | 2013 Revolving Facility | $ | 1,200 |
| 2014 Revolving Facility | 1,000 |
| April 2016 Revolving Facility | 300 |
| Total | $ | 2,500 |
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Schedule of Maturities of Long-Term Debt and Capital Lease Obligations |
At December 31, 2017, the maturities of long-term debt and capital lease obligations are as follows (in millions): | | | | | 2018 | $ | 2,098 |
| 2019 | 2,118 |
| 2020 | 3,563 |
| 2021 | 2,854 |
| 2022 | 1,286 |
| 2023 and thereafter | 11,602 |
| Total | $ | 23,521 |
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Schedule of Collateral Coverage Tests |
Specifically, American is required to meet certain collateral coverage tests on an annual basis for four credit facilities, as described below: | | | | | | | | | | 2013 Credit Facilities | | 2014 Credit Facilities | | April 2016 Credit Facilities | | December 2016 Credit Facilities | Frequency of Appraisals of Appraised Collateral | Annual | | Annual | | Annual | | Annual | LTV Requirement | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | | 1.6x Collateral valuation to amount of debt outstanding (62.5% LTV) | LTV as of Last Measurement Date | 33.9% | | 23.1% | | 42.7% | | 59.0% | 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 London Heathrow | | Generally, certain spare parts | | Generally, certain Ronald Reagan Washington National Airport (DCA) slots, certain La Guardia Airport (LGA) slots, certain simulators and certain leasehold rights |
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American Airlines, Inc. [Member] | Secured Debt [Member] | Enhanced Equipment Trust Certificates (EETC) [Member] |
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Debt Instrument [Line Items] |
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Schedule of Long-Term Debt |
Certain information regarding the 2017-1 EETC equipment notes, as of December 31, 2017, is set forth in the table below. | | | | | | | | 2017-1 EETCs | | Series AA | | Series A | | Series B | Aggregate principal issued | $537 million | | $248 million | | $198 million | Fixed interest rate per annum | 3.65% | | 4.00% | | 4.95% | Maturity date | February 2029 | | February 2029 | | February 2025 |
Certain information regarding the 2017-2 EETC equipment notes and the remaining escrowed proceeds of the 2017-2 EETCs, as of December 31, 2017, is set forth in the table below. | | | | | | | | 2017-2 EETCs | | Series AA | | Series A | | Series B | Aggregate principal issued | $545 million | | $252 million | | $221 million | Remaining escrowed proceeds | $152 million | | $70 million | | $61 million | Fixed interest rate per annum | 3.35% | | 3.60% | | 3.70% | Maturity date | October 2029 | | October 2029 | | October 2025 |
Certain information regarding the 2016-3 EETC equipment notes, as of December 31, 2017, is set forth in the table below. | | | | | | | | 2016-3 EETCs | | Series AA | | Series A | | Series B | Aggregate principal issued | $558 million | | $256 million | | $193 million | Fixed interest rate per annum | 3.00% | | 3.25% | | 3.75% | Maturity date | October 2028 | | October 2028 | | October 2025 |
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